Dave Ramsey
Appearances
Debt Heads
S1.E1 - The Secret Life of Debt Heads
You wussies! You unbelievable little children people! Unbelievable!
Debt Heads
S1.E1 - The Secret Life of Debt Heads
You wussies. You unbelievable little children people.
Debt Heads
S1.E1 - The Secret Life of Debt Heads
You work all the time when you're broke. It's what you do. It's how you not be broke anymore.
Debt Heads
S1.E1 - The Secret Life of Debt Heads
That's how you fix this. You don't go out to eat. And you don't go on vacation. You're broke.
Debt Heads
S1.E1 - The Secret Life of Debt Heads
How have you had enough time to be as stupid as this pile of debt suggests?
Debt Heads
S1.E1 - The Secret Life of Debt Heads
Guys, let me just tell you. It's a simple freaking formula.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
They question everything, which is what it takes to win in business. And they question, you know, why do we do this? They don't just assume. Boomers just assume that somebody knew what they were doing. Z doesn't assume that because they grew up with a magic wand in their hand. They could push a button and stuff showed up on their doorstep.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So they don't assume that anybody knows what they're doing, which is awesome. So I'm big on that. But should everyone be in business for themselves? No, no. I mean, I meet plenty of people that, you know, the way they're wired, their personality, the way they look at stuff, you know, they'll do great.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And you can get with an organization and be a part of an organization and be very entrepreneurial. and be a key part of that and bring all those same skills without being a solopreneur with your iPhone in your mother's basement. You don't have to do that in order to be entrepreneurial and be successful.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You can take those same passions and skills into the marketplace if you find the right organization. I like to think our building's full of them because I don't really want people here that are just doing a J-O-B.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
All we gotta do is put you on with a microphone and start answering questions. He didn't know what it was. And I'm like, look, I've done talk radio for 30 years. You, you draw fire and reholster before the bullet hits him. I mean, it's quick. And so, uh, he, he's really, really good and he does care deeply.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Uh, they're much, uh, Z's are much more serious. Uh, the ones that are, I got to qualify that there's two Z's. There's no middle ground. There's two types. Awesome.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah. Yeah. And so like taking calls on the Ramsey show, we get a Z on the air that they've got, they've, they've studied all our stuff. They know our steps. They know exactly what to do. And they're just calling in for some clarification on the nuance. Cause they're already, they're already on the bike riding baby. I mean, they're going, uh,
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
because they're very serious-minded, very focused, the ones that are. And they're going to have unbelievable wealth as a result because, A, they're starting early, and, two, they've got this singular focus. They're not distracted by everything shiny. Where, like boomers, you know, you think about –
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Oh, man. What a star, though. I mean, he is blown up. He's brilliant. He's quick. And he's helping a lot of people. We're real proud of him.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
you know the movies in the 80s and stuff greed is good gordon gecko and all that you know boomers were about acquisition and flash and the big car and the rolex uh z's don't give a crap they want to get it done and they want to stack some cash and the ones that are on it and and so i i again they're very easy to teach uh because you're not having to light them on fire they're already on fire you just got to point them at something
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
and then pull the trigger, right? And so it's a lot easier than lighting wet wood. And so I love, again, I've got a huge respect for them. I enjoy working with them. And I like arguing with them because they bring some good arguments because they question everything. Why do you say that, Ramsey? Who do you think you are? I don't care if 20 million people listen to you every day. I don't care.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I want to know. I'm 19 freaking years old, and I'm going to question that you have any sense at all, Ramsey. And that's fun, and it makes good radio too.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Well, that's a beautiful question. I'd have to think on that for about a week. Um, off the cuff, which is probably not a great answer, but that's only the only option we got here. Um, When I made my first fortune, I was a millionaire before I was 26, and then I lost everything in the next two and a half years. That guy is no longer here. I not only went broke, I was broken.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so the arrogant little twerp got the snot beat out of him is what it amounts to. And so I'm still very confident, but I was very me-centered. Again, Jaguars and Rolexes and so on. And I didn't get joy from that even before I went broke.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
The joy I've gotten in the following 30 years serving others, helping others, has far exceeded any acquisition of anything or any number on the net worth balance sheet. And so the first thing I would tell them to do is learn how to serve, to be other-centered instead of self-centered. There's greater joy in it. You're very attractive. The marketplace will eat it up.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And the money will come as a byproduct. But if you make money the target, it doesn't come as a byproduct. What does that look like structurally or tactically?
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Well, what I'm asking is think about if you go – take about a macro version of you going into a real fine dining establishment. And you got – my wife and I had a nice dinner the other night with an incredible service. And the guy brought over the psalm, and we picked out an incredible bottle of wine, and he talked us through a James Beard chef's selection, right, and the whole thing.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Man, we left there. That guy was part of our family. He served us. We didn't learn about him or his kids. We didn't want to hear about his goals in life. We didn't have a chat about whatever. We got food and wine, and he took care of us. And you know what we did? We left a mammoth tip to say thank you.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And my friend Rabbi Daniel Lappin says that when you serve your customers well, they give you certificates of appreciation with presidents' faces on them. And Blanchard says that profit is the applause your customers give you after you did a good show, not before. And so profit comes when you serve. You can't beat money away if you love people in mass.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And the more of them you love and the more of them you help with their lives and with their dreams, money will stack. You'll have a basement full of money. It's crazy. It just comes at you. You can't keep it away. And so but I was the opposite in my early days. That's why I brought that up. I was going trying to get money. And the byproduct was I got none and I didn't get happiness either.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I didn't get joy and I wasn't fulfilled and I got some stuff, but if you get enough stuff, it's just stuff. And he was the most toys when he dies is dead, you know? So, I mean, it's just, what is it? And so this existential crisis, if you will. And so this serving of others would be the first thing and be other centered and let profit take care of itself. Yeah.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You know, these days I would just tell them, you know, I'm the CEO of Ramsey Solutions, and we put on a bunch of podcasts and a bunch of curriculum and have a bunch of bestselling books and, you know, YouTube and all that stuff. And I'm one of the people that does all that as well as be the CEO. So it's kind of like that.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
The second thing I would add, if we're going to put ingredients into this individual is somehow I would install work ethic with seven doses of grit and perseverance. So I, you know, I, one guy come in here and he said, I'm burnt out. And I said, dude, that's impossible. You were never on fire.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You reap what you sow. If you put a little bit of corn in the ground, you get a little bit of corn. If you put a lot of corn in the ground, you get a lot of corn. It's a simple thing. And so when in doubt, get up and go do something. When you're scared, go do something. When you're mad, go do something. When you're happy, go do something. Just be doing something.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Be out there kicking it and moving it around, trying something new, falling on your face, failing forward. Get it, get it, get it, get it, get it. And there's no substitute for that. Well, I don't want to be a workaholic. I'm not suggesting you be a workaholic. When you get home, turn it all off. Be there with your spouse. Be there with your kid. Pet the dog. That's fine.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But while you're at work, work. People sit at the, they sit at work and look at Facebook and they're not in the SEO business. I mean, you're just are playing some stupid game on their phone. What in the world? Do your work, man. I mean, work on your work.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so, um, you know, if you work in a carpentry crew and everybody else is swinging a hammer and you're sitting around checking your phone, somebody will throw something at you. You know, I mean, so act like that. Get after it. And so you got to have that that that penchant for action and grit and perseverance that follows under the heading of work ethic.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so, you know, that and then I would this next thing I would add is just where there is no vision, the people perish. So start looking down the road. Where are we going? Where are we going with this? And start setting some long-term goals and then the short-term goals that cause those long-term goals to appear. And so, in other words, if you said, I want to lose weight. Okay, great.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But, I mean, there's 1,100 of us in the building, and there's 500 people doing tech all day long. And I've never written a line of code in my life, so that's freaking intimidating. But that's all part of the picture. uh, I don't, I don't want to try to one up somebody to cocktail party. That's not, but, uh, the elevator pitch, if you will, that would be it, I guess.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I want to lose how much? 30 pounds. When? 90 days. Okay, that's a long-term sort of goal. And you go, okay, so what are the short-term goals to do that? Well, there's exercise every day that includes aerobic movement. There's water intake and cut out the gluten and the sugar. It's not rocket science. You don't need Oprah to tell you how to do this.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Everyone knows what to do, but now you've got to do the daily habits, the daily goals that cause the long-term goal to hit. If you want to make a hundred thousand dollars a year, what is that? It's $8,333 a month. How many things do you need to sell? What do you got to do to do that? And start breaking that down into daily activities that are going to take me to that annual income goal.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
If I want to make a million dollars a year, how many of these books do I need to sell? How many, you know, what have I got to do? And you can break it out. It's simple sixth grade math. And then you break it down into a daily activity that creates that goal.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So this vision out to the future that drives the daily work ethic and gives you inspiration and hope that as I push this through, okay, man, we're ahead of schedule. We're ahead of schedule. We're ahead of my daily goal. In the last 10 days, I'm at 12 day mark. Good. All right, boom, we're on. And so I can keep going. I may get there even faster than I thought.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And you just keep laying it out that way. And goals are just when they're done right and they're yours and you own them and the math is put with them, they're very motivating. And it's vision with work clothes on.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It ebbed and flowed at the time. And so I distinctly remember standing in the shower sobbing with it so hot in my face I could barely stand there because I did not know what to do. I was so scared I couldn't breathe. And I have a wife and a brand new baby and a toddler and
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
and the poor woman thought she married sir galahad and turns out it was goober and i stand there feeling like a complete abject failure our water and our electricity to our home with two babies got cut off i mean it was unbelievable uh so yeah it like i said it not i not only went broke it broke me but i i was so scared i couldn't breathe and then
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I'd walk out in the sunshine and find some little deal, find some little thing and go live the next day, a little vitamin D, and go to church. And the pastor would be inspiring. I'd have a good moment in prayer where I felt like God was talking to me. You're going to be okay. I distinctly remember we filed bankruptcy in August. I mean, in September, September 23rd of 1988. I was 28 years old.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I'm 64 now. But I can remember like it was this morning in August, about 30 days before we filed, I couldn't sleep. And I got up at 4 o'clock in the morning. And the kids are asleep. Sharon's asleep. And I was sitting in my little recliner. And I had some books stacked there that I was reading. I had a Bible sitting there. And I was just crying. I was scared.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I thought, okay, God, you're going to have to help me because I don't know how to do this. and I randomly opened my Bible, and it fell open, and I just started looking down the page, and there was Romans 5, and it says, Rejoice in your tribulations. And I looked up at heaven, and I said, I don't think so. Wow. And because...
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
tribulations create perseverance and perseverance, character and character, hope. And, um, so I don't know how much closer you can get from hearing a message from God than something like that. That hasn't happened to me very often in my 40 years of being a Christian, but sometimes you get those chill bump experiences and you go, Oh, that was my heavenly father going. Uh, yeah, it's tough. Uh,
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But you're going somewhere with this. Hang on, kid. You're going to get there. And he put his arm around me, and I got up, and I went to work that day. Thirty days later, I filed bankruptcy. So I was at the bottom. I mean, that was the end of the valley. Right there is where that was.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Um, I, uh, uh, I think what I did realize, because I've been entrepreneurial my whole life, and I did see the size of the need. And getting people out of debt is not exactly a niche market. I mean, it's massive. We always laugh and say, me and Jenny Craig got a big job, right? And so, It's massive. It's everybody. Right. And so I saw the size of it.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But rejoice in your tribulations, because tribulations produce perseverance, and perseverance character, and character hope. And hope is a gift of the Holy Spirit. And so I needed some hope, and I needed to see that this was going somewhere, to your point. And so, again, it ebbed and flowed. So, you know, 20 minutes before that, I'm a basket case.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Right after that, I'm strengthened and ready to go for at least a little while longer. Right. And and that's happened to me throughout my life. Even running Ramsey, we'll have, you know, a massive success on something. And then there's a massive failure. And I'm looking up going, you've got to be kidding, you know. And so when does this get easy? Right. And it doesn't.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so I have a weird prayer life, but yeah.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
He's not scared of me. I'm okay. But yeah, that's, that, that, that's, but I, I, I'm just a real dude and that's, that's the way it was.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so whether it was a spiritual thing like that, or whether it was a friend coming alongside, I distinctly remember about two years after the bottom, we were starting to teach some of this stuff and there were three people that cared and, you know, that kind of stuff. And a buddy of mine. I was sitting with him, uh, at a bad, one of those bad buffets, like a golden corral type crap or something.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And we went and he's like, I was whining about how hard my life was and how bad it had been and how horrible the last four years have been and all this. And he's like, you know, you want some cheese with that wine, dude? Really? I mean, you just, you, you got enough lemons. You should probably make some lemonade. And he goes, you need to take these experiences and use them to help other people.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And then you're probably going to get healed yourself in the process. And, and that's kind of where it went. But again, there was days where I didn't know what to do. And then there were days I felt fortified, lifted up by a friend, uh, or by a spiritual encounter or by whatever. And so it was an ebb and flow.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But did I look in the moment and look out 20 years and go, oh, God's going to use this for my good? No, not even close.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You know, that thing, like I remember when I came out with the first book, I was being interviewed, I don't know, some today show or something like that. And the guy goes, so you lost everything in your twenties and now you're teaching people financial peace. How did you bounce back? And I remember it just hit me like that was stupid.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
What I didn't know when I was, you know, 32 years old and opened the first little 800 square foot office and so forth. I didn't have any idea how much work it was going to be. And I didn't have any idea how much I was going to have to learn. And, of course, the rate of change in the marketplace, because in those days there wasn't Internet access.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I said, dude, when you fall that far, you don't really bounce. It's more of a splat. And he just looked at me. It's just like that wasn't the answer that fit the narrative that you're talking about. So the thing I would say, though, is if someone's watching you and I right now talk about this and they go, yeah, I'm in the soup. People do react two different ways to being in the soup.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
We all have the fear thing. And then the momentary courage or the momentary hope followed by another injury, followed by another betrayal, followed by a momentary. We all have that. Then the choice you have to make, the individual has to make while we're in that. And I made that choice semi-consciously was you can choose, all right, I'm going to quit.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I'm going to adopt the victim language and I'm just going to sit down because I quit. And those are the people that never recover from their divorce. They never recover from their business loss. Uh, or you can say, I don't know what I'm doing. I'm so lost. I don't know what to do, but I do know I'm gonna take the next step, the next step. I'm going to take the neck.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I'm gonna do the next right thing that's in front of me and the next right thing that's in front of me. And it might even not be the right thing, but I'm going to do the next thing. And sitting is not an option. I'm going to keep walking. So keep walking. If you're in this and the old country song, you know, if you're going through hell, keep going.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And, um, and so, but I meet people that, uh, and they call on the show. It's like a lady called the other day and she's talking about her divorce. Like it happened 20 minutes ago. And I'm like, how long ago were you divorced? 40 years. I'm like, honey, you're still living emotionally back in that thing. The language she was using was fresh.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And she's still sitting there mad at him and he's gone and gotten two other wives since then. I mean, you know, right. And move on. And so, um, but that it's real easy to quit in that. And it's not a quitter thing. It's, um, It's just this natural reaction.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I'm going, I'm going to get up one more time, even though I don't feel like it and walk out into the sun, get a little vitamin D, get a little prayer, meet with my buddy and let him make fun of me. And then I'm going to get after it again. And I'm just one more time, one more time. Right.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Um, you know, and so talk radio, AM talk radio, and we were on FM talk radio when it first came out as well. Um, and then on satellite on XM and serious when they launched those satellites as two separate companies originally and later combined.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Exactly. We developed a little theorem around here to talk to our team about this called the momentum theorem, focused intensity over time. multiplied by God equals unstoppable momentum. And one of the things we talk about in the little book I did on it was just this idea that when you have negative momentum, you are better than you look.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
When you have positive momentum, you are not as good as you look. That's great. And so don't believe the lie either way. And so if you've got positive momentum, you are harvesting crops that were planted yesterday. Right. Not tell it not this morning that they were planted a year ago, put them in the ground. And today I'm getting this fruit and everybody thinks I'm a genius.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But it was actually a year ago. I was a genius. And or you got you got crops going in the ground. There's nothing coming out of the ground yet. And you're planting, you're planting, you're planting. Nobody can see you. Nobody knows you're there. You're anonymous. Uh, but you're a lot better than you look.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Cause wait till this rain and the sun comes, there's going to be a crop in the spring and suddenly you're going to be that genius. So, you know, that that's how that stuff works. I remember talking about going through this stuff, uh, this idea of walking, continuing to walk. That was something that you brought up. I love that.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
We were snow skiing the other day and tell your ride and I'm a mediocre snow skier for a 65 year old dude. Right. Uh, but I like to go down the hill and go fast. I enjoy it. So, you know, go. And so I'm skiing with my, uh, kids like 40 and 30 years old and they, they haul, but I mean, they go. And so the old man's trying to keep up and he's huffing and puffing. So we jumped off a lift.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
We were running cruiser blues, you know, good and double blues, that kind of stuff. We had a black every now and then, but they were cruisers. They were groomies. So we jumped off it. And there's this one run on Telluride that when you get to the top of it on black, it's a groomed black. And it's unbelievably steep. Yeah.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Uh, but I mean, so we're, we're just dabbling in the front edges of whatever was going on in the marketplace and trying to get to all these people, but to, to scale the thing. Man, when I look back 35 years, I was really, I had no idea how much work it was going to be and that I would need 1,100 people in the building to do it. I just thought, you know, there's a lot of people need help.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You can see downtown Telluride, and it looks like you're going to fall into Main Street when you fall. I mean, it's right there. It looks like a toy box, and there's nothing between you and Main Street. It's just air. It's that steep. It's unbelievable. And I pulled up on top of that thing, and I looked at one of the kids, you know, these 30-year-olds, and I'm like, they went, that's steep.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I went, yeah, and if I stand here about three more heartbeats, I'm going to walk back because I'm getting really scared. So I got to go or the fear is going to take me over. And I thought, you know what? That's what I've done half my life. You got to go or the fear is going to take me over. Because if I stood there, my heart rate was going. This was just the other day. I was scared.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You know what I mean? It's like I was scared. But I thought, you know what? I can do this stupid thing. I can ski it. I know I can ski it. But if I stand here and think about it. It's going to, the fear is going to kill me.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You know, one of the ones I've been working on a lot with our Entree Leadership clients, which we coach about 10,000 small businesses under the brand Entree Leadership that this book is in. As a matter of fact, it's in that same brand. And then, of course, we work with people on the financial side.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so I've been, you know, I did the book Millionaire, Baby Steps Millionaires, and it's the number one again. You know, here's what these millionaires look like. We did a huge study on millionaires. Here's what they really look like. And so in both of those cases, I'm spending time with the wealthy or I'm spending time with a successful small business person.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
In either case, I'm appalled at how much damage the anti-success movement has done to their psyche. I'm appalled that they actually... Too many of them, they're very successful on almost every front. But when I look at them and say, you haven't done anything wrong, you did everything right is why you're successful. You are not a moral reprobate for becoming wealthy or becoming successful.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Quite the opposite. I'm proud of you. You have done good stuff, my son, my daughter. And I'm amazed at somebody that's got a $5 million net worth, and I look at them and say that, and their body language changes.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Their shoulders go back, their head comes up, because this communist, negative, anti-wealth, anti-success stuff that is floating around has had an impact on them and impacted their spirit. The hope stealers, I call them, has stolen a lot of these people's pride, their hope. And I've started getting, quite frankly, pretty angry about that.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I would have to define ruthless carefully if I did that. They have to be passionate. They have to be enthusiastic. Do they have to slit other people's throat to become successful? If that's ruthless, no, you don't. As a matter of fact, my experience is quite the contrary. The more people I help... even people that are in the same space we're in.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
these people that are spreading this negative thing about successful people. Because I got to tell you, man, I know a lot of billionaires, not just millionaires. And the percentage of wealthy people that are bad people is lower than the percentage of the population. Now, there is bad people among them, but they did not get there by doing something wrong.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
By and large, they got there by doing more right than anybody else did. They served more chicken. They served more pizza. They served more business help. They served more something than you did. Shut up, you know? And, uh, man, but they, it's amazing to me to sit with a guy who's got a 15 or $20 million net worth.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And a guy like me from a redneck, a hillbilly can look at him and go, dude, I'm proud of you. You did good. And he goes, you know, I did, but nobody says that to him. Everybody says you're a dog, you're an idiot, you're a crook, you must have done something wrong. Eat the rich and all this stupid one percenters and Operation Wall Street's language and all that garbage that's out there.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Where do you think that's come from? Communist college professors.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Oh, yeah. Yeah. They've always been there. I mean, honestly, truthfully, there's very little. There's very few people that believe that communism is a better system than capitalism unless you're on a college campus. You can't find them. You can't even find them in communist countries. Right. that think it's better than capitalism. There's nothing more capitalistic than a good communist, right?
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Honestly. But this idea of equal wealth for unequal effort and call that fair, that's not fair. Guy works 60 hours, he should make more money than guy works six hours. That's not fair. You make the same money and you work. That's not fair. My kids used to say growing up, well, daddy, that's not fair. I'm like, fair's where the tilt-a-whirl and the cotton candy is, kid.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You know, you want some fair, go get some.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah. I was having dinner with some Aussies, and they said tall poppy syndrome. Correct. And I said, well, that's not an Aussie thing. That's an Aristotle thing. But okay. Yeah, still.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But still, that poppy, you can't stick your head up. You must be cut down.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
In envy and jealousy.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And, you know, the more times I can assist somebody, a young person in one of these content spaces, and they come around Ramsey and, you know, we'll show them what to do, show them what we're doing. We don't have any trade secrets. This is how we do what we do. Anything, show them a technology or a piece of software we're using that they didn't know about.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Your ideal, your value set is not working. The fruit is not there. And you look at that and go, okay, I don't want to do that. Correct.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah. I get the disenfranchised feeling. I understand that. I've been there myself. We were just talking about that. But the, you know, the mean old banks took Dave down. Right. The mean old IRS took Dave down. The president changed the tax law and it affected the real estate business in the 80s. Big time shut down the entire SNL industry because of that. And so I was a victim. I was a victim.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I was a victim of all these things. And and yet I was the one signed up for the trip. No one made me sign those documents. No one made me sign those mortgages. No one made me do any of it. It was an act of my free stupid will. And so I had to kind of get through that. So if you're going to stand and scream at the machine, 40 years later, where are you?
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
still standing there screaming at the machine. And you've had 40 years of substandard life. So it just doesn't work for me. It's impractical to me. The philosophy, that philosophy is I'm going to be a victim. I'm going to scream about this. I deserve better. The system is broken. You can yell about all that if you want, but you're not controlling any of the controllables.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Anything I can do like that, I'm not worried about it because a rising tide raises all ships. I'm really not worried. going to go out of business because somebody in their 20s or 30s launches a very successful YouTube financial whatever. And there's a bunch of them. There's several really sharp people doing that stuff right now, you included, of course. And so, yeah, anything we can do to help.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Your only option to have a higher quality life is to control the controllables. And is there racism? Yes. Is there sexism? Yes. Are people less likely to believe a guy that is bald than a guy who has a great head of hair? Yes. There's baldism. And so there's all kinds of things that can hold you back that are unfair. But I can't fix that. Since I choose not to have a hairpiece, I can't fix that.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So I've get to do it anyway. I can stand and yell about how unfair it is that people that, you know, the people in the radio business thought because I was broadcasting from Nashville, I must not be wearing shoes and being a double wide. because they had ignorant stereotypes of Southern hillbillies, right?
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Because they'd watched the Beverly hillbillies when they were a child and thought that was real. And so, you know, ignorance. Ignorance is what all prejudice is based in. And so are those things real? Did I get, as I grew a 640-station network, did I get unfairly characterized as not being smart because I had a Southern accent? Oh, like every day.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I can yell about that, but I don't think I'm going to change the stereotype of some Yankee in Cleveland, Ohio. The only thing I can do is go, you know, outlast him. And then he ends up working for me later.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
What we started figuring out as we looked at our history and the things that we had been through was that there was actually a cadence. There was actually a rhythm to it. And there was some leveling up as we went along. And we started trying to quantify how that happened and what the levels were.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And then we started looking at, okay, it's not just germane to the Ramsey story, the Ramsey solutions growing from a card table in my living room. to a $300 million operation today. So it's not just germane to that.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But if I'm talking to a heat and air guy, that's got 40 trucks out there and he's got a successful heating and air business, which is a lot, we talk to that guy every day, or I'm talking to a veterinarian that's got, you know, 30 employees in a huge, um, large and small animal operation doing very well financially, or a dentist. These are our small business people that we're coaching all the time.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
What are we seeing as we walk with them over a decade? What is holding them back? Where are they? And so we started identifying and trying to put to the framework that we were seeing naturally. And it was a struggle.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
We wanted to do that because we had the experience with the Total Money Makeover book, which is like 12 million copies sold now, that the baby steps that we teach, the seven baby steps, the fact that we gave someone a clear path caused them to take action because they could see that it was, if I do this, then I'm going to do this, then I'm going to do this, then I'm going to do this.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It gave them the next thing to do. And then they would take action versus sitting and getting, as we said earlier, paralysis of the analysis. So a clear path gives people hope. If I know what roads I'm taking to get to Florida, I can step down on the accelerator because I've got a plan.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I'm going to go there, and I'm going to take that exit, and then I'm going to turn there, and I've got a plan to get to Florida from where I am right now. And so I can go. But if I don't know where I'm going, it's a little hard to be enthusiastic about it. So, um, that's what we, that's what started this whole thing.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I don't have to cut their throat to win, but I do have to bring it. I've got to drive the ball hard. into the end zone. It doesn't show up there by itself. So that part of ruthless, yeah, I would go with, but not the taking down of others part.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And then we built what we called the entree leadership system, which is just the clear path for small businesses. The first piece of it that the book is based on is the five stages of of a business, a small business in particular. Again, we work with 98% of our customers are 200 and fewer team members. So these are the quintessential small businesses.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
54% of the gross domestic product in America today is created by that group. Over half of the economy in America is small business. They are literally mathematically the backbone of the economy. And so what are they going through? Well, the first stage is we talked about it early in the conversation is the treadmill operator, the solopreneur. And I'm just going to set up a table.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I'm going to turn on a computer. I'm going to do whatever. I'm going to swing a hammer. I'm going to turn a wrench. I don't whatever it is you're going to do. But the treadmill operator is when you first get started. It's exciting because you're you're you're jazzed up. You're living the dream. Uh, and you're working your butt off and it's starting to work and it makes you smile.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I'm not working for the man. I got control of my destiny. It's just a blast, but you are running your legs off because you are the sole producer of revenue and you're the sole producer of the product. And so you not only got to make the widget and deliver it, but then you got to collect the money for making the widget and delivering it. And if you don't come to work one day, nothing happens.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
If you don't come to work for a week because you're on vacation, revenue goes down because no one else is producing revenue. You're on a treadmill. At this stage, I would come home from work and flop down on the couch and my wife would go, what'd you do today? And I have no idea. But I did a lot of it, and I'm exhausted. And so just run, run, run, run, run.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I was working 16-hour days, man, getting this thing off the ground. And she had two little kids at home, and this was three, four years after going broke. And so now she's a single mom, basically. But we're going to get financial peace by God. We're going to get this going. And so – How do you level up out of that?
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Well, by time management, for one thing, you got to start working on your business, not just in your business. So you got to time block some of your weeks out, some of your hours out of the week and go, I've got to take care of accounting. I've got to take care of some SEO. I've got to take care of stuff that's not just directly related to production of revenue and collection of revenue.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And this is also when you hire your first people. So that you've got someone else to lift the bales with you. You're not the only one lifting the bales. And so you get your first person, your second person in there, that kind of thing. So you're building delegation. You're starting to build time management. And that levels you up. And then you go up to Pathfinder, we call it.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And Pathfinders, you know, typically the Pathfinders got eight or 10 people, something like that. And everybody's working their butt off and they're going in about, it's like herding cats. They're going about 92 directions, trying to nail jello to a tree. We're all working hard. We're all having fun. It's great adventure. We're tired together. There's not a lot of planning.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
There's not a lot of planning. role clarity. The communication is drive by communication. We just would say, Hey man, I'm heading out the door, go get something.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And you know, we just, we're just moving and, but you start making a little money and the whole thing's not on your back and you can start leveling up out of that by starting to put mission and vision in place, starting to get some role clarity. Look, this is your job. You got to get that done for your work on this other thing. We got to really start to have key result areas, some KPIs.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You start measuring some things, uh, And then you'll level up and you'll go to Trailblazer. Trailblazer is fun. It's the middle one. And this is when you actually think you're going to make it. You know, we're getting there. And we actually think we're going to bust through this thing. And there's a lot happening, but there's almost no planning. A lot of it is, thank God it's Friday.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It's the only thing that works because, you know, I've, you know, for instance, we made a decision early in our career that other people in our space that we disagreed with, you know, I could talk about the ideas all day long and not even mention the person. There is no reason.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Oh, God, it's Monday. You know, and you just go, go, go, go, go again. But you don't have good systems. You don't have good processes. At this stage at Ramsey, we were killing so many trees because we had stuff on paper. We had 73 spreadsheets trying to time together to create a P&L. The accounting system sucked. And this is Dave freaking Ramsey and the accounting system sucked.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I can't believe it, you know, but it was like because we had all these different business units and they were all kind of running their own thing. And then we're trying to get them all talk to the mothership. And it was awful. It was very disorganized, very chaotic. And so you start really putting in place something entrepreneurs hate, which is some governance.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And you say, all right, this is the process. We're all going to adhere to that because otherwise we're going to kill each other. This is the system and we're going to do away with the other systems. You can't have 73 types of software. This is the one we're using. And people get mad and they, oh, you're becoming corporate America now. No, I'm just trying to keep from going crazy.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And, you know, and so, you know, and you just keep doing that stuff and then you'll level up and hit the most, the best one of all, which is peak performer. This is the best of the five. Peak performer, man, you got a well-oiled machine. You're bailing cash. You are making profit like you never thought you'd make in your life. Things are working. You start to look good.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
People start to want to interview you because you're so smart. You're able to attract talent because this thing's shiny. It's working. The systems, the processes, we got good strategic thought. When I was at the trailblazer stage, I couldn't spell strategic. Everything was tactical. But I hired some MBAs.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
accidentally because I was trying to get some talent on the team and I don't have an MBA, but these guys, 100% of the MBA programs teach strategic thought. And so these guys started telling, showing me the importance of getting above the problem, seeing a 30,000 foot view, quit running into the wall.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Dave, if you turn right and then turn left, you can walk around it and burn less calories, but you got to get above it to see the way around the wall. And so it's slow down a little bit, get above it and, and develop a good map to Florida. Right. And, and so, uh, I always laugh and say these wonderful people taught me strategic thought, and I taught them how to work.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So then you get up into this peak performer. There's only one negative thing about peak performer is you can start to believe you're great and slow down. And, uh, quit iterating and quit breaking it before it's broken. And those are huge mistakes. And so the trick at peak performer shocked the monkey, baby.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I mean, get the, get the cattle prod out, just turn the back, turn the fruit basket over, just have emergency meetings, mess with people, mess with the thing. So we, we cannot rest here. Hmm. We're not as good as we look, what we were saying earlier.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
We got big-time momentum, but we're not as good as we look, and we're not going to fall for this lack of humility, this hubris that Jim Collins talks about and how the mighty fall. This is where they fall, and they get hubris in the peak performer. And if you can just stay dialed up there, a lot of companies spend two decades in the peak performer.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
stage never move out of it and just bail money the last stage then is the stage ramsey's at which is the legacy stage and that's where you start to think about okay how's this go on generationally what happens at the end of the founder's life or the end of the founder's career How are we going to exit? Are we selling out? Are we bringing in joint venture capital? Are we going to do an IPO?
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So like the very first book I had come out, Financial Peace, it hit the New York Times, and there was another little book that week or that month that was coming along, and it was this lady, and I'd never heard of her. Nobody had ever heard of her.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Are we going to hand this to the next generation of family? What are we doing? And you've got to start planning and working on a good 15 years succession plan. It takes a good 15 years to build a solid and execute a good solid succession plan. People that do it in 15 days fail. Because you just toss the keys out as you grab your chest and fall back into the grave.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so that doesn't work because the customers don't know what's going on. The vendors don't know what's going on. The team doesn't know what's going on. And the old man that started it is now 80. And there seems to be no plan. So it's hard to attract and keep talent. Who wants to work for that? Because when he dies, it's going to fold up like a Walmart tent.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so, you know, we don't want to do this. And so we started working on ours 16 years ago at Ramsey, and we're deep into it. And it's troubling emotionally, but it's the noble and the right and the wise thing to do at the legacy stage. So those are the five stages in a quick rundown, machine gun style. And that's what the book's about.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And then there's six drivers that run you through those things. We talked about one of them a lot, the personal driver. The problem with my business is the guy in my mirror. The solution to my business is the guy in my mirror. That's the first of the six drivers.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so that's the framework that becomes the clear path that gives you hope if you're running something that I can level up at each one of these things and it's going to get a little easier and then something else is going to get a little harder because it's at scale now.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It's the number one pain point in small businesses is hiring and keeping and firing, hiring and keeping talent and firing because small business people love their people. their family. By the nature of the fact that it is a small business, I know them. They're not a social security number that I can cut to get stock price up. This is somebody I sit and have lunch with. I know their dog's name.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But she was running behind us, and I'm kind of looking over my shoulder going, I'm a brand-new guy, and I got somebody chasing me from behind right here. And then all of a sudden, Susie Orman goes on Oprah, And, oh, she just exploded. And she zoomed past us so much. All we'd got was her dust. And, um, and yeah,
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I know their kid's name. And so this is a process to lead these folks in that kind of a setting and to hire them and attract them. So what you've got to do is you're continually looking for not only people that have talent, but people that are on fire for what you're doing. And we call them crusaders at our place. And that align with your core values.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It's more important that they align with your core values and that they're enthusiastic than it is that they have talent. Because if you bring in a talented player onto a football team,
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
he disrupts the locker room he takes more from the team than he adds he could be a hall of famer and still hurt the team more than he helps the team on the field uh because you know nobody wants to block for the guy he's a butt you know and that's what happens in a business as well so we made the mistake in business like we did with education of saying oh if you have a piece of paper
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
that's all your, that's your qualification. You know, you've got the talent, you got the certification, you've got the degree. Who cares if you're a jerk? Who cares if you sleep around on your wife? Who cares if you're doing cocaine? As long as you do your job and you got the degree, then that's all we care about. And that's a huge mistake. You cannot build a, uh,
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
a quality culture, a productive culture, a safe place for people to work with those kinds of people in the room that, you know, every time we let crazy in our building accidentally, we find out what door they use and we put a lock on it because crazy will shut the flight freaking place down. You burn all your calories dealing with their drama instead of getting your work done.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And it's like, God, I wish I just didn't have team members. I wish I had just me. It'd be a lot easier. Well, yeah, because sometimes I feel like I'm running a beauty parlor. You know, it's just ridiculous. But that's how small business people feel about it and how I have felt at times. So we just became... militant about not letting the wrong people in the building.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah, you got to have talent, but that's secondary to you've got to be aligned. You got to be ready to go. And that's why I've got the quality of Gen Zers that I have. That's why, you know, I told you I got five or 600 of them that are in their Gen Z and they're fabulous. They'll charge the gates of hell with a water pistol. And don't you mess with Ramsey because they're part of Ramsey.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
They'll take you down.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Susie and I have both helped a lot of people, and she and I don't agree on a lot of things, but I don't speak ill of her ever, because I actually don't think ill of her, too. But again, there's odds and ends within the financial spectrum we might disagree with, but there's no reason for me to trash Susie Orman in order to build myself up. That's just not necessary.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I don't motivate them. You can't motivate people. I hire motivated people.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah, and it's not necessarily money. It's culture. Give them a place to work that's real. Give them something to work on that is changing people's lives, that does have meaning. Give them the ability to participate in meaning and that kind of stuff and plug into that. And they'll tell you. They'll tell you up front. That's the other thing about Gen Z. And millennials, too.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
They're just brutally honest. They're like, you know, I'm just looking for a job. Uh, you don't fit in here. We don't have anybody works at JLB. Everybody here is on the team to put the ball in the end zone, man. This is like a passionate thing. And you're going to stand out like a sore thumb if you're mailing it in around here.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I would suspect it is. I've never run anything like that. I don't know. But I think your observation is probably correct. It's one of the many reasons that we work at work. We don't have any team members that are on our payroll that work anywhere except in this building. And there's 1,100 of them. But we do have some contractors and vendors of different kinds. Obviously, they don't work for me.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
They work for themselves somewhere. I don't know where they work. It's not my job to keep up with them. But the people inside the building, because then we create this, you know, so much is transferred with body language and tone, so much quality of communication is. And so when I'm sitting in a meeting, we can have a really constructive conversation.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
argument a good fight about a bad idea or a good idea now and not uh not kill the players it's two it's two guys in the huddle going no don't run the ball over there that that they've been catching us every day over there let's go let's go up the b let's go in the b hole and so the a hole and so you know you're just arguing about the play being called not the competency or not the dignity or not the quality of the player that's not what you don't fix that in the huddle
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But we get in the room, we do everything so collaborative, and we have a healthy level of conflict continuously around here. And the longer you've been here and the longer higher in leadership you are, the more dramatic some of that conflict is to where – to where an outsider visiting that room might be really confused as to what they were observing.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
They might not understand how much trust and love and respect is actually in that room that allows you to talk like that. But, I mean, we get at it. But it's all an act of love because we're all trying to get the same thing done. And you can argue with me and go, Dave, that's a stupid idea, just like I can tell you that same thing, and go, but I'm not going to call you stupid. That's different.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
than saying a stupid idea.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So we just decided, yeah, a positive sum game is the way to go. And you know what? It's worked out really well.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You're exactly right. There was a guy on Christian radio when I first started named Larry Burkett. He's since passed away, but he used to say money problems are not the problem. They're the symptom. There's something else going on. They're the symptom of some extreme thing going on or some minor thing going on. Could it be greed? That's the problem.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And then that's going to lead you to do what I did, build a house of cards, and it'll fall in on you. Could it be immaturity? Could it be I'm trying to prop up a self-image? Could it be a cocaine addiction? Um, you know, we've had the, uh, honor of walking with a whole lot of people into their sobriety over the years and a lot of different kinds of addictions.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And 100% of addicts have, have financial trouble eventually, uh, a hundred percent. There's no exception. And so I just, a matter of time, it shows up in the money always. And so, um, uh, but that, that's the extreme, right? But the, you know, the money problems could be from a marriage problem.
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#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So the symptom is not really the fact that we can't get along, and so we're doing revenge spending with our spouse, or we're hiding stuff, financial infidelity, and we got six credit cards my husband doesn't know about or my wife doesn't know about, that kind of stuff. All of that is symptomatic of a broken relationship. It's not the problem. It's the symptom.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so that's one of the reasons the Ramsey Show, over all these 35 years from talk radio to podcast to YouTube now, It's so compelling to watch and listen to it because you're not really getting the financial question. You're really getting these people's lives, which are compelling.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I mean, it's like watching, sometimes like watching a train wreck, you know, and sometimes it's like watching a victory. A victory dance, they just won the Super Bowl. A debt-free scream, right? And so this is a personal, visceral victory. And so that's what's compelling about the show. It's not that we showed somebody how to do a Roth IRA. It's...
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
dysfunctional family origin, family origin where they grew up. They just grew up in a toxic situation raised by wolves and they don't know how to do it. And so I understand. And, you know, I grew up in this neighborhood. It gave me that mindset. I grew up in that neighborhood. It gave me that mindset. And so, you know, all of that is in the in the gumbo.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And you stir it, and you stir it, and you put the spices in, and you keep stirring. And you can make some good gumbo, but it takes a minute to get there.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
As soon as they believe that it's going to work, They change. And as soon as they believe deeply, they change dramatically and scare all of their parents. Is that hope?
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I think if I plant this corn this way, I've never done it before, I'm actually going to get corn. So I'm going to plant the corn. You know, I think if I, okay, the debt snowball, I'm going to list my debt smallest to largest, pay minimum payments on everything, but the little one, attack the little one. It's not mathematically correct. Well, actually, technically is, I'll tell you in a minute.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But it's not, you know, what about the highest interest rate? Shouldn't we pay that off first? No, you need a win. So you believe you need to get the locus of control straight. You need to get a sense of agency, a sense of I can control the controllables. I am actually driving this bus. I am not a victim of the culture. I can actually control and I can actually pay this stupid car.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You pay off a little $500 credit card. You go, okay, that's one down. Maybe let's try it again. And then you'd pay off a $1,500 and then boom, you knock out a $3,500 motorcycle payment. And then, you know, and, and as the, the more that more of the proof is in there, the more they get fired up, the deeper they sacrifice, the faster they go. And we all do that.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And probability of completion there is much higher than the probability of completion of paying off the highest interest rate first, because it might take three years for you to get a win. And so when you factor in probability of completion, the debt snowball is mathematically superior to doing it the other way. But nobody puts in probability of completion in the mix.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yes. And people actually do it. They don't do the other one.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And sometimes it works out positively. I mean, I can think of two guys in the radio business that in the early days hated our show and just trashed us in the marketplace. They said, we'll never put you on one of our radio stations. You're just awful. And you're country fried and it's not entertaining. And, you know, they would just insult us.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah. And again, probability of completion as a result. And so that's what it is. That's why the seven baby steps. That's why the clear path. That's why we went back to that same motivation on the business outline we just did was we're still trying to show, okay, I'm a treadmill operator. Now, when I'd level up on my time management, I get my first team member. I get to move to the next level. Oh.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
This is working. This is working. I'm going to, I'm going to work a system. I see a believable system and I'm going to plug into it. Uh, if you go to the gym and you, you, you run for two hours on a treadmill and, uh, and you change your diet and eat sawdust and, uh, crappy food, crappy tasting food, because it's healthy or whatever. Uh, and then you gain weight, you will quit, right?
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You would only do those punishing activities unless you're a masochist. You would only do punishing activities in order to win. No discipline seems pleasant at the time, but it yields a harvest of righteousness.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Deloney says choose your heart. Yeah.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Most of the time, it's because they believe wealth is morally reprehensible. it's a cognitive dissonance to engage in something you believe to be wrong. It's not sustainable. Uh, you won't content humans won't continually engage, engage in things over a long period of time in things they morally believe to be wrong. Um, even if it's quote unquote profitable.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so if you have bought into the wealth is evil or the wealthy or bad people or crooks or whatever, and then you become one, uh, How do I how do I handle this dissonance in my brain, this disconnect in my brain? Well, I have to self sabotage is what ends up happening.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so and they'll even do stuff like, you know, sometimes I'll see wealthy people and we all know the names that say, well, I'm not leaving my children any wealth. That's what that says is that I did something wrong and I wouldn't do that to my kids. Wealth is evil. So why would I put it with my children? And that's usually where that comes from. It's the same thing. It falls in that same bucket.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And we would go to these conventions and we would say, oh, so-and-so, stay away from him. He's like angry about the whole thing. And, uh, then, you know, they're, they work for big corporations, they get fired and they're out there doing consulting and both of them ended up working for us, uh, before it was over. And so, uh, obviously they came around and didn't work for us while, while hating us.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so, um, uh, Uh, I guess there could be other psychological things that we'd have to ask Deloney or somebody with a PhD in counseling, but, but in my mind, you know, pop psychology, there's probably a, a sense of I'm not worthy. That might be a secondary reason of, I don't feel like I earned this because everyone has a sense of a turtle in a fence post.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
When you get there, if you see a turtle on a fence post, we know two things. One is it's a curious site. And two is he didn't get there by himself. Yeah. And so you have that sense of I didn't get here by myself and I must, you know, and so I owe some kind of debt to society and because I'm not personally confident or worthy.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Now, if you get there with a healthy self-image, you say, I had a lot of help. I had some good folks help me. I got a few breaks. I had God blessing me. I'm not completely responsible, but I'm also partially responsible because I'm actually the one that did this stuff. And so you don't take 100% credit, but you don't try to cast off and take no credit.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
That's a good, healthy mental state when you get there, and those people don't self-sabotage. But if you feel like you did something wrong or you feel like – Like I owe a debt back to society because the society gave this to me. I didn't do anything. I'm unworthy of this. Then you have to somehow disband of the thing.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It's a serious problem. In the old days, there was a book out called Affluenza, and they could track the amount of television you watched. In other words, the advertisements that you consumed, the more hours of television you watched, the more credit card debt you had, and the more overspending you did. Today, you can take that with an exponential factor into social media.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah, it's much more powerful. It's much more... The the influencer role, so to speak, is is not as commercial. It's not as in your face. It's much more subtle. And the influence that it has of people putting their highlight reels of their life on Instagram. No one puts crappy stuff about their life on Instagram. Right. We always, you know. real children don't look like those kids.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I mean, really seriously. I mean, where did you get those Stepford children? And those, my children were never that clean all at once. How did you pull that off? You know, you're looking at these pictures going, who are these people? And, uh, I mean, no one ever says, Oh, my husband just got me a 1994 Honda Accord and we're dead free. Hashtag blessed. You know, no one does that. Right. And so, um,
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But, uh, but, but, you know, over the years I wore them down is what it amounted to. And then when they were left vulnerable and we could use the influence that they had by helping us get on some other radio stations, um, and they had actually had a true change of heart, not because I gave them a check, but it was fun. It was kind of fun.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But so it's all this highlight reel. It's not real. And it's interesting to me, the word that we use for it is it's virtual, which literally means not real. And yet we treat it in our psyche as if it's real. And so then we get this idea that, oh, well, because of Chip and Joanna, everyone can fix a house up. No, honey, you hurt your hand with that hammer. Not everybody can fix a house up.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You're going to cut your finger off of that saw. Do not do that. And so not everyone needs to be touching these power tools. But it's a facade. I mean, it's not real. It's like walking through a Hollywood set and you walk through the front door of a house and there's nothing back there. It's not real. And that's the problem with it is it's peddling a lie.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And then your psyche knows that, your intellect knows that, but your psyche buys it anyway. And then based on that, I hit, you know, put stuff in the cart and hit submit.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Um, it's probably both that, but the solution is to understand that when people look at that, uh, and frame something up the way we're talking about there, it's a, it's not an accurate portrayal of life because all we're doing is taking a snapshot in the moment. And if you had taken a snapshot of me.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
right before I filed bankruptcy, right after I filed bankruptcy, I mean, and, and said, okay, we're going to analyze the economy based on the macro economy, based on where Dave sits right now. I mean, he's a college graduate. He's a father of two. He's 28 years old. And, uh, look at where he is. Uh, that snapshot was, would give you zero hope. But snapshots aren't how life works.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Life is a film strip. It's a series of snapshots strung together. And next frame, something's different, better or worse. The next frame, something's different, better or worse. The next frame. And so the film keeps running. And so that guy in middle management is not there for 40 years. He didn't get there and stay exactly in that place and never move. That average American doesn't stay there.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
They move around. I mean, the average person now has 14 positions before they retire. So he's not going to be there. We know that. And here's the thing. I'll run some numbers sometimes. I'll say, okay, if you saved 15% of your household income and you had an average household income of $70,000 and you run it out and you did that for –
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I just kind of looked back and went, wow, that worked out pretty well. Dave Ramsey killed me with kindness.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Uh, 14, 15, 20 years, whatever, you'd have $7 million in your 401k. Okay. You just run the compound interest out on the average household income, saving 15% of their income. It's easily North of $5 million. And I'm like, but that is based on the fact that over that 15 years, a guy never got a raise. So he started at average and for 15 years, never got a raise, which by definition is a loser.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
How do you start at average and not go up at all? You know, I mean, by definition. So this is not how humans work. They go down, they go up, they go down, they go up. And but there's an overall trajectory of up. Very few Americans in their career making less than they made at the beginning of their career. You take a 35 or a 40 year career path.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And you go, okay, in and out of jobs, in and out of careers, maybe change complete directions. But at the end, at the apex of my life, when I'm at my maximum earning potential, am I making less than I did when I was 22 years old and I just got out of school? No, almost zero. You can't find them. I mean, now you could have the exception of being a medical problem.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You could have all these other things. But I'm talking about just in general terms, that's a fairly easy set of assumptions. So bottom line is if you're in your 20s and houses are too expensive because interest rates are 6% and your wages haven't kept up with what the boomer curve was, which are all accurate mathematical statements, you'll be okay.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Because when you're 30, it's going to be different. It's going to be different. Rates will be up or they'll be down. House prices will be up. Your income is going to change. And I don't know what the average income is going to change, but your income is going to change 100 percent. Your income is going to change. And can you outpace? Can you personally outpace the fact that wages haven't kept up?
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Well, I did and you did. So and John Deloney did and other people do. And we do it all the time. So go do that. That's your thing.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Sure. It sounds like a quintessential argument just between capitalism and socialism. I mean, John Maynard Keynes was British, obviously, and Keynesian economics came in with FDR and was arguably, some people say, one of the things that turned America around out of the Great Depression was government spending and taxing the rich to do that.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so the Keynesian economic mentality has now invaded all of the American colleges as well. I was taught it as fact. As opposed to Adam Smith, free market, uh, you know, capitalism is fact. Um, but I had good critical thinking skills and so I've gone past that and I don't, I think John Maynard Keynes was a moron. Um, and so I really have no use for that at all.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Well, not that guy. I mean, for all I know, Adam Smith might have been British. I don't know. He probably was. Might have been the father of capitalism. But it's not about Brits. For me, I mean, I don't have a problem at all with that. But it's just a matter of, okay, do we believe that government-run politics and government-maintained lifestyles give us the answer.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And the truth of the matter is that probably in America today, the little man, the guy starting from nothing, has a better chance of building wealth
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
because of the freedoms and the ease of access to the markets, the ease of access to information, if he has drive or she has drive and has two brain cells to rub together, you probably have a better chance of becoming wealthy in America today, starting from nothing, than in any place at any time in history. And it wasn't because we took it from someone else and gave it to you.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It's because you have access to go get it. And that's the difference. That's the difference in the mentality. It sounds like I don't I don't know this guy at all. You're talking about. So I'd be interested to look at it. It'll be fun.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You too, brother. I've heard big things about you guys. You're blowing up. I'm so proud of y'all. Anything we can do to help you, let us know.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Oh, anywhere. It's a build a business you love and you can get it at Ramsey solutions.com, but it's in all the books, you know, my Amazon, wherever you want it. It's everywhere.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Thank you, man. It's a lot of fun. Thanks.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Uh, higher ed has made a mess of itself, uh, It did two things that has completely damaged it to the point that the pendulum is swinging all the way over to where you're talking about. It used to be everyone needed a college degree. Now no one needs a college degree. And part of that's just higher ed's just been stupid.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
The two things that they did was, number one, they drove people deeply in debt. They could never get an ROI on that degree. I mean, the amount that they're charging and facilitating trillions of dollars of student loan debt now with an S, trillions, wow. You know, they just screwed people over by overcharging.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
The second thing that's kind of a subset of that or a sister to that is they presented people with ridiculous degree fields. that absolutely have no chance of having any utilitarian value in the marketplace. So we always laugh and say, you get a degree in left-handed puppetry and you go 200 grand in debt to do it. Well, both are useless.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I mean, it's just silly or left, you know, German polka history. You know, what are you going to do with that? Be a barista? I mean, this is just dumb. And so, but higher ed presented that as a valid opportunity. use of those dollars, a valid use of studying, a valid use of your brain cells to actually get a degree in something absolutely asinine.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so that has caused people to throw the whole baby out with the bathwater and say, okay, well, an accounting degree is of no value. Well, that's dumb. Of course, an accounting degree is of value. You would learn how to do accounting, you know, and therefore you could be a CPA. Hello.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Yeah, that loves you, but will tell you the truth. And that's what we all try to do around Ramsey and portray both of those things. A, we love you, and B, that means we have to tell you the truth for your own good because we care about you and we want you to win. And continuing to do that horrible thing to yourself is silly.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
You know, and so that's, you know, if you want to get a law degree, if you're going to be a lawyer, you're going to, you know, I hope my doctor actually studies before he cuts me. You know, I mean, so this idea that all academia is needs to be thrown out and is ludicrous is also ridiculous. So. You know, we just tell people, buy, get a good buy on your education and study something useful.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So don't pay 10x what you need to do to get a marketing degree. Go to the, you know, you're in Austin, go to the University of Texas, right, which is a great school. It's not that stinking expensive. It's an in-state school, and it's probably $12,000, $14,000 a year tuition. And or you can go over to some crazy thing.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
It's got a brand name on it and pay 80 grand a year for basically the same degree. Well, that's dumb. Don't do that. And then and then study something that's useful. So I'm big on education.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I'll add to that and go, the job you get when you're 22 coming out of undergrad is irrelevant, right? What matters is what happened 10 years later. Where are you when you're 32?
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
Now, the difference in two students of where they are when they're 22 and 32, you start them at 22, they start the exact same career field, they come from the same university, and they end up in two dramatically different places. Translation, the degree didn't cause it, the individual did. The hustle, the perseverance, the scrappiness, the grit, everything.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
The I will not be denied the what we're talking about earlier, the you know, that version of ruthless. It's not throat cutting. You know, I'm going to put the freaking ball in the end zone. That's who you're the secret sauce, not your degree. Degrees don't make people successful. They put tools in the belts of people that were going to be successful anyway.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So I use my statistics class that I took 40 years ago. Almost every week in running Ramsey, I actually look at the data coming in. I use the accounting classes, the multiple accounting classes I took to get a business degree at the University of Tennessee 40 years ago. I use it almost every week here. So those are tools in my belt. Did those things cause Dave Ramsey? No.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
No, they didn't cause this. They're just something that was just a good saw, a good hammer to do the work with. And so what we need to teach people is to how to scrap and how to have grit and how to get up, leave the cave, kill something and drag it home, but then give them a good weapon to kill something and drag it home with. And that's what education is for.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And so whatever it is, whether it's John or any of the rest of us, but John certainly has fallen into that fold, and he is brilliant. He's very articulate. I mean, I'm in the third meeting with him in our – Uh, we're, we're talking about, you know, interviewing and talking about, uh, turning him into a Ramsey personality. And he's so quick on the draw. I went, you can do this.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
So it's got to do with, you know, again, the individual. So we teach kids, hey, go be somebody and get you some tools. But don't go, oh, I've got a degree. You know, I had some guy come into my office a few years ago working for us. He's like, I got more degrees than a thermometer. And he's like, well, people pay out here. They pay $100,000 more than you're paying for this.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
And I'm like, dude, you work for a small business. We don't respect degrees. What we respect is effort and what we respect is results. And so your raise here is effective when you are.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
I've been working for myself just about my whole life. So I'm a huge, um, advocate of starting and running your own thing. I love that. And I love that the, um, the, this huge upheaval of, uh, uprising of entrepreneurism and start something and side hustle and all of that, um, because of the ease of access into the marketplace with the digital tools we have now.
Modern Wisdom
#932 - Dave Ramsey - Why Smart People Make Stupid Money Decisions
But the 20-somethings, the Zs, and the millennials, they're the most entrepreneurial generations I've ever seen. I'm a classic boomer, but I've got a ton of the Zs. I've got probably 500, 600 of the Zs working on my team. and they are an incredible generation. They're very entrepreneurial. They're very passionate. They're very mission-driven.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They don't automatically produce the payroll at the end of the month. You're having to... We had like 22 spreadsheets going and an accounting system. And then we would take the numbers off of those and stick them in the accounting system and then try to create payroll once a month. And it was this ridiculous thing. It was just very unsophisticated. But all it was, was we had scaled up
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
ein sehr primitiver System und es ist jetzt ein sehr großer, primitiver System. Und unsere Systeme und Prozesse wurden zerbrochen. Und wir hatten kaum eine Planung. Wir waren sehr taktisch. Es war viel, es war nur so, was vor uns ist, machen wir es. Was vor uns ist, machen wir es.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir haben nicht gedacht, ein Jahr von jetzt, wir haben nicht gedacht, zwei Jahre von jetzt, wir mussten den Payroll-Friday machen. Und wir haben nur versucht, die verdammten Receivables zu sammeln. Ich brauche das Geld hier drin. Dieser Advertiser hat uns nicht bezahlt. Warum ist er noch im Luftraum? You know, this is stupid. And I don't know, you know, why we got a collections problem?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Did we sell them wrong? Did they understand that they had to pay us? I mean, what's the, you know, all this kind of stuff. And we're just, it's just like, there's a lot of chaos. But there's a lot of business happening. So it's kind of exciting, but it's very chaotic. And so you got to put the systems in place. You got to put the processes in place.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And entrepreneurs like me, we, this is the part where I really push back. I didn't want to I never want to be corporate America. Negative parts of corporate America. I mean, there's big companies that are good companies. But corporate America means bureaucratic bullcrap. And, you know, some little...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das ist sein kleines Domain hier, das das Geschäft aufruft, weil er sein kleines Ding schützen möchte. Und wir machen das nicht. Also, du weißt, das Accounting sagt, wir können das nicht tun. Oh, Scheiße, mach es. Die legalen Teams, nein, sie arbeiten für mich. Ich arbeite nicht für sie. Und so ist das der Art von Mann, ich drücke ihn zurück in die Mitte des Trailblazer-Stages.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber wir hatten noch genug Regulierung, um die Qualität zu erhalten, um die Systeme, die gebrochen und festgestellt wurden, zu erhalten. Wir waren wie Teile aus Papier. Wir töteten Bäume, und es sollte in einem verdammten Computerprogramm sein. Und so weiter. Wir mussten weiter und weiter. Wir haben auch keine strategischen Gedanken gemacht. Wir waren alle taktisch.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Alles Hand auf, Hand auf, Hand auf, Hand auf. I hired some guys and some gals that had an MBA, had a Master's in Business, and I don't have that. I've got an undergrad. And I started realizing as I talked to different MBAs at other companies that we were coaching, and I was talking to these guys that there's I don't know all the details about getting an MBA. I mean, I know basically what it is.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But I did figure out that roughly 100% of the MBA programs do a really good job of teaching strategic thought. Get above the problem. und die 30.000-Fuß-Aufgabe, dann weißt du, wie du navigierst. Und Rednecks wie ich, ich fliege einfach durch. Und der Typ sagt, schau, wenn du nach rechts und dann nach links schiebst, musst du nicht jedes Mal die Wälderöffnung drücken.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du könntest einfach, es ist einfach, richtig? Du musst drüber kommen, um das zu sehen, aber. Und, und, also, du weißt, du hast einfach weggezogen, den Pedal in den Metall gelegt und hoffst, du findest Florida. Was ist mit einem Map? If you're going to go, you ought to have a map. That's their thought. I always laugh and say, the MBAs that we hired, they taught me strategic thought.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
It was not my nature, because I'm very much in your face, in the moment, entrepreneurial, tactical. Go mow the grass, collect the money, that kind of thing. They taught me strategic thought, and I taught them how to work. But anyway, that's our joke around there. But it's also true. Because we work our butts off.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so that kind of stuff then started to help us move to the next stage, which is the peak performer stage. And that's the fun one. Man, you're just printing money. You're just bailing money. Das Ganze kommt zusammen, es gelten. Die Kultur und das Team beginnen zusammenzukommen. Du verabschiedest Dufus, weil dein Unternehmensprozess besser wird.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du verabschiedest sie, weil dein Unternehmensprozess besser ist. Du... Your systems and processes, you start to realize the importance of them, but they work for you. You don't work for them. You're not a bureaucrat. You know, we stand on principle. We've got our core values. We know what we're doing. We're serving the customer.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And now all we're doing is making each product better or new products that are even better or concepts. And we start, we can add things to the portfolio. So we start adding a high school curriculum or we add, you know, a budgeting piece of software, an app. And, um, Wir können damit anfangen, weil wir jetzt in Stärke arbeiten. Wir haben Geld, weil wir mehr Geld verdienen als jemals.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du hättest nie gewünscht, dass du so viel Geld verdienst, wenn du an dieser Stelle bist. Es ist viel. Du kannst gute Geld verdienen in den anderen, aber das ist so. Und ich kann um fünf nach Hause gehen und es gibt Sachen in der Organisation, die ich nicht wusste, dass es passiert ist. Und es sind alles die richtigen Sachen und ich bin froh darüber.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I don't have to be in every little detail because I've got a team of leaders that I've trained, that have trained in a team of leaders. We've got a bit of a chain of command, so to speak, going. I need to know what's going on. I get reports on different things. I've got accounting reports coming in.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber ich muss nicht in jedem Meeting sein, ich muss nicht jede Entscheidung machen, weil sie schon meine Szenen beenden können. Sie wissen, was Dave tun würde. Sie wissen, was der Leiter dieses Geschäftes tun würde. Der einzige Nachteil von Peak Performer ist, dass du anfängst, deine eigenen Clippings zu glauben. Und wenn du nicht vorsichtig bist, machst du nur das selbe und du iterierst nicht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Denn wenn du in diesem Markt nicht iterierst, dann stirbst du. Wenn du nicht ständig besser wirst, ständig veränderst, ständig polierst, ständig veränderst, ständig auf eine neue Sache suchst, während du erfolgreich bist. Aber wenn du immer das gleiche Spiel spielst, dann finden alle anderen Teams das Spiel. Und du kannst nicht aufstehen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das Problem ist, du bist so verdammt gut gerade, und es gibt so viel Geld, dass du anfängst zu denken, ich bin wirklich gut. Und das ist gefährlich. Man muss also ständig den ganzen Schock an die Systeme geben, den Kattelbrot rausnehmen und sagen, okay, Reset, wir gehen für Exzellenz. Wir werden es brechen, bis es kaputt ist, Baby. Wir werden Reset, Reset, Reset.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und man muss ständig, es reenergisiert den ganzen Ort, um diesen Niveau der Exzellenz zu erhöhen. Und dann der letzte ist nur die Legacy-Stage. Und so... How are you going to hand this off? Are you going to sell it? Are you going to quit and shut it down? What's the endgame? And you start planning for that. I started doing that 16 years ago.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I started our succession planning and our, you know, how are we going to hand this off? How is it going to survive after Dave? Because it's not mine, I'm just the manager. So it really shouldn't quit. God's whole thing that he built here shouldn't just dry up just because I die. Das ist eine schlechte Idee. Und deshalb müssen wir auf Legacy arbeiten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das sind wirklich die fünf Phasen, die man durchführt. Aber es gibt eine Menge Details, viele kleine nuanced Dinge, die man da drin macht, um durchzuarbeiten. Und in 34 Jahren sind das die fünf Phasen, die wir durchgeführt haben. Und wir haben geschaut, wie die Unternehmen gehen. Während wir sie coachen, gehen sie von Treadmill zu Pathfinder, zu Trailblazer.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wenn sie in Trailblazer sitzen, ist es für uns wirklich offensichtlich, hier ist dein Problem, du hast kein System. Du machst dieses Ding, du ziehst das aus deinem Ohr immer. Das ist ein replizierbarer Prozess. Du musst es nicht jedes Morgen neu machen. Und so wissen wir nur, wie wir sie coachen und wie wir sie aufsetzen. Also haben wir gesagt, wir sollten das in einem Buch einbringen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Denn dieser klare Weg gibt den Leuten Hoffnung und erweitert die Geschwindigkeit des Erfolgs und die Qualität des Lebens für den Mann oder die Frau, der gerade ein kleines Unternehmen betreibt. Du hast die sechs Fahrer erwähnt. Lass uns kurz über diese gehen. Okay. Der erste ist persönlich. Wenn man ein Unternehmen startet, denken die meisten, dass man mit dem Produkt anfängt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und man kann, und das ist normal, Okay, ich habe eine Idee. Ich will einen Podcast starten. Ich habe eine Idee. Ich will ein Widget bauen. Ich will in eine bestimmte Art von Geschäft gehen. Ich will in der Heat & Air-Business sein. Ich will ein Veteraner sein. Du hast eine bestimmte Idee. Das ist Produkt. Der Service oder die eigentlichen physischen Gummibärs, die du kreierst, richtig?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber du startest da nicht wirklich. Wenn du das tust, wirst du ein Problem haben. Aber es ist okay, das in Ordnung zu haben, weil das oft die Sache ist, die dich aus dem Bett bringt und dich auslöst, um die Business-Idee zu machen. Aber bevor du das Produkt bekommst, trägst du den ersten Fahrer persönlich ab.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das persönliche Problem ist, dass John Maxwell in seinem Buch 21 unvergleichbare Regeln der Führung spricht. Das ist sein bestseller Buch und mein Lieblingsbuch. Die Nummer drei Regel ist die Regel der Lid. Ich bin die Lid auf meinem Geschäft. Und das ist persönlich. Persönlicher Wachstum. Ich war 33, als wir angefangen haben. Ich bin 64. Okay, und so...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Obviously, the guy that started this couldn't run this today. He's not the same guy. I've read a bazillion books over those 30 years. I've had a bazillion experiences. I've had a lot of smart people yell at me and tell me how stupid I am and I need to do this different. And they were right. Und sie waren gut genug Freunde, um mir die Wahrheit zu erzählen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich habe Dinge geschlossen und die Dinge brachen und wir machen ein CSI darauf und sagen, okay, warum ist der Patient gestorben? Und, weißt du, was sind die Resultate der Autopsie? Und, oh, das ist es, was passiert ist. Oder wie kann man verrückt in ein Gebäude kommen? Schalt die Tür auf. Und so, du weißt, wir gehen durch all das und wir werden besser, besser, besser, besser, besser, besser.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also, du weißt, wenn du einen Sean Ryan Podcast hörst, Interviewing some of the neatest stories in the world. If you're a business leader and you're watching this, mind that podcast for the leadership principles that you're hearing in that. The life principles that you're hearing in that. If you go to
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
leadership conference for god's sakes take 7000 notes and be going to our leadership conference read a book this year on what you want to get better at like leadership or business structure or who's writing in the business space that's smart learn from that and so the problem with my business is always the guy in my mirror that's the bad news the good news is the solution of my business is always that guy in my mirror that's very personal
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das ist genau das, worüber du und ich geredet haben, als du und ich in der Wohnung warst, eine Nacht oder eine Nachmittagszeit, ist, dass das nie aufhört. Du kannst einen CEO oder einen Präsidenten oder einen COO anrufen, aber trotzdem, wenn du der Typ bist, musst du immer noch besser werden. Und einer der Möglichkeiten, besser zu werden, ist, Leute klüger zu anrufen als du.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wann war dein erstes Geschäft? Zwölf. Zwölf Jahre alt. Ja, ich habe meinem Vater gesagt, ich möchte in den Quick-Sack gehen und einen Icy bekommen. Ich brauche ein bisschen Geld. Er hat gesagt, du brauchst kein Geld, du brauchst einen Job. Ja. Er sagte, du hast einen Lohnmauer in der Basis, geh auf die naheste 50 Türen. Und ich sagte, ich weiß nicht. Er sagt, geh in den Auto.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, wir haben ungefähr 400 Leute, die Software-Ingenieurin sind. Ich habe nie eine Reihe von Koden in meinem Leben geschrieben. Ich weiß nicht mal, was sie tun. But I know that they are creating things that create revenue and help to other people. And that's my job. It's not to learn to be a coder.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Yes. It scares the crap out of me. Me too. But it doesn't keep me from being responsible for it. And so, like I dropped into one of those meetings, because those are all Gen Zs, just about, writing that stuff, and they're smart. Und ich bin in diese Beratungen eingegangen und es ist wie im Militär. Sie haben Akronymen für alles, Drei-Wörter-Wörter, Fünf-Wörter-Wörter für alles.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es ist eine ganz andere Sprache. Und ich sitze in dieser Beratung für etwa zehn Minuten und ich denke, sie hätten vielleicht Deutsch sprechen können. Und endlich habe ich mich gehalten und gesagt, hey, Leute, ich werde jetzt nur wirklich transparent sein. Ich habe ein bisschen Angst, weil ich euch alle bezahlen muss. Und ich habe keine Ahnung, was ihr in den letzten zehn Minuten gesagt habt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Würdet ihr einen Moment nehmen und mich lachen und mir sagen, was ihr darüber gesprochen habt? Ich könnte es wertschätzen, aber ich könnte auch ein bisschen ruhiger sein, wenn ich eigentlich weiß, was ihr macht. Und ich muss nicht alle Details wissen. Und ich frage dich nicht, ich bin nicht in deinem Geschäft. Ich möchte nur von dir lernen, was ihr alle diskutiert habt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann haben sie gesagt, oh, und dann haben sie mir gesagt, und ich habe es verstanden. Und ich habe gesagt, okay. Und es war etwas über... Die Friction und die Konversion-Rate gingen auf dieser Webseite herunter. Wir konvertierten nicht. Wir verletzten die Kunden. Weil das Ganze so gebaut wurde. Es war schlecht designt. Und sie sagten, okay, das ist das.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und sie gingen auf all diese Akronymen herunter, um den Verkauf zu machen. Nun, ich weiß, wie man den Verkauf machen kann. Ich kann mit dem helfen. Aber ich kann dich nicht helfen, wenn ich nicht weiß, worüber du sprichst. Also ja, es ist furchtbar. Aber es ist auch, ich muss es nicht wissen. Aber in diesem Fall war ich nur gespannt und wollte lernen. But I wasn't really holding them up.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I wasn't the bottleneck. And if you're the bottleneck, that's where you get the problem in personal. And so I've got to know enough about accounting to make sure the accounting team is doing their job. I've got to know enough about the results of the software engineers to know that I'm actually getting an ROI on that project. Freaking $50 million in payroll, right?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I've got to know enough about marketing to be able to look. I've got enough to look at the social media and go, it's low quality. I don't have to be a social media expert, but I've got to go, I'm not cool with this video. It's jumping around all over the place. It's bothering me. It's half-butt quality. I know you quick edit it or whatever. It's driving me nuts. That's a discussion I had yesterday.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so, that's why everybody's doing it. And I said, well, that's exactly the reason we shouldn't do it. And so, you know, I can bring that to the table still, but I don't, so yeah, that's, but it's normal for something to feel, but if you only do stuff that you know how to do, it'll never get big. You gotta bring team people and know how to do stuff you don't know how to do.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und er hat mich auf den Nolansville Road über hier gedreht. Ein kleiner Printshop hat 500 Business Cards mit Dave's Lawns gedreht. Ich sagte, Dad, das ist ein bisschen overkill. Ich wollte nur einen Icy. Er kam nach Hause und sagte, geh an die nahesten 50 Türen und fragt, ob du die Möglichkeit hast, ihre Lohnversorgung zu bieten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So I need a good kicker, I need a good right guard, left guard, I need a good defensive lineman, even if I'm the quarterback. And I don't have to do all that, and so I need a Mein CFO ist, und ich bin dieser verdammte Dave Ramsey, ich meine, ich kenne das Geld, aber mein CFO ist ein verdammter Genialist. Er ist smart. Ich meine, er kommt rein. Wir machen Mathematik-Riddles und so zusammen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich liebe es einfach. Aber danke Gott, dass ich jemanden wie diesen auf dem Team habe. Also kann ich Hand auf Hand auf und das gibt mir die Möglichkeit, zu skalieren, die Möglichkeit, zu wachsen. Aber ich muss genug wachsen. Ich muss bereit sein, strategische Gedanken zu lernen. Ich muss bereit sein, besser zu werden. Das ist das Persönliche. Das nächste ist das Ziel.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das Ziel ist, warum du hier bist. Und ich sage den Leitern immer im Geschäft, wenn die einzige Grund, warum du im Geschäft bist, ist, Geld zu verdienen, dann wirst du es nicht verdienen. Du wirst abschließen. Du musst etwas außerhalb davon haben. Du und ich haben beide off-camera gesprochen, dass wir das, was wir tun, vollständig genießen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und einer der Gründe, warum wir es genießen, ist, dass wir eine Veränderung machen. Ich meine, du hast einige... stories to light in this room that needed to be done Und das war nicht, du hast das nicht für Geld gemacht. Du hast das gemacht, weil es wirklich Spaß macht. Und Gott sei Dank war es die richtige Sache, das zu tun. Das sind Geschichten, die die Menschen wissen mussten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es war verrückt, dass sie nicht erzählt haben. Und Sean Freakin' Ryan ist der, der die Geschichte erzählt hat. Und das ist, das ist dein Zweck, richtig? Ich meine, und du musst einen Zweck haben und du musst es identifizieren. Und dann musst du Leute hiren, die sich diesem Zweck verbinden.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und einige von den Sachen auf den Wänden in diesem Raum sind Geheimnisse von Leuten, die ihre Geschichte erzählt haben, die sie nicht erzählt hätten, wenn sie nicht hier wären. Und wenn die Leute auf der Kamera das nicht verstehen, wenn sie denken, dass sie nur eine Kamera nutzen, dann sind sie verdammt. Ja. Und deshalb muss man einen Grund haben. Und das gleiche gilt für Ramsey, Mann.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, wenn wir hören, dass jemand Gott kennengelernt hat, weil sie durch eine unserer Dinge durchgingen, und sie aus dem Wettbewerb kamen, und dann hörten sie, dass wir Christen sind, also haben sie es untersucht. dass jeder bei Ramsey weint. Es macht uns weinen, weil jemand Jesus kennengelernt hat. Denn das ist unser Zweck, einer davon.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Unser Zweck ist, wir lehren jemandem, das Nummer eins, was einen Divorz in Nordamerika heute macht, ist Geldkriege und Geldprobleme. Wir können dich auf dem gleichen Budget holen und dich aus der Deutung holen und den Stress aus deinem Haus holen. Und dann gehst du in unsere Büchse und sagst, ihr habt unser Geheimnis gerettet. Yeah, and game on.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We didn't save your marriage, you saved your marriage, but we by God showed you how. That's awesome. That's our purpose. And you got to have that and you got to say it and you got to look at it and everybody's got to be plugged into it. And that's a driver of the business.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Schau nicht an deine Füße, während du auf der Vorderseite des Mannes stehst und sagst, du willst nicht, dass ich dein Gras schneide, oder? Du gehst da rein und schlägst deine Schultern zurück und lachst und gibst ihnen Service und sie werden dich hirten. Und verdammt, es hat nicht funktioniert. Ich hatte 27 Jahre, um 12 Jahre alt zu werden. Keine Ahnung. Ich glaube, es heißt jetzt Kindesabsturz.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
If you think you're in the heat and air business and all you do is make money by going in somebody's house and turn on their thermostat. wirst du nicht im Geschäft bleiben. Und wenn du denkst, oh, das ist ein guter Weg, Geld zu verdienen, wirst du nicht im Geschäft bleiben, weil du da bist für die falsche Grundlage.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du bist da, um zu extrahieren, anstatt den Wert auf die Welt zu erhöhen, in der du lebst. Und so, ja, wir werden das Produkt bekommen. Und du kannst da anfangen, aber du solltest zurückgehen und dich kümmern. Du solltest auf den Grund gehen und das bringt dich zu den Leuten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann startest du, die richtigen, die richtigen Hörer und Hörerinnen, die richtigen, wie mein Freund Jim Collins sagt, und gut zu groß, die richtigen Leute auf dem Bus, die falschen Leute auf dem Bus, die richtigen Leute auf der richtigen Seite auf dem Bus. Und das ist wie ein Vollzeitjob. It's like I spend 80% of my calories on that. Really? Yeah. It's people, man.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They're our greatest blessing and our greatest curse. It's a constant thing. Some of my greatest, most wonderful things are the people that I've gotten to do this journey with that are on my team. Some of the biggest pains and scars I have in my life are from the people that have been on my team. Aber es ist ein Teil davon, Mann. Deine anderen Entscheidungen sind nicht zu tanzen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Mann, ich will tanzen. Ich werde da rauskommen. Ich kümmere mich nicht darum, ob ich verrückt sehe. Lass uns das haben. Also ja, lass uns das machen. Also ja, das ist, Leute sind eine konstante Sache und sie sind wirklich eine große Freude, im Allgemeinen. Aber du hast immer das, du weißt, das eine oder zwei, wie wir es vorhin gesprochen haben, das eine oder zwei oder drei, das
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Man, ich muss ein Idiot gewesen sein, ich habe sie gegründet. Schlimmer als das, ich habe sie gegründet. Und so, ja, du weißt, ich hatte einen Mann, der uns erzählt hat, wir standen in der Halle, er sagt, ja, Mann, mein Team, er sagt, sie sind schrecklich. Und ich sagte, na, du schreckst, nicht wahr? Und er sagte, was meinst du? Du hast sie gegründet, und dann hast du sie gegründet.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann sitzt du hier und weinst über sie. Whose Schuld ist das? Es ist deine. Also, ja, der Leiter muss mit den Leuten umgehen. Du hast keine Wahl. Die Leute sind die Sache. Was ist deine Strategie mit Betreuung und Betreuung? Unsere Betreuung ist verrückt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es könnte nicht lustig sein, aber die Linie, die wir immer benutzen, ist, dass es schwieriger ist, mit uns zu kommen, als es mit der CIA oder der FBI ist. Ich meine, es ist schwierig. We put you through the ringer. It used to be a whole bunch. It got to be too many interviews. We got it up to about the average 15 interviews before you got hired. That was silly. Yeah, we got it down to about 7 now.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We got out of control, but we just got so paranoid about making a bad hire that we wanted to spend the ridiculous amount of energy and time to get a good hire. But we do about 7 interviews minimum now. The first one is a 30-minute Quick, not 32 minutes, not 31 minutes. 28 to 30 minutes. Cultural review. And we spend about 10 minutes telling them who we are. Here's our 14 things. Here's who we are.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And if you don't want to do this, you're not going to want to be here. One is we work at work. We don't have remote work. We work at the office. We believe being in the proximity of each other is valuable. Und Produktivität, Kreativität, Kommunikation, alles ist verbessert, wenn man physisch im gleichen Raum ist. Und jetzt ist es ein bisschen populär, weil Elon sagt, dass alle arbeiten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja. Es hat mich auf mein Geschäft gehalten. Mein Einkommen minus die Landwirte, die ich gebrochen habe, ist der nette Profit. Aber es war, es war, du weißt, und ich liebte es, weil ich immer ein bisschen ein Business-Nerd gewesen bin, glaube ich. Und so habe ich Slugger Carnahan's Yard für drei Dollar und meine Freunde arbeiten bei Burger King, Whopper Floppers.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber wir arbeiten. Und wenn du das nicht willst, dann... Wir haben nur 28 Minuten in dieser Diskussion investiert. Und dann haben wir 20 Minuten mit ihnen gesprochen. Zwei Ohren, eine Mund ist die Ratio. Es sind 30 Minuten. 20 Minuten Hören, 10 Minuten Reden. Sie lassen mich nicht so viel reden, weil ich zu viel rede. Aber ich bin nicht so gut daran.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber du hörst und versuchst zu entscheiden, ob diese Person fit wird. Sind sie engagiert in Verhältnissen, die hier nicht fit sind? Sind sie Zum Beispiel, wenn sie nur weinen können, wie schrecklich der letzte Ort, wo sie gearbeitet haben, ist, dann werden sie das auch über dich tun. Wenn das so ist, wie du deine ersten zehn Minuten in einem Interview verwendest,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn man negativ über den letzten Ort spricht, dann tun sie wahrscheinlich das gleiche wie wir. Wir sind wahrscheinlich fertig. Oder wenn sie sagen, ich hasse Christen, dann willst du wahrscheinlich nicht hier arbeiten, weil du derjenige bist, der diesen Ort besitzt. Ich bin ein Gunn-Typ, wie du weißt, aber nicht jeder weiß das.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Because I'm supposed to be the get out of debt guy, but I mean, I'm a firearms enthusiast. I'm not anywhere near some kind of elite level or anything like that. But I like to shoot and I like to collect and all that kind of stuff. And so, and I carry every day, all the time. And so they ask, you know, our guys will ask, our CEO carries a gun.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I've never seen it, but he carries a gun everywhere he goes. It's legal that he can do that. And how do you feel about that? Und manche Leute sagen, ich will nicht hier arbeiten. Und das ist gut. Es ist gut, dass wir das gerade entschieden haben. Du bist nicht ein Kulturfett, weil ich das tue. Und ich verändere das nicht, für dich hier zu kommen, um hier zu arbeiten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wie gesagt, eine ganze Menge Leute in dem Gebäude, Carrie. Und wir haben tatsächlich dieses wunderbare Trainingsprogramm und wir machen taktische Trainings und lustige Sachen und es ist eine tolle Teambildung. Und ich gehe auf meinen Farm und, weißt du, fahre 1000 Runden und lerne, wie man tatsächlich einen Handgun handelt und all das. Es ist ein bisschen lustig, aber nicht jeder will das tun.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das schreckt Leute aus. Und wenn du einer von diesen Leuten bist, der sich gefreut hat, dann. I'm a Tennessee Redneck. I've had a gun in the back window of my truck since I was 12. I mean, come on. So that's just the way I grew up and I'm not worried about it. I'm not freaking, I'm not making a political statement. It's just an actual fact. So do you want to work here?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so we throw that out. We'll throw out different things like that and just ask a question. It's not like saying you have to do it, but this is who you're coming to work with. So you need to know. And so that little 30-minute interview, that gets rid of... Wir können sie entweder. Ich denke nicht, dass 1 in 10 das machen. Keine Ahnung.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, weil sie dachten, dass wir etwas waren, was wir nicht sind. Oder wir dachten, dass sie etwas waren, was sie nicht waren. Und wir holen Leute nicht aufgrund von Fähigkeiten. Fähigkeit ist wichtig, aber sie wird von kulturellem Fitt, Wertsystem, Enthusiasme, Crusader,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Yeah, I give somebody that actually freaking cares deeply and they lean in and they've got medium level skill, we can take a C player like that and make them an A plus player. But I can't take an A plus player, they'll perform at a D level. If they don't fit in. Yeah.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And if they're not, if they're not, if they think it's just a job, if you're here to collect a check, a J-O-B, how little, how late can I come to work? How much can I steal while they're there? How many times can I be on my Facebook account instead of getting my freaking work done? And then I want to leave early too. Oh, and I need extra PTO because my dog needs his toenails done.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Oh, geez, get out of my life. Life's too short. And how much can I take? How much of a parasite can I be? And the odd thing is, people will reveal that pretty easily. And you go, you ain't gonna fit in. Because the people here, we work and we care and we love each other and we got each other's back and... We're getting this crap done. And pretty quickly you go, there.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So we get past that and then we start actually getting into it. But we've never hired anyone based on the number of degrees. I had one guy working for me a long time ago. He came into my office. He said, I've got three graduate-level degrees. He was a smart dude. And he goes, I've got this degree, this degree, this degree. And he goes, in corporate America, I could make double what I make here.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und, du weißt, sie machen das lange, das ist die 70er, richtig? Also machen sie einen Buck und eine Quarte, eine Stunde. Ich dachte mir, ich muss das Gras in zwei Stunden schneller schneiden, sonst mache ich nur das, was sie machen. Keine Ahnung, du hattest das schon gedacht. Während ich mohre, schaue ich mir meinen Schlauch an und denke mir, ich muss diese Dollar pro Stunde bekommen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And I said, good. You should. Und er sagte, ich brauche eine Ausbildung. Und ich sagte, wir geben keine Ausbildungen, die auf Degrees basieren. Das ist ein kleines Geschäft. Deine Ausbildung ist effektiv, wenn du bist. Wenn du etwas verbringst, schicke ich es dir mit. Aber die Ausbildung zu sammeln, ist nicht... Du bist kein Thermometer. Ich meine, das ist nicht... Das ist nicht, was wir tun.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du bist kein Thermometer. Ich meine, komm schon, Mann. Ich meine, es ist nicht so. Also, wir... Er war ein guter Kerl. Ich kann seinen Gesicht gerade sehen. Ich kenne seinen Namen. Er ist ein guter Kerl. Ich spreche manchmal mit ihm. Er ist seit zehn Jahren weg. Aber er hat sich wirklich in diese Lüge eingelassen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Viele Leute, wenn sie sich eingelassen haben, glauben, dass das Degree oder die Zertifizierung zählt. Oder dass das, was ich gemacht habe, an einem anderen Ort zählt. Das zählt nicht. Was mehr zählt, ist, dass es zählt, nur so weit, dass man den Ort, an dem man kommt, wertschätzt. Also, ich habe einen vierjährigen Geschäftsberuf. Es ist ein wunderbarer Beruf. Ich bin froh, dass ich ihn habe.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich nutze die Komponenten davon fast jeden Tag. Aber der eigentliche Beruf selbst hat mir nie einen Scheiß gemacht. Die Geräte, die ich in meinen Hals gesetzt habe, sind wertvoll. Das extra Wissen, das ich nicht hatte, ist wertvoll. Das ist also das Hören. Wir suchen Leute, die fit sind, die ein Wir sind.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir lieben es, wenn es nicht notwendig ist, aber wenn sie durch etwas gehen, was wir tun, und es hat ihr Leben verändert. Und sie wollen das für andere tun, indem sie auf dem Team arbeiten. Das ist ein Krusader. Das ist ein wirklich guter Beweis, dass du dich in der Interviewprozesse aufnehmen wirst. Und dann das letzte, was wir tun, ist sehr kontroversiell. Weirder. Aber...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe herausgefunden, als ich gebrochen bin, dass wir Real-Eigenschaften haben, die meine Frau nie gesehen hat. Ich war draußen und sie sagte, was auch immer du tun willst, Junge. Southern Belle, richtig? Und du hast es, Mann. Und ich habe es nicht gemacht. Ich habe ein paar dumme Sachen gemacht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es gab andere Zeiten, wo wir Sachen gemacht haben und sie sagte, ich wusste, dass das nicht funktionieren würde. Warum sagst du nicht etwas? And she always had an opinion after I told you so. Where were you when we were making the decision? So I found that in scripture. And I didn't, when I went broke. And I was studying this money principles. And a money principle is this.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Who can find a virtuous wife for her worth is far above rubies. The heart of her husband safely trusts her Because she's virtuous. She's not a barking Chihuahua. Not a nag. She cares. She's wise. The heart of her husband safely trusts her and he will have no lack of gain. You want to build wealth? Listen to your virtuous wife. okay, I wasn't doing that and I went broke.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich muss das machen. So habe ich die Häuser gekostet, damit ich mehr machen kann. Ich wollte versuchen, mehr zu machen, als meine Freunde, wenn sie Floppen und Whoppers mit Minimumwage machten. Wenn ich so schwitze, brauche ich Geld.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So maybe I need to add that to the get out of debt list or the be on a budget list or whatever. There's a thing I do. So we quit when we went broke and I found that when I was studying all this stuff. I said, okay, I don't make major decisions without sharing. We'll fight about it.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We might not agree about it, but we're going to talk about it and we're going to come into agreement or we don't move forward. When in doubt, don't. So we're going to, I'm not going to go Ich mache eine 10.000 Dollar Investition und sie sagt, das ist eine schlechte Idee. Ich mache das nie. Es klingt so, als wäre ich ein Hennpeck, aber ich bin es nicht. Weil wir manchmal darüber diskutieren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber nicht mehr viel, aber in den alten Tagen haben wir das gemacht. Und wenn wir bereit sind, ein großes Geschenk zu machen, mit einigen Genereisen, mit unserer Foundation, unserer Familien-Foundation, schauen Sharon und ich es an. Ich mache das nicht. Sie macht es nicht selbst. Wir machen es zusammen. Wir sind eine Gruppe. Wir sind verheiratet. And now you are one.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You know, the preacher said, he didn't say, and now you are a joint venture. And so I was running it like a joint venture. Like, I'm smart. I can just go do this. I don't need my wife. And she would say, I'm an independent woman. I can do whatever I want. Yeah, you are. But the stupid, you know, maybe we ought to work together. Hello. And the people that build wealth work together.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
That's the data actually shows us nowadays. So we quit making big decisions without that. And then when I got ready to hire our first person, I don't know about you, man, but when I hired the very first one, that was scary as crap. I felt the weight of the responsibility for that family that was counting on me to give them the money in payroll that I had promised them.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
That, it scared the P out of me. And the second one was easier, the third one was easier, the The 3000th was really easy, but the first one scared me. I went, this is a big decision. Sharon doesn't work, has never worked at Ramsey. She's never worked at the office, ever. Aber wir machen keine großen Entscheidungen im Büro ohne Sharon zu involvieren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also, wenn wir bereit sind, einen großen Kauf im Büro zu machen... Ich erinnere mich, in den ersten Tagen haben wir ein Telefonsystem für 14.000 Dollar gekauft. Und das war so... Niemand hat mehr Telefonsysteme. Aber Sharon muss in den Büro kommen und sitzen und das Telefonsystem mit meinen drei Leitern und mir anschauen. Und wir machen diese Entscheidung.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und sie beurteilt sich auf 14.000 Dollar, damals. Denn das war viel Geld. Das war eine große Entscheidung. Ich mache keine große Entscheidung ohne Sharon. Also wir holen Leute nicht ohne Sharon in den frühen Tagen. Also als wir bereit waren, geholfen zu werden. Das ist interessant. Der letzte Schritt heute noch ist das, was wir das Spassel-Interview nennen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und der letzte Schritt ist, wir sind ziemlich sicher, dass das Gott ist. Wir sind ziemlich sicher, dass das ein guter Schritt ist für alle. Gott hat uns alle zusammen. Aber wir gehen ins Abendessen, informell, mit der Person, die wir verabschieden, und ihrer Schwester, und dem Leiter, und ihrer Schwester. In den alten Tagen war es Sharon und ich, die dich zum Abendessen führten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir haben wahrscheinlich die ersten 100 Verabschiedungen so gemacht. Mit nur mir und Sharon. Wow. Und wir gehen zum Abendessen. Und meine Frau ist nicht... Ich bin die Rednerin, offensichtlich. Sie ist also ziemlich chill. Und die Videos, die ich von deiner Frau gesehen habe, wären ähnlich. Du hättest viel zu sagen über diesen Ort. Und deine Frau würde sehen, hören und lernen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann habe ich gelernt... Irgendwann hat mich jemand... Ich weiß nicht, woher es kam. Nicht, dass ich meine Frau frage, als wir unterwegs waren, was sie dachte. Ich frage sie, wie sie sich fühlt. Und ihre Heilige Geist-Womens-Intuition, sie könnte verrückt einen Meilen weg riechen. Und ich bin wie ein Labrador-Retriever, ich mag alle. Also habe ich einen Hörer.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und sie ist so, weißt du, ich mag den Mann und seine Frau süß, aber ich habe nur ein schlechtes Gefühl. Und sie ist aus Ost-Tennessee, es ist Süd, richtig? Also es ist ein siebenschlägiges Wort. Ich habe ein schlechtes Gefühl. Hundert Prozent der Zeit. Aber geh' weiter. Aber geh' weiter. Keine Sorge. Ich sage dir nur, ich habe ein schlechtes Gefühl.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ein paar Mal würde ich sagen, okay, denkst du, wir sollten es machen oder nicht? Ja, geh' weiter. Hundert Prozent davon sind in vier Monaten weg. Oh, Scheiße. Etwas blieb. Und das andere ist, sie hat fast nie gesagt, dass ich meine, drei Mal aus 100. Sie sagte meistens, ja, das ist großartig, lass uns das machen. Wie fühlst du dich? Oh, ich fühle mich wirklich gut. Ich mag ihn.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wie lange hat das gedauert? I guess the rest of my life. Oh, the yards?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich mag seine Schwester besser, was wahrscheinlich bedeutet, dass er eine gute Person ist, weil er smart genug ist, um sie zu finden. Das ist eine Konversation. Okay, lasst uns über das heute Abend beten. Wir beten darüber. Und er ändert sich morgen Morgen. Lass mich wissen. Und dann nennen wir ihn. Wir erzählen dem Paar. Sie gehen nach Hause, beten darüber und sprechen darüber.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich würde auf ihre Schwester schauen und sagen, ich möchte dir sagen, wenn du ein schlechtes Gefühl hast. Ich möchte dir sagen, wenn du ein schlechtes Gefühl hast. Wer auch immer wir interviewen, richtig? Und für irgendeinen Grund, das ist sehr kontroversial mit einigen Leuten in der Hate-Land. Aber ich weiß nicht, warum es kontroversial ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist einfach so, ich liebe meine Frau und ich vertraue ihr. Und ich mag sie besser, als ich irgendjemanden, den ich jemals eingeladen habe, mag. Und deshalb werde ich sie auf dem Team wollen. Aber das ist seltsam. Aber ich habe einige lustige Dinge passiert. Wir hatten einen alten Jungen, er war ein Party-Mann. Und wir sind nicht...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir sind normale Leute, aber wir sind nicht wilde, wilde Partyleute. Und dieser Typ trinkt und machte Drogen und machte all diese Sachen auf einem wirklich hohen Niveau. Aber er war witzig und er war wirklich gut. Und er ist ein funniger Typ. Er war ein toller Typ. Aber wir haben durch all diese Sachen durchgegangen. Und seine Frau war Landwirtin, ist Kornbrot.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Oh man, I cut enough grass by the time I was 18. God said I never had to do it again. I ain't cutting grass in a long, long time. Oh man. Yeah. No, when I took off to college, when I got up into high school, I started doing home repairs too. Weil sie ein altes Haus kaufen und es umsetzen, und sie haben mich dort umsetzen lassen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und sie hat das Ganze die ganze Nacht gesagt. Und ich werde mich nie vergessen, wir waren auf dem Steakhaus, hier unten. Ich könnte es nennen und ich werde es nicht nennen. Aber es ist hier über dem Berg. Du wirst es wissen. und ich habe einen Dessert von Key Lime Pie bestellt. Mein Fork ging zum Key Lime Pie. Wir waren da eine Stunde und eine halbe. Die Frau hat kein Wort gesagt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie sagt, ihr seid wirklich religiös, oder nicht? Ich sagte, wenn du meinst, wie die Pharisäer oder Verrückte über die Bibel oder so, nein. Wenn du meinst, wir lieben Jesus Christus, ja. He ain't gonna fit in. Oh man. I started laughing. The guy that had another leader and his wife with me, they started laughing. My wife is looking at me like I've lost my mind.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We're just laughing because me and my leader and even the guy starts laughing because she just spoke truth. Sie hat uns gehalten, weil er ein Freund war, den der Leader und ich von der Broadcast-Business wussten. Und wir wollten wirklich, dass er aufkommt, weil er ein lustiger Typ ist, er ist sehr kreativ. Und wir hatten nur die Wahrscheinlichkeit, dass er nicht fit werden wird.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und diese Frau hat gesprochen. Sie hat eine Grenade in den Mittelpunkt geschlagen, hat eine Bombe in den Mittelpunkt geschlagen. Es war fantastisch. Wir haben ihn nicht eingeladen. Wir sind bis heute noch Freunde, Freunde mit ihr bis heute. Aber das ist, wofür es geht. Because we all get all excited about the positives that can happen and we overlook the obvious things.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And the spouse will sometimes, if they're wise and strong and their voice is used to being heard, will speak into it and it's fabulous. That's our best part of our hiring process. Man, I'd love to hear that. But it ticks people off. They're like, you don't have any right. I got all kinds of right. My name's on the side of the building. What are you talking about? I got a right. Oh well.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
How fast do you fire? For extreme misbehavior instantaneously, but that almost never happens. Somebody steals, I don't really need to negotiate. That's just a sad day. We're done. But most of the time it would be misbehavior or incompetence would be one of the buckets. And those things are things you can work on. And so...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir haben ein Accountability-System, wo die Leiter immer mit ihrem Team treffen und ein-zu-ein machen. Einmal pro Woche, ein-zu-ein oder einmal in zwei Wochen für eine Stunde. Und das ist, wo du hörst, was mit dem eigentlichen Arbeit ist. Du hörst die persönlichen Dinge über die Person. Wie können wir dir helfen? Wie können wir dich unterstützen? Was ist los? How can we love you well?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And here's some things we got to work on. You got to course correct. So there's never anything that's just like once a year we do a review. No, we're once a week or once every two weeks. We're talking about life and business and how's it going. And you're a salesman, you're not making any sales calls. Not gonna work. You have to get the sales calls up. How can I help you get that done?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Oder einer ihrer Freunde hat ein Haus im Real Estate-Business gekauft und mich dort 16 Jahre alt gemacht, um es zu malen und den Wascher auszuschalten und solche Sachen. Also habe ich all das gemacht. Also habe ich Geld für mein erstes Auto bezahlt. Und dann habe ich tatsächlich für die ersten paar Semester des Universitäts bezahlt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Is there an issue with your technology? What's the problem? Let's get it going. Let's get it going. Let's get it going. And so we begin some basic course correction and confrontation there. Or, you know, you can't seem to get here before 10 o'clock in the morning. That's not cool. We actually work here. You need to get your butt in the office, you know. And what's the problem? You got an issue?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Childcare problem? How can we help you? What's the... Tell me what's going on. If there's a real reason, let's talk about it. But I didn't get out of bed, ain't cool. Basic stuff, right? You're talking about it all the time. And then the next thing you would do is you would escalate it and begin what we call a difficult conversation.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And a difficult conversation without going through the whole seminar bit on it that we teach, but it's just you sit down and say, hey, we're both currently sitting on the same side of the table. I'm on your team. I'm not across the table from you. This is not a correction or a negotiation. But this is going to be a difficult conversation. No one's getting fired today.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But if we don't correct some things we're going to talk about today, we're going to have to move towards that direction. Und dann sagst du, hier sind die Dinge. Nun, hier ist ein Programm. Und wir werden uns treffen. Und hier sind die Dinge, die ich von dir erwarte. Und wir brauchen diese Dinge durch dieses Datum. Und ich werde dich ein paar Mal checken.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann durch das Datum werden wir schauen und sehen, hast du es gemacht? Und dann, wenn es etwas ziemlich einfach ist und sie es korrigieren, um, du weißt, es sollte auf der Zeit arbeiten, oder sie bekommen ihre Sales Calls, oder was auch immer das Problem ist. Ich weiß nicht, was es ist. Oder du bist, du sprichst mit jemandem in einer Art, du solltest mit ihnen sprechen. Und
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann machen sie es oder nicht. Wenn sie es nicht tun, dann sagen sie, okay, jetzt werden wir noch eine schwierige Gespräche haben und jetzt wird es ein bisschen heißer. Und nichts wird heute passieren, aber wir sind wahrscheinlich ein Meeting weg von dir, der hier nicht arbeitet. Also wir sind einfach wirklich klar. Real kind, real direct. These meetings are about this long.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We're not going on for two hours with a bunch of emotion. It's a 10-minute meeting. It's not just going to tell you, here's what we're doing. And this is not a thing. And so I'll help you. I'm here to support you. I'm going to work on. And then we would come in and say, all right, now we're going to put you on a 90-day plan.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nur um meinen Arsch zu arbeiten, einen Hammer zu schlagen und einen Schraubendreher zu schalten. Okay, und hat euer Vater das verhindert? Oh ja, er konnte es, er konnte es verhindern. In dem Gebäude, in dem wir waren, hatte jeder ein Werkzeug, jeder konnte alles verhindern. Und du hast also in den alten Tagen nichts weggezogen, du hast es repariert oder du hast es verhindert.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And during this 90 days, you and I are going to meet every other day and we're going to work on every one of these things. And at the end of that 90 days, you're going to have solved this problem permanently. We're never going to revisit it again or we will be done. Oder, wenn man nicht in diese sehr intensiven 90-Tage-Präsidien reinkommen möchte, hier ist ein Säubern-Package heute.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn man das gerne machen würde, wenn man sagt, mein Zeitpunkt bei Ramsey ist fertig, hier ist ein Säubern-Package heute. Ich würde sagen, wenn das auf die Tafel gestellt wird, wahrscheinlich 70% der Zeit nehmen sie das Säubern und gehen aus der Tür.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Because you've already talked about whatever it is up to this point and they either think they can turn it and want to turn it and really want to engage to stay and be part of the team. Or they're like, you know, screw this. I'll just take the money and go. And we would rather give them a little money and not have to deal with it.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Because you're taking up a leader's productivity too through that whole time to try to make a save. Und die Anzahl der Leute, die wir an diesem Punkt versichern, ist ziemlich niedrig. Fast alle sind versichert, vor der Konversation, die einen 90-Tage-Plan startet. Aber wenn du da bist, ist es eine ziemlich niedrigere Versicherung. Aber wir versuchen es. Ich meine, wir geben nicht jedem die Chance.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Weil ich eine Zeit lang verhaftet wurde, als ich 20 war. Ich arbeitete für diese Firma. Und dieser Kerl war einfach ein Charakter. Und er war einer der Führer, er war nicht der Leiter der Firma. Und ich habe Site-Lokationen für eine Firma genannt, Mr. Transmission. Es ist aus dem Geschäft jetzt. Ich denke, es gibt noch einige, die noch offen sind, aber die echte Franchise-Operation ist weg.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und der Typ, den ich berichtet habe, ich war im Real-Estate-Bereich, aus der Schule, mit Site-Lokationen. Ich habe dort drei Monate gearbeitet und er hat mich gefeuert. Und er kam in mein Büro eines Tages und sagte, du kleine F-er, F-F, deine Mutter ist ein F-er und all diese F-er und all diese Sachen. Und er schreit und schreit und er sagt, hol dir eine Box und geh aus hier raus.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich bin so, was habe ich getan? Und er sagt, es ist egal, du bist verletzt, geh aus hier raus. Und ehrlich gesagt, das war vor 40 Jahren, ich weiß noch nicht, was ich getan habe. I probably did it. I probably deserved to be fired. I don't know what I did. I mean, I wasn't like the champion character, wonderful person or something. So it's very possible. I just don't know what I got fired for.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so that scarred me. And I promised when we opened Ramsey that if someone left, they would always know why. They would never be surprised. And they would always know why. Not surprised is, you're not getting fired today, but we got to fix this. We got to fix this. We got to fix this. We got to fix this. They're not going to be surprised and they're always going to know exactly why.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so it's not unusual at Ramsey for someone to, I've heard this multiple times, they tell their spouse on Monday morning or Tuesday morning, this is probably going to be my last day. Because they know when they come in that they're done. weil es so klar und gradual war, es war auf einem Gradient bis dahin. Und dann fühlen sie nicht, dass ihre Dignität gestohlen ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich erinnere mich, und es sind keine langen Beratungen. Wenn du endlich sagst, heute ist dein letzter Tag, das ist ein 6-Minuten-Beratung. Es ist wie, wir haben das bis jetzt gearbeitet. Wir wissen, dass wir dich lieben, aber das funktioniert nicht. Und wir haben darüber gesprochen und darüber gesprochen und darüber gesprochen. Also heute ist die Entscheidung gemacht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Heute ist dein letzter Tag bei Ramsey. Und was ich dir tun möchte, ist, ich habe eine Person, mein HR-Direktor sitzt draußen, sie werden mit dir mitlaufen, dein Auto machen und deine FABs und alles sammeln und deine Computer sammeln und dein Zugang ist bereits geschlossen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Heute, du weißt, unsere Sachen werden weggezogen. Wir senden keine Teeth, es gibt keine TV-Reparaturen. In today, you know, but in the old days, you know, you'd send it over there, they'd put a new tube in it or something, you know, or we would take it apart and look at it and see if we could figure it out. And so, yeah, those guys all turned a wrench on their own cars.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann werden sie dir auch einen Zeitraum geben, um nach Hause zu kommen, spät in den Tag oder nach den Stunden, um das Papier zu signen und deine Sachen von deinem Tisch zu bekommen. Gibt es da etwas, was du in diesem Moment benötigst, bevor du nach Hause gehst? Und das ist, wie lange es dauert.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und sie sind in ihrem Auto, zehn Minuten nachdem wir geöffnet haben, und sie sind auf der Reise nach Hause. Und sie müssen keine Scham machen, zurück zu ihrem Team, und ihre Sachen sauber machen und eine Box haben und durchgehen, wie etwas aus dem Officespace oder so etwas. Und so kommen sie später zurück. Wir versuchen nicht, jemanden zu schaden. Es hat einfach nicht funktioniert.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber, du weißt, die Leute sind lustig. Ich meine, die Sachen, die die Leute mitkommen. Oh, aber es... Yeah, I'm not going to surprise them though. And I never have. And I've never fired anybody while I was angry. I've been angry, but I've never fired someone while I was angry. I go home, talk to Sharon, think about it, come back in the next morning.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
By then it's almost usually kind of humorous how stupid the whole thing is and they just can't work here anymore, you know. I just learned a lot from that segment.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das Zweite ist, wenn du investierst, bedeutet das, dass du eine lange Sicht auf Geld hast. Wenn du es in etwas investierst, wirst du es für eine lange Zeit verlassen. Wir haben bei Ramsey Research, einem Forscherteam, ein hartes Studium gemacht, Das größte Studium von Millionären in Nordamerika. Das ist in meinem letzten Bestseller, Baby Steps Millionaires. Das weiße Papier ist im Hintergrund.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Die Forschung ist sehr stark. Wir hatten eine andere Firma aus New York. um sicherzustellen, dass die Forschungsprozesse keine Konfirmationsbiasse waren, dass es detailrecht war, weil wir wussten, dass die linkseitige kommunistische Gruppe die Ergebnisse nicht mag, von woher Millionäre kommen, weil sie eine anarchistische, kommunistische, reichste Qualitätsagenda haben, die absolut blöd ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wir wussten, dass das auf uns kommt. Also mussten wir es schnellstmöglich machen. Mit den Schlussfolgerungen dieser Studie, die hartes Daten sind, die als Fakten bekannt sind, wären Sie das, was als falsch bekannt ist. Eines der Dinge, die wir gefunden haben, war, dass 89% der Millionäre in Amerika, das sind 9 aus 10, nicht Millionäre sind, weil sie Geld erhoben haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So we all learned to turn a wrench on a car and that, you know, it's a wonderful heritage to have. It's not necessary to be successful, but it's, um, I'm not uncomfortable. I remember when I was taking my car, Meine Frau hatte an einem Tag in der Schule, ich glaube es war unser dritter oder vierter Tag, ich glaube ich hatte 1,16 Dollar in meinem Konto.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich bin so dumm, dass ich es zweimal gemacht habe. So it's possible. I promise you it's possible. 79% inherited precisely zero, 5% inherited a small amount like $5,000 from their grandmother, which mathematically makes it impossible for that to have caused them to be a millionaire.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And another 5% inherited a substantial amount after they were already millionaires, like maybe they got 250 grand when dad died, but they were already worth two and a half million. So it didn't cause them to be a millionaire. So 79, five and five is 89. That's an example of that study. Now in that study,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das Schlimmste war, dass der Prozess, den die Leute benutzten, und das demografische Datum, das Ausbrechen des Geldes, von denen, die Millionäre geworden sind, wiederum nicht, sie hatten es selbst gemacht, sie hatten kein Geld erhoben, unglaublich brennend war. Es gab einfach keinen Sexabschluss. Es ist einfach furchtbar dumm. Und es ist einfach... Hier ist, was sie gemacht haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Die mittlere Person in ihrem Kopf... Nun, das ist der erste 1-5 Millionen Dollar Netto. Das ist nicht jemand, der 100 Millionen wert ist. Es ist nicht ein Billion. Ein Billion ist ein Tausend Millionen. Das sind Leute mit Jets und sieben Autos. Okay? Aber ein Millionär fährt einen Toyota. Okay? Und hier ist, was sie gemacht haben. Sie haben ein 600-800-Dollar-Haus. Das wird bezahlt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und sie haben 800.000, 900.000 in ihrem 401k. Weil sie haben Geld in Mutual Funds in ihrem 401k für 15 Jahre gelegt. Und die Firma matcht. Und es ist in einem Roth. Und sie haben einige Roth IRAs gemacht. Und sie hatten Vertrauensinvestitionen und eine Pay-for-House. Und die beiden zusammen waren 1,5 Millionen bis 2 Millionen Dollar. 1,6 Millionen, 1,4 Millionen, was auch immer.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Etwa 80% von ihnen. Sie sahen so aus. Es war verrückt. Also bezahlen Sie Ihr Haus, legen Sie Geld in die 401k-Mutual-Funds. Und das ist Ihr erster 1-5-Millionen-Dollar.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es ist so, dass alle von ihnen, es war nicht wie statistisch, ich meine, wenn Sie statistische Analyse auf solche Dinge machen, wenn Sie etwas bei 56 Prozent bekommen können, wie ein Poll auf Politik, ich meine, Sie bekommen 48 zu 42 zu 52, Sie bekommen 56 Prozent des Votens, Sie hatten eine Landschaft, richtig? All this stuff came in in the 80 percentile. And it's like all of them
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So it was not only statistically significant, it was ridiculous. It was actually fact to fact. And so, yeah, put money in a good growth stock mutual fund that has a long track record and fill up your 401k with that, take the match, do a Roth IRA and do the same thing and pay off your real estate. And some of them then would start buying other real estate.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
There were some other cool stories in there. One guy was worth $5 million and he had 100% of it in farmland. He was a Wow. Wow. Karriere war Ingenieur, Nummer zwei war Accountant, get this. Nummer drei, Lehrer. No kidding. Nummer vier, Business Executive. Nummer fünf, Lawyer. Medical Doctors didn't even make the top five. No kidding.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich war so kaputt, ich konnte nicht aufmerksam sein. Und ich hatte einen 1974 Monte Carlo, in dem ich auf dem dritten Motor und der zweiten Transmission war. Und ich habe sie verändert. Ich habe die Räder aus dem Auto gerannt und hatte 200.000 Meilen. Das war ein Scheiß. Und äh, äh, ich habe ihr erklärt, dass ich irgendwann ein Millionär werden werde.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They're notoriously bad with money and arrogant with their money. But almost like a music artist or something. But... Ich meine, sie sind entweder wirklich gut oder wirklich schlecht, wie die Musiker. Oder die Akteure, die Athleten, das gleiche Ding, all das. Aber es war sehr interessant. Und was wir herausgefunden haben, war, okay, was haben sie zusammen?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Lehrer, Entschuldigung, Ingenieure, Accountants, Lehrer, Geschäftsführer, Lehrer. Sie sind alle Prozessleute. Du musst einen Prozess benutzen, um einen Bridge zu bauen, oder es fällt. Es ist ein Set von Prinzipien. Es gibt keine Kreativität. Du musst das Richtige machen oder das Falsche. Es gibt ein Set von Mathematik. Du kannst nicht sagen, oh, das ist eine neue Art.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nein, das ist die Art, wie du die Brücke bauen kannst. Accounting. Es gibt nicht vier Methoden von Accounting. Es gibt einen. Es gibt Accounting, das richtig gemacht wird und Accounting, das falsch gemacht wird. Lehrer, Lernplan. Sie waren oft verheiratet mit Polizisten. Das war sehr interessant. Rechtsanwalt. Nummer vier. Anwalt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, Geschäftspersonen, die ein Geschäft runten, müssen ein System haben. Anwälte, es gibt ein System von Recht, obwohl wir alle darüber lachen. Aber ich meine, du tust bestimmte Dinge in einem Gerichtssaal eine bestimmte Art, oder der Gericht setzt dich raus. Du hast sechs verschiedene Wege, um einen Fall zu probieren. Es gibt ein Set von Standards. Es ist ein Prozess.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es sind alle Prozessleute. Also was sie gemacht haben, ist, sie haben die Geldprozesse herausgefunden und sie haben es gemacht. Save and invest, live on less than you make and pay off your house. They just work the process. If you have a master's degree in art appreciation, you're at a disadvantage. That's all creative, subjective, not objective. You're not process driven.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You can do it, but you have to submit yourself to a proven process. You don't get to make up your own version. Und das ist, wer gewinnt. Und so meine Investitionen, ich habe reiche Menschen für 30 Jahre studiert, sie investieren in Dinge, die sie verstehen, wie der Kerl mit der Dürre. Er versteht Dürre, also hat er Dürre gekauft. Und, ähm. Sie vermeiden Geld, nicht alle, aber die meisten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ihre Investitionen sind meistens ziemlich furchtbar. Es ist keine super-sophistikierte Familie-Partnerschaft-Double-Backflip-Gesellschaft. None of them have that. That's something on a movie or something. These guys just put money in their 401k, paid off their house. I mean, so, that's what I do. I buy mutual funds and I buy real estate that I pay cash for. And I own Ramsey.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Those are my three assets. And you've been on my farm, you've been on my house, but I mean, everything, we just pay cash for it and Das Campus, ich bezahle dafür, alles. Und ich liebe Real Estate, ich kaufe ein Stück jetzt. Ich arbeite heute auf LOI, heute auf Letter of Intent, ein schönes Stück Verkauf. Ich liebe Real Estate.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wir sind auf der Straßenbahn gefahren und der Muffler fiel aus meinem Auto. Und äh, aber ich hatte, ich hatte einen Kratzer, einen Kratzer, einen Kratzer, einen Kratzer, einen Kratzer, einen Kratzer, einen Kratzer, einen Kratzer, einen Kratzer, einen Kratzer, Just fixed the car and got back in right after you're telling me you're going to be a millionaire. Okay.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber ich bezahle dafür und ich gebe Geld in Mutual Funds, weil ich in die amerikanische Ökonomie glaube. Mutual Funds sind 90 bis 200 der besten und größten Firmen in Amerika, die wach sind. Ich denke einfach nicht, dass du das bekommst. Und das mache ich. Und das ist, weshalb ich die Fads nicht mache. I'm not taking a poll. I went broke. I don't care what your opinion is. I'm going to do this.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I don't need to impress anybody with how cool I am. I've ceased to be cool a long time ago. That's how we do it. You're pretty damn cool. That's how we do it, dude.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es hat so lange gedauert, um es zu erreichen. Nein. Me too. Thank you. Thank you. Well, God bless. You too, sir.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
She thought I was full of crap, because I was. You know...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Manchmal bekommen Leute von einem Job, wenn sie für jemanden arbeiten, die Verleumdung, und es ist eine Verleumdung oder eine Verleumdung, dass das sicher ist. Und wenn du jemals auf der anderen Seite des Tables warst, wo du eigentlich der Typ bist, der den Payroll macht, weißt du, dass sie nicht sicher sind, weil du weißt, dass du diese ganze Sache richtig funktionieren musst.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Oh mein Gott, wir werden, du kannst sie nicht bezahlen. Aber sie sind unter der Illusion, dass diese Sachen automatisch sind, weil sie einfach ihren Konto am Freitag bekommen und alles okay ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so, was wir das erste Mal gemacht haben, war, diese Illusion mit den Kindern zu brechen, ist, dass, du weißt, dein Erfolg nicht abhängig davon ist, sich zu einem Sicherheitsmechanismus irgendwo hinzubekommen. Dein Sicherheitsmechanismus ist deine Fähigkeit. Dein Sicherheitsmechanismus ist deine Fähigkeit. Dein Sicherheitsmechanismus.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und auch wenn du für jemanden arbeitest, du bist selbst vertreten, du hast nur einen Klienten. Und du musst sagen, okay, wenn ich ein Architekt bin und ich habe diesen Job verloren, I wasn't leaning on that particular firm for my future, my life, the quality of my life. I was leaning on my skills as an architect. And so if you're going to do that, do it in such a way that you're always marketable.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But you view it as, I'm dependent on me. I'm self-dependent. And then what that does automatically leads you into wanting to run your own thing. Du willst, du willst nicht für jemand anderen arbeiten, weil du willst gehen, du weißt, ich werde den Risiko nehmen. Ich werde die Tatsache akzeptieren, dass es Risiken gibt. Ich bin nicht überrascht darüber und ich werde es einfach machen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so, ähm, du bist nicht unbedingt Entrepreneur, du musst nicht unbedingt etwas von Anfang an starten. Meine Kinder haben es nicht. Sie sind in Ramsey gekommen und, du weißt, sind die nächste Generation von Leitern und Anwohnern dieser Organisation. Und, ähm, Und alle drei von ihnen sind sehr fähig, sehr unterschiedliche Persönlichkeiten, eine sehr unterschiedliche Beziehung dazu.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber sie sind einfach nicht unter der Illusion, dass jemand anderes es für sie tun wird oder dass ihr Erfolg abhängig ist oder enttäuscht ist. Es ist nichts davon. Es ist sowen und reepen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, du willst age appropriate sein. Ich meine, du hast Babys, also sende sie nicht in die Salzmine. Aber, weißt du, es ist, aber, weißt du, Als wir drei oder vier Jahre alt waren, fanden wir, es gibt Konsequenzen und eine Auswirkung. Die Bibel spricht von sowen und reben. Du wirst das, was du sowst, reben. So schnell wie möglich, haben wir ihnen drei oder vier Dinge über Geld erzählt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das waren Lebenserlebnisse, die wir in diese Gespräche zurückgeben. Alle Kinder müssen entsprechend alt sein, müssen arbeiten lernen. um zu geben, damit sie nicht selbstzentriert sind, sie sind anderer-zentriert, um zu retten, damit sie zukunftsorientiert sind und nicht nur präsent orientiert sind, was die emotionale Erwachsenheit ist, für die wir nicht viel haben. Und um gut zu spenden.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also zu arbeiten, um Geld zu machen, dann zu retten, zu geben und zu spenden. Und dann kriegst du die Möglichkeit, sie zu erlernen und sie unter deinen Rücken zu lassen. Und so, äh, du weißt, früh, weißt du, es ist so einfach wie, okay, du bist vier Jahre alt. Dein Job ist es, das Hähnchen in den Hähnchenbowl zu geben. Das ist dein Hähnchen. Das ist unser Familienhähnchen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber der Hähnchen isst, weil du den Hähnchen da reinbringst. Und wenn du das tust, kriegst du einen Dollar. Oder dein Job ist es, die Toiletten in deiner Wohnung zu sauber zu machen, was, wenn du voller bist, meistens bedeutet, dass Mama und Papa 80 Prozent davon sauber machen und wir ein Spiel daraus machen und wir singen Lieder. Aber du bist der beste Raumsauger in der Welt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe noch nie gesehen, dass jemand einen Raum sauber macht, so gut wie du einen Raum sauber machst. Du bist unglaublich. Und hier ist ein Dollar. Und dann kriegen wir ein paar Dollar zusammen und gehen in den Laden und bekommen etwas. Und das ist das Ergebnis, dass du der beste Rettungstechniker der Welt bist. Und es beginnt alles mit etwas so primitiven und einfachen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also es ist positive Beherrschung, aber emotional beginnst du zu sagen, Arbeit ist Geld. Work equals money. Because I meet 50-year-olds that don't know work equals money. They haven't figured that out. Nobody ever taught them and they're still waiting around for somebody else to fix their freaking life. And so I didn't want that.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And by the time they're 10 or 12, it starts to get pretty sophisticated. And then we said, okay, we're going to do Der Geld-Aspekt, wir sagten, wir haben, du weißt, dein Auto, wenn du 16 bist, ist deine Verantwortung. Aber wir werden helfen. Wir werden einen 401, Dave, wir werden es vergleichen. Also, was auch immer du spart, ich werde es vergleichen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn du nichts spart, bleib bereit für einen wirklich schönen Bicycle. So, your little butt's gonna be walking. Because you're gonna pay for your car, but I'm gonna, whatever you say. Now, I will tell you, you know, you're starting young, make sure you put a limit on that. Because the third one figured it out. Yeah, he had 15 grand. Yeah.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und jetzt will ich ein 30.000 Dollar Auto für einen 16-Jährigen kaufen. Keine Chance. Verdammt. Also haben wir das aufgedrückt und wir haben das gemacht. Und er hat das zu einem Ministerium gegeben. Und es gab einen Fluss in Peru an dem Zeitpunkt. Und er war da auf einem Missionstrip. Und einige Kinder da unten hatten nichts. Also hat er das Geld gegeben. Und wir haben das ganze Ding gematcht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber ein paar von ihnen waren genügend. Und dann hat er einen coolen Jeep gekauft. Aber es kostete noch nicht 30.000 Dollar. Aber ich musste meine Worte behalten, weil ich das Ding aufgestellt habe. Ich beurteile also den Rest von euch, dass ihr eine Grenze auflegt. Aber wir haben das auf alle drei von ihnen gemacht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es gab, ich glaube, Gewinn und so etwas. Also das Switch-Flip, du merkst, es gibt dir keine Freude. Es ist nicht... Der Stress und der Debt haben nicht den Fun of the Struggle ausgelöst.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich werde euch bis heute sagen, dass sie sehr stolz waren, wie sie das Auto führten, wie sie das Auto umgebracht haben. Ihre Freunde haben das Auto nicht verletzt. Sie haben mein Auto umgebracht. Ich habe dafür gearbeitet.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
und um and they did they worked they babysat they cut grass they worked at the company they sold books they did you know whatever they at the company you know they're working for us all whatever they had to do but yeah we just so it built built character and confidence and dignity and responsibility and all of those things got woven into this little money lesson of you're going to save you're going to save you're going to save you're going to save you're going to save you're going to give you're going to give you're going to be other centered not just self-centered this whole
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Der Einfluss auf die Welt läuft nicht durch den Topf deines kleinen Herzens. Es geht nicht um dich, Baby. Wir werden selbstlos sein, nicht selbstlos. Wir haben darüber geredet. Ich glaube, wir haben darüber geredet. Ich glaube, sie haben sich davon gefreut, aber es ist okay. Das ist großartiges Hinweis.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Well, I turned 18 and I passed my real estate test like two weeks later. And I sold a house like three weeks later. Which, who buys a house from an 18-year-old? What kind of... I talked some guy into it, a guy from high school. $42,750 on East Ridge Drive off of Haywood Lane, right over here in Antioch. And that house today would be 800 grand probably. But I went off to college and...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich wollte einen Degree in Real Estate bekommen, weil ich commercial Real Estate machen wollte. Mein Vater und ich haben Wohnungen gemacht und ich wollte große Zahlen machen und ich dachte, ich wäre cool oder was auch immer. Mein Ziel war es, ein großer Shopping-Mall-Typ zu sein oder was auch immer. Aber ich habe meinen Bezirk nach Osttennessee gedreht und zur Universität Tennissey gegangen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich lebte in Merville, Tennissey. Ich fuhr nach und nach nach UT und verkaufte dort Real Estate, um durch die Schule zu kommen. Ich habe genug gemacht, um durch die Schule zu kommen. Als ich nach Hause kam, hatte ich ein paar Jobs. Ich arbeitete dann als Homebuilder. Dann habe ich das geblieben und habe Häuser gekauft. Ich habe das Haus geflogen. Das war, als ich reich geworden bin.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Well, I mean, I sold houses all the way through college. And when I got out of college, I went to work for a home builder selling houses. And I worked there like a year. So how old were you? So I bought my first house probably to flip when I was 22 or 23. Something like that. And I flipped it. But there wasn't cable TV to tell you how to flip this house. There wasn't TikTok.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And Chip and Joanna hadn't been born. I mean, it was not... This was just... Me going out there digging up a foreclosure deal and talking some banker into loaning me the money, because I borrowed money up to my eyeballs. And I was doing Flip This House. And so, yeah, we started from nothing.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And by the time we were 26, we had about $4 million of real estate and a little over a million dollar net worth. Als du 26 warst, hattest du 4 Millionen Dollar in Real Estate. Ich hatte 250.000 Euro im Jahr. Das ist jetzt 1 Million Dollar pro Jahr. Aber ich hatte zu viel Geld und die Bank schaute runter und sagte, es gibt ein Kind, das uns 1 Million Dollar verdient hat. Und sie waren richtig.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie haben unsere Noten angerufen und wir haben 2,5 Jahre verloren. So by the time I'm 28 I'm bankrupt. Made 250k one year and the next year I made 6000. And the odd thing is when I was doing really good is when I met God. I met him on the way up, but got to know him on the way down. How'd you meet him? I went to a sales conference and with my beer drinking buddy. Und wir waren so dumm.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir gehen zu Happy Hour und dann machen wir Sales Calls und konnten nicht herausfinden, warum Leute von uns nicht kaufen würden. Das ist, wie dumm wir waren. Also ja, wir gehen zu einer Sales Conference, ich und er, und wir sitzen auf der Rückseite. und wir sind Kinder. Und dieser Junge kommt auf die Bühne und macht 400k pro Jahr. Und wir dachten uns, ich will nicht sein.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Die Tarife schreckt die Scheiße aus dem Stockmarkt. Und der Stockmarkt ist runter. Ich habe ihr erklärt, dass ich irgendwann ein Millionär werden werde. Und wir sind auf der Straßenbahn gefahren und der Muffler fiel aus meinem Auto. Als ich 26 war, hatten wir etwa 4 Millionen Dollar Realität und etwas über 1 Million Dollar Netto. Als du 26 warst, hattest du 4 Millionen Dollar Realität.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Okay, hier sind die fünf Dinge, die ich von ihm lernen möchte, bevor er auf die Bühne kam, weil wir wussten, dass er kommen würde. Er hat unsere kleinen Fragen benutzt. Er hatte unsere Fragen nicht, wir hatten sie nicht veröffentlicht, aber er hat alle diese Fragen irgendwie beantwortet. Er hatte also Credibility, bevor er da hochgegangen ist. Er war ein toller Redner.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann, als er unsere E-Mail gelesen hat, hat er uns gewählt. Und er sagte, es gibt noch eine Sache. Und wir sagten, nein, das ist alles, was wir haben. Nein, es gibt noch eine Sache. Er sagte, wenn du diesen Mann namens Jesus nicht kennst, musst du dich vorstellen, weil es die Art und Weise ändert, wie du Business machst.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du änderst die Art und Weise, wie du Beziehungen machst, und Geschäft ist alles Beziehungen. Du wirst mehr erfolgreich sein, wenn du verstehst, wie menschliche Beziehungen funktionieren, und du wirst das nicht verstehen, außer durch Christus. Und meine Frau hat mich gezwungen, in die Kirche zu gehen. Und ich will in die Kirche gehen. Sie sagt, wir gehen in die Kirche. Und ich sage, wer bist du?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir haben verabredet und sie erinnert sich, dass sie ein Baptist war. Und sie hat das vor der Verabredung vergessen. Aber dann kommt sie und sagt, oh, wir gehen in die Kirche. Nein, ich gehe nicht in die Kirche. Am Sonntag trinken wir Bier und gucken Fußball. Und sie würde weinen und wütend sein und ihre kleinen Baptisten finden und in die Kirche gehen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann komme ich nach Hause von der Verkaufskonferenz und ich sage, Ich denke, wir müssen zur Kirche gehen. Und sie sagt, wer bist du? Was machst du mit meinem Mann? Und so sind wir in ein paar Kirchen gegangen und sie waren so furchtbar. Und ich bin so, wenn Gott hier ist, wenn er hier war, ist er weg, weil niemand hier überrascht ist. Und wenn es einen Gott gibt, musst du überrascht sein.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, komm schon, hallo. Und so gehen wir in die Hintertür dieser kleinen Kirche auf Oheker Boulevard, Christchurch. Und, ähm. Du sitzt auf der Rückseite, damit du dich auslösen kannst, wenn es komisch wird. Ich will nicht mit Leuten sprechen, ich bin nur hier, um das auszusehen. Du hast das wahrscheinlich nicht gemacht, aber das ist so, wie ich es gemacht habe. Ich will auslösen können.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich konnte nicht wegkommen von diesem Ort, weil da war ein alter Pastor. Er stand an der Rückseite und schickte alle die Hand, als sie weggingen. Nur etwa 400 Leute waren da drin. Und seine Frau war eine große, knusprige Frau, und sie gab ihm einen großen Jesus-Hug, wie ein Großvater-Hug. Oh Mann, diese Frau hat mich in das Königreich gehalten. Und ich stehe da, und er ist da hochgegangen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich dachte, Christen seien Arschlöcher. Das ist das, was ich herausgefunden habe. Ich habe das Gefühl, es sind eine Menge Arschlöcher. Und das ist, wie ich aufgewachsen bin. Und so stand dieser Kerl hoch, und er war ein Mann. Und er sagte, das ist das, was die Bibel sagt, und wenn du das nicht akzeptierst, dann bist du nicht falsch.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und er würde Sachen im politischen Spektrum anrufen und sagen, das ist moralisch falsch, unsere Nation, und ich dachte, das ist richtig. Und er hat so ein Hintergrund und so. Wow. Und, du weißt, sie hatten dieses Chor da oben und Das war vor langer Zeit. Das war in den 80ern. Alle trugen eine Schuhe zur Kirche und all diese Sachen. In den alten Tagen kam man nicht mit Kaffee und Schuhen und Hat.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber in der heutigen Zeit ist es das, was ich in der Kirche trage. Aber dann... Du hast es sicher nicht gemacht. Aber da ist eine Frau im Chor, die anfängt, ihre Hand zu wackeln. Sie stellt ihre Hand hoch und ich sage, Sharon, wenn sie Steine rausnehmen, bin ich weg. Das ist verrückt. Und es ist so. Ja. Und...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Somebody said something about the Holy Spirit and I said, I don't have any idea what that means. We just kept coming. We didn't know what was drawing us back, but we found out later it was the Spirit of God. We could feel it. It was just attractive. Sharon was pregnant with our first kid. We were making money, but Jaguars and Rolexes waren nicht zufrieden. Es war nicht genug.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I don't know that it was a singular moment. It was probably on a gradient, truthfully. Because that was my deal. I'm going to go get some stuff. I was in acquisition mode, you know, from 18 to 27, 26. And it worked, by the way. You know, except it didn't stick because of the principles I used to build a house of cards. But the concept worked. I'm going to go get some stuff and I got some stuff.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But you start to realize pretty quick, it's like, hey, you know, if you eat enough lobster, it tastes like soap. I love lobster, but... Ich hatte noch nie Lobster, bis ich zwölf Jahre alt war und Red Lobster in die Stadt kam. Ich dachte mir, ich esse alles, was ich kann. Ich liebe das, richtig?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber ich lache immer nur und sage, wenn du genug von allem bekommst, du bekommst genug Autos, du bekommst genug Schuhe, du bekommst genug Häuser, du bekommst genug... Endlich gehst du einfach... Es ist unerfüllbar und es braucht keinen Geist, um das zu bemerken.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so ist es wahrscheinlich so, dass ich in die Kirche gehe, weil meine Frau mich für das tun wollte, und ich sitze da und spreche über Christus. Ich spreche darüber, dass es nicht alles um dich geht. Das Erste wird das Letzte sein. Und diejenigen, die glücklich sind, sind diejenigen, die sich dienen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
The most fulfilling thing you can do in your life is serve and not gather up another Jaguar or Lambo or whatever, a Jet, whatever, Chopper, whatever. So I'm in there for other reasons, but that's gnawing in there also. And so I think probably one of the almost byproducts of a spiritual shift and going, okay, I'm no longer Lord. in meinem Leben ist. Ich werde das ändern. Du bist verantwortlich.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich wusste das Teil nicht. Ich bin seit einiger Zeit mit Freunden. Ich habe das Teil noch nie gehört.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Was willst du tun? Weil ich das natürlich kaputt gemacht habe. Ich bin verkauft gegangen. Ich habe alles verloren. Meine Frau dachte, dass sie Sir Galahad verheiratet hat. Es kam heraus, dass es Goober war. Weißt du, ich meine, es ist so, dass ich natürlich nicht meine Arme zusammen habe.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also brauche ich natürlich ein neues Instruktionsmanual und ich brauche jemanden, der mein Leben nicht nur ich, sondern ich bin ziemlich selbstsuffizient, aber Ich brauche ein bisschen Anleitung. Weil, als ich gebrochen bin, war ich nicht nur gebrochen, ich war auch gebrochen. Und dann hattest du das Nächste. Und mit dem habe ich gesagt, okay, es ist nichts falsch, dir ein paar Sachen zu holen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Hol dir ein paar schöne Sachen. Ich habe heute einfach einen wirklich schönen Truck gefahren. Ich meine, ich mag es nicht, wenn du ein paar Sachen hast. Aber das ist nicht der Punkt. The house you're building is really nice. The house I live in, you've been there, is nice. There's nothing wrong with that.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But what's wrong, where it becomes wrong is if you are asking the stuff to do something it's not capable of, which is give you peace. Und nur die schmutzigen Hände können dir Frieden geben, die das Verständnis übernimmt. Und das ist das, was ich zu Beginn hatte. Sie wissen, sie sind in ihren Zwanzigern. Und dann bin ich in den letzten 35 Jahren von dem Verlust alles wiederentwickelt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und, du weißt, ich bin viel reicher geworden als ich vorher war. Aber ich habe keinen emotionalen oder spirituellen Anliegen dazu. Es ist, du weißt, ein Kerl, ich habe einen Es war ein super teurer Sportwagen und ich habe ihn vor einem Burrito-Platz parkiert. Dann ging ich sprechen an dieser Kirche. Und ein Kind kommt rein und sagt, hey, ist das dein Auto draußen? Und ich sage, ja.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich dachte, er war nur am Auto. Und er sagt, ich habe es einfach getroffen. Und es ist so, Kind, du hast keine Ahnung, was es dir kosten wird. Es ist so. Ich gehe da raus und es ist ein kleines Ding über das Ding, aber das ist wahrscheinlich 50.000 oder so. Und er ist so, ich weiß nicht, ich weiß nicht, ich weiß nicht, ich weiß nicht, ich weiß nicht, ich weiß nicht, ich weiß nicht, ich weiß nicht,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I'm gonna go over here and puke in the bushes and you're just gonna go home and we're not gonna worry about it. He goes, you're letting me go? And I'm like, you can't do anything about it anyway. It's out of your, you're over your skis. And I'm not real happy and I'm not mad at you. And I got home and Sharon's like laughing at me. And she's like, yeah, your problem is you just don't care.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You like the car, but you don't love the car. Du bist nicht im Worshipping des Autos. Es ist nur ein lustiges Auto. Und es ist ein wahnsinnig cooles Auto. Aber ich bin nicht daran verbunden. Ich kann also einfach den 17-Jährigen nach Hause lassen und ihn nicht töten. Because it's not gonna... We're asking those things to do something for us that they're not capable of.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
It's almost like asking your wife or your husband, if you're married, if you're a lady watching this, to be your Jesus. They're gonna fail miserably. Your husband's gonna leave his underwear on the floor and you're gonna realize right quick, he's not Jesus. There's underwear on the floor. Jesus wouldn't do that. Vielleicht, ich weiß es nicht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber man kann nicht Dinge fragen, um Dinge zu tun, um Gott zu sein, die nicht möglich sind. Das ist das Problem mit Eitelworship. Das ist das Kern davon.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich glaube, er sagte nur, dein Charakter wird verändert und du wirst von anderen zentriert, anstatt selbstzentriert. Wenn du verkaufst, wenn du ein Taker bist, können die Leute, die das kaufen, es auf dich riechen. Wenn du verkaufst, du servierst, dann bist du da, um zu helfen, und sie können das auf dich riechen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so, äh, wiederum, selbstständig oder selbstständig oder selbstständig, andere zentriert, selbstzentriert. Und, ähm, also, wir lernen dem Sales Team bei Ramsey, du weißt, du arbeitest in einem 5-Star-Restaurant mit der besten Liste von Wein auf der Welt und dein Job ist es, der beste Server möglich zu sein.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn die Leute diese Dining-Erfahrung verlassen, wir sind nicht im Dining-Business, aber wenn sie mit Ramsey losgehen, haben sie eine Erfahrung, wie eine Dining-Erfahrung, wo sie gefrühstückt wurden.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wenn du jemals bemerkt hast, wenn du in dieser Art und Weise bist, und leckeres Essen ist einer meiner Lieblingssporte, und wenn du in dieser Art und Weise bist, macht der Server die ganze Unterschiede. Weil sie nicht nur die Sachen auf den Tisch werfen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du kannst die schönste Futter, die schönste Weinliste der Welt haben und trotzdem eine krümmelige Erfahrung haben, weil du nicht serviert wurdest. Interessant.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist manipulativ ohne, weil mein Ziel ist, dass ich gewinne, wenn ich verkaufe. Ich kümmere mich nur darum, ob du es verkaufst. Ich kümmere mich nicht darum, ob du das Richtige verkaufst. Ich kümmere mich nicht darum, ob du es brauchst. Ich kümmere mich nicht darum, ob du es finanzierst und der Finanzkontrakt dein Leben zerstört. Ich kümmere mich nicht darum.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich versuche nur, eine Einheit aus der Tür zu bekommen. Und du bist eine Einheit der Produktion für mich. Du bist kein Mensch, der versucht, dein Leben besser zu machen. Es verändert die Sprache, die Körpersprache. Und wir alle wissen es. Selbst Leute, die nicht in Marketing oder Verkauf sind, wissen es. Wenn du in einen Eis-Cream-Store gehst, kannst du es fühlen. Sind sie da, um dir zu helfen?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Oder bist du nur eine Dippe? Und so sind sie da, weil du jemanden kennst und sie leuchten. Du denkst, es ist sehr unterdrückt jetzt, aber es ist willkommen zu Mo's. Ich meine, es ist wie, wir sind froh, dass du hier bist. Komm in mein Haus. Wir waren in einem schönen, wundervollen Restaurant in Mexiko, ein paar Wochen ago. Und wir gehen rein, der Junge ist Italiener.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es ist, als ob du zu seinem Zuhause gingst. Du hast uns an der Front der Tür mit einem Glas Champagner getroffen. Komm in mein Zuhause. Und er hatte große Freude daran, sicherzustellen, dass du eine großartige Erfahrung hattest. Ich glaube, das Essen war gut, aber ich wurde in dem Moment verloren, in dem er es erschaffen hat. Es ist einfach fantastisch. Ich liebe das Art von Sachen. Sehr cool.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, du weißt, was würdest du tun, wenn es dein kleiner Bruder wäre? Was würdest du tun, wenn er deine Mama wäre? Wir machen sicher, dass sie sich kümmern. Ja. Und behandle sie wie, behandle jeden von ihnen so. Das ist eine tolle Botschaft. Blöde ihre Meinung.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich hatte 1,2- und 90-Tage-Noten, weil ich ein Gebäude verkaufen wollte. Ich hatte einen Rehab-Cruise. Ich kaufe ein Gebäude, verkaufe es und fliege es. Am Ende der 90-Tage-Noten muss man das ganze Geld bezahlen. Oder man kann die Note erneuern, den Interesse bezahlen und für die 90-Tage-Noten erneuern, wenn die Bank das ermöglicht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und sie haben es gemacht, weil ich nie Geld auf einen Deal verloren habe. Aber wenn ich ein Haus hätte, das wir nicht fertig gemacht haben, und es hat sechs Monate gedauert, statt drei Monate, um es festzuhalten und verkauft zu können, dann habe ich den Interesse bezahlt, es zu erneuern, und das ist kein Problem.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das Problem war, als sie nach unten schauten und sagten, oh, wir wollen es jetzt alles. Ich hatte also 120 Tage, 90 Tage, 90-Tage-Noten, die für 1,2 Millionen Euro vorhanden sind. Und es ist alles in der Realität verbunden. Du musst es alles jetzt bewegen. Nun, es gibt ein Wort für Realität, die super schnell verkauft wird. Es ist günstig.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe angefangen, Dinge wegzugeben, um die Noten-Abgaben zu erreichen. Und so hat das Einkommen gestoppt. Because the income was from the profit, and the profit all went away because I was selling it so cheap to get rid of it. I really wasn't in over my head. I mean, I had a million dollars in equity. I was sitting at 75% loan-to-value ratios and things. So that was all working.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And I hadn't really lost money on deals. I lost money on a couple of them here or there, but I was making enough to cover that. But I was pretty good at it. But I had built it on this fragile... unsustainable platform of the bank had control of my life. I didn't realize that they had their hands around my neck until they started squeezing.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And when that guy walked in and said, you know, you're going to pay all this right now because we're not going to renew any of this. We fired the guy that did these deals with you. And I'm like, why? He shouldn't have done them. I'm like, he didn't do anything wrong. He was doing what you told him to do. And anyway, big argument and
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das Banken nannte ihre Noten und das zweite größte Bank hatte 800k mit ihnen und sie hörten durch den Grapevine, dass Dave in Angst war, weil Dave in Angst war. Wir haben ein Jahr 250.000 gemacht und das nächste Jahr haben wir 6.000 gemacht, weil ich nur die Häuser verkaufen musste. Verdammt. Ich habe nur versucht, das Richtige zu machen und das Geld zu bezahlen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Be honorable and all those kinds of things, but it didn't matter. Every time I would make a move or do anything trying to help them get their money, but they would stick me again. So I was bleeding on every pore. And I was just bound to determine I was going to make it. And I almost made it, but I didn't. I ran out of emotional and spiritual fuel. And I couldn't Ich war ein kleines Christentum.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich hatte die Idee, dass ein Christentum seine Karten nicht bezahlt. Das ist schrecklich. Es gibt nichts über Bankruptz in der Bibel. Was ermöglicht das? Sie kommen nächste Woche zum Babybett. Sie werden die Furnitur aus unserem Haus nehmen. Ich habe ein neues Baby und einen Tochter. Und Mary hängt an einem Thread. Oh, also du hattest Kinder, als das geschehen ist?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Rachel wurde im April geboren, wir im September. Sie war ein kleines Baby und Denise war ein Tochter. Sharon wäre weggegangen, aber sie hatte kein Auto.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich stand im Schlaf, so heiß wie ich kann. Ich stand da und schrie. Ich war so furchtbar, ich konnte nicht atmen. Ich wusste nicht, was ich tun soll. Und... Yeah, so, but I just, I ran, my tank ran dry. My emotional, spiritual... Das war zweieinhalb Jahre? Ja. Holy shit.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es war, das Wasser wurde ausgeschnitten und ich bin nicht stolz auf das, aber ich bin hin und habe das Wasser wieder aufgehängt und dann haben sie es wieder ausgeschnitten und dann habe ich es wieder aufgehängt und dann haben sie den Wassermeter rausgenommen. Because I kept turning it back on, pirating my own water. But I had two little kids in the house. I didn't know what else to do.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I was so broke, I couldn't breathe. And it's awful. And it's my fault. All of it was my fault. And there's no shame and condemnation. But then you start to heal. And those scriptures, there is therefore now no condemnation.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Von der Zeit, als sie unsere ersten Noten genannt haben, haben wir es gespielt. Wir haben gesagt, okay. Ich habe ihnen den mittleren Finger gegeben und gesagt, ich nehme die Leute aus meinem Leben. Ich habe alles verkauft. Und ich war wirklich so dumm, ich hatte die Vorstellung, dass ich es schnell genug verkaufen kann, um sie alle auszupfen und fertig zu machen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann etwas anderes zu machen oder was auch immer. Aber ich konnte es nicht alles bewegen. Und dann begannen sie, sich vorzulösen. Und ich hatte auch unabhängige Noten. Und sie begannen, mich auf die Noten zu schicken. Ich wurde etwa 78 Mal gesucht. Ja, wir waren auf einem ersten Namen Basis mit dem alten Jungen im Sheriff's Department, der diese pinken Gesetzesberichte bringt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, Sharon ist so, komm her, Harold, wir haben Kekse drauf. Aber es war... Das war ein Schicksal. Und so, du weißt, es ist, es ist, es ist, es ist, es ist, es ist, es ist, es ist. Und niemand von euch wird ever that power over my life again. I gave you that power once, I'm not stupid enough to do it again. You're gonna put me back in shackles.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Yeah, we've organically cash flowed everything, is the business answer to the question. The reason was that... Ich bin nicht einfach verkauft gegangen und ich habe Gott nicht einfach getroffen. Die ganze Sache hat sich zusammengemeldet und es hat mich bis zu niedergelaufen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also, als ich angefangen habe, ein Geschäft wieder zu eröffnen, nachdem ich geholfen habe, ging ich zurück, um Geld zu verdienen, um zu essen. und ich konnte etwas Essen auf den Tisch holen. Aber ein paar Jahre später habe ich angefangen, diese Dinge zu lernen, die die Bibel sagt, rauszuholen, und biblische Finanzierung zu lernen, was Grundsatz ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich dachte, okay, ich kann, ich denke, wir können das machen. Und Sharon und ich haben angefangen, okay, wir werden We're going to handle our marriage by the book. We're going to handle our kids by the book. We're going to handle our finances by the book. And, you know, the beautiful thing about going broke is you no longer care what everybody thinks. So I'm not taking a poll.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I love you, I appreciate you, but you don't really get a vote. We get one vote. Jesus' vote gets a vote. He's the only one who gets a vote. And so this is how we submit yourselves one to another. This is how we're going to be married. That means I've got to dry dishes. And that means I've got to serve my wife as a high-quality husband. And so how do you lead? How do you hire and fire?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Anything I can figure out, I'm going to do it differently. Whatever this book tells me, this is what I'm going to do. These people in my life that are new friends in my life, to the extent that they're doing one of those things well, according to this book, I'm going to listen to them. Ich hatte einen Freund, der eine unglaubliche Beziehung hatte.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Er war kein guter Geschäftsführer, aber ich konnte lernen, von ihm einen Mann zu werden. Und ich hatte einen anderen Mann, der ein guter Geschäftsführer war. Er war nicht unbedingt unglaublich in seiner Beziehung, aber ich konnte von ihm ein paar christliche Geschäftsprinzipien lernen. Ich habe das genommen und alles zusammengefasst. Das erste Prinzip war, dass ich das Geschäft nicht besitze.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Gott besitzt es. Ich bin ein Manager. Die alte englische Sprache in King James ist Steward. Ich bin ein Steward. Das bedeutet, ich bin ein Manager von anderen Menschen. Ich kenne Ramsey nicht. Gott kenne es. Als ich es angefangen habe, dachte ich mir, okay, Gott, was willst du mit deinem Geschäft nennen? Ich saß da mit dem roten Pad und nichts. Ich konnte nichts hören.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich wusste nicht, wie ich es nennen soll. Ich dachte, was wir tun werden, ist, wir werden Menschen helfen. Wir geben ihnen Hoffnung. Wir werden... Wir werden Menschen helfen, die sich schmerzen, wie wir sich schmerzen. Ich saß dort mit einem roten Blatt und dachte mir, okay Gott, am nächsten Morgen, eine Stunde saß ich dort mit einem roten Blatt, nichts drauf.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich schrieb ein paar Dinge hinzu und dachte mir, das war nicht Gott, das war letzte Nachts Pizza. Ich habe die Unterschiede zwischen dem Heiligen Geist und Peperoni herausgefunden. Und dann schrieb ich endlich Licht hinzu. Und ich habe mich ehrlich gesagt, du bist wirklich nicht gut im Marketing. Licht, Konsultation, ich meine Licht, Licht, das ist schrecklich.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe dieses Argument mit Gott, als ob er sich über mich kümmert. Und ich war in der Kirche, um etwas zu tun, um dieses kleine Paar zu helfen, die ihre Fahrtkarte hinterher hatten. Und sie hatten diese Konkordanz in der Kirche, diese Bücher, dass man sieht, was die griechische oder hebräische Bedeutung ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich dachte, okay, wir werden dieses Geschäft öffnen, wir werden Menschen helfen, und wir werden nicht ihren Mund in unsere Christentum rütteln, aber sie werden zumindest wissen, wo wir die Informationen bekommen haben. Das ist, wo wir herkommen. Okay, also, du weißt, und also, Wir werden darüber reden, aber wir werden niemanden mit dem Buch zerstören. Denn niemand will zerstört werden.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe das Buch geöffnet und dachte, es wäre nicht interessant, wenn das Wort Licht nur einmal erscheint. Denn es gibt immer mehrere hebräische Wörter oder mehrere griechische Wörter für das Wort Licht. Und so gehe ich da runter. Klar, es gibt ein hebräisches Wort, aber es erscheint etwa zehnmal. Okay, das hilft nicht. Und dann gibt es ein griechisches Wort für Licht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und hier ist ein anderes griechisches Wort, das nur einmal in der Bibel erscheint. Ich dachte, ich wundere mich, was das ist. Das ist interessant. Das ist Matthäus. Und ich öffne die englische Bibel und ich denke, okay, das Wort ist Lampo. Wir haben natürlich das Wort Lamp von Licht, richtig?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so öffne ich die Bibel und es sagt, verstehe nicht dein Licht unter einem Buschel, setze es auf einen Lampenstand, um alles zu sehen, was wir versprochen haben, dass wir, weißt du, ein Licht für die Menschen sein werden. Okay, das bist du, Gott. And so the company that actually owns Ramsey is called Lampo. No kidding. The Lampo Group Inc.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
is the actual corporation, DBA, doing business as Ramsey Solutions. Ran it that way publicly facing for a long, long time, but we started doing some branding shifts. So God named the company. It's his company. He runs it. I don't own it. And if he decides to bankrupt it by Oder es wird nicht generationell sein. Es ist seines. Er hat damit zu tun, was er damit zu tun hat.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So wie das dumme Auto, das ein 17-jähriger zurückgezogen hat. Und so, ähm, based on that, God, what do you want to do with your company? How do you want your employees treated? How do you want your team treated? How do you want people to be compensated? How are you going to treat the girl that gets cancer that works on the front desk? Oh, we paid her. And she wasn't at work. For three years.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
For three years. She's back at work. Einer meiner besten Freunde. Ich liebe die Frau. Sie hat es gewonnen. Weißt du was? Gott würde es tun. Aber was würde Jesus tun? Er würde ihre Familie kümmern. Er würde nicht sagen, oh, du hast Krebs. Wir werden dich für nicht zu Hause sein. Und du wirst drei Mal verheiratet, dann wirst du verheiratet.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, ich glaube nicht, dass Gott so ein Geschäft runterschreibt. Also haben wir so Dinge gemacht. Wir hatten ein Kind, das in den Kopf getroffen wurde, mit einem Ball, einem Kamm, in Nordkorea und seinem Vater. I was in Scotland, but my leadership team did this.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe 250.000 Euro im Jahr gemacht. Als ich 28 war, habe ich einen Bankrott gemacht. Ich habe 250.000 Euro gemacht in einem Jahr und im nächsten Jahr habe ich 6.000 Euro gemacht. Dave Ramsey, willkommen zum Show. Ich bin so erfreut, hier zu sein. Danke, mein Freund.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They called me to tell me they chartered a plane to send dad over there because the hospital called and told the dad, the kid's got four hours to live. You can't get to Asheville, North Carolina from here in four hours. Aber man kann, wenn man einen Jet zahlt. Und wenn das ich wäre und mein Kind da ist, was würde ich für mich wollen, wenn jemand das für mich macht?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nun, wir haben ihn auf dem Jet gesendet. Und das Gute ist wiederum, der Kind hat es geschafft. Wow. Das Krankenhaus war falsch, danke Gott. Aber wir machen das nicht für irgendeinen Grund. Aber das Interessante ist, wenn du deine Leute liebst, dann sind die anderen die Zuschauer. Und es wird eines der besten Orte, um in Amerika zu arbeiten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Weil es eines der besten Orte ist, um in Amerika zu arbeiten. Weil Gott ein unglaubliches Geschäft betreibt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Um, um, I would like to tell you I know the formula for that. I don't. It still hurts my feelings and I still get pissed off. It's like I want to go find the guy and choke him. But I'm not going to. The thing I have struggled with the most on that and I've got good friends in my life that have walked with me for 30 years and I got a group of guys that I hang with that don't work at my company.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You know, the truth is, I met God about two years after we were married. And she probably wouldn't, we still wouldn't be married if I hadn't. Because the guy that she married was a twerp. He was a hell-raising, beer-drinking hillbilly with a big temper and wasn't much of a man, much less much of a husband. But he was a good salesman, because I talked her into marrying me, but...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
A lot of them have been friends for 20, 30 years through this whole spiritual journey. I'll just vent with those guys. They go, okay, look, you got 2,500 people or so that used to work at Ramsey. You got 1,100 that work there now. Four of them are twerps. Keep the ratio of how much rent you give in your brain to those four correct. Because it really should be about 1%.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
of your thought pattern instead of 25% of your thought pattern. Because I don't know about you, but I get mad, I get hurt, and then I just ruminate on it. I just run over and over. I can do this, I can do this. I'm going to shut that Facebook group down. And I've called out some of these people a time or two. But I end up spending too much of my calories on the wrong things then.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And it's hard for me, is the answer to your question. That's a real human emotion. But it doesn't invalidate the idea, right? Du wirst nicht zum Ende deiner Leben kommen und sagen, du weißt, ich verliere es, die Frau zu helfen, die krank war. Du wirst nicht sagen, ich verliere es, die Frau zu helfen, die mit dem Jet zu helfen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich verliere es, du weißt, was die Geschichte ist, wo du etwas gemacht hast, was generös war oder was auch immer. Du hast einige von Gottes Geld verwendet, das er dir ermöglicht, etwas für jemanden zu tun, eines seiner anderen Kinder. Das ist, was es zählt. Und, du weißt. Gott hat ein paar verrückte Kinder, man. Manche sind nicht richtig. Man muss einfach sagen, ach.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich wünschte, dass ich besser und stärker wäre, wenn ich das aus meinem Rücken lassen würde. Aber ich bin es nicht. Ich versuche zu sagen, es wird wahrscheinlich nicht stoppen, wenn jemand etwas falsch macht. Aber das bedeutet nicht, dass du nicht generell bist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Yeah, probably. And I'm probably a little wiser about the generosity. Ich will kein gutes Geld nach schlechtem nehmen. Ich will kein Glück für jemanden sein, der etwas Schlimmes tun wird. Das will ich nicht. Das war nicht der Intent. Ich war wahrscheinlich etwas mehr unorganisiert oder chaotisch in der Generosität. Jetzt bin ich wahrscheinlich mehr präzise. Got you.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And I'm going to go, I think about the unintended consequences of this and I kind of sometimes I think, well, if I do all this and then they, you know, decide they're going to be nasty later on social media about Dave Ramsey or something, how am I going to feel? Am I still going to be glad I did it?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And I'm like, yeah, because when I do, when we give someone a large severance package or something, you know, we're overly generous there or we take care of somebody and then later, you know, we're really not, uh, doing that for what we get from it, so let it go. You can tell, I have this conversation with myself a lot. But yeah, I'm probably more guarded. I'm not cynical.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I don't want to get cynical, but I do want to be more intelligent, more wise about what are the unintended consequences of this, and am I overdoing it out of some kind of sense of weakness or something, or is this exactly what God would do right now? Because it's his money. Was willst du mit deinem Geld, Gott? Wie würdest du diesen Kerl behandeln? Du weißt, was er tun wird, dieser Kerl.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du weißt, was sie später tun werden. Und ich versuche, das herauszufinden. Ich versuche es immer noch herauszufinden. Ich denke nicht, dass ich es herausfinden werde, dieser Seite des Himmels. Aber es ist eine lustige Reise.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, ja. Ich habe zuerst die Leute geholfen, Abwechslungen zu stoppen, weil ich ein Abwechslung war und ich musste Abwechslungen kaufen. Und so weiß ich, wie ich Abwechslungen stoppe. Und die Haus ist drei Bezahlungen hinter mir. Ich weiß, wie ich die den Deal mit der Bank, den Deal mit der Kompagnie, um sie wieder aufzuhalten und sie nicht mehr zu verlieren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber danke Gott, dass sie nicht immer noch mit dem gleichen Mann verheiratet ist, dass sein Leben von Christus verändert worden ist. Jedes Jahr etwas besser. Jedes Jahr etwas weniger dumm. Jedes Jahr etwas, was auch immer. Nichts Perfektes, offensichtlich. Aber wir haben beide in unserer Glauben und in unseren Beziehungen stetig aufgewachsen in diesen Jahren. Yeah, I'm...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das erste, was ich gemacht habe, war, dass die Leute uns ein paar hundert Dollar bezahlen und wir helfen ihnen, auf ihre Kreditkarten und Fahrräder aufzuhalten und sie auf ein Budget zu bringen. Es war keine Klasse, es war nur ich in einer Runde mit einem Yellow Pad und einem Kalkulator. Ich würde die Kreditkartenfirmen anrufen und sie anrufen, weil sie komplex sind.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nr. 1, ich ging zurück zu den Real-Estate-Vergleichen. Das ist das, was wir gegessen haben. Und ich war in der Kirche, als Minister. Der Pastor hat mich angerufen und gefragt, ob ich ihm helfen kann. Ich sagte, ja. Ich werde in 20 Minuten da sein. Das war das erste Mal, dass ich das gemacht habe. Du zeigst, dass du ein Talent in der Kirche hast, dann werden sie dich die ganze Zeit machen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich war also fast jede Nacht da mit jemandem, der in seinen Finanzen geblieben war. Ich zeigte ihnen, dass das, was wir gelernt haben, das ist, was wir gemacht haben. Wir haben es kaputt gemacht. Unsere Geschichte von Verletzungen hat die Scham von ihnen genommen, damit sie sich heilen können. Und dann sagen wir, okay, hier ist, was wir tun werden.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir werden dieses Auto verkaufen und wir werden das machen. Und, weißt du, ich werde dich davon entfernen, aber es wird schmerzhaft sein. Aber du kannst, du kannst es machen, du kannst den Turm aufbauen und du kannst ihn wieder auf dem Topf bringen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann hat ein Mann aus einer Restaurant-Chain, der zu unserer Kirche ging, mich angerufen und gesagt hat, hey, einer unserer Managern hat eine IRS-Linie. Kannst du ihm helfen? Die Firma wird dir einen 250-Dollar-Fee zahlen, um ihm zu helfen. Und das war das erste Mal, dass ich bezahlt wurde, um das zu tun. Und ich habe Real-Einstellungen gemacht, um die Familie zu ernähren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
nachdem er gebrochen war. Ich ging also zu dem Mann im Restaurant und saß mit ihm zusammen. Wir finanzierten sein Haus und zahlten das an die IS, was wirklich keine Rocketscience war. Ich weiß nicht, warum sie das nicht wussten. Aber ich helfe ihm damit aus.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann sagt der Mann, hey, ich möchte, dass du an einem unserer Managermeetungen kommst und dieses Zeug lernst, das du in deiner Sonntagsschule lernst. Dieses Geh-aus-der-Deck-Geh-auf-ein-Budget-Zeug, das du in deiner Sonntagsschule lernst. Okay. Er sagt, wir geben dir 250 Dollar, um das zu tun. Du wirst mich bezahlen, um zu sprechen? Oh ja, ich bin drin.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann hat er mir 250 Dollar plus 500 Dollar in Restaurantkredit bezahlt, um in eine andere Stadt zu gehen, um eine der anderen Managermeetings zu machen. Und ich dachte mir, oh, das ist so lustig. Und Sharon und ich haben angefangen, ein bisschen mehr davon zu machen. Und ich saß da und schrieb ein kleines Buch. Nobody would buy it. And there was no Internet.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
There was no platform to launch something on. And then I went on a broke radio station that was in bankruptcy and agreed to work for free. And they allowed us to come down and do this horrible talk radio show. It's like a Saturday Night Live skit. Two hillbillies, Daryl and his other brother Daryl. WWT and we're talking Nashville. I mean, it was awful. So bad.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber die Antworten auf die Fragen, wo die Leute in Schmerzen waren, die Telefone stand jeden Tag auf. Und in einem Monat hatten wir eines der höchstwertigen Shows in der Stadt. Bist du ernst? Und wir waren furchtbar. Aber es hatte nichts zu tun mit der Broadcast-Qualität. Es hatte nichts zu tun mit der Möglichkeit, zu sprechen oder zu veröffentlichen oder richtig ein Vowel zu formen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es hatte nichts zu tun mit... Wir lieben die Leute und wir helfen ihnen. Wir machen das gratis. Wir machen das nur, um Spaß zu haben. Wir bekommen nicht bezahlt. Es ist nur eine Art von Ministerium, eine coole Sache. Und ich mache einen Real-Eck-Deal. Ich will aus der Luft gehen und meine Familie ernähren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We told the guy around the station, you know, if we're really bad, you can cut our pay in half. Because he wasn't paying us anything. But it took off and then Gaylord bought it out of bankruptcy. And it was a big FM station. It's a huge FM station here today in Nashville. And we were on there for 20 years. And that launched the whole thing. Then we started getting paid.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Because we could sell ads because of our ratings. And we're getting paid for the ads. And we're Es ging aber auch darum, Menschen zu helfen und ihnen diese gemeinsamen Dinge zu zeigen. Und es kam heraus, dass das, was Ben Franklin gesagt hat, nicht sehr normal ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Well, that's when we actually started making some money at it. And we didn't even know we had ratings because they didn't show up in the book because we were in bankruptcy. And so we were illegal because we didn't even say the call letters. You're supposed to say the call letters once an hour on radio. It's an FCC guideline, you know. And so we're just talking.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es gab keine Veranstaltungen, weil niemand auf dieser Station kaufen wollte. Wir dachten, drei Leute hören zu, wir sind in unserer Familie. Aber die Telefonnummer rang an, wir wussten das. Und wir sagten, wir machen ein kleines Seminar am Ramada-Inn und 600 Leute kamen an. Oh mein Gott. Und ich dachte, oh mein Gott, es gibt Leute unter diesem Radio. In welchem Zeitraum sprechen wir hier? Oh,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They started telling us, you got to say the call letters. As a matter of fact, we're going to change the phone number, make the phone number the call letters. So we just started, we went from never saying the call letters to every 30 seconds saying them, which drives ratings. Because people would know the call letters to write down the ratings books. And so the thing went...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es war dort, was wir Phantomcube nennen, also es war dort, aber niemand wusste, dass es dort war. Und dann haben wir es aktiviert mit dem richtigen Handeln des dummen Radios. Und wir wussten nicht, was wir tun. Und es hat uns drei Stunden gedauert. Und der Typ, der die Sache läuft, sagt, ich werde zwei deiner drei Stunden gegen Rush Limbaugh legen. Rush ist auf der anderen Station.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich bin nicht der gleiche Vater, der ich war, als ich angefangen habe. Ich bin nicht der gleiche Mann, als ich angefangen habe. Ich bin nicht der gleiche Leiter, als ich angefangen habe. Danke Gott! Wer würde wollen, dass ich immer in der gleichen Puppe sitze und nichts verändere? Man muss sich verändern, man muss sich verbessern. Und das, was das beeinflusst hat, ist, um herauszufinden,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich war so, willst du versuchen, Wir können Rush Limbaugh nicht schießen. Das ist Elvis. Er hat Rock'n'Roll entwickelt. Rush war der Mann. Er war der König des Hills. Und wir haben ihn gewonnen. Du hast ihn gewonnen? In Nashville. Und das war der Anfang. Er gab uns eine Geschichte zu erzählen. Mit Ratings. Wir haben ihn nirgendwo anders gewonnen. Nicht einmal. And he became a friend later.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But oh my gosh, we were like, oh, you know, the king. And so we couldn't believe it. The ratings came in with this is wrong. It's not wrong. We have a huge radio signal. It's FM. He's on AM. We've got this other great lineup around you. Gordon G. Gordon Liddy. Remember that guy? He was on in the mornings before us. And so the thing blew up.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And then we we were smart enough somehow to say, all right, we're going to. Wir werden auf deiner Station bleiben, aber du wirst uns nicht bezahlen. Wir wollen keine Mitarbeiter sein. Du wirst den Show nicht wohnen. Wir wohnen den Show. Obwohl es nichts wert ist. Denn irgendwann möchte ich diese Sache zerstören. Irgendwann möchte ich sie auf andere Radio-Stationen einstellen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich nehme keine Geld jetzt. Und ich mache mir Geld, Bücher zu verkaufen und Seminare zu machen und ein paar Konsultationen zu machen. Ich kann mir Geld dafür verdienen. Radio hat für zehn Jahre auf unserer PNL Geld verloren. We couldn't sell enough ads to cover our costs for radio. We started syndicating it, meaning we got other people.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We went to Russellville, Kentucky, and that guy put us on. Oak Ridge, Tennessee put us on. Jackson, Tennessee put us on. Then Jackson, Mississippi put us on. And then Spokane, Washington, and then Seattle. And we just one at a time. Wow. And there's 640 stations now in the network today. Wow. Wow. Es ist die zweitgrößte Talk-Radio-Netzwerk in Amerika. Sean Hannity ist Nummer eins.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir sind Nummer zwei. Wow. Aber es waren 30 Jahre von Stracken und Klauen, Kämpfen und Drücken, Drücken und Drücken und Radio-Businessen. Worauf hat sich das entwickelt? Woher kamst du von Radio? Als wir im Radio gingen, ging ein Kerl in mein Büro, vor 10 oder 15 Jahren, Internet und Broadband haben Markt-Penetration. Er sagte, wir brauchen einen Podcast. Ich sagte, was ist das für ein Podcast?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Er sagte, ein paar Leute machen ihn, und sie zahlen eine Subscription, und man kann Geld damit verdienen, und man setzt es hinter den Paywall. Ich sagte, Ich denke nicht, dass ich das machen möchte. Und er sagt, oh Mann, wir müssen es probieren. Er sagt, wo soll es gehen? Und ich sagte, ich habe dieses große Talkradio-Ding, warum würde ich das machen?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und er sagt, wir nehmen das gleiche Show und lassen es einfach auf der Internetseite. Ich sagte, okay, aber wir werden es nicht bezahlen. Wir lassen es eine Stunde da und schauen, was es macht. Und, ähm, Wir haben es so gemacht und die Talkradio Leute waren über Podcasts überrascht. Sie waren Angst, dass es sie aus dem Geschäft bringen würde. Rush hat es nicht gemacht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Er wollte nicht, dass die Radio-Business unglücklich ist. Andere Leute würden ein Podcast machen, aber sie hielten es hinter einem Wachstum. Man musste dafür bezahlen. Wir haben es einfach da. Wenn man genug Leute hilft, muss man sich nicht um Geld kümmern. Wir haben es einfach da. Wir schauen, was passiert. XM Radio und Sirius waren zwei Unternehmen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wir haben beide aufgenommen, sobald sie eingestiegen sind. Und dann haben sie sich verbunden und konnten nicht herausfinden, was sie mit uns zu tun hatten, seit wir beide aufgenommen haben. Und dann haben sie uns einen ganzen Kanal gegeben, für eine Weile, auf dem Paar. Ich glaube, wir haben gerade ungefähr einen halben Kanal aufgenommen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so haben wir einfach alles und alles aufgenommen, weil wir nicht im Radio-Business waren. Wir waren im Helping-People-Business, also sind wir platformagnostisch. Du konntest also auf alles springen. Ich kann mich noch nicht erinnern, dass ich mit Brian Mayfield zusammen war. Er war unser Top Sales Guy. Und er wurde unterstützt, um all unsere Broadcasts zu veröffentlichen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir waren in New York. Wir fuhren auf dem Flugzeug, um etwas zu machen. Er meinte, dass die Podcasts funktionieren. Ich fragte, was er meinte. Er meinte, wir haben letztes Jahr 1 Mio. Dollar in Ad-Revenue gemacht. Ich fragte, für eine Stunde? Und er sagt, ja, du kannst nicht viele Ads aufnehmen, sie sind nicht wie Radio, Radio ist voller Ads. Du kannst nur ein paar Ads aufnehmen, eine Stunde.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich kann das nicht mit dir sehen. Das war vor einem langen Zeitpunkt. Aber...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich sage, wir haben ein Millionen Dollar gemacht? Und er sagt, ja. Und ich sage, warum machen wir nicht drei Millionen und legen alle drei Stunden auf? Und er sagt, wir machen das, wenn wir nach Hause kommen. So we put all three hours on there. And then YouTube started popping up and people started putting stuff on YouTube. So we put it on there.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And then Spotify joins the scene and we jump on Spotify. So anybody comes along, we jump on all of it. And some of it is better than others and some of it's, you know. Für ein Zeitraum, in dem einer scheint und der andere dünnt. Es gab einen Zeitraum, in dem wir dachten, dass Sirius XM den ganzen Welt kündigen würde, aber natürlich nicht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir versuchen einfach, Menschen zu helfen, wo auch immer sie sind. Das ist, wo wir gehen wollen. Und das hat für uns wirklich gut funktioniert.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We started on the radio in June 25th of 1992. I kept doing real estate, again, because we were doing that for free. We did a couple of little seminars here and there. And I wrote a little book and I started selling a couple of those. I mean, we sold maybe 10,000 of them or something. I couldn't get bookstores to take it. I couldn't get anybody to take it.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I'd sell it on the radio and then we had to, they had to mail me a check to a PO box. Und ich musste die Karte kassieren und ihnen das Buch eintragen. Das war so hart. Es geht um Friktion. Oh mein Gott, das war verrückt. Aber alles war analog, also war das die einzige Option, die man hatte.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und man konnte nicht in die Buchstaben nehmen, weil ich ein bisschen ein selbstbibliotekriter war und das Buch war dreckig. Und es hat funktioniert, es war ein gutes Buch. Und so hat das gearbeitet. Und am Ende des Jahres 1993 habe ich Sharon gesagt,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich rief ein paar Zahlen und sagte mir, ich denke, wir könnten zwischen Seminaren und der Eröffnung einer Klasse, die ich damals noch nicht eröffnet hatte, und der Verkauf dieser Bücher und einer Ein-zu-einer-Kommunikation, ich denke, ich kann nächstes Jahr 65.000 Dollar verdienen und Real Estate auslösen und alles auf Finanzielle Frieden investieren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das Buch wurde Finanzielle Frieden genannt, die Klasse wird Finanzielle Frieden genannt. Ich denke, wenn wir alle rein gehen. Das Jahr habe ich 130.000 Euro gemacht. Und ich sagte, ich denke, wenn wir einen Halbkonto nehmen, denke ich, das ist das, was Gott uns sagt, was wir tun. Wir tun Gottes Sachen, wir helfen Gottes Menschen. Gott hat die Firma. Er leitet das.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich denke, es ist Zeit, das zu nehmen und das zu tun. Und sie sagte, Mann, ich meine, sie war verletzt. Wir waren immer noch aus jedem Pech blutig. Wir haben gegessen, wir hatten 130.000 Euro und 1993 ist viel Geld. Wir haben darüber gesprochen und darüber geredet und darüber gebeten. Eines Tages ist sie aufgewacht und hat gesagt, ich glaube Gott sagt, dass du das tun musst.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich denke, du solltest das tun. Und dann ging es weiter. Und ich habe das ganze Real Estate ausgemacht und bin am 1. Januar fertig. Und das Jahr habe ich 61.000 Dollar gemacht. Ich war ziemlich nah an meinem Estimaten. Und ich mache das nicht mehr. Das war das schlechteste Jahr, das ich jemals hatte. Verdammt. Verdammt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das war eigentlich der dritte, technisch. Financial Peace, der Buch, war der erste. Das hat sich in diesem Jahr ausgelöst. Und... Was ich gemacht habe, war, dass ich jedes Mal, wenn ich auf dem Radio einen Anruf bekam, dass das Buch ihre Frage nicht beantwortet hat, habe ich es gedreht. Ich habe ein kleines Log davon gehalten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe also das kleine Financial Peace-Buch verbessert und fünf weitere Kapitel eingebaut, die unsere häufigsten Fragen beantwortet haben. Es gab in den alten Tagen keine solche Sachen wie FAQs. Okay, das Buch muss die Antwort auf jede Frage sein. Wenn jemand mich anruft, sage ich ihm, hier ist die Antwort auf deine Frage. Hier ist genau das, was du tun musst.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich werde dir ein Buch anmelden, weil es dir genau das sagt, was ich dir gerade sage. Und ich gebe es ihm. Aber das gab mir eine Erklärung am Buch jeden Tag. Und ich habe 148.000 von ihnen das Jahr verkauft. Once I started doing that with a new cover on it, a little green cover. And an agent called me and said, you need a publisher. And I'm like, no, I don't.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
It's in my heritage. My great-grandfather was a circuit-riding preacher and this kind of stuff, but got his old Bible from the 1800s. That's a pretty cool keepsake. But my parents were just, you know, they weren't particularly angry about it or anything. We just didn't go. Und die Leute, mit denen wir geredet haben, waren nicht unbedingt Kirchenleute oder Christen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You don't know the difference between margin and royalty, do you? Margin big, royalty little. And she's like, I don't need a publisher. I said, I need a publisher. One was in the trunk of my car and nobody would take the book. Now everybody takes the book and I'm cashing the checks. And she goes, well, I got a big company, a Viking Penguin wants to come down and visit with you from New York.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And I'm like, Ich sitze immer und spreche mit jemandem. Ich bin nicht dumm darüber, aber wenn sie denken, sie werden dieses Buch kaufen, müssen sie einen riesigen Truck voll Geld bringen. Und ich werde die Kontrolle über jedes Stück davon behalten, weil es nicht mein Buch ist, sondern Gottes. Ich soll es managen, nicht ein New York Publisher. Ich bin in der Lage, das zu tun.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich sagte, ich denke nicht, sie haben genug Geld, um dieses Buch zu kaufen. Und es scheint, dass sie es gemacht haben. Sie haben es gemacht. Und wir haben einen sehr ungewöhnlichen Vertrag gemacht, in dem ich jeden Aspekt des Buches kontrolliere. Und sie haben mir viele Sachen gemacht, die ich damals nicht reich genug war. Ich konnte es nicht verstehen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich war immer noch so primitiv und grün. Aber sie haben einen Weltklasse-Publizisten. Und ich bin auf der Today Show und People Magazine. all these other major national hits to launch the book and relaunched the book in hardback now. We sold 293,000 of them that month and it hit the New York Times and all of a sudden the whole world changes.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
und um das buch ist nun 3.2 millionen total seit 19 including the ones i used to carry in the trunk of my car in 1992 and so it's a long time and that and it's still in hardback and it still looks exactly the same because i control all that so um and i still get royalty checks from those fine people they're sweet as they can be and um Und dann gingen wir weiter. Das war ein Zwei-Buch-Deal.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Der andere Buch tat nicht so gut. Und dann kam Total Money Makeover von Thomas Nelson hier in Nashville. Mike Hyatt war der CEO von dem. Und er kommt rüber und sagt, du musst noch ein anderes Geldbuch machen. Es ist seit sieben Jahren. Und ich sage, ich habe wirklich nichts anderes zu sagen. Alles, was ich gesagt habe, ist in diesem Buch. Das ist, was ich jeden Tag auf der Radio sage.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Warum muss ich noch etwas machen? Er sagt jemandem etwas Neues. Und er sagt, das Buch ist, was man tun muss. Das ist, wie man es macht. Du musst ein Buch auf den Babysteppen machen und Menschen taktisch zeigen, Wie soll man das machen? Und dieses Buch hat 14 Millionen jetzt gemacht. Das ist verrückt. Wow. Das ist das größte, was wir je gemacht haben. Es ist verrückt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist ein verdammt guter Buch. Ich hoffe, dass alle es hören. Ich wollte es nicht machen, weil ich dachte, es wäre ungeheuer, weil ich hatte dieses andere... Ich habe schon viel von dem selben Ding gesagt, aber ich habe nicht darüber gesprochen, wie man es macht. Und so war Total Money Makeover legitimiert, wie man es macht. Und offensichtlich war das nötig.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Yeah, we just kept looking and going, okay, where is there a need? Where's somebody we can get help with this material?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so a guy, a coach up here at the Catholic School, Father Ryan, here in Nashville, Coach Carson, dropped by the office one day and he goes, hey, I just want y'all to know, I feel like I ought to tell y'all, I've been buying these financial peace books and I'm taking my high school seniors through it. Ich zeige ihnen in meiner Mathematik-Klasse, wie ich das mache.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und er sagt, ich wollte nicht, dass ihr denkt, ich stehle etwas. Ich wollte, dass ihr wisst, dass wir es tun. Und ich sagte, das ist wirklich cool, weil seitdem ich ein einziges Buch hatte, die ersten Dinge, die Leute ein Buch aus dem Tisch holen, sie schauen mich an und sagen, warum ist das nicht in der Hochschule?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn man sie gefragt hätte, hätten sie gesagt, dass sie es waren. Aber ich kann mich nicht erinnern. Meine Großmutter, als ich neun war, sie war in der Kirche, sie hat mir 10 Dollar bezahlt, um die Glauben des Herrn zu erinnern. Das ist das Schlimmste, was mir jemals gekommen ist. Und wenn wir zu ihrem Haus gingen, gingen wir zur Kirche. Wow. Aber ich hasste es. Ich wollte nicht gehen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I've heard that my whole career. And I went, okay, hey coach. Why don't we work together and kind of use the guinea pig? Let's start developing an actual curriculum for high school students out of it. Instead of you having to use an adult book for kids and the kids don't have to know what some of that crap is. And so we filmed a little thing and put it on VHS and
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Dann haben wir es in seine Klasse gelegt. Dann haben wir es in ein paar anderen Orten gelegt. Dann wurden wir von drei oder vier Orten ausgedrückt, weil ich gesagt habe, Jesus ist in der Videobeschreibung. Und sie haben sich überrascht. Und dann habe ich gelernt, eine ganz neue Sache über das Gesetz zu lernen, die ich nicht wusste.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
und die Regeln des Bundeskanzleramtes über das, was in der öffentlichen Schule gelernt werden kann und was nicht, und es endete in diesem großen legalen Mess. Aber wir haben all das geschlossen, und wir haben es so, dass wir... Eigentlich, Side Note, man kann eigentlich die Bibel benutzen und über Gott und die öffentliche Schule sprechen, so lange es instruktiv ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You're not trying to convert them. And so you can say, Jesus said, don't build a tower without first counting the cost. And you can say, Ben Franklin said, save money. And you can say, Mark Twain said this about debt. And it's instructive, but you can't say, Jesus is the way, the truth and the life. So you can't proselytize. And there's very clear stuff on that.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Now, a lot of public school teachers Die Regierungsleute sind Verrückte und denken, dass alles, was Jesus sagt, in die Straße gestellt werden sollte. Und deshalb haben sie es nicht getan. Aber jetzt haben wir 6 Millionen Studenten durchgebracht und 48 Prozent der amerikanischen Hochschulen haben dieses Curriculum gelernt. Und das war 25 Jahre ago, als wir das begonnen haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist ein riesiges Geschäft. Wow. Und jetzt haben wir ein volles Econ-Curriculum geöffnet, um damit zu gehen, weil wir appellieren müssen, was Kapitalismus ist. Ich wusste nicht, ob das ein Problem war, aber wir müssen es. Also machen wir das jetzt auch.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es gibt viele, Texas und Florida sind die neuesten zwei, die gerade eine Mandatoren-Personalfinanz-Klasse in der Hochschule übernommen haben. Und guess what? We can help them with that. So, yeah, and we've got a, then we had, okay, the financial peace class, we ended up going through 50,000 churches and about 10 million people went through it.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, kleine Kinder, die sich alle umdrehen und nicht schweigen und weinen können, was auch immer. Und schmerzhaft. Aber das war vielleicht zehnmal in meinem Leben. Aber nein, ich wusste nichts. Ich war nur ein Charakter. Wo hast du dich aufgewachsen?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And we said, okay, let's take that class, which is a very religious class. It's all about what God says about money. And it was taught in church and very in your face, not subtle at all. And Corporate America didn't want that much in your face, which is understandable.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But they wanted to teach their team that, because if your team's worried about their money, they're not thinking about work while they're at work. Their productivity goes down. So we ended up reconfiguring all that in a much more palatable way called Smart Dollar. Now U-Haul and Costco and many, many other companies teach that buy from us as a curriculum, an HR benefit to the team.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They can go through the class. We just keep doing stuff like that. Something pops up and we launched a budgeting app. Um, um, um, um, um, um, um, um, um, um. Stumble backward into it, look confused and stumble forward. But we just keep pushing and keep pushing and keep pushing. But yeah, you just monetize the connectivity and the service that you're providing.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And sometimes you do stuff just because you need to help people and you don't make any money on it. And that's okay, too.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir haben ein Verkaufsteam, das das Curriculum für Hochschulen verkauft. Wir haben ein Verkaufsteam, das das Smart Dollar für Corporate America verkauft. Okay. Also wir gehen nach, sie sind nicht auf dem Block, wir müssen sie holen. Ja. Wir müssen ihnen sagen, dass wir da sind. Viele Male wissen sie nicht, dass wir da sind.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so musst du durch den ganzen Prozess, als ein Curriculum vor der Schulabteilung verabschiedet werden. an der städtischen Ebene und dann kann die lokale Stadt entscheiden, ob sie es kaufen wollen oder nicht. Und dann wird ein Charakter aufstehen und sagen, du kannst nicht Dave Ramsey hier haben, weil er Jesus liebt und wir haben Jesus nirgends und all diese Sachen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich bin so, hey, Alter, du musst eigentlich das Curriculum lesen. Du klingst ein bisschen furchtbar, weil es wirklich kein Prechungs-Curriculum ist, mein Sohn. Es ist nur, dass kleine Kinder nicht lernen können, wie sie in die Schuld gehen. Und du hättest wahrscheinlich dein Kind gelernt. Also du hättest wahrscheinlich, bevor du anfängst, left-wing Barker zu sein,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Anyway, we just work our way through that stuff. We have to be proactive in sales. When we were doing the church thing, we had 38 people calling churches all day long. Putting the pastor through the thing for free. He would see what it is. Pastors aren't comfortable usually talking about money. They don't want to be like one of those churches that talks about money all the time. They're
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie gehen zu weit in die andere Richtung und sprechen nicht mehr darüber, was die Bibel über Geld sagt, was auch eine Verschuldung für ihre Gemeinschaft ist. Wenn man ein Pastor ist, muss man Menschen erzählen, was Gott über Verheiratung sagt, was Gott über Geld sagt, was Gott über Führung sagt, was Gott über... Das ist dein Job als Pastor. Was sagt Gott über Geld?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, es gibt 2.500 Schriftstücke, die mit Geld und Verhältnissen handeln. Einige sind sehr nuanced und fast lustig. Ich meine, die vier oder fünf Hauptstücke, die man sich überlegt, sind Schulden. Du weißt, ein Verbraucher schlägt den Lender. Schulden ist nicht eine Sünde in der Bibel, nicht mal so nah. Aber 100% der schriftlichen Referenzen zu Schulden sind negativ.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist also dein göttlicher Vater, der dich liebt, der dich verrückt, der sagt, mein Sohn, das ist dumm. Das ist es auch. Und es gibt viele Schriften über Planung und Budgetierung. Der Geist des Menschen plant seine Wege, aber der Herr richtet seine Schritte. Und ich habe bereits den Satz von Jesus erwähnt, nicht einen Turm bauen. Du bautest ein Haus, mach das nicht ohne einen Blueprint.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und mach dein Geld nicht ohne eine detaillierte Sache, wo das verdammte Geld geht. Habt also einen Plan. Geht aus dem Geld. Das Haus der Weisen, oder Stäuber von Auswahl, Essen und Öl. Weise Menschen retten Geld. Rettet, investiert. Ecclesiastes sagt, sprecht eure Teile zu sieben, ja zu acht, denn ein Desaster kann auf dem Land kommen. Diversifikation ist in der Bibel.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es war... Nowadays it's a very international community. But in those days it was just suburbanites and just redneck kids. I mean, we were just hillbillies. Most of our parents had grown up on the farm and had moved to town to take a job or something. And so they bought all these nice little suburban homes. And it was a little suburbia. Leave it to beaver.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Stellt es nicht nur in einem Ort. Ein furchtbarer Mann zerstört alles, was er hat. Wenn du alles verwendest, was du machst, bist du ein Schwul. Gott hat das gesagt, nicht ich. Und so, you know, the scriptures like that, they sound like Grandpa. They sound like Grandma. It's common sense. You know, there's nothing in here that's like, you know, you're right.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I mean, it's just like, no kidding, dummy. But I didn't know any of it. And I thought, you just borrow all you can. That's what I thought. And I did. And it cost me. And so, and people don't know. And one of the funny ones is almost nuanced, is... Proverbs 17, 18 sagt, einer, der nicht in Sinn ist, cosigniert für den anderen. Cosigning allein. Du bist nicht in Sinn.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Die kontemporäre englische Version, die CEV, sagt, wenn du für jemanden sonst cosignierst, bist du ein Idiot. Das ist das, was diese Version sagt. Und guess what? I've co-signed some loans and 100% of the time they turned out bad back in the day. And when I was going broke, my old boy stepped in and tried to help me and co-signed for me and it cost him.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I had to go back and pay him later and his wife still don't talk to me. It costs you 100%. You co-sign a loan for your little boy and then your little boy is an idiot and runs a car in a ditch with no insurance and now you're stuck with a $30,000 bill because you were trying to do a nice thing for someone and you did it a dumb way. Das ist Co-Signing. Das ist in der Bibel. Wer wusste das?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nun, Full disclosure, let's go back to launching the thing. When we opened that first little office at $61,000, right? My wife grew up in a hardworking farm family in East Tennessee. Her daddy owned a market. And when you own a market, a convenience store, you work. Du kommst um 11 Uhr in der Nacht. Du arbeitest.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und an Weihnachten, wir warten auf den Weihnachtsabendessen auf ihre Vater, bis er den Laden abends geschlossen hätte, weil er für Frühstück geöffnet hat. Sie haben Biscuits gekauft und er hat für Frühstück geöffnet und abends auf Weihnachtsabend nach Hause gekommen. Aber Weihnachtsabend und Weihnachtsabend, das war der einzige Zeit, an dem er geschlossen hat. Er war da die ganze Zeit.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das ist die Familie, in der sie geboren wurde. Sie wird nicht weinen. Sie ist das gleiche. Sie kippt meinen Arsch raus. Geh, mach ein bisschen Arbeit. Was machst du da? Wir haben Hunger. Du musst was machen. Aber die ersten zwei Jahre waren vielleicht zwei und eine halbe Jahre, von der Zeit, als wir das zweite Büro unter Lampo geöffnet haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wir beginnen, Finanzielle Frieden mit einem Overhead-Projektor und einem schlechten Schuh zu lernen. Und ich lehre es nachts an. Jede Nacht. Ich mache die Radio-Show jeden Tag in der Nachmittagszeit. Und ich bin morgens im Büro für die Beratung. Also gehe ich um 7.30 Uhr nach Hause. Ich komme um 11 Uhr nachts nach Hause. Für zwei Jahre. Also hatte ich keine Arbeits-Lebens-Balance.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber es wurde verabschiedet, dass das, was es dauerte, um den Ball zu bewegen, war. Und es wird nicht für immer dauern. Wir müssen das herausfinden. Wir müssen es umsetzen. Wir müssen das Geschäftsmodell ändern. Wir müssen etwas tun, um es da zu finden, wo wir es schaffen können. Aber es braucht... umf... um das Ding über den Berg zu bringen. Wenn du es rollst,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
then you can start to back off a little bit. So from then on, I start learning. And again, I'm a young guy at that point, trying to heal emotionally and financially and spiritually from this horrible event we've been through. So I'm still, you know, this guy, right? Still freaking out. But we quickly figured out that work-life balance is... is not a true thing.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But I mean, this was a neighborhood where... Blau, vielleicht auch weiß, aber es ist eine andere Welt, lange Zeit her. Aber es ist ein Gebäude, in dem kleine Jungs kämpfen. Und große Jungs kämpfen. Und es war nicht so, als hätten wir es heute. Ich kann mich nicht an einen meiner Großeltern erinnern, der in dieser Situation heute ist. Es war nicht schrecklich, aber es war einfach hart.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
What you need to do is wherever you are, you need to be 100% there. And so what happens is people that say they want work-life balance, they go home at 5 o'clock in the afternoon, which is fine, but then they turn on Netflix or they open up their stupid computer and they're looking at their Instagram account. They're not interacting with their family.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Or they're doing work emails once they get home. And they call that work-life balance. That's not work-life balance. Work-life balance is when you get home, game on. I'm looking at this little three-year-old's eyes. I'm in the floor playing and rolling around. My wife and I are actually having a conversation without a phone laying there. Be where you is is a big deal.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
That's the first thing we did. The second thing we did was, as we start going along, we said, okay, I'm going to work my butt off Die Total Money Makeover Booktour dauerte 42 Tage. Ich war weg. Ich war wie ein Musiker, der aus einem Bus lebt. Aber wir wussten, dass wir alle 42 Tage nach Disney gehen. Aber es wird ein Zeitraum geben, Dad.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du, kleine Leute, fangt nicht an, deine Mutter verrückt zu machen. Denn es wird ein Zeitraum geben, in dem wir alle zusammen sein werden. Und dann geht es weiter. Und als wir bei Disney waren, wussten wir nicht mehr über das Buch. Dann haben wir gesagt, okay, keine Geburtstage und keine Proms und keine Eishockey-Wettbewerbe. Sie sind zuerst auf dem Kalender. Keine Events während dieser Tage.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir hatten also viele Live-Events in diesen Tagen. Wir reisen viel und machen Events. Aber wenn ich ein Live-Event mache, vielleicht sechs oder sieben im Frühjahr oder so, ich bin gerade bereit, eine 6-Stadt-Tour zu machen. Aber es gibt keine über meine Tochter, weil ich dort stehen muss, wenn der junge Junge reinkommt. So he understands I'll be cleaning my gun when he gets home.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so, you know, nine o'clock, I'm not kidding you. And, you know, so he needs to know. And my daughter, you know, we're going to be there and I'm going to be there for that picture and I'm going to be there for that thing. And so I didn't miss those things, but I didn't make every hockey game. Yeah. And I didn't make, my daughters were cheerleaders, I didn't make everything.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But we were there a lot. And we, but we put it on the calendar. We said, okay, that's it. Und wenn wir da sind, machen wir keine E-Mails auf dem Telefon in den Ständen, während sie das machen. Wir schauen das verdammte Spiel. Und ich habe Daniel in dem Hockey für eine Weile gecoacht. Und mein Sohn. Und so haben wir es auf den Kalender gelegt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann letztlich, wir sind zu einer Veranstaltung gegangen. Und ich habe einen christlichen Veranstaltungslehrer gekauft. Er war wirklich gut. Und ich habe das von ihm gekauft. Er sagte, wenn du es auslösen wirst, wenn du nach Hause kommst, ist es ein geistiger Akt, es auszulösen. Das passiert nicht automatisch. Er sagte zwei Dinge.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Eine ist, wenn du, und ich habe das angefangen, ich würde in die Straße, wo unsere Haus ist, die Kultusse, wo unsere Haus war, und ich würde auf den Boden stoppen. Und ich würde zwei Präsentationen und Worship-Songen spielen. Switch.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und er sagte, das andere ist, dass du die gleichen Türen auf deiner Familie nicht nutzt, die gleichen Waffen auf deiner Familie, die du all den Tag lang im Kampf gegen die Kriege benutzt hast. Er sagte, wenn der Pionier von der Hunde all den Tag kommt, nimmt er ein Musket und legt es über den Mantel. Und er dreht sich um und es gibt keine Bären im Raum, um zu töten. Das sind Kinder.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es gibt hier nichts zu tun. Und das ist meine Frau. Und ich muss also mein Schwert über den Mantel legen. Ich muss meinen Muskel über den Mantel legen. Ich muss die gleichen mentale Gymnastik und Prozesse auswählen, weil es eine andere Fähigkeit ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, um ein Geschäft zu führen oder ein Geschäft zu gewinnen oder, weißt du, das Ausdrucken, was du und ich jeden Tag tun, dass du das nicht an einem Dreijährigen benutzt. Ja. Und so habe ich diese drei Dinge mir sehr geholfen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich habe genug Leute auf dem Team bekommen, die besser an Sachen sind als ich. dass ich gesagt habe, dass ich das nicht wirklich tun muss. Ich versuche es, er ist gut daran. Lass ihn es tun. Ich konnte also delegieren, weil ich hohe Qualität von Menschen hatte, die auf dem Team arbeiteten. Das hat mir viel geholfen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann würde Sharon manchmal sagen, du bist nicht der Messias, das ist Jesus' Job. Du kannst nicht irgendwo sein und die Menschen werden überleben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nichts ist perfekt. Ich habe E-Mails bekommen, wenn ich auf Verabschiedung bin. Ich meine, das passiert. Nichts davon ist pur. Aber es ist nur eine Serie von intentionellen Tätigkeiten. Und mein Vater sagt immer, dass 90% der Probleme, die er löst, eine sind. Ja. Ja. Und ich bin so, als ob eine Rezeptionistin reingekommen wäre und gesagt hätte, das ist verrückt. Und ich habe gesagt, was ist los?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ein hartes Gebäude, weißt du. Was haben deine Eltern gemacht? Ein Real-Estate-Business. Ein Real-Estate-Business. Ich hatte eine residentielle Real-Estate-Firma dort in der Harding-Mall-Region. Ich habe also drei Wochen nach 18 Jahren meinen Real-Estate-Lizenz bekommen. Das war das, was ich tun wollte. Ich wollte ein großer Real-Estate-Typ werden. Waren sie erfolgreiche Realtoren?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und als ich an seinem Tisch saß, habe ich gesagt, Mann, sie hat dich 50 Mal angerufen. Und er hat gesagt, ja. Ich habe gesagt, du solltest wahrscheinlich einfach nach Hause gehen, es wäre einfacher. Nimm den Tag ab, geh es herausfinden. Und er hat gesagt, ich will nicht. Das ist nicht schlecht. Aber das ist die andere Seite davon, richtig? Du musst dein Zuhause in deinem Zuhause verlassen. Ja.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wahrlich gesagt, du hast die Art von Schwester, die ich habe, wo ich nicht, auch wenn die Kinder klein waren, ich habe nie etwas in meinem Lappen von Familienproblemen aus dem Mittelpunkt bekommen. Sie ist nicht eine hohe Nachhaltigkeit. Ganz das Gegenteil. Meine Schwester hat nicht gesagt, warte, bis dein Vater nach Hause kommt. Sie hat es gemacht. Ich kann es dir einfach sagen. Also, ja.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das ist einer der Gründe, warum wir wachsen und Dinge machen konnten. Weil ich konzentrieren konnte. Und ich hatte keine Frau, die mich 52 Mal am Morgen genannt hat.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Gott hat uns über unsere wildesten Vorstellungen gebeten. Wahnsinnig. Aus der Kontrolle.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, sie waren da schon seit vielen, vielen Jahren. Sie haben es endlich geschlossen, in einem der Abwechslungen. und andere Sachen. Aber ich glaube, sie waren da für 10 oder 15 Jahre. Die meisten meiner jüngeren Jahre, das ist das, was sie gemacht haben. Das war eine gute Nachricht, weil sie sehr entrepreneurisch waren. Sie haben uns zu Verkaufskonferenzen gebracht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nummer eins, es ist nicht perfekt. Wir müssen das laut sagen. Aber wie bei der anderen Diskussion, die wir gerade hatten, ist es eine Sache, sehr, sehr intensiv darüber zu sein. Das erste, was ich erinnere, ist, dass wir, ich glaube, wir waren 60 oder so Leute, und ich habe einen HR-Direktor eingeladen, den ich nicht wollen wollte. Das fühlte sich wie Corporate Crap an. Ich wollte das nicht machen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Die ersten Dinge, die ich ihm gesagt habe, waren, dass er niemanden hirten soll. Die Leiter werden ihre eigenen Leute hirten. Das ist nicht dein Job. Dein Job ist es, uns zu helfen, einige dieser HR-Sachen zu verstehen. Denn HR hat in der Corporate-Amerika viel zu viel Macht. Ich will nicht, dass sie die Macht haben. Ich will, dass sie uns helfen, die Arbeit zu machen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Der Name des Mannes war Rick Perry. Er war brillant. Er ist nicht lange hergekommen von Ramsey. Er hat dort seit Jahrhunderten gearbeitet. Wir würden etwas verletzen, ein Problem mit dem Team oder was auch immer. Und die Art und Weise, wie ich immer alles gemacht habe, ist, dass die Führungsgruppe die Entscheidungen macht. in einem kollaborativen Stil.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir gehen alle in einen Raum und diskutieren darüber und wir finden es heraus. Ich gehe nicht rein und sage, da-da-da, ich habe die Antwort. Weil ich das oft nicht tue. Oder ich kann, aber ich gehe nicht, ich bin derjenige, der es hat, du musst tun, was ich sage. Es ist nicht, weil ich Angst habe, jemandem zu sagen, was zu tun ist. Wenn sie es tun müssen, sage ich es ihnen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber es ist sehr viel eine Sache, und Ich habe mal mit dem Team 6 in einer Übersetzung gesprochen. Wir haben das mal offline geredet. Ich liebte es, dass die Leute zusammenkommen und den Brief beenden. Ich habe gefragt, ob ich mich in eine Runde befinden kann. Ich fragte ihn, ob ich mit ihm stehen kann, und er sagte, ja.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich sagte, sag nichts, hör auf, ich habe nichts geplant, ich habe nichts zu sagen. Aber ich wusste nicht, wer der Senior Officer war. Durch Körpersprache, oder durch Input, oder durch Kritik. Sie haben alle Probleme gemacht. Sie waren sehr klug, sehr klar, sehr kindlich, aber man konnte nicht sagen, wer der Leiter war.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es war sehr demokratisch, so zu sprechen, als ich sie bemerkte, die Mission oder die Übung, die wir gemacht haben. Und was ging richtig, was ging falsch, all diese Sachen, richtig? Und von den Übungen zu lernen, ist, glaube ich, der Punkt. Das ist das, was wir tun. Aber ich wusste nicht, dass das eine gemeinsame Sache war. Ich habe es einfach getan.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So everybody is more than welcome to argue with me. As a matter of fact, it's preferable if you argue with me, because if you don't have anything to add, why are you here? And so let's get in a room, let's do the same thing, let's debrief this thing.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So we debrief it and Rick would sit in there, because he's an HR director, and we would go, okay, we got it, we drive it, take it to ground, here's what the answer is, here's what we're going to go do. And then Rick would say, whoa, whoa, let me make sure, because I'm going to write it down, what the value was Was war der Wertesystem, der Kernwert, der diese Entscheidung geführt hat?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich sitze in einer Konferenz, die zwölf Jahre alt ist, und höre zu Zig Ziglar und spreche über Attitüde. Und ich sage, ja, okay. Aber ich habe früh gelernt zu verkaufen. Ich habe mich in einem Verkäuferhaushalt befasst. Es gibt also viele wunderbare Qualitäten daraus. Und du bekommst auch Grit aus solchen Situationen. Du lernst, wie man mit einem Bulli umgeht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Warum seid ihr alle zu dieser Entscheidung gekommen? Weil alle von euch sahen, dass ihr herum und herum und herum ging und boom, ihr landet darauf. Warum habt ihr das gemacht? Und er schreibt es runter. Und er sagt, okay, das ist ein Kernwert. I don't even know what a core value is, but okay, sure. And we get up and go on our way. He started collecting those and he wrote down like 16 or 18 things.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
He said, this is how Ramsey makes decisions. This is who we are. It's not who we wish we were. It's who we are. It's not aspirational. This is it. This is the way we decide to do stuff. And the stuff he wrote down, I mean, it was accurate, but it was horribly accurate. Ja, das ist, wie wir Entscheidungen machen. Und das ist ein Trainingsgerät.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir können jedem in der Organisation zeigen, wie wir Entscheidungen machen. Das sind unsere Kernwerte. Und wenn du diese Kernwerte bekommst, dann weißt du, was du tun wirst, wenn wir nicht da sind. Du wirst wissen, dass wenn ich in Skotland bin, kannst du einen Jet senden. für den Jungen. Du wirst wissen, das ist das, was Ramsey tun würde.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du kannst meine Szenen beenden, denn diese sind die hohen Werte, die meine Szenen aus meinem Mund bringen. Und das ist, was Dave tun würde. Was würde Dave tun? Was würden wir tun? Was würde Ramsey tun? Was würde Gott uns in dieser Situation tun? Schreib es mir. Und so waren wir, einige von ihnen waren ein bisschen redundant. Also endeten wir mit 15 und später 14.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We put a little better titles to them and a little better stuff. And then we use those to say, this is who we are, and we reinforce those. I taught one of them for 30 minutes in staff meeting to all 1,100 people yesterday. We do it over and over. And this is who we is. This is who we is. You want to be a we? This is it. If you're not this, you're not one of us. This is who we is.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
This is who we is. This is who we is. And the one I taught yesterday was Marketplace Service. If you help enough people, you don't have to worry about money. And so your job is to blow the customer's freaking mind. If you help enough people, go make sure they get help.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They called you, they came in contact with us, God sent them to us because they were hurting or they had an opportunity and we need to give them hope in that area with a biblical, common sense answer. Your job, no matter what you do here, is to blow their mind. If you're shipping a book,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn du eine Reihe von Koden schreibst, wenn du im HR bist und rekrutierst, ist dein Job nicht wie verrückt im Gebäude. Dein Job ist es, die Leute in den Platz zu stellen, die Krusader werden. Denn unser Job ist es, die Leute zu helfen. Und wir müssen uns nicht um Geld kümmern. Und wir müssen uns nicht um Geld kümmern. Also das ist eine Sache. Eine andere ist, dass wir nicht gosseln.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Keine Gosseln. Und deine Negativen sind hoch. Und du wirst Negativen haben. Es gibt 1100 Möglichkeiten im Gebäude, um dich zu verpissen. So, you're gonna have problems. Human beings are in this building, you're not gonna like one of them. Something's gonna happen, it's gonna hurt your little freaking feelings, or you're gonna get frustrated with leadership, or you're gonna have this.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Welcome to life. Hand your negatives up. You can have your negatives, don't be belligerent, but you can come into any leader's office and sit down and go, I don't understand, I'm really frustrated, help me. You can do that anytime. You cannot do that at the water cooler with a co-worker and go, leadership's a bunch of idiots. Don't shit in your own backyard. Exactly.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du lernst, wie man nicht auf alles zurückkommt, was an dir kommt. Ja, ich glaube, das ist...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And people do it all day long at jobs. All they do is sit around and talk about how stupid the place they work is and these are the people that give them money to feed their family. You ought to be ashamed of yourself. If the people you work for are stupid and you stay, what's that make you? Stupid. So hit the road. Don't let the door hit you in the butt. And we have this talk all the time.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And about once a year we gotta fire somebody. But most of the time there's no gossip. Because we don't do that. And if someone starts to say something, they go, wait a minute, we don't do that. And you don't have to have even a leader. It could be somebody that joined the company three weeks ago and they go, hey, wait a minute, they told me in onboarding, we don't do that.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
If you got a problem, you probably ought to take a leader, because I can't help you with that. If you're sharing negatives with somebody who can't help you fix it, that by definition is a bunch of crap. And we don't do that. That's one of the 14. And It's weird. It's very weird, very strange. But it's very clean. The air is clean in the place. There's no bad smells.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Everybody holds each other accountable. Yeah, we just love, because everybody wants to work in a place where you don't have to watch your back. Somebody's not knifing you in the freak from behind. In most places, you're trying to get your work done while looking over your shoulder. Und das ist einfach unterproduktiv. Und so Sachen wie das, wir haben das immer gemacht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und das ist einfach zu stärken, zu stärken. Und ich habe heute Abend mit meinem Sohn gegessen, der unser Präsident ist, und er hat mir erzählt, was da los ist. Ich sagte, ja, weißt du, was dieser Kerl sagt, über den wir alle reden? Und er sagte, ja. Er sagt, ja, ich weiß, was du sagen wirst. Und ich sagte, gut, was sage ich? Er sagt... We get what we tolerate. I said, okay, don't freak.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You're going to let that go on. You don't sit here and tell me how frustrated you are about fixing. You get what you tolerate. I'm going to be kind, be clear, and be gentle. But sometimes your job is that you don't get to work here anymore. Because you're not a we.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And you're more concerned about your little toxic problem or whatever it is you've got than actually being a part of this team and getting work done and helping the people that aren't here. This organization has been blessed and we are blessed to be a blessing like Abraham. That means that we exist for the people that are not inside the walls of that campus at Ramsey.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We exist for the people outside those walls. And if you don't be centered on them, you're not one of us. And we just talk about that with that kind of in the voice, you know, all the time. Und wir haben das seit 30 verdammten Jahren. Und so, die Leute wählen, sie fliegen aus dem Sturm, sie wählen, sie beginnen zu denken, wir sind unkompetent. Und das passiert immer und sie gehen, sie quitten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie gehen etwas anderes machen. Das ist okay, das ist gut. Nur, du weißt, wenn dein Geist weggeht, um Gottes willen, nimm deinen Körper mit. Du weißt, und das ist unsere Sache, die wir darüber sprechen, bis jeder krank ist. Aber dann bleibt es.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
It's reassuring to hear that... But then sometimes folks that you thought were going to be with you a long time, their brain goes and leaves. And then you got to sit down and have a hard conversation and go... Das kann hier nicht sein. Ich hatte einige meiner besten Freunde, die dort gearbeitet haben, weil sie mit mir seit 20 Jahren zusammengearbeitet haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, ich meine, du kannst sie lernen, ohne dass sie in diesem Umfeld sind.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, das ist eine Gruppe von Brüdern, eine Gruppe von Schwestern. Wir kämpfen zusammen. Wir nehmen die verdammten Covid-Idioten mit und wir nehmen alle diese anderen Scheiße mit, die wir alle hier im Markt haben, und alle die Hater. Und du nimmst alle die... oder der negativen Presse, weil jemand immer etwas zu sagen hat.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und du nimmst all das zusammen und du kämpfst und dann gewinnst du und dann kämpfst du und dann gehst du zum Superbowl und verlierst den letzten Spiel, aber du bist fast da. Und dann, weißt du, und du machst das für eine lange, lange Zeit. Und dann, nach 20 Jahren, entscheiden sie, dass sie nicht mehr da sein werden oder dass sie nicht mehr in dieser Kultur teilnehmen wollen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber ja, es ist etwas, was Moms und Vaters, wir müssen wirklich intentionell mit unseren Kindern sein, um sie zu verletzen, sie zu verletzen, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwickeln, sie zu entwic
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es ist wirklich schmerzhaft, aber sie können nicht bleiben. Because I'm not quitting. So we're going to keep doing it this way. And so somebody's got to leave. And it's not going to be me. So that's not how this works. But man, we just have to have those difficult conversations, we call them. And they're a regular part of the rhythm too. John Maxwell says you can't sanction incompetence.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Because if you sanction someone not doing their job, Wenn sie Kanzer haben, ist das anders, oder? Aber du sanktionierst nicht jemanden, der nur einen Halbkopf hat. Weil alle anderen Stöße auf den Halbkopf schauen und sagen, warte mal. Ja. Das ist okay? Nein, das ist nicht okay. Nun, du kannst jemandem etwas Gnade geben, wenn sie durch eine persönliche Sache gehen, oder, du weißt, viele Gnade.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber ich spreche nur im Generellen. Wir spielen in der Superbowl. Du solltest deinen Block nehmen und ihn treffen. Ja.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I don't think I got anything left from the last time we met, so this is perfect.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Bow up, what are you going to do? Are you just going to walk away every time? Sometimes walking away is a good idea. But sometimes metaphorically busting them in the nose is a real good idea too.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You know, I'm actually in love with Gen Z. It's one of my favorite generations. We've got about 450 of them on our team. Wow. And they do share one characteristic with the millennials. They're very bifurcated, meaning they're either awesome or they suck. Es gibt kein Mittelland. Sie sind keine Posers. Gen Z sind wirklich keine Posers. Sie machen wirklich keine Fassade.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist ein bisschen verrückt, dass ich so viel Probleme habe, weil ich gerade da bin.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie sind aufgewachsen mit einer magischen Wand in der Hand, mit der sie einen Knopf drücken können, wenn etwas passiert. Sie sind aufgewachsen, die Frage sofort beantworten zu können. Sie sind aufgewachsen, mit Influencern, die kein Recht auf Influenz haben. Sie sind also sehr vorsichtig. Sie sind wissenswert über ihre Jahre, in dem Sinne.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Was wir mit den Leuten, mit denen wir im Geldbereich sprechen, machen, ist, dass wir mit verrückten 22-Jährigen sprechen, die anrufen und sagen, dass sie 150.000 Dollar gespart haben. Er ist 22 Jahre alt. Ich dachte mir, was für einen Scheiß hast du da gemacht, Mann? Ich konnte das nicht, ich war 22 Jahre alt. Ich habe es bezahlt, aber ich konnte es nicht machen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie sind sehr beeindruckend, sehr ernsthaft. Und dann gibt es noch einen anderen Gruppen, der enttäuscht und verurteilt ist. Und sie sind so, Kapitalismus hat mich verletzt. Oh, Bullshit. Aber es gibt das in jeder Generation. Es gibt immer eine Gruppe von enttäuschten Weinern und Verurteilten. Und es gibt immer die, die Verurteilten sind. Und es gibt immer ein Prozent von jedem.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber im Allgemeinen ist die Antwort, die ich den Leuten gebe, die mit der Fähigkeit sind, Leben zu verdienen oder ein Haus zu kaufen, ist, dass man den Fehler macht, zu denken, dass, weil etwas heute deine Situation ist, dass es morgen deine Situation sein wird. Leben ist kein Stillshot. Es ist kein einziger Frame. Es ist ein Filmstrip.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und 100% der Chance, dass das nächste Frame anders wird als das letzte Frame und das nächste Frame. Und du wirst durch dieses Ding gehen. Weil wenn ich, weißt du, wenn ich verkauft bin und in meinen Zwanzigern war, wenn ich hätte gesagt, okay, das ist die Definition von Dave. Und jetzt ist das meine Identität. Ich bin ein Idiot. I would have been still sitting there, right?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But instead I go, okay, no, wait, that's just where I am today. That doesn't necessarily define tomorrow. And so maybe today you can't afford a house with current interest rates and your salary, your income. That does not mean that's the case tomorrow. Interest rates will change, house prices will go up. And hopefully your income will go up. And maybe you need to adjust where you live.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Because when I started the radio show 33 years ago, there was a large number of people that could not afford to live in downtown Manhattan in New York City. 33 Jahre später, gibt es eine große Menge Menschen, die in Downtown Manhattan leben können. Einige der teuersten Realitäten der Welt. Man kann nicht in Silicon Valley leben und eine Minimumwahl machen. Heute. Man konnte es nicht 20 Jahre ago.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Man kann nicht in San Diego leben und ein Haus kaufen, das doppelt der nationalen Median-Average auf Häusern wäre, wenn man da leben würde, Entry-Level zu machen und Boxen bei Costco zu werfen. Man kann es nicht machen. Mathematically. By the way, you've never been able to do it. So you're going to choose to live somewhere else or do something different.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And when you make those choices, the frames change. And you're going to be okay. But you have to say, instead of I'm going to sit here and whine and I'm going to be a victim of the circumstances, instead I'm going to control the controllables, which is what I make, where I live. And what am I doing to better myself so that I make more and choose to live in a place that I can buy a house?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I had a couple on my radio show do a debt-free scream yesterday. They paid off their home at 37 years old. He is a middle school math teacher and she is a stay-at-home mom. How in the world did they do that? They live in a town that is... In the middle of nowhere in Kansas. It's outside of Wichita, which means there's nothing there but groundhogs, right? Prairie dogs. Sounds like where I grew up.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Yeah, it is. But, you know, we just, again, in our house, we were doing it through the lens of Scripture, through the lens of, okay, you know, perseverance matters, you know. Rejoice in your suffering, because suffering produces perseverance, and perseverance, character, and character, hope, Und so Perseveranz bedeutet, dass du in etwas engagiert bist, das unbequem ist und friktionorientiert ist.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And they paid off their home. But he's a middle school math teacher, makes $65,000 a year. His wife stays at home with the kids. And they've chosen to live in that location for whatever reason. They may have started there. I don't know how long they were there. I didn't get the full history and bio on the family, but they did a debt-free scream. They're 37 years old, have a paid-off house.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But they're not sitting in the middle of San Diego going, oh, I make 65,000 as a middle school math teacher and middle school math teachers are underpaid, so I can't buy a house. No, you doofus, you're sitting in the wrong place with the wrong set of numbers. You've got to change something here. And when you change, then you'll go on to the next frame and you'll be just fine.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So make more, move both. Wait on interest rates to come down, save some money, pile up some money, get ready for the market to slow down, pick up, whatever the market's going to do. 100% chance that it's going to be different five years from today.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich denke, es wird immer größer und ich denke, es wird immer besser werden. Und es wird immer stabilisierter werden. Ich meine, es war ein volatiler Wild Wild West-Krappshow für eine lange Zeit. Und es ist es eigentlich immer noch. Aber es ist nicht so schlecht, wie es war, als wir zuerst darüber gesprochen haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also denke ich, es wird besser, es wird mehr sophisticated, es wird wahrscheinlich deshalb sicherer.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber selbst wenn es stabilisiert und normalisiert wird, so zu sprechen, und es hat ein kleines Track Record dazu, und man kann sich zurücksehen und sagen, okay, die letzten 15 Jahre, das ist, was es gemacht hat, nicht die letzten 15 Tage, dann muss man immer noch sagen, okay, was will ich investieren?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und was mit Leuten passiert, mit Gold oder Krypto oder vielen anderen Dingen, ist, dass sie die Konzepte des Spekulierens gegen das Investieren verwirklichen. Und deshalb bin ich so hart auf Krypto ausgegangen, weil ich Leute anrufe und sage, ich mache kein Investieren, Ich investiere in Krypto, was ein Oxymoron ist. Das kann man nicht. Das Einzige, was man in Krypto tun kann, ist zu spekulieren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das Einzige, was man in Gold tun kann, ist zu spekulieren. Spekulieren ist ein kurzfristiges Spiel. Denn wenn du einen langfristigen Spiel auf etwas schaust, das keinen Rekord hat, Krypto, dann kannst du nicht einen langfristigen Spiel schauen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du bist wirklich, du weißt, Gambling ist hier, spekulieren ist, ich nehme ein bisschen Geld ein, spiele mit diesem, ich denke, ich könnte ein bisschen Geld machen. Aber ich denke nicht wirklich 40 Jahre. Ich denke nicht 25 Jahre. Ich denke nicht, ich will von diesem ausretieren. Aber das ist spekulieren. Auch wenn du ein Wohnbauern bist und du ein Haus bietest, das keinen Kunde hat,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
They call it a spec home. They're speculating. It's a short-term play. They didn't build a rental property they're going to keep for 25 years. They built a piece of inventory that they want to turn right now into money. So speculating is short-term. Investing is over here is long-term. They're not the same thing. If you want to speculate, which would not be your, you're not betting the farm.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so setze sie in solche Situationen ein. Und so nicht mit Angst oder so etwas, aber es ist so, dass du sie nicht aus jeder kleinen Sache helikopterst. Lass sie... Let them flop around in a little bit. And then talk about, okay, what would Christ do? How do we handle this? What's the tough aspect of this? What's the compassionate aspect of this? And what'd you learn?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You're not betting your quality of life. You're not betting your wealth building portfolio on it. Ich habe Freunde, die 100 Millionen Dollar wert sind, und sie haben 1 Million Dollar in Krypto. Aber wenn sie 1 Million Dollar in der Mitte ihres Kühlschrankes verbrauchen, werden sie es nicht verlieren. Das ist spekulierend, und das ist eine richtige Meinung.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn du das tun willst, werde ich dich nicht anrufen. Aber die Grund, warum ich so hart auf es in den öffentlichen Augen komme, ist, weil ich Leute habe, die nicht Geld in ihre 401k und gute Mutual-Funds investieren. Sie kaufen kein Haus. Stattdessen legen sie 100 Prozent von allem, was sie haben, in die Mitte des Roulette-Wehls. Und das ist dumm. Das ist einfach verrückt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du würdest das nicht mit etwas machen, das keinen langen, wunderschönen Rekord hat. Und generell, wo du mit Investitionen sein willst, was Buffett darüber spricht, ist wahr. Ich will ein Investitionen, das Geld kreiert, nicht den Preis ändert. Da ist eine Unterschiede. Also, wenn Home Depot-Stock oder Apple-Stock steigt, ist es, weil sie einen Profit gemacht haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist, weil sie Produkte in den Markt gelegt haben. Es wurde Geld kreiert. Wenn Krypto oder Gold hochgeht, ist es nur, weil jemand anderes es mehr wollte. Es kreiert nichts. Es ist eine Komponente. Man spekuliert also über Komponenten. Wenn man Futures in Korn kaufen wollte, oder wie in dem alten Film mit Eddie Murphy, Trading Places, oder Frozen-Orange-Juice-Futures, oder was auch immer.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das ist lustig. Aber wenn man Tagtrade in Stocks machen will, dann spekuliert man darüber. It's a short-term play and it's just right over here next to gambling. It's not what you would do for your long term. And so it should be money that you could set fire to. Okay. And you'd be okay with it. If you do that, then you can talk about, okay, how does Bitcoin work? What is the actual chain?
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
How's the whole thing? Yeah, sure, I get all that. That's not the issue. Ich spreche mit 26-Jährigen, die sagen, ich habe alles investiert, was ich habe, in Bitcoin. Und es kostet 50.000 Dollar. Und ich habe nichts anderes als das. Warum hast du nicht nach Vegas gegangen? Das gleiche verdammte Deal, Mann.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ich meine, wenn du gut bist bei Texas Hold'em, hast du wahrscheinlich den besten Schuss, den du bei Bitcoin hast. Also, es wird okay sein. Aber wenn du Bitcoin chartest und du keine Risiken siehst, bist du dumm. Denn es geht um die ganze Welt. Und das sagt dir, dass es ein hochvolatiler, kurzfristiger Spiel ist. Und du versuchst, dieses Ding auszulösen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es hat einen coolen Faktor, weil es Technologie ist. Es ist ein Fad und jeder will drauf sein. Und die lustige Sache in meinem Weltraum ist, dass ich so viel Hass habe, weil es wie ein Kult ist. It's like, if you don't believe in it, you're going to hell. You know what I'm saying? They're like, Ramsey's completely invalidated. Everything he's ever said, because he doesn't believe in this.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And I'm so emotionally and psychologically sold out on this one particular thing. It's like George Campbell, one of our guys, says, it's like Mary Kay for young men. But I don't care if you want to do it, but just be able to burn the amount of money you put in there in the middle of your kitchen table and not miss it.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sehr passioniert. Wir haben über die Kultur gesprochen. Ich meine, sie werden die Gäste der Hölle mit einem Wasserpistolen schützen. Sie sind passioniert. Sie sind missionär. Und wenn du ihnen eine Mission gibst, dann gibst du ihnen etwas Arbeit, das wichtig ist. Und wir helfen Menschen und sie werden darüber enthütet. Sie sind Krusader. Sie sind wundervoll für Ramsey.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And what was God talking to you about while you were sitting there in that thing? And you're dealing with this teacher that's a jerk. You're dealing with a...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja, ich glaube nicht, dass wir das machen. Ich glaube, alle sind in ihren frühen 30ern, aber ja.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ja. Es scheint es zu sein. Weil sie in die traditionellen Systeme verloren haben. Sie sind zynisch über traditionelle Systeme. Manchmal in einer toxischen Art, manchmal in einer guten, heiligen Art. Sie sind ein Verrückter des Mannes, fast wie alte Hippies oder so. Ja.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
situation you know a social situation or whatever is your teenager all that kind of stuff and so you know we just walk through all that as far as working around the business and stuff anytime we're doing anything i'm a uh one of the things we grew up with too was hard work ethic i mean you just work when in doubt just go to work shut up just go go leave the cave kill something drag it home i mean something needs to move and so we taught them that and if you're going to work around ramsey and you're a
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
No, I think it's... Just back to probably some real clear guidelines and accountability to certain behaviors that we want. And so what we've had to do with, it's not just Gen Z, but it does appear there, is in content creation. Ich verstehe das nicht, weil ich nicht mit diesem Ding in meiner Hand geboren bin. Es ist nicht native für mich.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Als ich ein Kind war, gab es einen roten, schwarzen Dial-Telefon auf der Wand mit einem Kord. Und wenn du mit deiner Freundin sprichst, hat die restliche Familie es gehört. Aber diese Jungs, sie sind seit sieben Content-Kreatoren gewesen. Und jetzt fragst du sie, Content zu erstellen. Und das, woran wir uns manchmal befinden, ist, dass sie sich so gewohnt sind, es zu machen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist nur Teil ihres Psyches. Es ist ein entwickeltes Skillset, nur um in ihrer Generation zu existieren. Und manchmal kommen wir zu dieser Eroganz. weil ich das mein ganzes Leben gemacht habe. Ich habe Knochen älter als du, aber weil ich das mein ganzes Leben gemacht habe, werde ich dir sagen, wie ich das mache. Nein, nein, nein. Jetzt sind wir verwirrt. Du arbeitest hier.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und jetzt müssen wir wieder anfangen. Du bist wirklich gut. Das ist, warum wir dich hier mitgebracht haben. Aber du bist nicht der Einzige, der jemals eine Idee hatte. Und nein, du bist nur ein Schritt weiter. Es ist nicht in unserer Stimme, es ist nicht in unserer Marke. Es ist in deiner Marke, aber deine Marke wird jetzt in unseren Marke abhängen, wenn du hierbleibst.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist nur die Verantwortung. Aber es ist sehr selten mit, es ist kein Niveau von Eroganz, aber es ist kein Malus. Es ist nicht so, als ob sie über es belästigen. Es ist nativ für sie. Ja. Es braucht einfach eine klare, klare Führung und Vertrauen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
In dem Fall, über den du gesprochen hast, was ich tun könnte, wenn ich das beantworte, ist, ich würde sagen, okay, schau, wenn du andere Projekte nehmen willst, ist das gut, außer nur unsere, du bist ein Freelancer, du arbeitest nicht für uns, aber lass mich dir vorhersagen, dass wir die Qualität unserer Sachen anschauen und in dem Moment, in dem du zu viel auf deinem Blatt bekommst,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
We're probably not going to be able to work with you anymore. So you really need to temper this and you need to manage it. And as soon as I see it, I'm going to bring it up again. And if I bring it up two times, it's starting to be a real issue. You know, I just be real clear like that and just not mean, but just go. I'm not OK with you filling your plate till the food falls off.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And that's not cool. And I don't want to be the food that falls off. And I've had that. We've had that experience. Und es kommt aus einem positiven Ort, weil sie so empfohlen sind. Sie denken, sie könnten alles tun, weil sie es können. Sie können nur einen Knopf drücken und Scheiße passiert. Und unsere Gedanken sind wie, warte mal, es ist eine Abundanz-Mentale, aber es ist eine seltsame.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Versus eine Schwierigkeits-Mentale, wo du und ich sind wie, okay, die Ressourcen sind beschränkt, mach es so. Und es passiert ihnen nicht, dass man etwas automatisch bekommt, weil sie ihr ganzes Leben haben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Die Ökonomie, der Grund, warum du und ich und Joe und Theo hat alle Interviews mit Präsident Trump gemacht. Und natürlich ist Joe der 800-Kilogramm-Guerilla. Aber wir alle haben große Top-10-Podcasts. Und dann kam Joe raus und hat ihn eingenommen. Und wahrscheinlich drei Wochen vorher, als ich das gemacht habe,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich mache nicht Präsidenten, ich mache keine Politik, ich mache keine Entschließung. Aber ich habe es hauptsächlich aufgrund der Ökonomie gemacht. Es war nicht die einzige Sache, aber ich habe mich um einige der gleichen Dinge interessiert, wie andere Leute waren. Bord, wach, all diese Sachen. Aber ich bin glücklich über all diese Sachen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
12-Jähriger, der an der Buchstabe arbeitet, oder im Schiff, oder was auch immer. Du musst zweimal so hart arbeiten, dreimal so hart wie jeder andere. Und du musst drei mal so freundlich wie alle anderen sein und so kindlich wie alle anderen und so stark wie alle anderen, weil sonst wirst du nicht respektiert werden.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber die Ökonomik, und ich habe das gesagt, auf dieser Stelle, oh, eine Stunde, weil ich wusste, dass ich mit Anti-Trump-Hate überfluten werde, weil eine große Teil meiner Publikation nicht Konservative ist. Aber die Ökonomik, selten genug, ist so viel Psychologie wie es ist, Mathematik. Lass mich dir ein Beispiel geben.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn ich als kleiner Geschäftsführer glaube, dass alles gut geht und es wird gut gehen, ich hire, ich kaufe Equipment, ich, wenn ich, ich verkaufe auf Inventar, So I create an economy. Hiring people creates a positive economy. So I'm acting based on my feeling, based on my psychology.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so it becomes a self-fulfilling prophecy that if enough people believe things are going to be good and they start taking actions as a result, they cause things to be good. And that's what I felt like and I still think the Trump administration is going to deliver. It's what Ronald Reagan delivered when he turned the economy around. It was more about hope
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es war mehr so, dass dieser Typ in Amerika glaubt. Ich glaube in Amerika. Er glaubt in Kapitalismus. Ich glaube in Kapitalismus. Und ich glaube, dass das freie Unternehmenssystem und Freiheit und die Möglichkeit, ein Unternehmen zu eröffnen und meine Träume zu leben, ich glaube in das. Er glaubt in das. Er wird das passieren. Er wird ein Umfeld kreieren, wo das funktioniert.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich werde es machen. Und das ist, was wir unter Reagan gemacht haben. Und das ist, was Trump erzeugt, wenn er diese wunderschönen Visionen-Statements macht, dass wir in eine goldenen Ära gehen. Er spricht es in die Existenz, fast. Er versucht es. Und wenn er genug Leute glaubt, werden sie das tun.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Auf der anderen Seite macht er das wunderbar und die Spiele, die er mit den Tarifen spielt, schrecken die Scheiße aus dem Stockmarkt aus. Und der Stockmarkt ist runter. seitdem er im Büro ist. Und das war schon lange hervorragend. Aber ich weiß nicht, ich bin nicht in der Lage, in dieser Regierung zu arbeiten. Ich spiele nicht in dieser Welt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Aber es gibt einen Vorteil, der von dem herkommt, dass die Bondspreise erhöhen könnten, was ihre Interestschritte reduzieren würde. Das wird auch die Ökonomie bedrohen. Wenn man also Drill, Baby, Drill macht, das ist ungefähr 1,7% der nationalen Ökonomie, das ist energiebeziehend.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie werden feststellen, dass du ein witziges kleines Bosskinder bist, das nicht wert ist. Und unsere Kinder, es war nicht, es war wie wenn sie Trainerkinder waren. Es war, wir waren auf sie hart, rund um das Geschäft. Und so, du weißt, meine mittlere Tochter Rachel arbeitete an der Buchstabe und Das ist gut. Das ist genau das Umfeld, in das wir sie einsetzen wollten.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn man 1,7% der Ökonomie bekommt, boom, und die Interestrate runtergeht und die Realität wieder geht, auch wenn der Stockmarkt runtergeht, wird der Stockmarkt zurückkommen. Weil das alles stimuliert. Es wird sich bewegen. Und es ist nicht er, der physisch etwas macht. Es sind all diese Worte. Und ich glaube, es ist offensichtlich, dass er andere Dinge mit den Tarifen tun will, als Tarifen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Er versucht, Komplizität zu bekommen, wenn die Grenzen geschlossen werden. Er versucht, Komplizität zu bekommen, wenn sie ihre Tarifen verlassen. die sie schon seit Jahren verdrängt haben. Viele von diesen Ländern haben das. Sie haben das Wettbewerb, und sie zahlen uns 100% Tarif, und wir zahlen sie nicht. Wir sitzen alle zusammen, und wir entscheiden, was wir zahlen. Wir sind die Bösen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das ist verrückt. Politisch oder politisch, das ist verrückt. Aber der Vorteil ist, dass es die Märkte destabilisiert, weil die Leute Angst haben, anstatt inspiriert zu sein. If you get more of them inspired than worried, the thing will pick up and it will get moving. And I still think that's what's going to happen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I think the offset has just been the destabilization of all the tariff discussion, has destabilized and offset some of the positive feelings. So, in other words, a business person sitting today is going, okay, I think all this stuff is going to get really good over here, but I don't know what these tariffs are going to do to us.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so, instead of hiring and buying equipment, they're going to kind of wait and see how that happens. So we've had a delayed effect on Trump having a positive effect on the economy, and it's probably because of all the yack, yack, yack, yack, yack around the tariff. Because the actual physical tariffs that have actually happened, there's almost zero. Es war einfach nur eine Diskussion.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wow, ich habe das nicht erkannt. Er hat einfach nur Grenaden gedrängt und die Dinge aufgeschmissen. Wie viel haben die Preise eigentlich bereits durch einen Tarif beeinflusst? Fast null, bis jetzt. Weil sie sofort darauf kommen und dann sagen sie, oh, warte mal, sie haben sich verabschiedet und wir warten noch 30 Tage. Oh, das hat gewonnen, wir machen das, aber wir nehmen alle anderen aus.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es ist schwer zu folgen, auch wenn man es alles aufgeschrieben hat, genau was wirklich passiert ist. Ich glaube, wenn du in der Mitte bist, würdest du das machen, aber ich kümmere mich nicht genug darum, es zu charten, also werde ich mich nicht mit ihm verletzen. Aber ich bin wirklich gespannt darauf, wo wir in zwölf Monaten sein werden. Okay. Ich präsentiere das immer noch.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Ramsey ist auf dem Weg. Wir sind bereit. Wir denken, es kommt eine Wende und wir wollen sie fahren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also, ähm, Sie wissen, diese Dinge, äh, äh, Das sind die Gebäude, die eine hohe Qualität haben. Also musst du sie da reinlegen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Nein. Es sind nicht genug Arbeitsplätze, um einen Unabhängigkeitskrisen zu verursachen. Das würde wahrscheinlich eine Rezession führen. weil es nicht genug Leute gibt, die Geld aus ihrem Job haben, um zu investieren. Das ist eine Rezession. Aber ich glaube, es ist klein genug. Es ist ein bisschen wie... you know, the old joke, major surgeries surgery that I had, minor surgeries you had.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So, I mean, when you lose your job, you're 100% unemployed. You don't really care what the unemployment rate is. And you really don't care about the philosophy of the Trump administration or Elon Musk's ideas. You just lost your job. And so, for that person that's losing their position, it's huge. But in ratio in the entire economy, the number of jobs, it's not going to be End of the world.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And it's offset by the savings, the deficit and the debt going down. And the chance we could actually get a balanced budget again. That's very productive for the economy. Because every time there's a deficit, remember what happens is, okay, those jobs are harmed, lost jobs are harming the economy. But also, if you don't have a lost job and that job creates extra debt,
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Deficit is financed by debt, right? When you spend more than you make, they finance it by debt. That debt is sucking money out of the economy. And so it becomes a parasite. It's a tick on the butt of the economy, sucking the blood out of it.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And so that's the problem with the overspending, is it pulls money out of the currency, which if it's out here moving around between your business, my business, and we're buying... We're spending money at the restaurant and we're going on vacation and we're buying a Southwest Air ticket and we're doing all the other things. We're moving the money around. They put it on the shelf.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And now the economy is smaller. And so that's not as bad because of all these lost jobs. So there's an offset there. Okay. So, you know, again, I think what little trouble would be, would be more than offset by that. And the other thing, it has to be offset by what we were talking about earlier. Okay, what does the average business person, like me...
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Das hat eine substanzielle Firma, aber nicht eine große Firma. Ich bin kein General Motors, ich bin kein Apple, aber jemand, der eine Firma wie meine runnt, die 54% der Wirtschaftskraft ist, ist eine Firma, die 500 Leute und kleiner ist. Ein kleineres Geschäft ist das mathematische Hintergrund der amerikanischen Wirtschaft.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also der Typ, der eine Heat & Air Firma hat, die 400 Leute hat und eine kleine Flut von Truppen und sie fixieren Heat & Air auf Menschenhausen, was schaut er an? Okay, he feels a lot more positive about government waste being chopped off at the knees than he does negative of some of those folks losing their job. Okay.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
And again, he's the one making the decision to spend or to hold his cash because there's a storm coming. Am I going to invest because there's sunshine coming or is there a tornado coming and I got to put a... put plywood on the windows and pile cash and get ready. When he piles cash in macro, when a whole bunch of he's piles cash because they think a storm is coming, that freezes the economy shut.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But when they believe the sun is coming and they believe more in Elon causing, Doge causing the cutting, the sun is coming, then he does those lost jobs. Okay. So again, I think it's an offset. Both are very real and they're very personal if you're in them. I'm not trying to discount, if you work for the VA and you're going to lose your job, I'm not happy for you personally.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
I'm happy that our nation is addressing waste, though, because 100% of the intelligent human beings walking around realize that the waste is really freaking dickulous. Yeah, yeah, yeah, you know, I'm with you, it's just, Ich denke, es ist etwas, das wir durchgehen müssen, egal was.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Oh Gott, es ist wie... Und der Fakt, dass sie es tatsächlich tun, nicht darüber sprechen, für das erste Mal in moderner Geschichte. Everybody's talked about it. No one's ever done anything. Not in the GOP and not in the Dems. None of them have ever done anything.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
It takes this wild animal to go in there with a dadgum machete and a bunch of Gen Zs with algorithms and start stacking those cash flows and looking at this going, well, looky there. We've got a transgender college that we just put 150 million dollars in in India or whatever. I made that up. But I mean, this stuff is coming out. It's just, it's not even, it's like science fiction. It's so bizarre.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
It's not even a debate about how whacked it is. It's just whacked.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir haben vorhin über den Total-Money-Make-over gesprochen, den du gelesen hast. Es geht über die sieben Baby-Schritte. Wenn du diesen klaren Weg folgst, ist es die kürzeste Distanz zwischen normalen Finanzen, die in Wachstum gebrochen sind, und der reichen. Wenn du diese sieben Baby-Schritte folgst, ist es ein klarer Weg. Und es wird beobachtet.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Tens von Millionen von Menschen haben das jetzt gemacht. Und wenn wir mit kleinen Unternehmen arbeiten, und Entree Leadership ist eine unserer Marken, mit denen wir mit kleinen Unternehmen arbeiten. Ich liebe kleine Geschäftsleute. Und ich bin eine. Ich bin eine mein ganzes Leben. Ich glaube, es ist das freie Unternehmenssystem. Und ich mag den Art von Mann und Frau, der das macht.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Sie sind meine Leute. Ich mag sie. Sie sind kein Nonsens. Sie machen nichts. Das Gleiche macht sie für furchtbar oder furchtbar, was mich für furchtbar oder furchtbar macht. Ich verabschiede mich sofort. Ich bin fast mein ganzes Leben im Geschäft gewohnt. Wir haben mit diesen Firmen angefangen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wir, in den meisten Fällen, was wir ihnen beibringen, war Dinge wie Core-Value oder wie man ein Unternehmen aufbaut oder, ähm, du weißt, die Basis, einige Basis Marketing, einige Basis Accounting, einige Basis Finanzierung, Dinge, die sie nicht gemacht haben, weil sie zu beschäftigt waren, das Geschäft zu machen, anstatt tatsächlich die Komponenten des Geschäftes zu runtern.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
So we're teaching them all of that and have been for almost 20 years. And I have a number one best-selling book called Entree Leadership that was the playbook. It was the Super Bowl playbook that we used to run our business, to grow it from a card table in my living room to where it is today. How did we do that? We did these things. And so we've been teaching them and coaching them.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
About 10,000 businesses now we've worked with. And been doing events for them for years and big leadership events. And Das ist das, was wir gemacht haben. Das bestsellerische Buch, wir haben Software, wir haben all diese Sachen, um ihnen zu helfen, Apps und all das.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Eine der Dinge, die wir vor vier oder fünf Jahren herausgefunden haben, als wir daran gearbeitet haben, war, dass Unternehmen, die gewinnen, fünf unterschiedliche Phasen durchführen. Und es gibt sechs Führer des Geschäfts, die dich durch diese Phasen führen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und es hilft enorm, es wird der Baby-Step für das Geschäft, wenn du weißt, was das sind und was es kostet, um sie zu leveln und sie durchzuführen. Du willst sie nicht unbedingt super schnell durchführen, das ist nicht der Punkt. Auf dem Baby-Step würdest du sie so schnell wie möglich durchführen wollen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wie du gesagt hast, du verkaufst all dein Geld und wir gehen weiter, wir gehen aus der Lüge, jetzt gehen wir weiter, wir gehen weiter, jetzt starten wir zu sparen und zu investieren und solche Sachen. Mit dem ist es mehr die Maturation des Geschäftszyklus, als du weitergehst. Und das ist, was wir durchgingen. Und dann haben wir begonnen, uns zu beobachten, was sie durchgehen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und dann haben wir herausgefunden, dass wenn wir ihnen zeigen können, dass dieser klare Weg existiert, dass es dir Hoffnung gibt, dass du durch es gehen kannst. Wenn du nur da draußen wandern kannst und du nicht realisierst, dass es einen Weg gibt, oder du nicht realisierst, dass es eine Phase gibt, du tust nicht das, um zu leveln, um besser zu werden.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so, als wir ihnen dieses System zeigen, diese fünf Phasen, und sie sagen, okay, ich bin in Phase 2, was muss ich tun, um Phase 3 zu bekommen? Okay, das ist, was du tust. Und hier sind deine sechs Fahrer, und hier ist, wie das in dieser Situation funktioniert.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und wir glauben, wir sind in den sechs Fahrern in Ramsey in 30 Jahren, wahrscheinlich, als wir durch die fünf Phasen gingen, waren wir wahrscheinlich in den fünf Phasen, Ja, in 30 Jahren. Und weil jedes Mal, wenn du durchgehst, kriegst du eine andere Version davon, okay? Und so, du weißt, Fahrer Nummer drei sind die Leute.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so, du weißt, die Art und Weise, wie wir vertreten und vertreten, als wir angefangen haben, was way different than the way we hire and fire today. So every time you come around to people and you go, okay, I'm going to get better with culture, I'm going to get better with hiring and firing, I'm going to get better with attracting the right talent.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
But then I move around it and that leads me into planning, which is another one that leads me, and you start going through it. Then you go, okay, when I go up as another stage, it's a whole different set of problems with people. die ich vorher nicht hatte. Ich muss also einen ganz anderen Niveau der Fähigkeiten haben, die ich vorher nicht hatte.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Oder einen ganz anderen Niveau des Planen, den ich vorher hatte. Wenn du ein kleines Ding planst, ist es nicht so schwer, ein größeres Ding zu planen, offensichtlich. Die Fahrer reisen durch und wir gehen durch. Phase 1 ist, wenn du ein Geschäft öffnest, wenn du erst anfängst, und manchmal bleiben Leute da die ganze Zeit, Gott helfe ihnen, ist der Treadmill-Operator. Das ist das, was es klingt.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Du bist auf der Treppe. Das sind die Fahrer der Phasen. Nein, das sind die Phasen. Phase 1 ist der Treppenfahrer. Und wenn du anfängst, sind wir alle Treadmill-Operatoren.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und die Treadmill-Operatoren gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen, gehen
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn du es nicht tust, dann wird es nicht gemacht. Produzieren. Du bist verantwortlich für all die Revenue. Wenn du nicht zur Arbeit kommst, dann macht das Land kein Geld. Also in einem Sinne, du hast kein Geschäft, du hast nur deinen eigenen Job. Denn wenn du auf eine Verabschiedung gehst, fällt alles ab. Wenn du nicht da bist, wenn du krank bist, fällt alles ab.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Es ist also sehr selbstbestimmend, was dich ein wenig gratifiziert. Es macht dich für einen Moment wichtig. Es ist auch enttäuschend. Und du willst nicht da bleiben. Du wirst ausfliegen, wenn du da bleibst. Aber jeder beginnt dort. 100%. Now you may only be there two weeks. You may be smart enough to start hiring people or have enough capital to start hiring people immediately.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You may be, this is not your first go around on a business and so you're better at time management. But the thing you do to level up from treadmill to Pathfinder, which is the next one, is you have to get time management going. Und dann beginnst du mit Sachen zu sprechen. Ich habe vorhin gesagt, dass ich 16-Tage-Tage mache.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich bin auf der Radio, und ich mache den Oberflächendeck-Projektor, leite in der Financial Peace University am Abend. Und ich bin am Arbeiten den ganzen Tag. Und meine Frau war wie eine single Mutter für einen kurzen Zeitraum dort, für ein paar Jahre. Und wir reden über Arbeits-Lebens-Balance. Und das ist Treadmill. Wenn ich nicht auf die Radio ging, gab es nichts.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Wenn ich nicht die Lehre an der Nacht gemacht hätte, und ich erinnere mich, ich stand in dem Holiday Inn am Abend, und ich hatte einen Kinnstein. Und ich war komplett in Schmerzen. Aber ich musste die Lektion beenden. Wenn ich die Lektion nicht beenden konnte, musste ich die Ausgaben geben. Und ich konnte die Ausgaben nicht geben. Ich musste das Geld bekommen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und so beendete ich es um 11 Uhr in der Nacht und ging in die Notfallstelle. Und das ist das, was du in der Treadmill-Stage tust, richtig? Du versuchst es, Buttercup, und du bekommst es gemacht. Aber du kannst nicht da bleiben. Es ist nicht nachhaltig für deine Familie. Es ist nicht nachhaltig für deine Gesundheit. Es ist kein gutes Geschäftsmodell.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Also beginnst du zu lernen, Zeit zu verbringen und dich zu intensivieren. und sage, ich werde es auswählen, wenn ich nach Hause komme und ich werde einige Leute hirten. Ich bin nicht der Messias. Andere Leute können auch wichtig sein und Ideen bringen und ein bisschen Gewicht tragen.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und ich kann andere Leute haben, die Revenue produzieren und andere Leute, die die echten Geräte und Geräte produzieren. Also muss ich nicht der Produzent und der Revenueproduzent sein. Und dann kommst du zum nächsten Punkt. Und das ist das, was dieses ganze Thema betrifft, ist einfach durch diese Phasen zu gehen. Und was ist die nächste Phase? Du gehst von dort nach Trailblazer.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
Und Trailblazer ist ein... Es ist ein fuzziges Mittel. Es ist die Mitte der Phase. Und es ist... ...ein bisschen wächt. Die... You're really kind of getting your traction. Things are starting to happen. You've actually got some other people on the team that are intelligent and you can count on.
Shawn Ryan Show
#191 Dave Ramsey - CEO, Ramsey Solutions
You're starting to build your band of brothers and sisters that are going to get her done and all that stuff. But you really suck at systems. You suck at processes. Too much stuff is manual and it could be automated. Your accounting software usually sucks at that stage. You're not really keeping good books. The books aren't automated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What I learned from watching rich people, I want to model after that, is that if I'm going to spend what feels like money, a lot of money on something, whatever that means, I want to get something of high quality that's going to last maybe even generationally. So what I refuse to spend money on is cheap stuff that's not going to last.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Instead, I'll double the amount and buy one good one instead of five bad ones.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's how light it is. There we go. My wife has one, and I participate in hers occasionally, but that's about it. We pay good money to see it. I don't even have an account.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Probably more than in the early days, you know, before all this stuff happened. I mean, I bought a Jaguar when I was broke to save.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
No, the last five years, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
The worst one was 2003. Okay, take a spin.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You can't go back five years. I'm sorry, I don't have one. But I remember it distinctly because it's a problem. And so we did the total money makeover deal, and I got this massive check with the publisher we were working with at the time. The check hit my account the day I got to New York City to start the book tour. And I had been researching an expensive watch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I thought, okay, I'm going to celebrate this largest check I've ever seen in my freaking life and this big deal and the launch of this book and the start of this 43 days I'm going to be on the road pushing this book. I'm going to celebrate. I'm going to go buy that dadgum watch. I've been looking at it, looking at it, looking at it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And all these people got Rolexes and got super whatever nice watches, all these cool watches. And the watch was a Breitling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
watch uh and gold solid gold solid gold band with a diamond bezel and i knew it was like in 2003 it was like 60 000 bucks or something and so i go up on um it's 52nd or whatever where all the pawn shops are in new york right you bought it from a pawn shop four blocks down yeah i bought it for 13 000 Same watch. And the thing weighs like 73 pounds. That's solid gold. It's heavy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's one of my favorites.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's bad. And, you know, the fabulous watches, the expensive ones, all have a... They wind when you move them. They're not quartz movement. They're not digital. And so you've got to maintain the dadgum thing. You don't even keep time. You know, it's like this super expensive thing. And then if you don't do it just right, the timing, the time's off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Versus something like, you know, my golf watch, it's just automatic. It's GPS. It sets itself with the phone and everything else. I don't think about it again. It's the right time. Who knew? And, you know, so I got disgusted with the thing and put it. It's gaudy. Doesn't keep good time. It's heavy. I put it in the safe. And then I thought, well, I'll trade it for something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I missed out on that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'll get a, at least get a Rolex or something else. I'll trade it. I can't give the stupid thing away. Yeah. So it's like sits in my safe glaring at me. Do you still have it? Yeah, I've still got it. It sits in my safe glaring at me. You need to wear it. We need a photo of this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's amazing. Will you hand it down to your kids as a generational heirloom? I just think I'm going to hand my mistakes down to my kids. I don't know. It glares at me and says, you're stupid every time I open the safe. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You've learned over time. No, I don't have many. If something is quote unquote expensive... in ratio to your life. I spend enough time thinking about it. I don't impulse that stuff and studying it to where I generally don't. This watch was closer to an impulse, like this celebration that should have never occurred. That's good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Here we go. Best meal you've ever had? Fine dining with wine pairings is like my favorite sport. So the... Like a lot of best things in your life, things are relative. So I remember some of the first few times that we did like a chef's tasting with pairings, and I'd never done that before. It was out of my league.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah. Well, or just really well done eight courses or whatever, seven courses. But I mean, the first five or six times I did that... My mind was just... It was like the best thing ever. Every bite just blows your mind. But you can get used to it like anything else. And so now I'm a little bit more selective with that, I guess. But I'm not like a foodie, but I do enjoy that stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I enjoy the quality and the experiential, again, part of it. But yeah, that's... We did one of those in Paris one time at the Four Seasons and dropped some serious coin on the wine and stuff, and it was memorable. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
No, no, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I might hit a Jesus chicken. I might hit Chick-fil-A. What's your order of Chick-fil-A so the people know? Probably pizza is probably it, actually. Okay. Yes. Good pizza.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's genetics. Honestly, I've gotten to where I just hate general fast food. Oh, it's so good. It just makes me sick.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I don't know. It's so good. It's so good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Those things are 73 years old.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Phenomenal. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You know, I guess from going broke, I lost my fear of man. It's not that I'm, like, arrogant about it. Or I just don't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Okay, George W. Bush. I interviewed him twice and had lunch with him. And, yeah, my pulse rate probably changed on that. But I wasn't—I don't know if I was—starstruck is a bit much. It's okay. You can say it. It's fine. That's not—that's good. That's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
No, on the rocks. Favorite bourbon, though? A big rock.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What's my favorite child? Oh, so many.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Is that up there for you? Yeah, it's in the top ten, but it's a barrel pick we did that will never happen again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's why we call it Unicorn. It doesn't exist.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Did you put this one in? Nobody asked that. No, I didn't put this one in. How do you raise a child that's so humble?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
How do you do it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Self-proclaimed. You know, Rachel, she was fun. She was a fun kid, obviously.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
No, she was wide open. More fun and more trouble. But I remember she was about four. And we took the youth pastor. We were broke. But we got this neighbor of ours owned this little restaurant. And we decided, he said, here's some cards. Come over and eat. And we don't get to go out and eat because we had no money. So we're going to go take these cards.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And we grabbed the youth pastor at church after church and said, hey, jump in. So David jumped in the car with us and the three little kids. And we're driving along in this old beat-up car going out to eat. And, you know, when you've got little kids, yours aren't old enough yet to know this, but before you get to the restaurant, you have to give a speech. I'm going to kill you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Here's what's going to happen. If you do not behave inside this restaurant, here's what's going to happen. I'm going to pull.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
No, this wasn't Olive Garden. This is a different story. We're pulling into the parking lot, and I said, all right, you guys got it. We're going to go in here, sit. You're not wild animals. You're humans. You're going to sit here. You're going to say please and thank you. Gave him the speech, the dad speech, right? Yeah. And I left out something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
So Rachel pops up from the back seat and says, and no Fiat's. And David, that youth pastor for the rest of our lives said it. Rachel said, and no Fiat's. No Fiat's. With that good Southern accent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Because Rachel might have thrown a Fiat in a restaurant. Don't throw a Fiat's. That was your thing. It was your signature move.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
We had to aim her at something because she was going to go off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
A lot of energy and a lot of talent. And it was either going to be used for the devil or it was going to be used for God. So you got to name it as something, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Personally, it's easy. I didn't grow up in a Christian family. And so God's intersection with my life and how much it's changed how I do everything, how I view everything, and then how it's changed my marriage and how it's changed my kids and now my grandkids. Because we're weird. I mean, we actually have all three kids that we like, and they all turned out, and we like their spouses.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
We like their spouses so much, I actually do stuff with their spouse's parents. Wow. So like Winston's dad, Buddy, and I go hunting together. I mean, we hang out. I like Buddy Cruz without Winston around even. It's not a requirement, you know, so it's not like mandatory. So we're really, really, really blessed that way. I'm very, very proud of that. Of course, nothing is perfect, but it's...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Compared to other people that we know and the families we see torn asunder by whatever craziness, we're really blessed. I'm very proud of that. It turned out it worked. God's ways of doing things, including family, work. And so professionally, it would be our team. We have an incredible team at Ramsey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I have, and the leadership team, the other people here have worked very, very hard, very hard, with a lot of anxiety, a lot of stress, a lot of hours, a lot of tears, a lot of anger, to form that team, get the right people on the bus, as Jim Collins says, the wrong people off the bus, the right people on the right seats on the bus. But the quality of human being...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
all through Ramsey, it's unparalleled. And that's a professional accomplishment. Again, it's God's blessing, but it's a professional accomplishment, and I'm very proud of him.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You can join the FBI, the CIA, easy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah, we breathe rare air. We've had a few, but they just don't get to stay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Uh, so many things, but the biggest one would be luxury travel, like Uber luxury travel. Like the coolest thing I ever found in my life is when we go international for somewhere around four or 500 bucks, sometimes a thousand bucks, you can have someone meet you at the gate and
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Are you out of questions?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Are you emotionally done?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You know, I was in my... 20s and sharon and i had just gotten married and i went to the sales conference and the speaker was incredible he really did a good job and he got up at the end of the talk and he said each of you in here are there are four components to your life And if you want to be successful, if you want to have a high-quality, rich life, you have to feed your intellect.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
So you need to read good nonfiction books and add to your knowledge base.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You can read fiction books, too. I read fiction books. They make airplanes fly fast. But what I'm talking about, you need to add to your knowledge base if you're going to be successful. You have to grow your intellect. You take care of your body. You get one. garbage in, garbage out. I mean, you take care of your body.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You need to deal with your past and your emotional state and figure out, you know, how you navigate forward based on where you came from. And everyone's got something there that they get to deal with. And so the emotional, the intellectual, the physical, and the fourth one's the spiritual. And he said, if you don't know this man named Jesus, You need to get introduced. It'll change everything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It'll change the way you do relationships. It'll change the way you walk out with your spouse, with your kids, with your business, your leadership, your sales technique. It changes everything. And it changes your eternity because you get to spend it with him. And so if you don't know him, you need to get introduced. And so I think that's probably a pretty good plan. And that was in your early 20s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I came home and told Sharon, we're going to church. And she said, who are you? And what have you done with my husband? Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
a personal uh customs escort they do this at crazy rich asians and they walk you past everything it's a fast pass but for travel right through like like you own the place and boom one of them we went to in egypt they sit you in a lounge and bring food while they run all your stuff and then you go get in the car and leave
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, yeah. We've had some fun ones. You know, in general, if somebody has a Dave thing when I'm dealing with them, they either go one of two ways. They think I'm going to cheap them out. and they have to give me the best bargain and sell me the stuff at half of what they paid for it, or I'm going to be mad. Because you're a hard-driving salesman. I'm going to beat them down to nothing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Or they think, well, this guy's got so much money, I'm going to mess him over, and I'm going to charge him triple. Charge the day tax. Would you just be normal, you know? So in general, people fall into one or two camps a lot of times there, and they're like, you know, I didn't say anything. I'm just standing here and trying to— You know, but, yeah, the price has tripled.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
But the fun one was there was a place that's closed now that was an electronics store. And Sharon's washer and dryer went out, and we went down there on Saturday morning to get one of those new, at that time they were new, those front load big deal washer and dryers, right? $2,500 or whatever the thing was at the time. I don't remember. And we go in there, and I'm like... Okay, that's the price.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'm like, have you got last year's model? And he said, yeah, I think we got one back here. Let's go look. I said, then I want a deal on last year's model because it was towards the end of the year. It's got a dent in it. That would even be better. I want a deal on that. And I wasn't trying to just beat the guy up. You're being George. A little haggling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I thought I was just asking, just pleasantly asking. And I thought, pardon my ego, that the guy had wrecked it. I thought he knew who I was. And I was just being kind and, you know, nice and whatever. Let's go. He takes me back there, and he goes, okay. He goes, well, this one will be $1,800 or whatever the number was, less, right? And Sharon said, well, it's not exactly the color I want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I said, well, what's the price on it with the best price if I cash right now? I'm going to pull out $100 bills and lay them on you. And he goes, well, you need to add the extended warranty. Oh, boy. And I went, no, dude. I was positive he knew who I was.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I've been railing on them for decades. They're in all the classes, all the books, everything. Don't buy extended warranties. So I thought this guy was like trying to be funny, bad funny. But I'm like, no, no, I don't buy extended warranties. He goes, oh, no, you really need extended warranty. I'm like, no, dude. Not funny. I don't buy extended warranties.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And he goes, well, Dave Ramsey shops in here. And everything he buys, he puts an extended warranty on. And I went, no, pretty sure he doesn't. Oh, no. Because now I'm starting to realize this guy does not know. And Sharon's looking at me like, oh, God, this is not going well. Because my blood pressure is starting to go up. Because this guy is not only saying that. He's been telling every customer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You're not the first. I'll guarantee you he tells everybody this to sell these stinking extended warranties as if I endorsed it. And he's like, and I'm like, no, I know Dave pretty well. And he does not buy extended warranties ever. I don't believe you. And the guy's like, I can show you in the file. I'll guarantee you he buys extended warranties.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I pulled out my driver's license and I handed it to him. And he looked at the license and he looked at me and he looked at the license and he said, oh. Expletive. About passed out. And I said, Sharon, we need to go to the car because I'm angry and I'm going to say something more that I don't need to say anymore. And we're just walking out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I mean, that's bougie travel right there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And he's chasing us towards the car because I've got to get away from him because I'm afraid I'm going to go off on the guy. And then he's going to have a real Dave Ramsey story. Yeah. You know, that's not good. So I can't do that. I don't have that as an option being me. So I have to escape. And he's like chasing me. Look, I'm sure we can work out a deal. I'm sure we can work out a deal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I can get you the best deal ever. I can get you the best deal ever. And I got to the car and I just got... We went to Lowe's and bought it. And the next morning, I got up and told staff meeting, because when I was happening, it wasn't funny. But the next morning when I woke up, I thought, this poor guy, he is melting in his shoes right now. This is hilarious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's money well spent when you're living like no one else. So, yeah, that kind of like just make my life good when I'm traveling. I don't want travel stress. I want to enjoy the whole thing. And stuff like that where I'm not standing in line, life is good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And by now, I'm just like, this is funny. This is funny. The poor guy, I mean, he really just got caught with his pants down completely. And so I get up and tell the story of staff meeting, and everybody's laughing. On the way, walking across the parking lot back to the office, seven people stopped me and said, oh, yeah, they told me that. They told me that. So now I'm mad again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What a rollercoaster of emotions. Yeah, it's like, oh, my God, this guy. So I picked up the phone and I called them. I said, let me talk to the manager over there. And I said, hey, man, I don't want to be a jerk or anything, but we got a problem. And he goes, I'm so glad you called. Please don't talk about this on the radio. Yeah. He knew. He goes, it's a mistake.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
He goes, there's another Dave Ramsey in another town adjacent to here. I can show you the file. He does buy extended warranties and it's not you. And we have called every store and we've emailed every store and told them to never say Dave Ramsey buys warranties again. It was part of our sales pitch. We took it out of everything. He goes, we're so sorry. We're so sorry. Don't yell at us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I said, okay, that's all. That's good. So we ended up buying a bunch of stuff from him later. Wow. And they still went out of business. And they still went out of business. Don't mess with Dave. That was an awkward experience. A little bit of a long story for your clock, but yeah, there we go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
They'll get you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah, she's like, just take it. Let's stand here and talk to him. I'm like, no, if I stand here, this is not going to go well. Just take the deal. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'm George Campbell. And I'm Dave Ramsey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I haven't done that. I saw that one on Emirates. Yeah. Yes. You get like your own apartment or something? Yes. I've got to do that one of these days. But I understand it's pretty expensive. I might not be willing to spring to that. It's more of a willingness though at this point. Yeah. It's pretty cool though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Old fashions in Manhattan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
If you can't get good bourbon, you got to mix it with something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
But that kind of stuff, I mean, we don't wanna go travel, you know, halfway, 24 hours or 20 hours on a plane and then stay in the freaking Motel 6 just to say we got to go to X country, right? So yeah, we spend money on travel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'm not liking the black walnut in there. Okay. It's hitting you weird. I didn't like that. That bitters through it for me, but yeah, probably six or seven, somewhere in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What'd you rate it? What'd you rate it? He wants to know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
He knows I don't want to mix my bourbon with stuff. Yeah, he should have known.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Kelly? All right. Whatever it is, I'm taking a sip.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, no. I know this story.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, this is so bad. Have I heard this story? Don't tell it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You go, I want to meet him. I do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
His name's on the front of the restaurant. I got to meet him.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You're in your mid-20s. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
She's kind of bashful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And we walk out. And they said his name is Bobby Flynn.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Some overly excited chick at the restaurant.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I witnessed both of them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, you're fine. I'm just going to take your phone away from you at the door. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'm awkward around everybody. It's just a problem. I don't know. Yeah, I mean, the first time I was on the Today Show, Matt Lauer was on and Katie Couric was on. And I'm just like, me and Matt are sitting right there and we did the little interview thing and my little scissors, I'm chopping up credit cards.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It was the, you know, a classic routine I'd done a bazillion times but never done on a Today Show. So I'm like, oh, this is cool. I'm just happy to be here. Life's good. And so Katie's over there at the desk, you know, across the room. They had like three sets in the room, big, big studio. And so I'm like, oh, hi, Katie Couric. And she says, hi, Dave Ramsey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
So I start walking towards her to say hi and shake her hand. And like three security guys jump between us. And I'm like, okay, not shaking her hand. Goodness gracious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's not like you were a stranger.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I mean, they were the stars of the show in those days. I mean, they were the hot commodity. Actually, Matt wasn't. He was just starting then. But Katie was a big deal. Wow. And, yeah, I mean, I'm sure they worried some weird guy from Tennessee with a huge set of scissors is coming towards Katie. You were holding the scissors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You know, we did not do vacations until we had the money. And to do it right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Cheers to that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
We're in enough rooms with famous people. We got lots of things to be guilty about on that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You'll be careful with that. It'll get you in trouble, but yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's what I'm saying. A lot of times when people are doing stuff like that, in my world anyway, I don't know about necessarily our customer or the viewer of this, but in our world, growing up, people going to the beach couldn't afford it. It's like they're buying a car they couldn't afford.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
All right. I don't get to drink on other shows, so this is interesting. Yes, it's good. A real treat for him.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Cheers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And they needed to be home working. They didn't need to be dropping that three or four grand or whatever it was. And to get their dad to live like no one else, so later you can travel like no one else. Yeah, yeah, yeah. But that's what we spend money on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
We do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Still haven't got the invite. Have a drink, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And again, you're right in that, you know, 43 years of marriage, we are both planners. We don't. Some couples, like we've got some friends that enjoy just going somewhere and they land in Europe and they have no idea what they're going to do and they come home two weeks later. Oh, that would drive me nuts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You need an agenda, like we're doing something. Every single, if we do something spontaneous, it's a change in the said agenda. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Patty, my assistant, lays out exactly who's going to be where, the confirmation number.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
No, he's type A. If I have to plan it on the go, it's not relaxing. That adds stress. If it's all done, I just show up. I'm checking in and I'm already checked in when I get there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Most times, you know, because, again, I'm doing luxury stuff and it's like they just meet you at the front door and go, here's your keys, Mr. Ramsey, you know, because you came through the gate and the little guy with the thing in his ear talked into his sleeve and all that junk, you know. And that's life. That's, again, that's like what you love.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
But mom and I are both, we're both planners and we're both detail people and we're not, you know, I don't know what you would call it, impulsive. No. You know, just go for a Sunday afternoon drive and have no idea where we're going. Not a chance. Yeah. All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I would be terrible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Churchill said... When you're young, if you're not a liberal, you don't have a heart. And when you're old, if you're not a conservative, you don't have a brain. And part of that is... Part of the thing that kind of goes with that idea is when I first started this stuff, I was a Pharisee about it. Everything, exact and hardcore.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And so, you know, one thing we've changed is... It's not a principle change, but it's tactical changes. We forced people, like... at threat of being reprimanded to carry lots of envelopes with money in them, actual cash envelopes. And we don't push that anymore. famous financial people came out years ago and said, well, here's what I do, but my advice for everybody else is something else.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I'm like, I'm never going to do that. That was so hypocritical to me. And so I'm not going to do that. So if I pay for my gas at the pump,
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
with a debit card instead of cash out of a gasoline envelope then i'm not gonna scream at somebody else for doing that but in the old days we we did sharon and i every we had stinking envelopes everywhere the uh tactical implementation of the principles we have changed and they are more convenient and easier now the stuff you can do in every dollar is so much better than what we did on a piece of paper and pencil with envelopes with cash in them
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Well, it's good to be here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah, we pushed 20 really hard. I still push it hard because you save the PMI. Sure. You save the private mortgage insurance, which is stinking $75 a month per $100,000 borrowed. So you talk about 400 grand, that's $225, I mean. 300 bucks a month just for the stupid insurance that you don't even need. And so it's costing you a lot of money to not put that down. So I really encourage it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Long time listener, first time guest. I get to come on the show where they drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
But yeah, I think some things like that, that might be one, that might be true that we lightened up a little bit on that. But it's not because of house prices. It's more because we've just learned you know, getting involved in real estate and being an owner is more important than some of the ticky tacky details.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Because you do want to ride these waves up as these prices go up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Took a long time to get me here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I don't do, yeah, my, I do not sit on a beach and read. Ever. Under no circumstances. Don't look for them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Nope. Not going to happen. So my sitting still mode is I got two speeds of sleep and moving.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah, it is. But she was a fan favorite. I hope you beat her. It's crazy that she's way more popular than me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yes, sir. I am.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I am. Wait a minute. That sounds like they didn't approve this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You signed up for this. You signed up. You said, yes, get me up. So I got you up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Why is this a hard thing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
So the question was what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, balance. Balance. The great mythology of, and it's really come on lately like a big time thing, there is no such thing as balance. Because as soon as you're balanced, One second later, you're going to be out of balance. It's impossible. What is this perfect moment in time? You have to take a picture of it because it's going to tip. I mean, it's ridiculous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
So instead of trying to balance, sometimes work-life balance is code for I don't want to work much. Sometimes it's that. But the answer to the equation is... Be where you are 100%. If you're at the lake and you're going to go skiing, get your butt up and let's go. Don't be checking emails. We're not sitting there, you know, I'm not writing a blog instead of doing that. I'm doing that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And so when I'm at work, I'm at work. I'm game on. That's what I do. And I'm not doing 63 other things. Then when I go home, I turn it off. I'm not going to sit... I don't take 73 emails during dinner with my wife. The problem I think people have is they get all this anxiety because they're trying to do two or three things at one time. They're trying to be a great...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
mom or dad while simultaneously working at home on their computer. Or they're supposed to be working at work. Instead, they're on the dadgum Facebook page trying to be a friend to somebody. So you ought to be where you are. Wherever you find your feet, be plugged in there. Be 100% on that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And then what we did tactically in the old days, because I drive so hard, I had to learn, I actually learned this at a marriage conference we went to, to stop at the bottom of the street before I go home and just sit and listen to a praise and worship song. I just got to change gears. To reset.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I got to change gears because I can't use the same tonality, energy level, weapons on my family that I've been using to fight battles all day long. So I need to reset. And the guy said, the other thing he said was when you get home in the olden days, the warrior would take his musket or his sword off and put it above the mantle. I'm changing gears from warrior to dad or warrior to mom.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
The other thing we did tactically was we just said, okay, there's some things that are important and we're going to signal to the family that they are more important than work by doing those things. So in the high school years, Rachel referenced that, you know, 100% of the prom dates were on the calendar before we started booking live events.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And we just simply, well, we have a venue and the only time it's available is then. Well, we're not going because I'm going to be home cleaning my gun when that young man picks up my daughter. And so we're going to have a discussion here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Not much.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
But the, I mean, I'm going to be having a thing. And, you know, Daniel, I coached his ice hockey team growing up. And, you know, we just put the ice hockey schedule on there and I worked around it. because it generally was in the evenings and weekends, and so only an event or speaking gig or something would come across some of those things. We just can't go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I've got nine-year-olds that are counting on me, so I've got to be down there. I can't take that gig. And so we just set things on the calendar, but then when I needed to go work... you know, on a weekend and I might've missed us. I made no attempt to make every stinking softball, soccer, hockey. Imagine with three kids, there's always something happening. No, it's impossible. It's impossible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
The worst one was 2003.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I made no attempt to be that guy. But that's not work-life balance. That's out of balance. If you have 73 sports for your kids and you make every single game, you are not in balance by definition. And so, you know, that's the kind of stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
So anyway, that's, but we just said, prioritize, be where you are 100% and prioritize some things to where we're setting the bar that marriage is first, kids are second, work is third. And above all of that is God. And that's a priority. And so, you know, we're gonna lay it out that way and we're gonna actually live our lives in a way that indicates that that's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I was not at every game, but I remember you were, what would they call you, a flyer?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
A flyer. Wait, that mean you were in the air? That means she was the little kid and they would toss her.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's the most frightening one.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Yeah, stay open. Stay out of jail, all the good stuff.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You know, when we first started sharing off the bottom line with people, that's when we had to answer the equity question, was are we going to let someone have stock? Okay, so our end game is, We decided a long time ago, Endgame is not going public. Endgame is perpetual operation generationally. And so it's what Simon Sinek calls the infinite game. So we don't have an exit to an IPO planned.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
We're not doing that. We've decided distinctly 25 years ago not doing that. We don't have a sale of any kind to a VC or anything else. We don't have a liquidity moment anywhere on the horizon.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
at all if you do it would change what you're doing maybe okay because if you're going to take the thing public and you give some people some equity that's not a big deal okay but if you're running it infinite like that and um about the only thing that we're a hundred about the only person in the building we're 100 sure still going to be here is me
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Everybody else could, might someday want to leave or have to leave. And so and I didn't want that. I wanted everybody to stay forever because I love our people. And, you know, some of my best friends are my leaders here that I mean, we do stuff socially with our wives and husbands and everything else. I love them.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I've got high respect for them as human beings, as their spiritual character, everything. But still, I have over over all these years found that sometimes people leave. And I cry a little, but I cry a lot if they took stock with them. And so we don't have any equity positions at all.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And you make unbelievably good money when you move into leadership and you're paid off the bottom line here, like lights out scary good money. Like nobody, nobody does what we do. We're so freaking generous because these are the people that are running the thing. They're the people that grew this. They deserve to get paid like they're a partner. And so I have zero greed over that.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And he built it, built us a site on there with cold fusion. And it was pitiful, but it was still cutting edge. It was a big time deal in those days because nobody had a website. We had one of the first people had a web store to sell stuff online.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
But you don't own anything. I own 100%. Well, I don't own the stock anymore. It's in my kids' names from a state and planning standpoint. And they're my grown kids, the next gen of grown Ramseys. I mean, I've got 1%, to be clear, but the only voting stock. But anyway, there's no equity. There's no equity anywhere except Ramseys.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And the the with the exception of the occasional temporary thing.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
But in terms of the actual structure and the reasons, very simple. Our quality of communication, in-person communication quality goes way up. And so things are actually communicated. We all know this. Anyone that's got walking around since knows that 85% of communication is body language and tone and not words. And so when you are sitting beside someone,
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
because it was a platform again platform platform platform so we're platform agnostic and anytime we see a and a new on our emerging platform analog or digital we're going to put our toe in the water and keep doing the ones we're already doing we're not going to abandon them if they die on their own fine uh if something runs its course we're done with it but uh but but and
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You can feel the spirit of what's going on, and you are getting a whole different level of quality of communication. What that does is it increases two things. It increases trust, and it increases productivity. And then those two things increase speed because organizations move at the speed of trust.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And so when I am not sure because I'm using a text or I'm even a Zoom and I'm not really sure what she meant or he meant, I can't really tell if they were being passive aggressive. But if you're sitting with them, you know, if you're sitting with them, you know, and I can go just go walk around the building. And I can feel the air. I can feel it in the air. I've been leading a long time.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And I teach my leaders to do this. There's an old book a thousand years ago, In Search of Excellence. It was the good to great book before good to great, before Jim Collins did it. It was back in 92.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
you know that they studied great companies and one of the things the managers did that they did management by walking around just walk the floor of the plant if you're in manufacturing and feel the vibe of the workers feel the speed feel the energy in the air look for chaos look for dirt and filth versus organization and I walk through I smell food and
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
inside of our building no that's not cool we have a cafeteria you don't eat at your desk leave your salmon somewhere else nobody wants to smell that crap right and so you know they're just little stuff but you just walk through and you can kind of tell uh you know i I walk past people, they're on a coaching call, on a Zoom call with somebody, and I just pop my head in there.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You know, smile, wave, and disrupt the whole call, and then leave. Spread hate and dissension, right? So that kind of thing creates a cultural...
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
uh level of trust and productivity uh i call them drive-by communications i can just drive i can walk past and i read through the weekly reports and uh uh so-and-so's mother's got cancer and i walk past just touch them on the shoulder and say hey man i'm praying for your mom sorry about that third you know six eight second interaction that does not occur if they're remote
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You know, we just go on and do the next thing. And a guy walks in my office in the early 2000s and says, we need a podcast. And what's a podcast? I don't even know what this is. And we were one of the first, certainly one of the first in talk radio to put a podcast out because the talk radio people resisted it. They were afraid it was competition. So on and on and on and on it goes.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I did read one piece of research that you get more – chances at promotion oh yeah in person than if you're sitting at home and you're only on the calls commensurate to the task assigned to you and so and you know we can add to this even further you've been here uh we've got this massive fabulous cafeteria
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
uh restaurant at ramsey so um and on top of that we dropped several million dollars a year into that to subsidize the food cost so you can eat here for about half of what you can drive down the road and you know get a fast food burger or whatever why do we do that because when people eat together Oh, that adds a whole nother level. When you break bread with someone else, it changes everything.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And so what happens is people that don't work together end up eating together. And what you're talking about occurs. They learn from each other. They, you know, they talk about stuff they're working on. Sometimes they just talk about personal stuff. But then the next time an issue comes up, they trust that person because they've actually developed a bit of a relationship with them.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I look over in our tech guys and we got a bunch of techies in here, a bunch of programmers and stuff. And they're all over there huddled around some table playing some weird board game thing that I don't even know how it works. And, you know, that only programmers would play. Right. And are some weird card game Dungeons and Dragons type stuff or whatever. I don't know. And they're having.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
a blast and they're playing together and eating together and that changes the whole vibe of the deal. I will tell you that if you just are only concerned about a task and that's it, a simple tactical do this thing, that's fine for remote. But our stuff is always, 100% of the time, we want more out of the interaction than the simple task being accomplished. And that's why we've stood firm on this.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And we've lost some people to that. They want to go work and have work-life balance, which... or whatever they call it, and so that they can work from home. But what that actually means is I'm not planning to work eight hours. Right. Because if you're working eight hours at home, you're not talking and interacting with your family.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So I don't know how you added hours to your family unless you're cheating the company. And so I don't understand it. But I'm not mad about it. It's just why we've decided to do it. But some people jet, and we've lost some good people over that. And so we've had a lot of discussions about it here, but we're pretty firm on that.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And now we end up today, we've got about 14 profit centers here inside the organization today. There's about 1,100 of us, 650,000 square foot campus that you've been here and hung out with us at our home. And, um, and so we've got the entre leadership brand where we're teaching leadership and coaching small businesses.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
The essence of delegation is trust. And so when I can let something bubble up from the bottom, it's because I trust the people. that the idea is going to get filtered and vetted. We're not going to go drop a million dollars on a bad idea. And so I trust the competency of the people. That's a form of delegation.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You know, I don't know if it was off brand, but. I think one of the most expensive things we ever did was that we got about several millions of dollars into the building of a debit card.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
A Ramsey debit card. It wasn't off-brand. It was right on brand. But... It was one of those things we didn't know what we didn't know, banking regulations and so forth. So we're looking for a click and mortar bank to park the thing in because we're not in the banking business. We're certainly not going to open a bank. Good Lord, no. That would be, there's no way.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
But there's tremendous revenue potential in the transaction fees. And so we're looking at the Ramsey debit card, and it's something that we could promote. We could brand it. It had a nice little gazelle on it. It had a nice little R on it, that kind of stuff. And we screwed around. That thing was born in Special Projects Committee. It was a baby. It was an orphan, and we brought it. That's a deal.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
We brought in an outside guy that knew the banking world, and he's still with us today. He works in another area. He was a brilliant guy, really smart. And, um, I don't, I never want to lose the guy, but, uh, we got down into that thing and it, uh, you know, of course it has to survive through the pandemic. Uh, and, and that, that slowed everything down, shut everything down for a while.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I had to back, put it on the shelf, get it off the shelf and dust it off. Okay. Get it going again, get the beta pick back up, get the alpha picked up first and get the beta picked up. And I think we're at about 10,000 people in beta, uh, And the outside fraud bots started hitting the thing. And we thought that the bank had the software to catch all of that.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And we've got events around that books around that the book we're talking about today is from that, that idea. Uh, and we've got a huge coaching business in that area, coaching small businesses, uh, 200 and fewer team members. And, um, we're not real good with the large corporate goobers. We don't help them much. So, um, And then obviously we've got all the stuff in the money space.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And then we're looking at, okay, we're responsible for these overdrafts that are being created. We have to cover them.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
um in our contract and real quickly the thing starts going sideways and i'm like man i'm so many millions into this thing i really don't want to kill this thing but i we're looking at the risk and the upside and we just we blew it up we killed it and i still got one of those little debit cards in my folder i carry it to remind me of how stupid i was we weren't stupid really we we did everything correctly but what we
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
We were ignorant. We did not know what we didn't know about what our exposures were. And once those exposures became evident, we just had to go, oh, this is way scary. I can't breathe. And we're not doing this. Our losses could be infinite, huh? Yeah, exactly. Exactly.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I'm like, yeah, if we lose the several million we've got in it, that pales in comparison to how bad this could be if we don't stop. So we're going to stop now. And odd thing, the bank that we were working with later went sideways and was in the news and blew up. And so I think I think God protected us by letting us X the thing early because we would have gotten the opportunity to exit anyway.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Or we would have to move the whole project to another bank when that bank blew up. But it was a click and mortar bank thing.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Exactly. And it was working. The customer loved it. We would have been able to track, for the customer, track their expenses and give them report and feedback. The data we could have reverse furnished back to the customer was going to be, oh, man, it was going to be beautiful.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And we had written so many of the APIs and so much of the tie-ins to get all that stuff. We're running it on every dollar in the beta. Whew.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
No, we have done all other investing outside of Ramsey Solutions and in separate legal entities as well for risk management purposes. That's simple. And also for estate planning purposes. So, for instance, the campus that you were on is probably a $600 million asset, roughly, something like that. Which you own in cash, right? Yeah, yeah. I just wanted the audience to know. Sorry.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Financial Peace University is now digital. It's no longer a VHS or a DVD or even an MP3. It's a digital format. We're rolling that up into slowly. We're in beta to slowly start to move pieces of that into the EveryDollar app, which is one of the largest budgeting apps on the planet right now. We've had 50 million downloads with that. That app is huge. It's exploding, and it's fabulous.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So when we bought the dirt to start laying the first bricks on the first thing on it, that was a $10 million purchase. And it's the largest purchase I'd ever done in my life when I bought the dirt. And I was freaking out. And I'm like, now I got to build something too. Now that I bought the largest thing, now I got to do something even bigger. And it's like, we're going to cash.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So we cash flow everything, as you said. But we immediately dropped that into the children's trust so that I'm not the owner. And and so you avoid any you don't avoid capital gains on the I'm sorry, a state tax on the basis of what you put in there. But you do on all the growth. And so while we've owned this property, it's doubled in value.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And so there's hundreds of millions of dollars that have now avoided estate tax by that being over there. Plus, if someone wants to sue Ramsey, which apparently is a hobby for some people, and then they, you know, that's not on the plate because Ramsey does not own the campus. Ramsey Solutions is a tenant. uh, of the children's trust.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And then, you know, same thing if we, we own a bunch of other real estate, cause I love real estate like you do. And, uh, um, I just buy that and then drop it into an LLC. And if it's anything over a 10 million, I'd drop it into a single standalone LLC so that all risk associated with that property is contained within that property.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And, uh, from a litigate, from a litigation standpoint, uh, or, or maybe anything else. But, um, And also then that gives us some other estate planning things we can do with, because partial interest LLCs can be, with one of the kids can be, or a kid entity, a trust can be greatly reduced in appraisal value. And you can slip more and more of that into the estate plan and not have taxes on it.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So we've been doing a bunch of that for 20 years and playing with all that stuff. Risk management is the only reason it's there. Philosophically, it's all in one lump.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Honor to be back with you, my friend. I'm so excited with everything that's happening with you guys. You're blowing up, man. I'm proud to watch you. It's great.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
No, I have used – I've done both. So all accounting for the whole thing is in-house. Ramsey Accounting Team does it. Taxes have been outsourced forever anyway. Estate planning has been outsourced forever. Nuanced litigation has been outsourced forever. But a little thing, if I need somebody to look over a lease –
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Or verify that we wrote the LOI up if we're doing a – I bought a piece of property this week. And, you know, or I've got it on LOI. I don't have it contracted. So, you know, will my real estate team, which does not work for Ramsey, walk down the hall? They do sit here, but they don't work technically for Ramsey.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Do they walk down the hall and run it past the general – somebody at the general counsel on the legal team? Probably. Probably. Yeah. But minor stuff. But pretty quickly, if anything gets like if you're if we're rezoning a piece of property, my legal team here to not do that. I've got that's going to be an outsource guy.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I'm going to bring in a zoning attorney that knows what the flip they're doing and knows everybody at the county that can walk it through because my guys would be stumbling around not knowing what they're doing down there. General counsel would be.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
It's very robust. Our tech team has done an incredible job. So that's the digital, very scalable thing on one end of the barbell, and then we've still got coaches over on the other end, and we still do small, high-end, ultra VIP platinum events where 25 people go to my event barn at my farm and hang out with me for a weekend. So we go all the way. We stretch the spectrum.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I did not anticipate when I was 64 years old that I would own zero. I don't even own my cars. I don't own anything. Everything is in an LLC, and my wife holds the LLCs. I actually am a very poor individual. You know, we built this, again, we referred to it several times, but we love our campus and I'm proud of this property. We've done a good job with it.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
But when we're sitting on the interstate, two six-story buildings with big, huge Ramsey Solution signs on them. And I thought, because I'm a real estate guy, I thought, okay, traffic count, that's branding. You know, people going up the interstate, they see Ramsey, and they stop in and watch the show here because it's on the glass, and it's all this customer interaction.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And it was like, you know, the stuff we're teaching is working for us. So it's proof text for the customer, right? And so it's branding, and it's all positive, positive, positive. I had no idea that when you did something like build this building and put it on the interstate that you basically should have put right under the sign the words, sue me. Yeah, a nice bullseye, right?
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Bullseye, a little bull. Bullseye, yeah, because I think some people got from that that this is now a target-rich environment. And then we've had to spend some money convincing them otherwise because I don't do well with this kind of stuff. I really don't negotiate. I'm going to pound you into dirt. And I've got some of them that are six and seven years now.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
that I've been sitting in court, and I'm not going to quit. I'm going to destroy them because I cannot stand the thievery that that represents. I can't stand a thief.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Well, we came up with what we're looking for because the best-selling book we've ever done and probably the most known thing in the entire Ramsey brand has been The Baby Steps, and that was the total money makeover book, 12 million copies now.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And what we discovered from that, teaching people the seven baby steps, this is what you do if you want to go from broke to wealthy, is when people have a clear path, it gives them hope. And they don't have paralysis of the analysis, and they don't have – if you have a clear map to get to Florida, your anxiety goes down if you're on the way to Florida, you know, and you need a clear path.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And so I didn't have a clear path running a business, and so I'm kind of making it up as I go, and I got a lot of bumps and scars and bruises. And I went slower than I should have because I didn't know what the next step was. So as we've coached ourselves now through 30-plus years and about 10,000 small businesses, we're observing that businesses go through five stages.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
It starts with a treadmill stage. When you're by yourself, you're a solopreneur. All revenue is based on you. All production is based on you. You don't even really own a business. You just own your job because if you don't work, nothing happens. And so you come home from work and you flop down on the couch. I would when I was at that stage and Sharon say, what'd you do today?
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I don't know, but I did a lot of it and I'm exhausted. And so you just run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, run. And it's if it's to be it's up to me is not a motto, but it is the motto. And so, man, you get her done. And that is fun. It's invigorating. It's a fun time.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You still believe this business thing is going to be easy because you're naive at that stage. But it's not sustainable. You don't meet 10-year treadmill operators because you run out of breath. It's too hard if you just own your own job. They end up closing, going to work for somebody. Or they end up growing the business. So what do you do to grow?
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Well, each of these stages, we figured out there's some things you do to level up. On that one, it's pretty simple. Time management. You've got to do what our friend Berger at E-Myth says, and that is to work on the business, not just in the business. So you've got to allocate blocks of time. You've got to start blocking time and say, all right, I've got to work.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
from the high-margin, high-touch, expensive thing all the way over to free on the EveryDollar app or free on the podcast consumption or the YouTube consumption. Probably more of an answer than you wanted, but we're all over the place. All of these things, though, have to do with just is there another way
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I've got to start thinking about something other than freaking Friday. And the second thing is I've got to learn how to hire people, and I've got to bring all my first folks, and I can delegate to them so that someone is creating production and someone is creating revenue, both, that is not just me.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So that if I'm hurt or I'm on vacation or one of my kids is sick and I need to attend to them, the whole thing doesn't stop. And when you do that, you level up, you know, get your first hire. You start a little bit of baby delegation here and you get some good time management. You go to the trailblazer stage.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
trailblazer is just chaotic it's crazy i mean you're trying to herd cats you got 10 15 people and they're running in 16 directions nobody knows what nobody's doing but we're doing a whole lot of it and uh it's uh communication is is really fun and there's a lot of passion and a lot of zeal it's a good stage i love the trailblazer stage uh but again it's it's
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
It's so frenetic that eventually you start to go, I really want to get a little bit more sophisticated than this because this is killing me. And so how do you do that? Well, you start actually doing some planning, which is a whole new idea for the tactical person like me, because when in doubt, I bust something in the nose, right? When in doubt, I'm going to run into the wall.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Let's go do something. If I run into it enough times, it'll fall over. And I just start, you know, I got to stop being so tactical. I got to start thinking about long-term. I got to start really developing my first layer of leadership inside my team. That takes you up to the Pathfinder stage, or that's Pathfinder, up to Trailblazer stage. Trailblazer stage is the middle stage of the five.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I skipped one. And Trailblazer stage is the middle stage of the five. This is where you actually, where I first started hearing about strategic thought. I'm so... straight commission sales guy, mentality, tactical guy, that when someone said, we need strategic thought, that sounded like corporate America. And I went, no, you just ought to go get your work done.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And so, but then I started hiring some guys and gals that had MBAs, and they started, I think 100% of the MBA programs teach strategic thought. as a primary thing. And so they start teaching me the value of strategic thought. They're like, look, you don't have to run into the wall. If you turn right and then turn left, you go around the wall. It's a lot less energy. You burn less calories.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I'm like, how'd you know that? Well, I got above it. I had a 30,000 foot view. I wasn't just looking at the day to day, the moment to moment. Thank God it's Friday. Oh God, it's Monday. And so we blow past that And we start actually doing strategic thoughts. So my MBAs that I hired and other people taught me strategic thought. I didn't know it. And I always laugh and say I taught them how to work.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So we did that. And then you move to Pathfinder as the fifth. And that's where it's really sweet. Man, you're bailing money now. You've got your systems in place. The process is in place. Planning is in place.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You know, we tried to attribute it to that, and we could do that with our journey, but we really couldn't. It changes from industry to industry. So if I'm dealing with a guy that's got one heating and air truck, and he's doing HVAC, when he gets the 20 trucks and 70 employees, is he there? No, he could still be.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
to preach this message is there another platform so we're platform agnostic someone said you're you're a best-selling author no that author is one of the things we do you're a talk radio guy no but talking on the microphone is just one of the things we do uh we're not and we're not we're not married to any of them i got one wife and that's that's plenty all right i have a bunch of follow-ups on that so with all these different profit centers number one is what
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
He wouldn't be treadmill, but that doesn't necessarily mean he's Pathfinder versus Trailblazer, right? Because he could still be doing some of the dumb stuff three layers below what it looks like he should be doing. And that was me. That's what I did. The last stage is what we spent a lot of our time on, which is where we are today, and that's the legacy stage.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
stage where you talk a lot about succession what's your end game how you're going to hand off uh and you've got a bench depth it's the ultimate bench depth is how you're going to replace yourself and uh and move to the family office mentality as you said and those kinds of things so we walk you through those five stages show you a clear path and then there's six drivers that drive those i won't cover them all right now uh but you know it's uh uh
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You know, it starts with personal growth. I am the problem and I'm the solution. I'm the thing holding the business back at every stage. And so I've got to get better at every stage. Right. And purpose and people, the quality of your hires, the quality of your culture, the quality of the connectivity in the culture with the core values.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
All those things evolve as you go through the stages and profit planning. And then you just cycle back through those six drivers.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
We think we've been through the six drivers at Ramsey probably somewhere 10 to 15 times while we went through the five stages because they change as you, you know, it's like you read a great book and then four years later you read it again and you're a different person so you see different things. And so you change as you go through.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
But that clear path between the six drivers working to get through the five stages has set a bunch of our folks, our clients, our customers free. So we decided to put it into a book. And that's what building a business you love is.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Well, these days we are much better. In the old days, we just did it. I mean, it was stupid. It was just stupid. But nowadays, we actually do run a beta on something, and we look at the ROIs, and we look at the customer acquisition cost, the ROAs, and so forth, and we're looking at, you know, is this a good use of our bandwidth?
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
of our marketing bandwidth, of our leadership time frame, the time invested, overhead committed to this project. And so, I mean, we drop a lot of stuff in the test bucket, but if it's not going to have a great ROAS, if it's not going to have a great conversion, and if it's not going to have a great margin when we're done, we can't afford to do it. because of opportunity cost.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
We can afford financially to do it, but the missed opportunity on something that was working 10x of what this little thing that we fell in love with over here but sucks, you know, we have to just let the thing that sucks die, and it didn't make it out of the test tube. That's all it amounts to.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And or can we you know, can we iterate it five or 10 degrees and cause it to work? I don't want to kill everything instantaneously. But I mean, if we're going to invest even enough to get it into the test tube, we're going to we're going to iterate, iterate, iterate before we kill it. But when we lose hope that the thing is going to have happened.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
have a scale or have a margin that is commensurate with the with the resources committed, as you said, then, you know, when we lose that hope, we've got to be grownups and go, yeah, I really like this thing, but it just it's not it's not it's not good business.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Yeah, what what ended up happening with us was we classic entrepreneurs.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Probably a hodgepodge of a little bit of all of that. I don't do it, no. But what we have created is this collaboration freedom for anybody to throw an idea on the table. And then you've got to defend it. You've got to make a case for it. And so you can't just throw it out there and go, well, you guys go do that now because I'm so smart I came up with it. Because ideas are a dime a dozen.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
um you know we were um we bit add and so uh you know just something something flashy and uh shiny went in front of us we would look at it because but it all came through the funnel of or the filter of does this serve our mission and our mission is just to help people uh with common sense education and empowerment in some area in their life it started in the money piece
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
People who can implement them are the problem. Any one of the profit centers, for instance, Entrez Leadership. So it's got several components to it. It's got a digital component, Entrez Leadership Elite. which is a digital coaching product for small businesses, right?
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So if somebody comes in and says, I got a great idea to add something, a tool to that digital product or whatever, that's usually going to bubble up somewhere in that Entrez leadership team. From the vice president who's running that, Jason, or, you know, John Velkins, our senior coach over there. So he's got a lot of him and his coaches there on the front lines.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
They're interfacing with a customer all the time. The customer's going to throw needs at them. They went, okay, we need to serve this need. How can we do that? Is that a digital thing? Is that a coaching need? How are we going to fill it? So fill the need, fill the need, fill the need from an entrepreneur's perspective.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
But what we do is we give a lot of power to the vice president of that particular business unit or sub-business unit to bubble things up. And then on top of that, if somebody's in another whole area, they're more than welcome to – you know, pull the pin on a grenade and throw it over in another area and go, hey, guys, I got a great idea over here. I want to blow some stuff up.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And so, but again, you've got to defend that, and then you've got to defend the resource usage to take it forward, to take it past gleaming idea that I had while I was on the running trail this morning, which you get a new idea every freaking morning if you're doing this. You know, it's just, and 90% of them suck when they actually come in, but when they're on the running trail, they're all great.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
you know, before they see the light of day in the actual business climate. So anyway, I'm convinced that, you know, everything Ramsey has done has been on about 10% of our ideas. 90% of them, when they made the light of day, sucked. And some of them really sucked bad. But, you know, you don't know that sometimes until you get in there swinging. So all that to say, it's bubbling up.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Occasionally, we'll have something that doesn't have a home, right? And we have a special projects wind team that is an incubator. It's a shark tank, if you will, for ideas that don't. They can jump in. And so you've got some senior leaders representing several of the disciplines that sit in there. And special projects works on two things. Broke things. An area that's got the flu.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
and it's, you know, we're not meeting budget. We're not hitting our revenue goals. And it's a, you know, it's a good size thing and it's problem. I sit in that, I sit in that work team. That's one of the things I sit on. It's one of the groups, work groups I sit in because I'm entrepreneurial and I love working on broken things.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And we'll take a baby thing in there that doesn't have a home, an orphan, and, um, you know, put, put it in NICU in there and let's get this thing, let's get it nourished. Let's see if we can get it moving. And, um, See if it can survive. If we can get the thing to where it's past beta and it's actually, the business has actually got some social proof, we'll make it a new profit center.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Or we'll drop it into one of the existing ones, even though the idea didn't come from them, and go, look, this fits over here the best, so we're going to drop it with you guys. And we'll send a leader when we send it over there. We'll put a new leader on it and then start to staff it out.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And so when I first started, I was doing a free I was working for free at a talk radio station, doing a little talk radio show on the local station. And I print a little book, start selling it out of the trunk of my car. So publishing was born. Right. And then we did an event at the local Ramada Inn. So live events were born. And so each of these in those days, everything was analog.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Probably 80%, maybe even 90% of the time it's in house and we're constantly working on bench depth around here. And so we've got somebody waiting in the wings and it might be them that, that birthed the new idea and brought it into special projects, you know? And so they may have been rocking the baby for a little while and then they just get to, they get to grow it on up, right?
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
They get to give the orphan a home and they, they become the new mama daddy or the, of the thing. So, um, uh, uh, Yeah, that's how I like to do it, because if the person if it was born in their heart, they will they will fight all the enemies internally and externally for the survival of their baby. I mean, they'll champion the cause, baby. I like the I like champions.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
You know, they paint their face blue and, you know, and, you know, Ride a horse with a big sword coming through the thing to get everything. And sometimes you've got to sit them down. I would a lot rather try to take somebody like that and pull them back and polish them a little bit than trying to light wet wood.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
We started it with one area, and it was tech. because tech was exploding 20 years ago. And so, you know, we had the web department, you know, that's what it was called. That's how lame it was, right? And so these programmers and tech people are all sitting in a room, but they're getting paid off the P&L of that profit center.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
So the guy or gal running that profit center wants some freaking accountability, right? But instead, we had them just over here. They were on their own little island, and we had to break that up, and that's when we busted it. It was about 20 years ago we went to this matrix approach.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Yeah, they got literally a P&L, and they literally get paid off the bottom. They get billed for portions of the overhead, the rent for the building in their area, as if they were a standalone business, so to speak. So we're job costing, if you want to use accounting terms. And then they get paid off that bottom line. So if their bottom line goes zoom, zoom, their personal income goes zoom, zoom.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
I want them to be very wealthy because that means they made me a lot of money. And so I love it. And we want everybody in the building doing that. Also, though, we have a high respect for the C-suite. We have a high respect for that senior marketer and the value that they bring, not just the entrepreneur running the vice president's role.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Or again, a senior VP sitting some of those and even some executives, some of our operating board members sit in some of those seats. But but that's how it all rolls up under a business unit.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Of course, the Internet comes along and one of these kids working for me comes in and goes, hey, we need a Web site. And I'm like, what's that? And so we built a website on one of those tiny little antique. You ought to look them up. They're cool. Those little first little Apple computers, the first little they look like a little shoe box.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
Yeah, because what I've got is our operating board is half C-suite and half business unit. And so what we've got to have is we've got to have this, we have to have an accounting system and a budgeting system that serves the business units and notifies the rest of us how the business unit is performing. And so it's not really optional. You've got to do that.
The Game with Alex Hormozi
Do This If You Want to Build A Business You Love (Dave Ramsey Interview) | Ep 871
And if you're a bootstrapped entrepreneur that came out of sales or marketing, you might not know how to do all that accounting stuff. And so I've got to roll some accounting support up under you to make sure that you get to keep doing the stuff you're good at, but we also actually want to count the beans and make sure there are some.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
They go because they're tired of being overweight. They're tired of being out of shape.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
It would mean a lot to me if you would listen to this stuff and tell me what I'm missing here with this because I'm really excited about this idea because I've been so scared for so long and I really want to change our family tree. I really want our kids to have a different life. And the way we've been living with the kind of money we make is not okay with me. I want us to prosper.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I want us to end up with something at the end of the story. I want the kids to have a different life. And just keep talking about that kind of stuff instead of talking about we need to sell your car and let's get on the debt snowball. You need to be more intense and you ought to go get a job. And start talking about all these what's. Nobody lines up on the what's until they get the why's.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So you've got to talk about why, why, why, why, why. And you can talk about your why and you can ask her, okay, what would it be like for you? Dream together, dream in HD, high-definition dreams. What would it be like for you if we had a million dollars?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Yeah. So, you know, those of you that are just picking up on this stuff, be real careful that you Either one of us and our personalities or the stuff that we teach or the name Ramsey becomes a cuss word in your house because you use it as a club on somebody like, you know, because like suddenly you got smart and everybody else is dumb.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And and you come in there swinging the bat at everybody and they're like, I don't like this Ramsey stuff. I don't even know what it is. I don't like it. Of course, they're not going to do it. But that's you coming in and saying, you know, we're stupid, and we're not doing this anymore, and we're selling your car. And what? No, I don't think so, buddy.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And all of a sudden, you've got a spouse that's not plugged in. And the other thing is this. Very rarely are both spouses at the same intensity level exactly the entire time.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I need some level of intensity. That's right. Mark, if you're running at a 12... If she's running at an eight and you're running in the same direction, you're going to be fine.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
It's if she's running at a zero or a negative four, that's when you've got a problem, right? But, yeah, it's okay. But all of that comes back to why, not what. And listen to this guy. He's telling us we're stupid. Because I will tell you that. Because I love you and I want you to stop being stupid. See, there's that delivery thing right there. This is The Ramsey Show.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I also discovered that there are a lot of ripoffs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income, which is the smartest, most affordable way to protect your family.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Are you staying on track with the baby steps?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Take a quick quiz to check your progress and receive a personalized plan just for you, which is like what a personalized plan is. So simply head to the show notes, click the link. Are you on track with the baby steps and complete the quiz? Very easy. And then we'll ship you out a thing straight to you that is just for you, baby. Yeah, that's fun. Devin's in Fort Wayne, Indiana. Hi, Devin.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
What are you being sued for $15,000?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Oh, okay. All right, cool. And it's been two years? Yeah.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Who's the insurance company that's coming after you? Safeco. Okay, cool. And have they sued you?
The Ramsey Show
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Okay, cool. And what do you make?
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A week? Yeah. Okay. All right. And you're working 40 hours at the new job? Yeah. How old are you?
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Yeah. That didn't work good, did it? No. You got insurance now? Yeah. Okay. You learned your lesson then, right?
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Good. Okay, cool. So the new job, what are you doing? Building RVs. Okay. You're working 40 hours?
The Ramsey Show
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Okay, cool. Cool. All right. So here's the deal. A Um, insurance company, let's put their lawyers shoes on their managers shoes on for a minute. And I'm going to look over at this guy. This guy owes me $15,000. He's not a multimillionaire. He doesn't make a lot of money. He's 24 years old. He's a young broke guy. Right. That's what I see. If I'm coming after you.
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You're going to be hard to collect from because you don't have anything. Right. That's what I see if I'm looking over from their shoes at you. Is that fair? Yeah. Okay. That's to your advantage, dude. Okay. Because that's the card you play. So the attorney that sued you, you've got their name, right? Yeah, they gave me the name and phone number. Good, good. Okay, here's what I want you to do.
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I want you to scratch together by working two extra jobs on top of the one you just got. Are you living at home? Yeah. Okay. So you don't have any expenses much? No, not really. No going out on weekends, no happy hour, no nothing. You're broke and being sued. You need some money. All you're going to do is work and stack cash for a minute, okay? I want you to work three jobs, okay? Okay.
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I want you to get $5,000 really fast. All right. How fast can you get $5,000 if you do what I'm telling you to do? A month and a half. A month and a half. Yeah. And then I want you to call a lawyer. Are you in a good church by chance? No. You know any good lawyers? Just their personal friends or family or anything? No. Okay.
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Then you're going to have to take a chance, but you're going to call the lawyer and I want you to play broke kid records for him. Okay. I'm a broke kid. I'm 24 years old. I got no money. I was stupid. I didn't have insurance. I screwed up. I know this is a debt and I know you can come after me and I got nothing. So you're not going to get nothing. There's nothing for you to get, dude.
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But I did work six extra jobs because my financial coach told me y'all would settle with me. I'm your financial coach, and I just told you that. Okay. And I'm going to offer you $5,000 cash right now to settle this whole thing. Let me tell you what he's going to do. He's going to whine, spit, roll around the floor a little bit, and he's going to say $7,000.
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And you're going to say, I don't have seven. I have five. He's going to whine. He's going to run around the floor. He's going to spit. You're going to say, I got five. Do you want five? Because I'm a broke kid, and after this phone call, I'm going to use some of that and just go file bankruptcy, and you're going to get zero. But I'd like to just get this settled.
The Ramsey Show
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And you're going to have to negotiate, play broke kid, broke kid records, and get him to take your five grand as settlement in full. Remember that phrase, okay? I want to settle this in full. No, I'm not paying payments. And I'm going to settle it in full. And they'll take your money. You're going to work at it a little bit, okay?
The Ramsey Show
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But this is the price you pay for not having insurance, and you're going to go get it straightened out. And you'll never forget this the rest of your whole life. I did stuff when I was 24 that changed the trajectory of my whole life, too. Then they'll take it, won't they, Jade?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
They'll take it because they don't think they're going to get anything, dude. Right. They're going to consider this a gift from heaven.
The Ramsey Show
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that is true okay because statistically you're a bankruptcy looking for a place to happen but dude there's no way you're bankrupt you can make this kind of money and pay it off you're going to get it all cleared up because you just stack cash and live at home and go work five jobs you'll clear the whole thing up if you have to but you don't have to you call them and work a deal get it in writing from them before you give them any money
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I need it in writing that you accept $5,000 of settlement in full on this claim, on this judgment. When I get that in an email, I will wire you the money that day. But you got to go get the money first before you make the phone call, right? Right, right. So are you going to do that? You think this will work? Yeah.
The Ramsey Show
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No, you put the $5,000 in your hand and you wave it under his nose and you play broke kid records. Okay. And he's a lawyer. He'll bite. or she's a lawyer, she'll bite. Because they know there's not going to be any payments. My financial coach said, under no circumstances, bad guy off of me, Devin. Just say, my guy told me I can't do that.
The Ramsey Show
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I'm your guy, okay? Because I just told you you can't do that. And you say, I don't know what I'm doing. I'm just a broke kid, but I got $5,000. I do know that, and I give you that if you want to be done with this. But you're not getting that and payments because my guy told me I can't do that. Right. You going to do this or not? Yep, I got you. All right. You're not bankrupt, dude.
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You just need a plan, okay? I appreciate it. Go get them. If you need more help, you call us back. That's why we're here. Got to have a plan.
The Ramsey Show
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Or bankrupt over that. No, you can't. You don't file bankruptcy on $15,000 when you're making $1,800 a week. Come on now.
The Ramsey Show
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Like any. Mama going to cook you some meals and you're going to go get this mess cleaned up.
The Ramsey Show
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Quit going to happy hour and pay your dad gone insurance bill.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Make a deal. You can go the other way, too. But you just work it. And the whole process is going to be good for you. Because, you know, you're never going to do it again. No, he learned his lesson. You always make sure the insurance gets paid.
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Your Feelings Don’t Build Wealth — Discipline Does
I mean, he could have hit my car.
The Ramsey Show
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Oh, gosh. That wouldn't have been 15. I'm just saying.
The Ramsey Show
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Yeah, he just put a little thing on about the size of a quarter, which would have cost him.
The Ramsey Show
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It would have cost more than a quarter.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
The night I turned 16, my daddy let me have the keys to the pickup truck, and I went to the Pizza Hut, and I first got my driver's license that day. First time I ever drove by myself out into the wild. When I'm backing out of the thing at the Pizza Hut, I hit a Corvette with the bumper of the truck. So, been there, done that.
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Okay. Full stop. You don't go another day promising to marry somebody and you're keeping secrets from them.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Been there, done that. 16 freaking years old and an idiot. Wow. This is The Ramsey Show. Hey, technology has changed a lot in the last 30 years. Now the hot topic is AI, and I understand that it might seem intimidating. But if you use AI the right way, it's just another tool to help you work smarter and faster like a calculator or a cordless drill.
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So if you run a business, you'd better get on board with it before you get left behind. And NetSuite by Oracle offers AI-powered tools that help small businesses improve efficiency and make smarter decisions by bringing all their major business processes into one platform. That way there's one source of truth for the real-time data you need to take advantage of opportunities.
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Then you can forecast better, scale more efficiently, and streamline those manual tasks that take too long. So join the more than 41,000 businesses, including Ramsey Solutions, that rely on NetSuite to help tackle some of their biggest challenges. And right now, you can download the CFO's guide to AI and machine learning at netsuite.com slash Ramsey. That's free at netsuite.com slash Ramsey.
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Your Feelings Don’t Build Wealth — Discipline Does
Thanks for joining us, America. Next week, I will be with Dr. John Deloney in three more cities, concluding the Money and Relationships Tour. Monday, we'll be in Phoenix, Arizona, May the 5th. Fort Worth on Wednesday, May the 7th. About four tickets left on that one, a handful only. Kansas City sold out for Friday.
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Your Feelings Don’t Build Wealth — Discipline Does
unhealthy you you guys gotta sit down with somebody and unpack what's going on between the two of you she has to know what's going on in your life you don't marry somebody and oh surprise right i have a million dollars in debt or surprise i have a million dollars in high yield savings accounts because i got this inheritance and i didn't want to i didn't want to tell you no that doesn't work this is somebody you're going to spend your life with
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
May 9th, and Fort Worth basically sold out, but you can probably get a... You can pull up the thing and see which seats are there, but it's a handful. And so we can find out what's going on. Phoenix, I think we got plenty, but it is coming up Monday, so need to get your tickets. We'll be out there. If you're tuning in on YouTube or podcast, click the link in the show notes and you can buy.
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Your Feelings Don’t Build Wealth — Discipline Does
There's no reason to be trapped in the same money problems, the same relationship problems, and you get to hear Dr. John and I. I can promise you this. It'll be funny and informative. Your reluctant spouse will actually have a good time. So make a date night out of it and come out one night. We'd love to see you. Christopher's in Knoxville. Hi, Christopher. Welcome to The Ramsey Show.
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You absolutely do not need to help somebody get through PA school that you broke up with, and you don't need to be living in the same house with somebody you broke up with.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You don't do that unless you're married.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
But you still live there? Yeah, we... Dude, you know how weird that sounds.
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Oh, wait a minute. I mean, I'm so confused because I'm old, so I don't understand this stuff. But, like, I've been married 43 years, so I don't know how to do what you're doing. But... Uh, so I don't know how you go through it. You either are together or you're broken up. I don't know how you kind of stand in the middle with one foot on the boat and one on the dock and the boat's leaving.
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I think you're just going to get wet. So, um, I, am I missing? I mean, so I, I think it's probably healthy for you to make a call. Are you done with this relationship, Christopher?
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I said, are you done with this relationship? Yeah.
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Okay. Is she? No, sir. Then why are you telling me you're broke up?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
That's kind of like being done with the relationship, dude.
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Your Feelings Don’t Build Wealth — Discipline Does
and you've got to be able to trust them. If you can't trust them, you don't need to be able to marry them. Okay? That makes sense. We've got to work on that immediately. And while you're doing that, you can just have this discussion. Not in the same breath, but a week later after you come clean. But then you just say, hey, I'm worried about this and I'm a little bit conflicted.
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Yeah. So I think you're going back to Albuquerque.
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Thanks for the call. Sorry, man. I don't know what he's doing, but I think he should do that. Yeah. I don't know what he's going to do. I can't tell anything about it.
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That is home, but well, not home, home, but yeah. Gotcha. Yeah.
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Yeah. Do the man thing. Have your own place. Pay your own bills. Work like a person. All that kind of stuff. Do the man thing and stand alone. And then you'll like you better. And the next time you go into a relationship, you'll be a different person.
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I figured out that leaves a mark. That's right.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Sam is in New York City. Hi, Sam. How are you?
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The definition of investing is you're going to leave the money alone at least five years. Yeah. Otherwise you're parking money or you're saving money or you're speculating. So if you're investing, I don't worry about the market's volatility because the market smooths out over time. Right.
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The news story of the day that the market throws a temper tantrum with, stock market's a four-year-old with a temper tantrum on a given week. Over a given decade, the stock market's a wise old woman. Okay? So you're looking for the wise old woman. You're looking for the decade play, and then you don't worry about market volatility. I see the volatility, but I don't care.
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I put money in it every week. I just keep putting money in. Now, but are you going to be leaving the money, are you going to be leaving it alone, Sam, for five years, or have you got something else in mind?
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What are you going to, what are you going to make this year, Sam?
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No, you're doing really, really good.
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I mean, you're killing it. You're a great sales guy. You're confident. You know what you're doing. You're a saver by nature. You're stacking cash. You're doing nothing wrong, man. You're doing nothing wrong. I mean, you might be a little heavy with a 75 sitting in cash. Some of that's in investments, though, right?
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I kind of feel like I want to help. I kind of don't want anybody asking me to help. And I kind of don't want to reward bad behavior. And I'm conflicted. And I think that's a wonderful thing to discuss with your spouse.
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So if you're in mutual funds with some of that and some of that's your emergency fund, I think you're perfect. I'll just continue to stack some cash. You're not a loser because you haven't bought real estate at 29. You've already got a $300,000 net worth and you're making $200,000 a year. You're on your way to millionaire, man. You'll get the real estate when the right time comes.
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And when you settle into wherever it is you're going to be, if it's going to be there, that's fine. But there's nothing, you haven't done anything wrong.
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Well played, sir. Well played. This is The Ramsey Show.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
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. I'm Dave Ramsey, your host. Jade Walshaw, Ramsey personality, number one bestselling author, is my co-host today. Linda is in Detroit. Hi, Linda. How are you?
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And see what she says. And if she says, well, of course you have to help. Well, now we've got another problem, right?
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Sure, please. But I mean, that's the answer, but let's hear the details. Yeah.
The Ramsey Show
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And you attend this church, correct?
The Ramsey Show
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Now we've got another problem. A friend of mine's kids were getting married, and the young man, his mother was a single mom who didn't have any money. And the marriage counselor, the pre-marriage counselor asked them, well, what would happen if y'all are married and have your own life and his mom gets in financial trouble? And he just instantly said, oh, she'd move in with us.
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But I think she's a member of the church and she doesn't like what they're doing and she doesn't want to participate in it.
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Well, if this was an independent issue and it wasn't your house, but the church was going to buy another house and you're a member that has the same concern, then there's still the concern. It's still stupid.
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and you could voice it but you can't control it she's right well you can't control it because you're not you're not part of the leadership the only thing you know you can just decide whether this is a deal breaker or not so here's the interesting thing that you're pushing against and don't even realize probably larry burkett used to say that oftentimes in churches the um
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the business leaders that are members of the church end up on the church board. And so the church board can start to look like the chamber of commerce. It's a whole life agent, a car dealer and a banker, all of which believe in borrowing money.
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And so then the church business starts being conducted like the world conducts businesses to the church where instead maybe we ought to actually say, what does the Bible say about debt? And find me one time in Scripture that there's a positive thing said about debt. You can't. It's not there. Find me one time in Scripture that debt is used as a tool for God's kingdom. Not in there anywhere.
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So these guys are functioning like the banker that they are or the car dealer that they are or whoever it is that's sitting on this church board, and they're thinking like they think down at the office instead of thinking about managing God's stuff God's ways. And that's what the breakdown is. That's the breakdown.
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And so I would challenge the church board to start making decisions about the church's business through the lens of Scripture, not through the lens of a finance professor.
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Yeah, I don't think they're going to do it, though. Yeah, I don't think they're going to do it. And so I think what I would do if I were in your situation, I would just say, you know, we made you an offer. We do not agree with the church going into debt to do this. And the offer was on a cash basis. And that's the only way we're going to do the deal. And if you don't want to do that, that's okay.
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We'll just sell the house. We're fine with that.
The Ramsey Show
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And we're not throwing a fit. We're not throwing a temper tantrum. And by the way, your friends, I don't know what the flip they've got to do with any of this. They don't get a vote in this.
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Okay. Yeah. Then I think they're being unreasonable. Okay. To dictate to someone how they deal with their own asset. Okay.
The Ramsey Show
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Thank you. So I guess if you've got friends on the church board, maybe you need to tell them, why don't we use the Bible as our guideline? Since we're in church and all, ooh, there's a novel thought. You know? And instead of you telling me about how you're going to be wise and hoard cash over here.
The Ramsey Show
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You know, I didn't start the fight. I mean, all you did was offer to sell them the house, and then they got all up in your business telling you how to do stuff because they're a freaking car dealer. Is one of them a car dealer or a banker? Am I right?
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And the fiance's head spun around twice.
The Ramsey Show
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Almost like I've done this before.
The Ramsey Show
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So, yeah. I mean, here's the thing. I had to decide years ago that I'm not going to leave a church over this kind of stuff. Okay? Unless there's an integrity issue. Because this kind of stuff is in every church every day.
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That happens to be the church that I go to now. The pastor's been a good friend for many years, and he believes in the stuff we teach and runs the thing debt-free. But the church I was at before that borrowed money. Mm-hmm. And I didn't leave over them borrowing money. And I'm freaking Dave Ramsey. So, I mean, you know, come on. So we're not trying to pick a fight all the time.
The Ramsey Show
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But I do challenge pastors and church boards or elders or deacon boards or whatever you want to call them at your place to use the Bible as your guideline instead of what they taught you in finance class. And when you're handling God's assets, by the way, they're all God's assets, including yours. But yeah, so but I can't always get them to do it. And I have to just be friends with them anyway.
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I don't think so. You need another plan for mama.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And I've got lots of friends that do things wrong. And they're still my friends.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
That sounded like a movie scene. Keep you calm and still be smiling while you're doing it all. There you go.
The Ramsey Show
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And, you know, so that's the kind of stuff you need to get. That's really good, healthy things. to be on the same page about before you go in. And then whatever the two of you decide together that you can both work through the awkwardness on will be okay with me. There's not an ethical or legal, as you know, mandate that you take care of them.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I'm Dave Ramsey, your host. Thanks for being with us. Samantha is in Chicago. Hey, Samantha, what's up?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Farming is a business. Yes. Anytime you borrow money in business, you increase your risk, your probability of failure.
The Ramsey Show
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But it is a small amount of money compared to the amount of money you're dealing with. And so... You could reach over with absolutely no impact on your life and pay off their little debt and set them up, but you don't want to do that if they're going to turn around and do the same kind of stupid stuff again.
The Ramsey Show
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The more money you borrow, the more likely you are to fail.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
The number one cause of small business failure is cash flow problems, and the number one cause of cash flow problems is debt. The more you borrow, the higher probability is you fail.
The Ramsey Show
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Simple. And he acts like there's no risk involved, and that's absolute bull crap. Of course there's risk involved. You're freaking farming. Of course there's risk involved. I mean, the very nature of farming is we don't know what the crop's going to be.
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It's not predictable. He acts like it's automatic. It's not automatic that in two years. It's not automatic that it's going to take five years to buy a tractor either. So we encourage all businesses to, in the name of sustainability, in the name of probability of success, to avoid debt. And I avoid debt. I avoid debt.
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I've grown this business for 30 years with never borrowing a dime, and I've invested heavily into the business. But it was all profit that went back into the business.
The Ramsey Show
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I'm sitting in a building that's, you know, the campus here is about $600 million. Cash. Cash. No debt.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
yeah you're you're liable that farmer doesn't care whether that you bought the tractor from and financed it with he doesn't care whether the hay comes in or not he wants his money that's right a banker that's got eight and a half percent on that they don't care they don't care if your husband falls and breaks his leg and unable to drive the tractor and bring the crop in yeah
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They don't care if somebody else in the family gets ill and so he's unable to because he has to take care of his family in another way and unable to cut hay. They don't care. They just want the money, period.
The Ramsey Show
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I've had this argument. I mean, I've been I grew up in rural America. I'm not anti farm. I'm pro farm. But I've had this argument with farmers. They act like they're like they get somehow a pass on math because I'm a farmer. You don't get a pass on math. Math is math. Whether you run a heat and air company or whether you run a farm.
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or whether you run a real estate business, I don't care what you run, math is going to kick your butt if you screw with it. And y'all are messing with it. You're asking for trouble.
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So I want to get under the hood and find out what's broken that caused them to be stupid in the first place.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Because these purchases are made only, the only way this all works in his theory is if everything goes exactly as planned. And the number of times things go exactly as planned is precisely zero.
The Ramsey Show
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No, I teach people to never borrow money on their business because I want their small business to thrive. I want farmers to thrive. I love farmers. And I don't want them spending their whole life paying a dadgum combine payment because it's got GPS and air conditioning. And that's necessary to ROI in today's world. Bull crap.
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roi is called return on investment and that includes factoring in risk if you're a sophisticated business person you factor in risk and you all are ignoring risk in this so if you keep on this track you're gonna go broke because you're acting the track is there's no risk i can just i'll always make more than the tractor payment and i'll be okay and that is a falsehood that's what i'm saying
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Yeah, is this like a pattern or are we going to do it again or have we learned our lesson? Because I did stupid stuff and went broken and never did it again. Because I learned my lesson, right? And so, you know, that doesn't invalidate me.
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It's a falsehood. It's going to bite you, bite you hard. So, no, I don't think you did a smart thing, and no, I don't think you are doing smart things. Steve is in Richmond, Virginia. Hi, Steve. How are you?
The Ramsey Show
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Well, the property is going to be valued based on the lease. Commercial property, we place values on the commercial property based on the income it produces. And the lease has got a fuse burning that's five years long. And so if I'm buying this, I'm going to value it based on it being empty in five years. And that's better than if I'm buying it and it's going to be empty in two years. Right.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And that's better than if I buy it and it's going to be empty in eight months. Um, and, or we are, it's empty. Oh, now we got a real deal. Right. Okay. So, uh, if you know what I'm looking at, if I'm you is what's the probability they turn this around and they stay there. Is it 50, 50? Is it 90, 10? You know, that's kind of what you got to think about.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Cause you've got some actual insight into the situation. Thank God. Right. And so if you think it's 50-50 or less that they're going to be there in five years, if I'm you, I'm selling that now. Okay. Because you're going to have a problem, right? And the problem, the closer the fuse gets to the bomb, the less value the property has and the less marketability it has. Is that right?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You probably got some REITs lining up to take it out. What's the value of it?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So you probably get a million out of it, and you could probably do a 1031 and roll that into something that you think has a better long-term future than you think this does. But if you think there's a 90% probability they're going to renew and stay, and you want to hold it, then I would hold it. All we're doing here is looking at the probability risk, like you said.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You accurately said it when you opened up the call. Good question, Steve. You're thinking correctly. I like that.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Jack is in Chicago. Hey, Jack, welcome to The Ramsey Show. How are you today, Dave? Better than I deserve. What's up?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So that's not burnout. It's just inability to stick with something.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You're not burnout. Let's just establish that. You need to quit using that phrase, okay? Okay. You're not burnout. You're distracted, maybe, and maybe you don't believe in the product, but neither one of those are burnout.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Okay? Yeah. Burnout is you've been working 80 hours a week, and you hate everything in your life. The whole thing's toxic, and none of that has come up. You just don't like the product, and you have trouble staying on task for 40 straight hours a week. That's what you told me, right?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Yeah, me too. 60 hours a week doesn't create burnout. Burnout comes when you're doing something you hate with people you hate.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Let me tell you, the deal breaker in the whole conversation, you're right, and that goes on this list of things, is I don't believe in the product. You should not be doing something that you don't believe in the product long term. It's not good for you. It's not good for you. It's not good for the customer. It's not good for them.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Why don't you like the product? Why did you fall out of love with the product?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Nathaniel is in New York City. Hi, Nathaniel. Welcome to The Ramsey Show. Hi there. Super happy to be here.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So I would not tell you to keep selling a product, regardless of how we start the conversation or end the conversation. I would not tell you to keep a job long-term where you don't believe in it. Again, it's not good for you. It's not good for the company. It's not good for the customer. Nobody's winning here.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And if you work for me and you said, I don't believe in this thing, I'd tell you to go look for something, man. Go find something you love. Go find something you believe in. Um, it doesn't invalidate the product just cause you don't like it. It just, you don't want to do it. That's okay.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You know, there's stuff that I think is valid out there that, um, you know, but so if you're, especially, especially in sales, you've got to really like it, the thing you're selling and you got to believe it's good for people because you feel like you're serving then rather than manipulating.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
No, you need to go get something else and do something else. Okay. You know, I, you know, you don't get a gap year in the middle of your career. Yeah. It's not how – I mean, you can, but that's not normal. And so, no, I would go – if you want to do some traveling, take your PTO time at the next place and go travel.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And that's fine, but you're not a 21-year-old senior in college that just graduates taking a gap year. I'm going to go hike Europe before I start my life. That's not where you are. You're like a grown man and stuff. So, no, I'm –
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I just keep moving because he's looking for happiness in all the wrong places. And the idea that if I'm not working, I'm going to be happy, and that's bull. You're working at the wrong thing. That's why you're not happy. It's not because you're working. Work is not evil, and work doesn't kill you, and work doesn't burn you out. None of those are true things.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
But working at stuff you don't believe in will do all of that.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So, hey, hang on. We're going to give you a copy of Ken Coleman's book, Find the Work You're Wired to Do. And it has in there a wonderful assessment that is really good for self to do some self analysis on. And, you know, what is it I want to do? And by the way, I will tell you this. The the is he gone? I guess he's gone. Oh, well.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Anyway, the best salesman I know, including me, have a touch of ADD, okay? Have a touch of I can't stay on task because they like moving from thing to thing to thing to thing to thing, and sales is a good field for that. And you can make a ton of money, and you can serve people and be proud of what you do and be tired sometimes but not be burnt out. And so that's what I would do.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You need to get on the phone. You guys need to sit down in the next 24 hours and talk about this, dude. If you can't talk to her about this because of this or this or this or this or this and you've got 73 reasons, you don't need to marry this girl. Because, dude, I mean, you're going to be swapping unbelievable tragedies over the next 40 years together.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I am truly a boomer. That's when I know it's over. I'm completely over there in the old guy column.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
No, I didn't even. And no, no, I didn't. Matt, Matt's in St. Louis. Hey, Matt, what's up?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So what is your, what is your, what is your taxable income, sir?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You're making great money. Congratulations. I'm proud of you. What's what kind of business is this?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
um it's an automotive uh restoration you know detailing good for you kind of well you're working your butt off man what's the top line i am indeed uh last year we did 1.5 i'm proud of you good man all right so you're making a half million dollars a year and you got a half million stashed and you need to learn how to save it and invest it right Correct. Good. Now you have a new task.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So go to RamseySolutions.com and click on SmartVestor and sit down with one of the SmartVestor pros and let them teach you, not do it for you, but teach you. And then the two of you together will make the decisions and you're going to get those soldiers off the sidelines. And now you've got a half million dollars moving towards your 80,000.
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Your Feelings Don’t Build Wealth — Discipline Does
And we're going to be millionaires pretty quick with our retirement plan. Big news, business owners. It's here. My brand new book, Build a Business You Love, is officially available to start reading now. Look, running a business is tough. Some days it feels like you're just duct taping the whole thing together. I get it.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Unbelievable blessings over the next 40 years together. And if you can't even get this to come out of your mouth because you've got 73 reasons you're worried about her, then this ain't marriage material, dude. You've got to get this straight. No, no, you do not. If you have to deceive someone because you're worried about their authenticity, we don't marry them.
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Your Feelings Don’t Build Wealth — Discipline Does
That's why I put 30 years of hard-earned lessons into this book to help you grow faster, make smarter decisions, and stop learning everything the hard way. Don't wing it. Get your copy at ramsaysolutions.com slash store and start reading today. Our question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans that other places won't touch.
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Helps you get your life back. So kick the private student loan debt to the curb. Use YRefi.com slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Hmm. Well, we'd be voting against each other.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Yeah, it fits with our guidelines for him to do this. You're right about that, so I'll go with your vote on that. Because the guidelines are baby steps four, five, and six to be intentional, not intense, pay cash for whatever you're doing, and he's doing all that. So in baby steps four, five, and six, you're putting 15% of your income away for retirement,
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You're putting kids college away and you're paying extra on the house to have the house paid off as baby step six. During that time is when you would buy a new couch, a new car, go on a vacation and do some other things. And every one of those other things you do slows down the paying off of the house. That's correct. And so the only thing that bothers me about this is... The brand new factor?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Well, no, they're not going to million dollars. So they're not worth a million dollars. I'm with you on that.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
It's hard to relate to the cyber crook thing anyway. But the... Yeah, so... The thing I'm thinking about is, okay, if I'm the guy sitting here and I'm looking at my wife and we have a mortgage of $250, am I going to buy me a truck, my dream, which sounds like a little boy talk, not man talk.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Um, while my house is still sitting there with a mortgage. So I'm, I, I, you know, when Sharon and I were doing this, we would have bought something nice, but we probably wouldn't have pushed the edge of everything and played the dream card.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So you're she he played the dream card that pissed me off.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I don't like it. I don't like him playing the dream card on his wife. Am I am I wrong? Because she feels like she's the only grown up in the thing now because the little boy wants a Cybertruck and mommy won't let him have it. And that's that's the way this is framed.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Brought to you by the EveryDollar app. Start budgeting for free today. 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. Jade Walsh, our number one best-selling author. Ramsey Personality is my co-host today. Thank you for joining us. It is a free call.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Than they are. Nine out of ten, Nathaniel needs to come clean. One out of ten, pay off the $25,000 or don't. That's how this weighs out on this call. This is The Ramsey Show.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Yeah, I'm fine calling it a draw because you legally can do it under our guidelines. So that's a draw, right? Yes, yes. According to our guidelines, you are meeting everything we teach, okay, in Baby Steps 4, 5, and 6 and being intentional. But then I have to put my shoes on and go, okay, if I'm in your shoes, what would I do? They have to agree about it. Number one, you've got to agree about it.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And I don't want – it's not fair for him to put you in a position that you're being unsupportive of his dreams. If your dream is a cyber trick, you need a better dream. A bigger dream, seriously. Also true. Okay, so that's, I mean, really, I mean, if your dream is a car of any kind... and you play this emotional card with your wife, you need a different dream.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
My dream is, you know, extreme wealth, extreme generosity.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And, you know, that's my dream. And somewhere in the byproduct is some great cars. We'll get some cars. I got a nice car. I'm not against that. My truck costs more than this one, so it's okay.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You probably got me there. You probably affected my answer. But what I'm always looking for is the language that we're using with each other. And I don't like where she's sitting. Is it unfair of me to be unsupportive of his dream?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
A little manipulative. On his part.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And, and, um, you know, she, she's like, you know, it's like, I love it in the Christian world when somebody plays the God card. Well, God told me, well, I can't argue with you now because God told you, you know, it's like, but God told you something that's not consistent with scripture. So that wasn't God is last night's pizza. You ought to go back and check that. Uh, it wasn't the Holy spirit.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
It might've been a spirit, but you know, that kind of stuff, they start playing the God card. It's the same thing, right? It's this thing. So God told me, well, I'm done then. No, you can't argue with that. So, cause it's God, but, um, If it is, yeah. So that's the trick. And so that's always, Jenna, that's the bigger problem than the Cybertruck.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
If you both said, okay, we like doing this, we both want to buy this, and it wasn't couched in the thing of it's my dream or I'm the unsupportive wife, I'm the nag, and he's the hero who's in the military, and I should let him have whatever he wants. Let's not go there. Let's say together we sat down and we both agree that this is an okay purchase in our situation. Do you guys think it's okay?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Then we would go, yeah, it's okay.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
yes i'm with that okay yeah so yeah and it's okay it's not what i would do but it's okay yes what i would do is i pay down the house i think i would too or i want that house paid off man because i gotta tell you once you got your house paid off you walk different man it's a dude everything looks different you got you you're you got a little swagger you didn't have before and you know
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You know, you got to pay for a house that's worth a million dollars or 750 grand here, it said, right?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I mean, they're okay. It's not, it really wasn't that, but it's just, it's a good discussion. It is. Because one of the things you want to look for is, and I look for it, we look for it here on the air, but you need to look for it with each other. Yeah. I do the, you know, am I manipulating Sharon to get her to do something?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You know, am I playing that card or is she trying to manipulate me? Is she giving me the eye roll or something, right? You know, that kind of thing. And so how is this going on? Because this matters more than the actual decision because it's the framework in which you make all of your decisions.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
That's good. You know what I'm saying? When you guys can get aligned on something and both of you are at least moderately excited about the direction. Yeah. then that's way more important than the actual direction. That's right. Because you will go get it then.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And these couples that stand on this stage and do the debt-free screams, the unity of direction that they all have is pretty incredible. But I had a similar discussion. Sharon was driving one of those nasty old two-tone blue Astro vans. You remember those things? Oh.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
yes and the kid you know it was like had 900 million miles on it she's like I'm like I got 20,000 bucks I need to do some stuff at the office and she's like no I need a car and you know what we figured out we did both but we did the her car first we moved her up into a suburban and she needed it yeah she was right so it's okay you just talk it through right
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer interest. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Mark's in San Antonio. Hey, Mark, what's up?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Better than I deserve. How can I help?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Wait a minute. You didn't send her the podcast. You sent her social media clips.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Yeah. Cause my delivery, my delivery in the social media clips is a hundred percent smart ankle. Sure. But it's different on the podcast. If you listen to the whole thing in context. That's right. So, yeah, I don't, I don't like me on social media.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
It's meant to get 40 million views. That's right. That's what it's meant to do, and it does. But it has nothing to do with who I really am or how this message works. Yeah, I would be careful with that anyway. But anyway, the thing, the mistake that most people make, including me with Sharon on some things, is I would ask you, okay, you said, I'm ready to drink the Kool-Aid.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
I want to get out of debt. I'm ready to do all this stuff. I'm ready to be gazelle intense. And my question is, why? Why are you doing that?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Why do you want to do this stuff?
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Ah, okay. There it is. A good why. Good wife. How many kids you got? Two. Good. Okay. So guys are worse than ladies on this. We generally, when we come to our wives with something, we tell them what instead of why. And if you'll tell her why a lot, she'll start asking about the what.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Because there's very few women on the planet, unless they've got psychological disorder, that when their husband looks at them and says, I want to give our children a better life and I'm terrified, they say, oh, we don't want to do that.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Well, of course. You have about 5,000 more hours of information than she does. Uh-huh. Sure.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So go back, go back to that. Then again, the, you saw the social media clips, uh, and it scratched an itch. That's Jade's point, okay? And even if the delivery is not her style, which is perfectly acceptable, I completely understand that. My wife doesn't care for my delivery, so that's okay. But it's compelling and it works, so we're going to keep doing it.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
But anyway, whatever the itch was that scratched that caused you to go down this rabbit hole, this Ramsey rabbit hole. That's what we need to just keep talking about with her instead of like, are we going to do the debt snowball? Cause intensity doesn't come from information. Intensity comes from buying a dream. We sacrifice, we live like no one else so that later we can live like no one else.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
And we believe that if we plant corn seed in the hot sun and we get the hoe out and get calluses, hoe in the weeds out, that the corn is going to come in and bring us a lot bigger crop. Otherwise, we wouldn't do all that crap. You know, you're not going to pay a price unless you think you're going to win. I mean, nobody goes to the gym. Well, most people don't go to the gym because it's fun.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah, and so what I want you to focus on is not – And just listening to you, and I'm just a guy. Dr. John's got the Ph.D., okay? But just listening to you, I want you to focus on the things you can control, not the things that happened in your rearview mirror. The traumatic brain injury, the PTSD, the former employer that was at a minimum a jerk.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
at a maximum of things okay that's all those are not things you can control and if you spend all your rent your rent and your brain your calorie your brain calories on things in the past you can't change it keeps you from moving forward to things you can change which is get a job get solid
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
get sustainable, get peace back in where your lights are paid, your food's on your table, you're not got $500 again, okay? And then you can afford to fight these people if you want to. You may not want to at that point. It may not be worth it. I don't know.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
That's that's not that's not you don't have the money to be a crusader right now. I want you to crusade for Erica. There you go. I want you. I mean, Jenny, I want you to crusade for Jenny. I don't know who Erica is. I want you to say for Jenny. I want I want you to be the topic right now. So I'm more concerned about you than you crusading for some moral outrage in the society.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You're not got the strength of the money to do that right now, kiddo. Yeah, let's get our housing taken care of and let's get those taxes filed. And that will give you some peace right at the gate. Get you a job. Yeah. Then if you want to pursue some moral outrage, let's do that. But moral outrage is taking up all your space right now, kiddo. That's what we heard when we're talking to you.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Let's be honest. Shopping for health insurance can be confusing with high costs, complicated terms and customer service that doesn't really serve you. Most folks just pick a plan and hope for the best. See, insurance companies don't work for you. They work for themselves, meaning they love it when you overpay. So you need a guide on your team to help you make the best choices.
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The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Health Trust Financial works for you. They're not salespeople. They help you find the health insurance option that makes sense and saves you money. The fact is health insurance is one of the biggest expenses in your budget. But most people who work with Health Trust Financial end up saving $500 a month. Imagine putting that kind of money toward the baby steps.
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The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
My team has worked with them for over 20 years, and they've served thousands of people just like you. They're the only health insurance broker that's Ramsey Trusted to help you. So stop throwing money away and get the health insurance that's right for you at healthtrustfinancial.com. That's healthtrustfinancial.com.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Jamie and Kimberly are on the debt-free stage right here in the lobby of Ramsey Solutions. How are you? Doing great. Where do you guys live?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Very nice. That's a beautiful area.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Love it over there. Greenville's done such a good job with their downtown. Yes, they have. We started going over there before that and then have gone, obviously, since. It's really beautiful. They've done a good job. Welcome to Nashville.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay. So just some really nice bumps in both careers, huh? Very blessed, yes. Very cool. What kind of debt was the 207?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Let's talk about them.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It's in the naughty box. I'm here with Santa. What were the naughty boxes?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
We did. We did. And then added some more.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Oh, he didn't cut you down. He did. Nobody cuts you down. You volunteered for this. $20 for eating out, nails, shopping. You volunteered and acted like he did it.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I like that.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
That's fun. And you just made a game out of it.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And you said, we're going to be free.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Go, Mike. Go, baby.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Well, that's a wonderful church y'all are a part of. I think I've spoken there, if I recall, and if it's where I'm thinking it is. I think the whole place went through FPU at one point. So that's pretty incredible. So congratulations, y'all.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
How does it feel to be free? Amazing.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
That's it right there. That's the one.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Don't make up your own plan.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It's amazing how math for us nerds can translate to hope. Agreed.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Well, no more of that.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I've been there. All right. It's Jamie and Kimberly. Greenville, South Carolina. $207,000 paid off in 25 months. That's fine. Making $186,000 to $252,000. Count it down. Let's hear a debt-free scream.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
We're debt-free! Yeah! Woo-hoo-hoo! That's how it's done, ladies and gentlemen. Boom!
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
All mother culture. Yeah, you're right. Okay, I got you. All right. You're right. Brazilian mom might put a little more flair on it.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Caleb is in Tallahassee. Hey, Caleb, welcome to The Ramsey Show.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Oh, wow. Very cool. What's your degree in?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And what are you making as a real estate agent? How much do you make?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay, all right. And that's after splitting with your broker?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay. And what's your split?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
All right. And how many agents work in this office?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And what do they make the branch?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay. And so this business makes $50,000 a year.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And these guys make $30,000. So that's $42,000. $40,000 to $50,000 a year, right? Because what you make, you could go make somewhere else.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So that doesn't enter into the equation. That's right. Okay. I mean, you're not going to buy the business based on what you produce for the business. That would be dumb.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
All right. So what's the current owner offering to sell it for?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
All right. Can you guys help me? I don't know what you're buying. He's buying an income stream, a business that is creating an income of $40,000.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah, the people make the money and the rental portfolio that they manage makes money. Okay. A little bit, not much.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Well, that's true of any business, though. That's true. Okay. I mean, if you buy a factory and all the workers quit. But you still bought the factory. No, but they still don't have the income. That's true.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Here's what I would do. I would offer him $60,000. and I'm going to pay you 100% of the profit of the business until we get to $60,000.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Not counting you.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You take your money and go home and eat with that during this year. And during that year, you get these salespeople's button gear, and you tighten up this rental property management thing. It sounds like it's pretty loose. Your margins suck on that. I think you can tighten that up a little bit. And you're paying out way too much.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I mean, all this trouble you go to, 65 rentals for $1,000, I'd shoot myself. That's 65 tenants you've got to screw with for $1,000.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Oh, I know. I know. Property manager takes care of what property managers take care of, which means you have to take care of the property manager. That's right. Your margins suck, dude. I'm in the business, okay? But anyway, that's not the end of the world. I think you can tighten this thing up, raise your sales on your team, hire some more people onto the team to continue to sell.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Hopefully this real estate market continues its healing process, and you tighten up the operations side on the rentals, and you can pay this guy in one year.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And just tell you, our terms are you get 100% of the profits until we get to $60,000. It looks like that's going to be around a year. That's our terms. Okay. And if there's no profit because of whatever, whatever thing we want to make up that's a calamity or a catastrophe, then you don't owe anything until you get to $60,000. He gets all the profits.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay. And so, yeah, I teach people in Entrez leadership to do that plan all the time. It's not debt because you don't you're not in, you know, the bank will put you out of business if you don't pay the payments. This you got no payment if there's no profit.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay, and so you knock it out really, really, really fast. I'm not giving them a lot of value here. A normal business, I would give it more value on this cash flow, but I'm with John. You can go down the street and open up tomorrow. Most of those agents would go with you, and you probably...
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
If you didn't keep the 65 rental properties, you're probably in the end of the world because it's not really doing that much.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
How much is this inheritance?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Exactly. This is a time drain for $12,000. So a lot of calories burned. And I know you think the property manager is doing it all, but they never do everything. Someone has to lead the manager, and that's you.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
property manager and you hire your own person and say i'll pay you 100 grand to run these 65 houses property manager now works for him he's being paid out of that 6500 a month and that got him down to one thousand dollars a month now that's part of it so yeah you don't have 100 grand in profit to pay a property manager
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Individuals. Like a person went to a real estate company and asked them to manage it for them. Gotcha. And they're the management company. Gotcha. That's what they're doing. They're just collecting the rents. They're probably getting 10% of the rentals. But they got 100% of the hassle. Yeah. for a thousand bucks.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Give me a rough estimate in American dollars, please.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Wow. Okay, folks, if you're tired of living paycheck to paycheck and wondering where your money's going, our team is hosting a free budget training this month. You'll learn step-by-step how to make and stick to a budget using every dollar. The world's best and most robust budgeting app. Plus, you can get your biggest budgeting questions answered in a live Q&A. Spots are limited.
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Sign up for free at everydollar.com slash webinar. These webinars are excellent. If you really want to get control, you really want the money to behave. By the way, did I mention it's freaking free? Okay, shut up. It's free. Go watch the webinar and get yourself together. Sign up for free at everydollar.com slash webinar. Free budget trainings all this month. Good stuff.
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The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
All right, John, off air, let me give you a full lesson on property management. I can't wait. I'm just kidding. I can't wait. Wouldn't do that to my best friend. This is The Ramsey Show.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
No is the correct answer. Yeah.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It's not $3 million. And it's probably not $30,000 by the time you get through with all this crap. Yeah. You're going to burn more calories than that. Just wave bye-bye. Put it in the rearview mirror.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
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, Ramsey personality, Ph.D. in counseling, number one best-selling author. He's my co-host today. Open phones at 888-825-5225. Ryan is in Seattle. Hey, Ryan, what's up?
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The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
How can we help?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Mom, you can have my half.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Well, I was hoping to consolidate... It's mathematically impossible to borrow your way out of debt. Okay, so what do you make?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You don't have a stepson if you're not married. Well, he's living with me and she's living with me. Okay. Your girlfriend's kid and your girlfriend live with you. Right. Okay. All right. Just making sure I understand what's going on. All right. And does she work? She does. And what does she make? She makes about $60,000, $70,000 a year. So she can support herself. Correct.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So I'm talking to a single guy who makes $180,000 and owes $180,000. Yes. Okay. What was the nature of your injury at work?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Sell it and get out of debt.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You don't have to have credit to sell a property. You have to have credit to buy a property.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I think you gave him an answer. Yeah. No is a complete sentence.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Honey, 1.1 minus 700 minus 180 gives you some moving money. And you make 200 grand a year, dude. You spin like you're in Congress, and you rationalize like you're in Congress.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
The other option is this. Live on beans and rice and pay $140,000 a year onto this debt, and you are debt-free in a year and a half. And you have absolutely no freaking life. You've been living like you make twice what you make. And walking around, strutting around like you act like it's okay. It ain't okay. It's stupid.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I know, but you make $180,000 freaking dollars. I know, but go live like a normal person and pay this debt off in a year and a half. Yeah, sell your car. Sell your stupid butt car. And if you're not willing to do all that and you want to get out really fast, sell your stupid house. It's just a stupid house. Get you another one later when you get your act together. But you don't want any pain.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You don't want anything to change. You don't want to sacrifice.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
in counseling, Ramsey personality, number one best-selling author, and host of the popular Dr. John Deloney Show on Ramsey Networks. All of that, he's my co-host today. Open phones at 888-825-5225. Thank you for joining us, America. We're glad you're here. Erica is in Charlotte, North Carolina. Hey, Erica, what's up in your world?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay, so you paid off $3,000 in what period of time? In the last four weeks. Four weeks. Okay, in one month. So if we annualize that, that's $36,000. Out of $180,000, it's not exactly stepping, dude. Yeah. Yeah.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
When you get to hurting enough, Ryan, you're going to figure this out. But you're not hurting enough yet, okay? We just told you four things you could do, and none of them suit you. So I can't sell my car. I can't sell my house. I can't do this. I can't do that. Dude, you can. You can do all that. And when you decide you want to get out of this.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And here's how we know, because both Dave and I have done it. Yeah, it's very possible, dude. You make a ton of money. You have this huge million-dollar freaking house. You own a million-dollar house, man. I mean, really. So people listening across America are going, I got no mercy for this dude. Dave's being light on him, and I feel like I'm coming down on you.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
But seriously, dude, I want you to be free, but I want you to be free more than you want to be free right this second because you are not willing to cut loose some stuff to get free. So cut loose the car, cut loose the lifestyle, cut loose the not stepson and his mother, and cut loose some stuff and get your life back.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Because you've given your life away and the way you get it back is you're going to have to give up some stuff.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
If you start applying $8,000 to $10,000 a month to this debt, not $3,000 a month, including making your payments, you're going to see it magically start to go away. If you're not willing to cut your life that deeply, then you need to stop your 401k at work. You need to make sure your withholding is correct. You need to quit investing and quit saving.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Take any money that's in savings and throw it at this debt. If you're not willing to do all that, a quick fix is to sell the stupid house. Both of those things will work. And, yes, the car needs to be sold. You're a broke guy driving a $40,000 car. And so, you know, figure out a way to come up with a difference and get the thing sold. Of course you're upside down.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I mean, that's just in the line of other things that you did. I've done dumber things than you've done, honey. But there comes a point you wake up and you go, I've got to sacrifice to be winning. And it's going to hurt. getting well is going to hurt. Yes. But not getting well is going to hurt more. That's right. So you got to make a decision.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
The faster you cut into this, the deeper you cut into this, the faster you're going to get out. That's the formula. And that's what we could see immediately. And because we're not emotionally attached to all these decisions. Good luck with it, brother. I hope you make the turn. This is the Ramsey show.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You spend hours researching before making a major purchase like a home or car, but it's also a good idea to put in the work searching for the right insurance coverage. To protect your biggest assets, I recommend using Ramsey Trusted Pros. Whether you're looking for car, home, or any other type of insurance, Ramsey Trusted providers have been coached and vetted to serve you like we would.
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The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Find what you need at ramseysolutions.com slash insurance. Andrews in San Jose. Andrew, how are you?
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The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Sure, man. What's up?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I'm sorry. Help me. John, what's a DACA?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
But you wouldn't call someone, you wouldn't call your friend up and present something this vague and ambiguous?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay. And so what made you pick construction?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
A hundred percent of the time, you do not need a degree to be in construction management.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You would say, here's precisely what's going on. Here's the exact amount. And you would do it a week before, not 12 hours before.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
100% chance what you do need is the skills to be there one way to get the skills is to go study it the way you're talking about studying it another way is be doing it on the job and learn that's how most people in construction learn construction management they do construction not graphic arts so go get a job in the construction field dude Okay.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Get in with an electrician that will put you in an apprentice program. Yeah, get your free certification there. Get in an apprentice program, become an electrician, and then move from there and start working with the GCs in the area and take on some project manager roles on some small basic stuff and let them teach you construction management. Construction management is not rocket science. Okay?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It's logistics and math, what you found when you were doing that. What you ran into was a trade school that had a really good salesman. And a shiny, shiny shop. And it made it look like this was going to be a thing. But listen, it's project management. And just in talking to you, I think you could do it almost now. You're bright, okay? You're a smart guy.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Except for this part about biting on the $75,000 hook. I think you got a little thing stuck in your lip right there. It's a hook. And so, but yeah. But no, dude, really, go get in the construction business. I grew up in the real estate and construction business. I love it. And I think it's something that AI can't touch. So you're not going to get replaced by a stupid computer.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
ChatGPT can't spell construction management.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. And so there's something wrong. Smells bad. You know why it smells bad? Because it stinks.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Well, you can run through an apprentice program and become a certified electrician, but you do not need a construction management degree. I'm sitting in a building that costs $60 million to build. This portion of this building costs $60 million. The guy that built this building working for a commercial construction company did not have a construction management degree.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
okay that's what I'm saying okay what he did was he swung a hammer he dug ditches and he wired stuff and he did whatever and he learned project management and you take some project management courses there's some basic things to learn about that that everybody ought to know for that matter Well, because everything's a freaking project. Running a wedding is a project management thing.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So, I mean, whatever it is, right? So, you know, there's nothing bad about that. But you pick that up at the community college. Don't be hunting certifications as a silver bullet to make your life successful. Go look for skills. Skills that you can put literally, in this case, and figuratively in your tool belt.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Well, I mean, we've already seen the beginning. Number one, the trades have never done that. Right. Number two, the new version of the trade called tech, you know, I got tech. We got 460 tech people working here. Yep. The number of them that have four-year degrees in information systems is almost zero. Right.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
But a number of them have lots of certs and have gone to classes and know how to code, gone to code school. They learn the skills. They have to learn the skills. They learn the skills. And I don't care what their certification is. Right. What I care is can you code? Correct. Can you build the platform for the code to sit on? Can you create a customer interface?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
How fast can you do this at a dev one, dev two, or dev three level? Right. You know, are you are you really quick or are you just slower in Christmas? I mean, what what is this is what I'm the employer. I'm the guy writing the check. And so I'm telling you, you don't have to have a cert.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Can you sell crap?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
The only thing that means is you got sold. Doesn't mean you ever sold anything. So, yeah, that's the essence of this, Andrew. Chase skills. And this is coming from John, who has a PhD in higher education.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah, I had a fun discussion with Jim Collins at Entree Leadership Summit last week. We were talking maybe on stage in the interview, but certainly off stage. We talked about it, too. I remember he told he told me the story he was teaching entrepreneurship at Stanford. And, you know, a guy kept saying, yeah, but are you? It's a great critique. It's a great critique.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And that's what caused him to leave.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And go open his own for practice, for profit research firm that led to the book built to last, good to great, great by choice, how the mighty fall, all these masterful works that are based on his masterful research that he did for profit because he decided if I'm going to teach entrepreneurship, I probably ought to be one. Hmm.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. Who was it that taught me to go into debt? My finance professor who was broke. He was broke. What's wrong with a broke finance professor? That's like a shop teacher with missing fingers. I mean, come on. You ain't one. Right. You ain't one until you is one. Right. Oh, my gosh. This is how this works. So, yeah. Chase skills. Chase skills. Chase skills. I believe in education.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Being dumb is not a plan. I do, too.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I believe in gathering up knowledge. But the silver bullet is your gathering of knowledge and the application of it in the marketplace, not the piece of paper that said you did it. If all you do is collect degrees, you're a thermometer.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So let me try to paint this another way. When you get out of Baby Step 2 and you finish your emergency fund in Baby Step 3 and you start Baby Step 4, you're how old right now?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So when you're 40, you're going to be a millionaire, right?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Well, we love folks joining us in the lobby at Ramsey Solutions. We love them joining us on the debt-free scream stage, and we really love it when they're one of our own team members. That's, like, super fun, except for the part where 900 members of Ramsey stand in the lobby not working to cheer them on. You people all get back to work. What's wrong with you?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
The per-hour cost in his mind right now. It's awful, yeah. All right. So Randall and Renee are with us. Randall is a senior product designer here on the Ramsey Real Estate Trusted Team. Ramsey Trusted Real Estate Team. Been here about four years, right? That's correct. So very cool. All right.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So we're not going to ask your incomes like we traditionally do because all your peers are standing around. That would be unfair. But Renee, what do you do?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. And what's your household income?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. John, if I said that, that would be called a promise. No, I'm not saying that. Sorry. All right.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I love it. Very cool. All right, and you've been here four years. That's correct. So you started on this journey and then come to work here. How weird is that?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Did y'all move from somewhere to come here for the job?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. Yeah, of course. Yeah. Yeah. We're out of here. All right, cool. Well, welcome to Nashville. And four years later, you've been sitting in this environment paying off $118,000. What kind of debt was it?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
In Jesus' name and in the name of math, somewhere around 10 to 15 years from now, you will be there, okay? And so whether or not you get this $30,000, your destiny on this earth, your quality of providing for your children is not based on this inheritance. If you never see this inheritance, which is fairly likely at this point... Your life goes on.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. How long have y'all been married? 22 years. Okay, wow. So what happened in the year before you came to work here, five years ago, that started you on this whole journey getting out of debt?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So many things that didn't start in March of 2020.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And then somewhere around that six month mark, you hear me on the radio go, we're hiring creatives. And she went, yeah.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
load up the truck we're headed to Beverly baby exactly yeah wow very cool you didn't have any facial hair when you started this journey did you I did I actually have I started that in Minnesota it was to keep my face warm because it was brutal up there okay fair enough all right so what is it like tell the truth to work with people at Ramsey while you're trying to do this
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah, wow. Well, they are all out here to cheer for you. I was making fun of them, but I'm proud of them for cheering for you because you did it. I'm proud of y'all.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Who was cheering you on other than work compadres?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Oh, good. They came all the way down. Are you from Minnesota?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Oh, okay. Came up. Okay. Yes. Well, that'll work too.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So this is more about you just telling your mom no and loving it.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It's a rule.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And that was like, so they're celebrating big time.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
They have a life now. Oh, yeah. They're both wearing shoes now, finally. Mom and dad paid a price to get them here. Way to go, y'all. Way to go. I'm proud of you. Good, good work. Very, very cool. All right. Now, the question we ask everybody, what's the key to getting out of debt? You paid off $118,000. You stuck with it for five long years to do it, and now you're free.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And smiling. Just smile. Be sweet. Just say, Mom, I love you. And I understand this means a lot to you. And I'm not, I would, I'd be happy to get the inheritance. And I'd be happy to put some money towards this, but not in the circumstances you presented. And so I can't do it right now. Sorry.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It does start with a pinprick of light, and then it gets larger and larger. And it starts to be just a real light at the end of the tunnel that's not a train. Yeah.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
What was the church you were going to in Minnesota?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah, okay, cool. Very cool. Well, hats off to those guys for offering the Financial Peace University class. Thank you. Well done. All right, Randall and Renee. All right, get the guys up here. We want to see them on camera. They get to scream because they, too, are free now. And good stuff. Very good. I like it. I like it. Good.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
All right, Randall and Renee, Theron and Elias, our own team right here. $118,000 paid off in five years. Count it down. Let's hear a debt-free scream.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Or you can honestly say, we don't have the money right now.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Man, that's powerful. Way to go, you guys. Proud of you. Proud to have you on this team. This is the Ramsey Show. Hey, folks, how would winning $5,000 in cash change your life? This month, we're giving $5,000 to one grand prize winner, and we're giving away a $500 prize every week in May.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It takes less than 15 seconds to enter, no purchase is necessary, and you can enter daily to increase your chances of winning. Enter the Ramsey Cash Giveaway until May 31st at ramseysolutions.com slash giveaway. That's ramseysolutions.com slash giveaway. Big news, there's another chance to get away with your spouse at the Money and Marriage Getaway. It is back for Valentine's Day weekend.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah, there you go. Right. And that's my problem. Yeah.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Goes on sale today. You can spend three incredible days in Nashville with Dr. John Deloney, Rachel Cruz, learning the tools to strengthen your connection, deepen your intimacy, and more. Again, Dr. John Deloney, Rachel Cruz, February 12 through 14 goes on sale today. Early bird pricing right now. Tickets start at only $7.49 a couple.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
You can get your tickets for the lowest prices before they end at RamseySolutions.com slash getaway or click the link in the show notes. And also there's a money and marriage getaway still available in November, November 6 through 8. It is almost sold out. So we put the February date, the Valentine's Day date on sale today. Our question of the day is brought to you by WhyRefi.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Some lenders won't touch defaulted private student loans, but WhyRefi was built for this exact problem. They'll explore refinancing options with a low cost. Fixed-rate, custom-built deal for your situation. Visit yrefy.com slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be available in all states.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. I've had 11 or 12 dogs in my life, and they are the favorite things I've ever had. I just love dogs. My dog, I've got a little Havanese bear dog. It's 12 pounds. A bear dog. Well, legend has it that the Havanese bear dog will protect you from bears. And I think legend is true because I've not seen a single bear since I got it. So there you go. So we go for a walk.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
We did five miles on the golf course this morning at 5 a.m. And the dog is trained to come sit. It's beautiful. It's a wonderful dog. And I truly prefer this dog to most people. Yes. I really do. It is, however, a dog. It's not my grandchild. If you ask this question about my grandchild, how much would I spend? All the money I've got. All of it. All the money I've got. And then some. Okay?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah, this is weird. Erica, you smelled a rat and you're used to it. And you know more about this drama and this narrative than we do. We've only got two minutes into it and we can smell it.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
This is an animal that I love dearly, but it is an animal. And I will tell you, being the old guy here, whose wife grew up on a farm, and therefore you eat Bessie that you bottle fed six months ago, and then you shoot Bessie and you eat her. So there you go. She's got no attachment to these things. It's a dog. It doesn't even care that I like the dog. So she keeps a perspective on this thing.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
But what we've observed with people that love their animals like we do is that it becomes about us instead of the dog. That's it right there. And we spend $8,000 to keep the dog alive while the dog is suffering. Mm-hmm. And it's not fair to the dog. Amen. And that's what usually happens around this kind of question. Yeah. And I could fall prey to that, too. I just explained this to you.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I mean, I'm about to cry just talking about it. But no, seriously. Yeah. Man, I've put them down. I mean, we've had them. Send them to heaven. But, I mean, we had one when the kids were little. They got spinal bifida. So at eight months old, the dog can't walk. And the vet says, $2,500, we can do a back surgery, and the dog probably will still not walk, and it will be in pain. And I'm like...
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So why are we – the $2,500 isn't the point. The point is do we – what are we doing to this dog? And why is this – what's this for? This is for the children to watch – to make our children watch a dog suffer. Well, that's dumb. And so, you know, you just kind of have to get past this thing of we don't get to play God and keep them alive.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It's hard. Setting boundaries with people who don't respect boundaries 100% of the time makes the other person crazy. They go bananas. 100% of the time you get a negative reaction when you set a boundary with a boundaryless person. Your mom's not used to anybody telling her no if they happen to be in her string of the DNA. And so it's something she needs to get used to. It'll be good for her.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
They have a lifespan of 10, 12 years maybe and – or whatever they live. And so we outlive 10 or 12 of them if you live to be 70 years old. And so you kind of got to get that built into the system here and not put the poor animal through suffering because you're a big baby. And you can't cry. But I've sat there and cried, sobbed, while the vet puts one of them down.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
But that requires more courage than prolonging the dog's life and letting it suffer.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Now, if we can actually fix the animal, well, sure. We would spend some money on it. And that would be the percentage of money you would spend on that would be, you know, if you have some money. Do I go $14,000 in debt to put new hips into a Labrador retriever? No, you do not. If you don't have the $14,000, you're going into debt to do it. No, and you're not buying a $14,000 car either with that.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I'm not going to tell you to do that either. It's a dog. And so, oh, that's your unkind. Oh, well. You know, just go ahead and whatever hate mail you want to add to the Ramsey file, just put it out there on Reddit or wherever it is you people do what you do. Have at it. But... You know, most of the time, this is about the person, not the dog.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
That's my opinion. You get a puppy, just mark the calendar. You got 10 or 12 years.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Or eight. Yeah. Or – Depending on the dog. Right. And how screwed up their bloodline is. But yeah, how inbred they are. But the –
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Brought to you by the EveryDollar app. Start budgeting for free today. 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. I'm Dave Ramsey, your host, Dr. John Deloney, Ph.D.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
This dog I've got is two years old, and it's just now got its brain grown in. I mean, the dog did not have a brain. It was ridiculous. And now it's turned into the smartest animal, one of the smartest animals I've ever had. But I've worked that dadgum animal, man. It's unbelievable. And I love this dog. I'm telling you. But I'm already, I'm 64. I'm going to outlive this dog.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And I got to deal with that right now, you know, when I'm sitting here talking about this. So it breaks my heart, Jeff. So number one rule is you don't go into, if you have to go into debt, it means you can't afford it. Number two rule is, and more important than number one is, is the dog suffering, and this is for you.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
And I got to tell you, 90% of the questions I've taken on the air about this are that issue. That's where it boils down to. It becomes about the human rather than the dog. And it just requires great courage to bring an end to something. Mm-hmm. And courage doesn't mean you don't cry. Right.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. There's that, too, at length. Now, this is not the George Camel sell the horse show. If you want to add to that, you have to go to a different hate page to add to that one. Because George has all the horse people in America torn up.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Anti-Equine. George Camel is the president.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
It's kind of sweet. This is The Ramsey Show. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio. All of your data, collected by every company you've ever done business with, lives online.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Anti-Equine.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
i love it george isn't even here to defend himself but he will when he gets here oh man oh it's fun hey guys this is fun and uh it's this idea of um you know what happens with money is it gets tangled up in all your values yeah and emotions yeah and your emotions and get used to that It's in your relationships. It weaves into that. And stuff like, you know, how long we let a dog die.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
How long we let a dog live. You know, and what's good for the puppy. So love your dog well. That's the point. Love them so well that you don't ask them to suffer for you. This is the Ramsey Show.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards. They all store your info online, making them ripe for a cyber attack or data breach. That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team. Visit Zander.com or call 800-356-4282. Jenny's in Portland, Oregon. Hi, Jenny. Welcome to The Ramsey Show.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
She's got the phone number down already. She knows who to call in an emergency. I love it.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay. So you haven't filed taxes. Correct. In how long?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yes. And you've been earning an income for how many years?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Yeah. And your recovery to where you're... functioning again i'll use my words i don't know if that's the right words dr john can help me with that but where you become sustainable again your recovery from the traumatic brain injury and the ptsd uh is five years ago to where you became able to support yourself and sustain is that right
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
to be a working member of society again because um i started working when i was 14 yeah but what i'm trying to figure out is okay at the point that you were earning an income and you were functioning at that point prior to that i understand not filing taxes but from that point forward which is about five years why did you not file because you knew to um it
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
What has been your income through that five years?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
All right. The technical, tactical answer to your question, which is not the answer to your problem, but it is the answer to your question, is to go to RamseySolutions.com and click on Tax ELP and get a tax CPA. If you come, quote, unquote, out of the cold on your own and you come forward – They will not criminally prosecute you for not filing taxes. Not paying taxes is not criminal.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Not filing taxes is criminally prosecuted. 2,576 people last year got criminal prosecution for not filing. So you need to go file yesterday, okay? And the process will sound like this. Sit down with the CPA, and they will file three years. And they'll help you reconstruct the last three years. You will owe the taxes for those three years. There is not tax forgiveness.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
There is criminal forgiveness. But there's not tax forgiveness. Oh, okay. Okay. Now, there is back in the days when you were a pauper, but you're not a pauper now. You're not on Social Security. You're not, you know, you're making a quote-unquote living, okay?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
That's not a problem. Yeah, it's just a distraction. I'm talking about you're not poor. If you have zero money of any kind coming in and zero assets, you can get some tax forgiveness. You don't qualify. So I would not go up that.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
I thought you told me you had a job.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
So now you have to go get another job, right?
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Okay. All right. Yeah, because since you're employable, I think your answer to your question is you need to get through your tax returns file and then begin some kind of a repayment plan, even if it's a dollar, but get something going to get this monkey off your back because this is in the background worrying you along with all the other things that are chasing you.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Not that I'm aware of.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
Right. So, yeah, and you probably, if you only have $500 to your name and you don't have a job today, you probably don't file them this week. But the sooner you file them, the sooner you get rid of the criminal threat hanging over you. OK, and it's not. Listen, none of that's going to affect a job.
The Ramsey Show
The Faster You Attack Your Debt - The Faster You Achieve Financial Freedom
If you have a valid claim for abuse in the workplace, you not filing your taxes is not a destruction of your character. OK, the abuse either was criminal or civil in nature, and it either happened or it didn't happen. You for your taxes are an irrelevant variable in that discussion.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
X number of dollars in there. You're investing God's money into God's kingdom. God expects some excellence there. Just like, you know, those that are faithful in little things will be given more to manage. And so it's not the diligent prosper, not the inept and incompetent.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So it doesn't come from the emergency fund. That's an easy one, right? Yes. And I don't know if I go so far as it's just not a sign to not buy the house. What's your household income?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
you'll do really good at it and you're going to get great joy from it. What happens with some people when they get to generosity, they just go, oh, I'm just going to give it. And it's up to God to figure it out. And like, no, no, God gave it to you to manage. And so it's not up to God to figure it out. So I think that person is going to misuse the money, but it's going to be between them and God.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
No, no, that's not how it works. You need to be a grown-up. You can't be lazy on the generosity and really hardcore on the investing. So, again, you don't want to take the joy out of it, and you don't want to turn it into a bureaucratic nightmare every time you give $2.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
That's all you did. You'd be like that guy on YouTube. That's a fun job. That'd be neat. But yeah, I hadn't got that job yet. This is The Ramsey Show.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
If you're running a small business, you already know this. If you're thinking about running a small business, you need to know this. Business is hard. When you open your own business, you have a jerk for a boss. He or she will work you into the ground. It's amazing how hard you work when you work for yourself. It's tough, and it's scary, and sometimes it's lonely. It's hard. It's worth it.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And the small business is the backbone of the American economy. 54% of our gross domestic product is businesses that have less than 500 team members. Small business is the American economy. 78% of Americans work for a small business. They don't work for the big boys.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Where's the fridge? The house that you're in, are you renting?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So those of you that are running businesses, you're giving jobs and food on the table and lights and water for people that work for you. You're good people. Thank you. Some days the challenges pile up. And that's why we wrote our new book, Build the Business You Love. I started this business over 30, almost 40 years ago now.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And we coach, if you didn't know this, about 10,000 small businesses across America through Entree Leadership, our system there. And we have realized that businesses go through five stages of business as you grow along over the years and the months. And there are six things that drive you through this.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So you don't own the appliances there at all?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So these six drivers in five stages, in essence, are the baby steps for running a small business. Only you're not going to do them in 36 months. You're going to do them in 20 years or 10 years. But that's okay. We're going to show you the proven system. The book is called Build a Business You Love. It's $29.99. It comes out April 15th. It's my latest book. Could be my last. I don't know.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You never know. And we get over $350 worth of stuff if you pre-order for $29.99 right now. And that includes instant access to the Entree Leadership Hiring Playbook, how we hire and fire at Ramsey, in other words. Early access to the e-book, the enhanced audio book, all kinds of goodies, in other words.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You can preorder today at ramsaysolutions.com slash store, or if you're watching on YouTube or podcast, click the link in the description. It'll put you right in there. If you're thinking about or you are running a business, it's really good to know what the baby steps are. It's really good to know the system to do that, and that's what this is. Business is hard, but it's also fun.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
It's also exciting. It's also an adventure, and it's a much better adventure if you're driving from your home to Florida if you first know where Florida is. it's less adventurous and much more predictable outcome. And good news is I'm already there. I know what the road looks like, so I can show you. And that's what this is. Build a business you love. Thanks for hanging out with us.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Sue is in Lexington, Kentucky. How are you, Sue?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Better than I deserve. What's up in your world?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Can you walk to a different place, please? It's breaking up.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay. You know, it feels like to me that you're buying a first house and this bump in the road scared you. And it makes you want to, it makes you kind of go, Oh no, maybe I'm not ready. Um, cause it's not as $3,000 when you make $120,000 a year, shouldn't be the, you know, we ought to be able to figure out a workaround, right?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
A little bit. Let's try again. You're how old?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay, I'm going to put you on hold, hon, and they're going to pick up, and we're going to try to get you worked out so we can get you back on and understand you. I apologize. Bell is in Denver. Hi, Bell. Welcome to the Ramsey Show.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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. I'm Dave Ramsey, your host, Rachel Cruz, Ramsey personality, number one best-selling author, host of The Rachel Cruz Show, and my daughter is my co-host today. Open phones here at 888-825-5225. That's 888-825-5225.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Look at you. What's the house worth?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So high school teachers, this is what happens when you teach this stuff in high school. This is your student. She's now 25, and she's got a half-million-dollar house that's $20,000 away from me and paid for. You're amazing. 24 years old. Way to go. Cool, Belle. I love it. You know how weird you are, right?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Well, congratulations. Okay. A fast-forwarding past bragging on you. What's your question? How can we help?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay, rule number one investing is go slow. Okay, rule number two is don't put money in anything you don't understand. See rule number one. Go slow until you understand it. Don't put money in something until you understand it. So this phone call means you're very wise. Congratulations. You're trying to resource some knowledge so that you know what to do. Very good, Sue.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And then what I would tell you to do is very simple. I want you to go to RamseySolutions.com today and click on SmartVestor to find some of the mutual fund brokers that we recommend that we have vetted. And here's what you're looking for. We have vetted them for being experts and for having the heart of a teacher.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Like we go get a refrigerator and we wait a month and a half, uh, or we get used washer and dryer and we figured out where it's 2000 or $1,500 to do all this. And, um, or you buy a cheaper version of both and upgraded a year from now or two years from now and throw it out. I don't care. But, um,
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I want you to meet with two of them or more and find someone that teaches you something. You may connect emotionally, relationally with one more than another one. And that's the one you're looking for. You don't want someone that tells you what to do with your money. And some people in the financial world are so stupid, they think that's what they're supposed to do.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
They drop their glasses down on the end of their nose and speak down to you. If anyone ever does that around the subject of money, get away from them. Your job is to understand, go slow, understand before you invest.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And so you're meeting with a smart investor pro not to have them tell you what to do with your money, but to have them teach you how mutual funds work, how to select them, and then based on that teaching, here's some we might look at. And then you would buy some if you understand them and you look at them and you understand what you've learned. The good news is it's not really that complicated.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay. I mean, like, you're going to sit down in an hour. You're going to have a real basic understanding and feel very confident and pretty competent about doing your first series of investments. And go ahead and do it now before you get the house paid off because you want to interview these people. You're going to be spending the next decade with them.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Go slow enough to understand it before you do it. It's your job to manage your money. This is The Ramsey Show. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. I'm Dave Ramsey, your host, Rachel Cruz. Ramsey Personality is my co-host. Sue is back with us. Maybe we got our phone straightened out from Lexington. Hey, Sue. Can you hear me now? Hi.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Absolutely. That's much better. Thank you.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
It's not bad. You're debt free at that point. And what do you make?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay. All right. Well, what we would normally suggest is get out of debt first with the $40,000, which is what you're doing. And I want you to accelerate that and do it faster than you're planning.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I want you to live on beans and rice, and let's do this in two years instead of three. Start trying to figure out what would have to be true for me to do that. What would I have to get rid of? What would I have to do this? How much do you owe on your car?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
The car is not the problem. Okay. What's the $40,000 in debt? What was that on?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Well, here's what I want you to do. I want you to work the debt consolidation company. I wish you weren't there, but you're there now. I want you to have them call. I want you to save up piles of money and have them call the small one and see if they'll take a deal.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Like 50% off or something. And then knock them out. And then save up some money and knock the next one out. Yeah. And if they won't call them and offer them that, you call them and offer them that.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You don't have to take it back. You can just call them. It's your debt. They'll always talk to you.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
No. I mean, you owe the debt relief company anyway. You prepaid them. They took all their money up front.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You're going to pay them $1,000 a month for 36 months. That's $36,000.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You got an emergency fund for that.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Did you hear me? You're going to pay them $1,000 a month for 36 months. That's $36,000. You only owe $40,000.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Oh, honey, $36,000 would pay off your debt. Oh, you're not paying them that in fees. You're paying them that in total.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And they're paying your debt. Yeah, okay, so you can save up. The $1,000 is not their fees. So you pay the $1,000 anyway, and you call up the smallest one if they won't do it, and you offer them $0.50 on the dollar when you've got a little cash saved.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Well, anyway, that's how we can accelerate it. Then back to your question, I want you to say 15% of $100,000. I want you to say $15,000 a year into retirement as soon as the debt is paid off, after the debt's paid off, while you put everything else you can find on the house. But don't pay any extra on the house until the debt is gone. Don't put anything into retirement until the debt is gone.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Once that $40,000 is gone, then the first thing we're going to do is put 15% into retirement and everything else we can scrape together goes on to the house.
The Ramsey Show
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No. You can put as much as you want to put in. And as much as anybody else can put in.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You can do even more, but you don't need to do more. You just need to do $15,000 until you get your house paid off. So what you're looking for, though, is you are looking for a Roth.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Roth IRA, Roth 401k. That's what I want you to do. But none of this until you're out of debt. Then 15% and the rest of it towards the house. And here's the good news. I think you're going to have all this done by 71, it sounds like, if you do what we just talked about. And so you have a paid-for house, and you're sitting with $100,000, $150,000, and you've got Social Security.
The Ramsey Show
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So the contract is still under negotiation or are you signed for it?
The Ramsey Show
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Not the best of all worlds, but a whole lot better than some people we talk to.
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Go Slow: Never Invest in What You Don’t Understand
Yeah, that's the right way to go. Well done. Very well done. The Ramsey Show question of the day is brought to you by WhyRefi. When the payment on your defaulted private student loan is as much as some mortgages, it's hard to get ahead. That's when WhyRefi can help. Refinancing to a low fixed rate loan built just for you. Find out more at WhyRefi.com slash Ramsey.
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That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be in all states.
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Well, actually, Greg, let's just start with not the spiritual part, but your economic understanding. That's not what's causing the housing shortage. Investors buying up houses is not causing the housing shortage, okay? Period. So you're just wrong.
The Ramsey Show
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Well, they are, but they don't have a soul. Hedge funds don't have a soul.
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They're not causing it. But Blackstone, yeah, those guys are buying up houses.
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It probably is to some extent, but not as much as TikTok says it is.
The Ramsey Show
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Yeah. So, I mean, you really don't want your economic lessons on TikTok. I'll just help you with that in general. But anyway.
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I know, but that just proves that I'm lacking in judgment. So anyway, yeah, that's the thing. Now, you know, I own, I don't know, I don't even know, 15, 20 houses and a bunch of commercial real estate as well.
The Ramsey Show
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uh how is that not greed uh because i don't own anything greg i'm a christian and that means god owns it and i'm managing it for him so i guess you're calling god greedy now okay so devil's advocate what would you say if greg was like well dave why do you need so many houses why don't you just give all that i'm managing money for god that's my job well and i've done a good job i've done better job than greg has done
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Like, listen, if you've got three bathrooms, you have three more than most people in the world. Why are you not greedy? If you have two cars, you have two cars more than most people in the world. If you make $38,000 a year, you're in the top 1% of income earners in the world. How are you not greedy? Because amounts don't create greed. Greed is a spirit. It is not an amount.
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And if you want to be a communist, just be a communist. Don't try to blame Christianity for it. If you want to be a socialist, just be a socialist. Don't try to blame Christianity for it. That's a form of heresy called Gnosticism that believes that the material is bad, and anyone that has the material, their soul is in jeopardy. The Gnostics taught that in the first century. They were heretics.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So if you want to do a little theological rabbit hole, we can do that.
The Ramsey Show
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That's it. And so hoarding is not an amount. The difference in saving and hoarding is intent. It's not the thing. You know, I have a collection of water skis, but I don't worship them. You know, they're stinking water skis, antique water skis on the wall. That's it. But that's not hoarding. It's a collection because it's about the intent. This is The Ramsey Show.
The Ramsey Show
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And walk away and go buy a different house that has appliances with it and that fits your numbers. That's the thing. And so, you know, and the interesting thing happens when you walk away from negotiations, sometimes they suddenly give up the appliances. Like I'm not losing. What's the price range on the home?
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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. I'm Dave Ramsey, your host, Rachel Cruz. Ramsey Personality is my co-host today, number one best-selling author, and my daughter, Bobbi, is with us in Chicago. Hey, Bobbi, welcome to The Ramsey Show. Bobby? Thanks for having me.
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Yeah, so these idiots are going to lose a $320,000 sale on a house over three grand of used refrigerator.
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When you said, hey, I thought we were getting out of debt and saving for a house, and you ran up credit cards, and you knew I hated debt, and we had worked to get out of debt, and you did this, and didn't tell me, what did she say?
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And how long have you been married? Eight years. Okay.
The Ramsey Show
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I'll give you an observation of what I think I heard you saying, and I want to play it back to you, okay? I think you were using the words we and our when it was only you. I wanted to get out of debt, so I talked to her about her spending, and I got us out of debt so that I could buy us a house. I don't think she was involved in any of this emotionally. I don't think she agreed with the decision.
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I know, but they're willing to put it on the line. They're willing. You know, if I'm the agent, I'm looking at these people and dope slapping them. I mean, you guys are nuts. You're going to lose the whole deal over 320 grand. A 320 grand over a used refrigerator. You've got to be kidding me.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I think she went along with it because she's embarrassed and shamed about her handling of money. But I don't think as a grown-up she stood up and said, I'm going to join hands with you, and we are going to hit these goals. Instead, I think she's been treated like a little girl again by you. That's the language you were using, and I'm going to play it back to you. Did you hear that?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
What was that, sir? How long ago was that check thing?
The Ramsey Show
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Charge came in 2021. Four years ago. Yeah. Okay, so this is four years in the past, and apparently we've gotten mom off the stealing pattern. Mom's not stealing her identity anymore, at least as far as we know, right? No, we're completely locked down with our identities. Good. Okay. So all of that's in the past. She didn't do anything wrong there. She was a victim there.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
um so that that's dumb on the seller's part honestly um that's an easy so then does that same logic go to maria like you'd be dumb to walk away from a deal because of just a three thousand dollar you know appliances no i i listen if you can't figure out a way to put appliances in it and put down five percent uh i'm gonna walk away and go to a different deal i'm gonna i'm gonna pick out a different house and i'll bet you money good money that these people give up their used refrigerator
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Then that changes gears when she runs up debt in contrast to what you guys have talked about. And so Rachel's right. It could be an addictive behavior. It could be coming out of pain. It could be coming out of you just controlled everything, and she didn't have a vote, and this was her only way to have a vote.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
so she just ran off and did whatever the flip she wanted to do because you tell her everything to do and she doesn't you know she's saying her little girl's saying you're not the boss of me i'll show you and sometimes people react that way too so because i think you told her what to do i don't think you got agreement there's a difference would you agree with that bobby
The Ramsey Show
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You have on the phone with us. Yes. Okay. We heard it. That's where it's coming from. I'm not being mean to you. I'm just saying that there's a difference in getting people to buy into a vision and go forward. That's leadership. There's a difference in a leader and a boss. A boss has got a cattle prod and tells you what to do. It's a stick and no carrot.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And that's in business, but it's also in ministry. It's also in your marriage. And so versus getting, I'm going to get collaboration. We're both going to sit down and talk about the pluses and minuses of debt. We're going to get, we agree we're going to get out of debt because it's the fastest way to build wealth. We agree we're going to get out of debt because we want to buy a house.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Not Bobby wants to buy a house and he told her what to do so it could happen. I kind of think that's what happened, Dave. So I'm not blaming you for this. She shouldn't have lied. She shouldn't have deceived you under any circumstances. That's wrong. And so you guys probably need to sit down with a good marriage counselor, ask them about a possibility of a spending addiction.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
But also let's get some different patterns to get agreement and sell a vision for the future. The Bible says where there is no vision, the people perish. Let's both buy into where we want to go, not where you tell her we're going. There's a difference. 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.
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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. and live generously. In fact, they design products to help keep you from going into debt in the first place.
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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. 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.
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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, 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.
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I think we'd all agree that it's a lot harder to run a race if you don't know where the finish line is. But nearly half of all Americans have no idea how much money they'll need to retire with dignity. If you're ready to stop hoping for the best and start planning for your future, then check out the SmartVestor program.
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A SmartVestor pro can teach you everything you need to know to get in the driver's seat of your own financial future. Connect with a pro at RamseySolutions.com slash SmartVestor.
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Well, take a quick quiz to check your progress and receive a personalized plan just for you. Simply head to the show notes and click in the link titled, Are You On Track With The Baby Steps? Take a quick quiz and we'll tell you exactly where you are. Oh, and we'll start to tell you what some of your next steps are. Riley is with us in Jacksonville, Florida. Hi, Riley. Welcome to The Ramsey Show.
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Go Slow: Never Invest in What You Don’t Understand
When you, when you turn, yeah, you're a seller in the current real estate market in Sacramento, freaking California. And you walk away from a buyer standing there with money. Yeah.
The Ramsey Show
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Yeah, when are you getting married?
The Ramsey Show
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All right. So you got like two years?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So basically two years. Okay. And while you're in school, are you earning an income?
The Ramsey Show
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Stupid on steroids. Yeah. No, don't do it. Yeah. I'm negotiating this. I'm going to play hard and just go with street fighter and say no.
The Ramsey Show
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The numbers you gave me don't equal that. Where'd you get that money?
The Ramsey Show
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Okay, so you have $30,000 saved today, which is your total life savings. You're going to add a little bit to that, but you're not making much money. I mean, you're making $3,000 or $4,000 a year. Two years, okay, and you're eating during that time. So, you know, you're not going to do a bunch of addition to this $30,000. So the answer to your question is, is $20,000 too much to spend on a wedding?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
The answer is no. Their answer is always relative to if you've got $200,000 and you make $300,000 a year, $20,000 wedding is perfectly reasonable. If you have $30,000 to your name and you're going to spend two-thirds of your net worth on your wedding, that's probably too much. What's going to be your income when both of you come out as commissioned officers?
The Ramsey Show
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Okay, good. So now we're talking about somebody making $180,000 a year, fresh out of school, and they've got $30,000 to their name. Do they spend $20,000 of that on the wedding? But the good news is you're used to living on nothing, and so you could probably save $20,000 in three months once you're making $180,000. Agreed? Yes. That's $15,000 a month. Follow me?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Here's our deal. And it includes the appliances. Or we'll look for a house where we can get appliances because we're taking that as a sign from God. I'm kidding. It's not. It's a used refrigerator. God doesn't use used refrigerators as a sign. It's not in the Bible. But it's not. Second hesitations. But the – see what I'm saying? I mean, that's the thing. Yes, yeah. Yeah, that's –
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So, yeah, I mean, what I would say is this, okay? The average wedding in America today is $28,000. The average household income is $78,000. So it's about a third of your income is the average, is one way of measuring it. That's the average. Now, do you want to be above average or below average on your spending? That's up to you. Anywhere in there. Pay cash, number one.
The Ramsey Show
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Just listening to your story... I think I would say, yes, I'm going to have a $20,000 wedding, but I'm going to do it with new money that I make after graduation.
The Ramsey Show
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You did say that. You did. I'm lost. Okay. My plan just fell apart.
The Ramsey Show
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Yeah. But if you're married, do they separate you on deployment?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Well, thanks for your service to the country. Okay, if you spend $20,000 and you have $30,000 and you have basically no income and you get married and two months later you start making $180,000 a year, that is dangerous, but it's not completely suicidal because you're spending most all of your money and you don't have any money. You follow me?
The Ramsey Show
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But you're getting ready to start this huge income unless something really goes sideways. So, yeah, I would not spend a dollar more than that, and I would push that as close to my $180,000 income starting as is reasonable. Okay? I realize you've got to do it before the income starts, right? Right.
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Okay. But I want to push it right up next to it because I don't want the gap between you having $10,000 and sitting around. You only have $10,000 left. You're married, and it's six months later, and you've still got no income. We don't want that game. That's a bad game. You follow me?
The Ramsey Show
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Okay, that's what we're looking for. I just don't want you living on the edge, kiddo. Life's too short.
The Ramsey Show
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You don't want to live on the edge. If you do the wedding in June and you graduate and your income starts in July or August, I'm fine with that. You follow me? I'm not fine. I don't love it, but at least you're not completely stinking broke.
The Ramsey Show
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Yeah, and then you guys got a pinky swear and spit shake with each other. We're not doing nothing until we build up a big old emergency fund because I assume you have zero debt, right?
The Ramsey Show
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Okay, I started this whole conversation with that assumption. But, yeah, I think you're on track. And here's the good news, Riley. You're going to be okay because you're thinking about it and because you're a saver, which means you're concerned about overextending because your nature is that. Where Rachel is a spender, I'm a spender. Our nature is, whoo-hoo!
The Ramsey Show
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let's go buy it you know but and we have to guard against that nature to be wise uh and not not not get up over our skis you know and fall on our face so i think because you're asking the question that that tells me you're probably going to be okay because you're a saver you're probably going to be okay if your fiance is on board with those two things
The Ramsey Show
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You're moving straight into the obstacle.
The Ramsey Show
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They're going to cave like last week. Yeah, they're going to. Okay. Yeah, they're going to cave.
The Ramsey Show
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Sharp young people serving their country.
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Very cool. This is The Ramsey Show.
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Hey guys, our two-night virtual event, Investing Essentials, is almost here. There's a lot of confusion out there about building wealth. So George Campbell and I are breaking it down and teaching you how to invest with confidence. You'll learn how to maximize your 401k and mutual funds. Plus, I'll be sharing my personal playbook for real estate. But hurry, time's running out.
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We like to play this game. Call back and tell me I'm wrong later, because I could be wrong. Sometimes I do that in a negotiation, and I'm shocked at how stupid the people on the other side are. It's like, you're going to walk away from a $320,000 deal for a used refrigerator? It's not even $3,000.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Investing Essentials is March 4th and 5th. Tickets start at $199. Grab yours today at ramseysolutions.com slash events. In the lobby of Ramsey Solutions is the debt-free stage. And if you're standing on it, it usually means one thing, that you're debt-free. And that's where Patrick and Chelsea are. Hey, guys. How are you? Doing great.
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Well done. So five years, $250,000. Did you guys pay off your house? We did. We did. Look at that weirdo.
The Ramsey Show
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couple of weirdos i love it how old are you two i'm 39 and i'm 37 all right mid 30s the late 30s i like it what's this house worth uh probably about 550 good for you and how much in your retirement accounts 360 okay bumping up on well you own a business too so you are millionaires yes baby step millionaires way to go guys you're not even 40 that was our goal i love it whoop whoop
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Go Slow: Never Invest in What You Don’t Understand
Starting a business and leaning on the debt. No stress. No big deal. Just lean in for five years. Get it done.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah, and a washer and dryer. So what could you get for a used refrigerator and a washer and dryer at a garage sale? I mean, come on. $700, $800 maybe? So now this is really dumb. But people are. People are. That's the thing. So, Marie, that's the way I'm looking at it. And I'm often wrong, but probably not on this one. Give it a shot. Give it a shot. Let us know how it turns out. Rachel's right.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So how did you connect up to this Ramsey stuff?
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Go Slow: Never Invest in What You Don’t Understand
So where'd you come from in California? San Diego? Uh-huh. Okay, so...
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Go Slow: Never Invest in What You Don’t Understand
It does feel different. And the other thing, small business people are the only ones that grasp this, because you're in sales every day, and the weight is off your shoulders, and you suddenly start making different and better business decisions. Because when you're early in business, you'll take any client. And now the problem clients, you're like, yeah, I think you need to go see my competitor.
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Go Slow: Never Invest in What You Don’t Understand
You're high maintenance. I think I think I'll let you work for somebody else. Yeah. Yeah.
The Ramsey Show
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You end up making more money because you're because everything's just peaceful. And, you know, it's a different it's a weird thing. So way to go, you guys. We're so proud of you.
The Ramsey Show
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You're making $150,000 to $280,000, and you average $50,000 a year for five years. So you were able to do some stuff. There's wiggle room in there.
The Ramsey Show
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Yeah, that's the proper way to do it. So very well done. Who was cheering you on? Anybody?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah, well done. Well done. So good. So what do you tell people that are listening? What's the key to being almost 40 years old? You now have a paid-for home that's worth $550,000 and zero debt of any kind, and including the value of your business, have a net worth well in excess of a million dollars. What do you tell people the key to doing that by 40 is?
The Ramsey Show
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You can call back and take me to task later. I lost my dream house because of you, Dave. You can do that.
The Ramsey Show
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So that later we can live and give like no one else, and here you stand. Yeah. You did it. Wow. How does it feel to not have a payment in the world?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Unbelievable. it's all right you can do that it's perfectly legal open phones at 888-825-5225 listen the real estate market is moving The activity level out there is probably 4X what it was four months ago. And that's people walking around kicking tires, making offers. But it's still not exactly a boom real estate economy. If you're selling a house, you don't walk away over $700 worth of blinds.
The Ramsey Show
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In the snow. In the snow. It did feel different for sure. Yeah. Because it's cold. Yep. Wow. That's hilarious. You could have waited until spring, man. Really?
The Ramsey Show
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That's right. You did. You did. Oh, man.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
We're going to cross coals here. Yeah. Good job, man. That's fun. Well done. Very proud of you guys. You're excellent. Excellent weirdos. Very cool. All right. Patrick and Chelsea, not even 40, along with Luke and Brian, whose family tree has been completely changed.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
These guys have no idea how great their life is because their mom and dad are heroes. You completely changed everything for them and those grandkids that'll come from them. Excellent stuff. Very good stuff. Patrick and Chelsea, Luke and Ryan, Louisville, Kentucky, $250,000 paid off, house and everything in five years, now with a net worth in excess of a million dollars.
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Baby step millionaires at 39 and 37.
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Go Slow: Never Invest in What You Don’t Understand
It's great. So good. This is The Ramsey Show. Running a business is freaking hard. It's easy to get caught up in the daily challenges and fears that keep you stuck. That's why I want you to reserve your copy of our new book, Build a Business You Love, where we share the proven system
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that helped us break through those challenges and build Ramsey Solutions from a card table in my living room to a $250 million company in the process.
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When you pre-order today, you're going to get more than $350 in bonuses for free, including an enhanced audiobook experience, early access to the Build a Business You Love eBook, and instant access to our hiring playbook so you can start transforming your business right now. Build a business you love.
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The essential guide for every business owner like you that wants to grow yourself, lead your team, and scale your business. To reserve your copy, go to RamseySolutions.com slash store. RamseySolutions.com slash store. Rachel Cruz, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. Investing. When I say the word, some of you are immediately intimidated. Dave, I can't invest.
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I don't know what that even means. It scares me. Oh, I understand. And the good news is it's not as complicated as some of the goobers in the financial world make it sound. It's as if they need to use $10 words so they can charge you a commission. So we teach investing where everyone can understand it and do it because everyone should understand it and do it.
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Marie's in Sacramento. How are you, Marie?
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And we're going to go even deeper for you super nerds. We're going to do our Investing Essentials virtual event March 4th and 5th, next week. Tickets start at $199. Now, this is two nights. It's a two-night event. The first night is several hours, a couple of hours plus, on investing of all kinds. The second night, we're going to teach primarily on real estate.
The Ramsey Show
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And I'm going to open up how I've learned to do real estate investing in detail, and it is Nerdville. If you're having trouble sleeping, you'll not have any trouble after this. I'll put you straight to sleep. It's really nerdville. But if you nerd out on this stuff like I do, if you like doing the spreadsheets and the math and so forth, you will love this event, Investing Essentials.
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Both nights are going to be where everybody can understand it. I'm kidding around, but it's really stuff I don't get into much. It's only the second time I've ever taught this much depth on real estate investing. And I own several hundred million dollars worth of real estate. So several hundred million dollars worth. So we're going to get into that. It's not a theory.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I actually freaking do this stuff, okay? And I'm not teaching you to do something and then I go do something different. This is what I do and then you can do it or not do it. It's up to you. So get your tickets at ramseysolutions.com slash events and click the link in the show notes if you're tuning in on podcast or YouTube.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
George Camel is like, he's nerding out from now on. This is like his special spiritual gift.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
It's what he likes to do. George, get a life. He is really enjoying this. He's really good at it. It's fun. His part will probably be better than mine, but it's pretty incredible. All right. Sarah's in Philadelphia. Hi, Sarah. How are you?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Better than I deserve. How can we help?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Number one, stop. Number one, you don't have any legal obligation at all. You do have a moral obligation because you promised to pay your part, but you did not promise to pay your siblings part. Correct.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
How much have you paid towards the loan that your parents have?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay. All right. $1,000 a month for eight years. Is that what you said?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay. So why would a $60,000 loan not be gone?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Is the $1,000 a month steady for eight years?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And you know what the original balance was, right?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay. Do you have an investment advisor?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
All right. Because it's a simple math. It's a financial calculator. I don't have one laying in front of me. I could almost do it on the air, but probably not. But we could simply say, all right, $60,000 at 7% and $1,000 on that. What would be the remaining balance after eight years? I think it's going to be zero.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And so I don't owe you anymore, Mom and Dad. I've fulfilled my obligation.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Okay, so that's a relationship issue. So mom and dad, here's the deal. I did not promise to pay anyone else's loans. I promised to pay mine. Mine was $60,000 at 7%, and with $1,000 a month for eight years, the remaining balance would be zero or would be X. And so I have $2,600 more to go. and then I'm not paying you anymore. I've met my obligation to you.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
The fact that you chose to consolidate it for a smaller debt and my brother has chose not to pay his does not affect my deal with you.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So you just need to get real clear. Number one, you need to get the exact math done, and I can't do that for you right now.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
There's 829,000 houses on the market. That's 25% more houses on the market right now than this time last year. That's a big number. That's a big inventory lift. And so they're not going down in value, but there's plenty to pick from. So if you're a seller and you have a buyer standing there with cash, you sell the stupid house.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Go online and you can print it out. You can just go online and find a calculator online and put in 7%, $60,000, and $1,000 a month for eight years, and what is the balance? And you can do it online in probably about 45 seconds. If I was smart, I could do it right now, but I'm not. So I used to keep a financial calculator here on the desk in the old days.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
But I think your balance is going to be zero. Because you're going to be up over $90,000 you've paid in, including interest. That should be a zero, okay? Because we're talking about 45, yeah, 96 months that you paid in, about $96,000 you paid in, and 7% interest. So you probably have overpaid, but I wouldn't worry about it. if you've overpaid, relationally.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
But I would just say, I paid in $96,000, including interest. That means I don't owe any more. Sorry, Mom and Dad. The rest of it's on you and Bro. I did my part. I did my part. But you can use actual math and show it to them.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah. Since I made a bad dad joke. No, it's great.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Are they going to understand this?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah, they changed your diaper, but you don't have to pay them for that. That's called being a parent. Right. They fed you, but you don't have to pay them for that. That's called being a parent. So this is a mess they have made. And they're very lucky, honestly, as Parent Plus holders, that Sarah actually has paid $96,000.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Because 90% of the time I take this phone call, it's the parent griping because the kid has never paid a dime after they promised they would. And they're stuck with a big old hairy Parent Plus loan. But in this case, Mom and Dad are the ones that stepped in it. Well done, Sarah. And they got some on their shoe.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You're free. I wouldn't do any more. You don't owe any more. But run the numbers to be 100% sure. This is The Ramsey Show.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
You know, if you really want to sell your house, if you don't, don't put a sign in the yard. I mean, come on. This is the Ramsey Show. You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several Bernas myself. They look like guns, but they're not. They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required. And because they're not firearms, they can be shipped directly to your door.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave. Thank you for joining us, America.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I'm Dave Ramsey, your host, Rachel Cruz, Ramsey personality. My daughter is my co-host today. Des Moines, Iowa is next. Julia is with us. Hi, Julia. How are you?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Well, but it's still, it's the same. We budget a certain amount just for, and some of this we keep on the books and some of it we don't worry about as far as tax return goes, but just random acts of kindness. We just run into somebody and we want to always look across the restaurant and pick up the tab for a person in uniform. We always want to do that.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
We want to catch somebody doing something we love and just participate in it, that kind of stuff. that that's just, that's low budget. It doesn't take a lot of money, but it's, it's, there's a lot of joy and it's a lot of fun. Yes. Yes. And just, you know, we're our, we'll look across and see one of our team members and is there with their spouse and we just end up picking up.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Of course I charged that back to the company, but, um, that's an HR thing, but yeah, I may buy their dinner if they're lucky enough to land in the same restaurant I land in. But anyway, just something like that. Just catch people doing something right. And, um, and random acts of kindness. Just catch somebody where that, you know, where, uh, A few hundred dollars means a lot.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And I've been in those situations, and a lot of people out there have been. So you want to do that. But that's a smaller portion of dollars, but it's, like Rachel said, it's very hands-on. There's a lot of joy in it. Random acts of kindness, we call it that. And it's just God money floating around looking for a place to land.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And so then we, with the Ramsey Family Foundation, we do not give to like a bazillion different people $500 because that will drive you nuts doing the tax returns on it. So instead, we pick just a few and really, really help them. And they're always something that is close to our heart. And many times we know the people involved in the ministry. We know the character of the people involved.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And the last thing I'll add to that that Rachel didn't bring up is that I learned many years ago because I was giving a lot. And we've always been outrageously generous. It's part of our DNA. And it's the most fun you'll have with money. So you're going to love this. I love this question. But anyway, I treat large gifts like we're talking about as if I was doing an investment into a company.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
If I'm going to buy into that company, I'm going to know what their strengths and weaknesses are. And I'm going to make sure that I'm not participating, I'm not enabling incompetence or bad behavior of some kind. To the extent I can tell, we don't do that. So for instance, we don't give to organizations, ministries that run debt. Well, duh.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Of course, Dave Ramsey's not going to pay a bank through a ministry. No. So if you're going to run debt, you're not going to be on our list of donations. We don't believe in debt. We don't borrow money. We teach people not. How dumb would it be for us to take our generosity and give it to a bank?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
through your ministry because you wanted to have a building for your ministry instead of being a renter. No, be a renter. So, you know, that's one of the things, and that upsets people sometimes, but oh well. I don't know why. It's kind of obvious to me, but anyway. So we do stuff that is consistent with us, and we're looking for their operational excellence because if you're going to put
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. If you own a small business and you like The Ramsey Show, then you're going to love the Entree Leadership Podcast.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Almost 200,000 listeners tune in every Monday to hear me take calls from real business leaders and give tactical advice based on my 30 years of experience leading. This is not a podcast about business theory. It's real insight from a practitioner who actually does this stuff. Find it anywhere you listen to podcasts.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Or if you're listening on YouTube or Podcast Now, just click the link in the description.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night. Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck.
The Ramsey Show
You Don’t Need a Raise, You Need a Plan
It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I'm not asking for the story now. I'm telling you what to do. Get on the phone with them and set up a program to pay $37,500 plus your new material needs going forward out of your $100,000. It's the first thing you do. The merchant people tell them they're not getting paid maybe ever, but they're certainly not getting paid right now.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You're going to sit on the sidelines and we're going to settle up later. If you want to sue me, sue me, but I don't have any money. And if you sue me, I'm going to file bankruptcy and you're going to get nothing. So you need to just sit over there until I can get this thing cleaned up. And then I'm going to come pay you off. Okay.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You have a conversation with them, but you give them no more money and no more access to your business. You go make 100 a year, 120 a year. You clean up your vendors first, and then you keep the cash flow running. You keep your books up to date, and then you save up $30,000, and you call the merchant people that you owe 55 to, and you settle with them for pennies on the dollar.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You're out of debt. I just got you out of debt in three years.
The Ramsey Show
Small Changes Now Mean Big Wins Later
It's doable. What I just described is very doable. I've done it a thousand times. Now, the trick is you've got to believe it, and you've got to be tough enough to run off these people that have been scaring the crap out of you. They've been running your life emotionally. They live in your head rent-free. Can you tell I've been there?
The Ramsey Show
Small Changes Now Mean Big Wins Later
It's no fun. And you feel like they're saying you're not a good guy, and you're a good guy that made a mistake. You're not an evil person. You didn't set up a business to go screw somebody, right? You're just a young guy that made some mistakes and now you've got to go clean up your mistakes.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Um, you can file bankruptcy if you want, dude, but you still gonna have to pay your parents and you did all of it over 90 grand that I just settled for somewhere around 50. And you shouldn't file bankruptcy when you have the ability to make 120 a year, not morally, but I mean, mechanically shouldn't file bankruptcy when you've got the ability to make 120 a year and 50 grand cleans up your mess.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Cause you're going to pay the 37, you can pay the 37,000 worth of vendors. Cause you got to keep them in your life. The other people you're going to settle for 50 cents on the dollar. And then you're going to call mom and dad and pay them as quick as you can and never borrow money again from any one, not even your parents. Have you learned your lesson?
The Ramsey Show
Small Changes Now Mean Big Wins Later
yes yeah you can do this garrett you can really do this i promise you can isn't that cool yeah it's the master class on um when we get scared man we go to fight or flight we stop thinking and sometimes it just takes someone just to sit down and say hey here's a plan here's the forest here's the trees yeah yeah don't burn everything down lost i'm lost in the woods we don't have to burn the forest yeah that's exactly right
The Ramsey Show
Small Changes Now Mean Big Wins Later
Just got to cut that two trees over there, and then we can get out. But you got to keep walking. Yeah, just keep moving, keep moving, keep moving. And the good news about this guy is he's really smart because he quickly self-analyzed. Very unusual. Very unusual. This is The Ramsey Show.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Wow. She's not only reckless, I mean, she's like a criminal.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Dr. John Deloney, Ph.D. in counseling, my co-host today. Jumping out on the microphone to join us for a segment, my friend Jefferson Fisher and John's longtime friend, Jefferson Fisher. He's a trial lawyer, writer, speaker. His work's dedicated to helping people communicate during life's everyday arguments and conversations.
The Ramsey Show
Small Changes Now Mean Big Wins Later
If you've ever seen him on Instagram, on Facebook, his stuff is absolutely brilliant, this stuff on communication. The new book is amazing. the next conversation, Argue Less, Talk More. He's one of the speakers at the upcoming Entree Leadership Master Series that will be in, it's not Master Series, Entree Leadership Summit. It's in May in Denver, May 18 through 21.
The Ramsey Show
Small Changes Now Mean Big Wins Later
He'll be hanging out with us there. We're excited to have him be exposed to all those entrepreneurs. There'll be about 3,000 of them there. And so welcome. Good to have you, my friend. Thank you very much. I'm honored to be here.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So the short version of the story is you were at the university where he was in law school. Correct, yes. He was already a student when I showed up, so I can't claim him. He was my last year there. That's right. Your first year. That's right. In an indirect way, he's a former student, and that's funny. I claim that. Exactly. Okay. All right. Very cool.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So how did you get – I guess trial lawyer, you get drug into the idea of argue less, talk more. How do we have a conversation? How do we – control and uncontrollable situation. How do you intersect these things and reset the conversation? I guess that's what drug you into it. Yeah. Studying to be a trial lawyer.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So there's a lot of conflict out there right now. There really is. A lot of division, a lot of anger. I mentioned your stuff on social media. Anytime you put something there, you get trolled. Anytime you stick your head up and your site's massive, your footprint's huge on this. So you got people coming at you all the time. But in a society where people don't know how to communicate, how –
The Ramsey Show
Small Changes Now Mean Big Wins Later
Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people build wealth, do work.
The Ramsey Show
Small Changes Now Mean Big Wins Later
we say around here to be on with our team being unclear with the team is to be unkind yes because in the name of being southern and nice we're passive aggressive and we don't deal with it and bless his heart yeah bless his heart yeah
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, and I've noticed when we're teaching people leading financial peace university classes, for instance, that to hold someone accountable to a behavior that you're trying to get them to do for themselves, for their own benefit, I always tell them you have to have your arm around their shoulder before you can smack them in the back of the head.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I mean, there has to be a relationship before you can hold someone accountable.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So you experienced all of these things as a child because she was doing the exact same behavior and he was doing the same behavior. You talked about that twice. How do you think it affected you? Because you sound pretty adjusted to me.
The Ramsey Show
Small Changes Now Mean Big Wins Later
But you need to see why we're doing it. Exactly. And that made the difference. Yeah. If you get the why, then it helps. I'll go back to what you were talking about when we first turned on the microphone. You said an argument is a knot to be unraveled. And I think the first time as a hard-driving person I ever realized that the best negotiation is a win-win.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And so trying to find out what the other side needs to win, and there's a similarity to that, I think, the win-win negotiating versus win-lose negotiating to what you're talking about.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I'm not saying it wasn't a problem. Lots of therapy there. Was it lots of therapy? Is that what did it?
The Ramsey Show
Small Changes Now Mean Big Wins Later
I love it, man. The new book is The Next Conversation. Argue less, talk more. You can follow him on at Jefferson Fisher on Instagram, and you should. You'll be entertained and educated simultaneously. Good to have you, my friend. Thank you for having me. Welcome to Ramsey. Look forward to having you at Summit. Thank you.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Dr. John Deloney, Ramsey Personality, is my co-host today. Thanks for hanging out with us. If you're a business owner or you know someone who is, you know that running a business is hard. We've got a new book that we launched the pre-sale on this week called Build a Business You Love, Mastering the Five Stages of Business. It's out right now for $29.99.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You can get over $350 worth of free bonus items if you buy it. I haven't done a book in four or five years now, so this is my latest. It might be my last. I don't know. You never know. So if you want to share what we've learned over the last 30 years, come and check it out.
The Ramsey Show
Small Changes Now Mean Big Wins Later
We're going to show you what we've learned working with 10,000 small businesses and growing Ramsey from a card table in my living room to where it is today. RamseySolutions.com slash store, or if you're on YouTube or podcast, you can click the link in the description. Our question of the day is brought to you by YRefi.
The Ramsey Show
Small Changes Now Mean Big Wins Later
If you're struggling with defaulted private student loans, YRefi offers a great solution to get you back on track. For a low fixed rate and more flexibility, go to YRefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah. Um, Okay, this is the Ramsey Show, so I'm just going to say what I think. Yeah. I'm calling BS. I am too. Okay. I think this is a bunch of crap. I think she just wants to be taken care of and buy anything she wants anytime, and he said no.
The Ramsey Show
Small Changes Now Mean Big Wins Later
We're not going to buy me a dress. I'll just use the drapes. Right.
The Ramsey Show
Small Changes Now Mean Big Wins Later
The money stuff. I'm the mom. Right, right, right. Oh, brother. You're killing me here. Okay. Now, there is some truth to this, and there's a bunch of bull to it, too. But the truth is that you're the free spirit. You're not concerned about spreadsheets, and that's fine. He's the nerd, and he's all into the details, and that's fine. You can function in your strengths.
The Ramsey Show
Small Changes Now Mean Big Wins Later
But what you've done here is you've spent the entire email making him the evil bad guy that's all money hungry, and you're the sweet person that loves little children. and bull crap. Yeah, if you want to take care of your kids, you've got to have money to take care of your kids. Your kids like food and dry diapers and college degrees and whatever. So you've got to do both.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So being a grown-up mom involves being an adult woman that is raising children, involves having enough say and enough involvement in the budget and in where our money is going that I get a vote. And I'm in agreement and we're aligned on where we're going. That does not make you money hungry.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And the fact that he has a gift with detail doesn't make him money hungry and doesn't mean he hates children.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah. Um, I don't want anything to do with evil money. Um, I just want to be the sweet mom and that just, that really drips off of here and it's insincere. Yeah. Uh, you, you want something to do with evil money with the rent and being paid. If the light gets cut off and the water gets cut off, believe me, my wife was there when she had little babies and she was concerned about that.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Um, so he could, he could take a, the thing we could give him some help. The help we would give him is like you said, lead with your heart. Yeah. And what does that mean in a non-cheesy way? What I believe is I believe you have something to add to this conversation, honey. And so your vote counts. I want your vote in this. It doesn't mean you're overwhelmed with money.
The Ramsey Show
Small Changes Now Mean Big Wins Later
It doesn't mean I'm overwhelmed with money. But we're two adults trying to make our way through this world, and it involves money.
The Ramsey Show
Small Changes Now Mean Big Wins Later
That's right. Let's dream about it together. Let's make that decision together. You're way too smart to be a kept woman. Right. And he needs to lead with that rather than, we're going to save $1,000 a month and here's a spreadsheet. That's right. Which he probably is doing a little bit of that. Of course he is. Yeah.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, yeah. And sometimes it's happy. All right, Cale is in Edmonton, Canada. Hi, Cale. How are you? Hey, good, Dave. How are you doing? Better than we deserve. What's up?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. Yeah. Well, you know, in the business, you need to set aside a percentage to grow your retained earnings in the business, a percentage of your profit each month. Yes. Beyond that, you need to set aside the money to do the next thing. If you're going to be buying a piece of equipment, you set aside the money to do that. Beyond that, you need to take the money home and attack the debt.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And so you need to give every dollar a name in the business. The business said, okay, this much is going to retain earnings, and I've got to set aside $10,000 over the next 12 months to buy this piece of equipment. I'm making up something there, but I'm saying that's $800 a month. So I've got to set aside $800 a month to buy a piece of equipment, and that's $10,000 in 12 months.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And then everything else is coming home, and I'm going to work on the budget with it. Everything else is coming home, and we're going to attack the debt with it. So there is a perfect plan. It's just a detailed system. And then if you're not saving for a piece of equipment, that's $800 more you're bringing home.
The Ramsey Show
Small Changes Now Mean Big Wins Later
that they love and create actual amazing relationships dr john deloney ramsey personality phd in counseling number one best-selling author host of the dr john deloney show and a couple other things he does around here he's my co-host today so we're going to talk about you right in front of you baby open phones at 888-825-5225 boise idaho is up and that's britain britney is it britney is that right
The Ramsey Show
Small Changes Now Mean Big Wins Later
It's not a salary. I mean, I just take everything home that the business didn't need. That's what I mean. All of it. Okay. I just bring all of it home, whether it's for salary, whether it's bonuses, whatever you want to call it. Whatever it is.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I'm taking everything out of the business other than what I'm setting aside for retained earnings and other than what I'm setting aside for this marketing program or this piece of equipment. And that's line item in the budget of the business. But then the profit above below that all comes home. Yeah, it's not a vague thing.
The Ramsey Show
Small Changes Now Mean Big Wins Later
When you make it a vague thing is when it feels like, oh, my thing's different. Your thing's not different. Write it down. This is The Ramsey Show.
The Ramsey Show
Small Changes Now Mean Big Wins Later
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. This is a Baby Steps Millionaires Theme Hour. If you've never been with us when we did one of these, Dr. John Deloney and I are going to take calls from real millionaires. regardless of how they became a millionaire.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Because I have found millionaires all over America for the past 30 years, and I found a whole bunch of them in the last decade that I helped create, showing people what to do. And they went and did the stuff we teach. That would be the baby steps.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So whether you followed the baby steps, whether you won the lottery, or whether you got an inheritance, however you became a millionaire, we want to hear your story. But that's all we're going to talk to today is real millionaires, not people on Instagram with an opinion. Because my pastor used to say, a man with an experience is not at the mercy of a man with an opinion.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So we're going to really talk to real millionaires. Now, let's help you with that. What is a millionaire? Because some people are confused about this. It is not a million dollar a year income. It's a million-dollar net worth. When people say net worth millionaire, that's redundant. That's like saying, you know, black, black, white, white, whatever. I mean, it's redundant.
The Ramsey Show
Small Changes Now Mean Big Wins Later
All millionaires are net worth millionaires. It's the only type of millionaire there is. It's an accounting function. What you own, your assets, minus what you owe, your liabilities, is your net worth. Your house is included. anything you own that is of value is included. Now, some of it are higher quality items than others in terms of financial instruments. It doesn't matter.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You don't have to be a cash millionaire. You don't have to be a real estate millionaire. Just what you own minus what you owe, when that equals $1 million, you are by definition a millionaire. Well, it's not enough. I'm not asking that question. We're just asking, do you have a net worth of $1 million? Well, no one should have that. Well, that's a different discussion.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Well, you can't make it on that. That's a different discussion. That doesn't, you know, these don't convolute this. This is simple. Do you have a million dollar net worth? If you do, you're one of about 26 million Americans.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And the rest of them are saying, I'd like to build a level of wealth heading in that direction so that I can be stable, sustainable, have a great life, change my family tree, and so on. Is that rich anymore? Well, in 1920, it was rich. In 2020, 2025, it's not that rich. But it's richer than most people. So shut up. They got there.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So we're going to talk to real millionaires today and ask them how they did it so that you, if you're not one, can learn something from the ones that actually did it, and you can head that direction. Nicole and Dan are in Stamford, Connecticut. And, hey, guys, what's your net worth? Hey, Dave, we have a net worth of about $6.3 million. Good for you. Break that down a little bit by category.
The Ramsey Show
Small Changes Now Mean Big Wins Later
How much in real estate and retirement and so on?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Very cool. How much of this 6.3 did you inherit?
The Ramsey Show
Small Changes Now Mean Big Wins Later
So you were already millionaires. Yes, we were. Okay. All right. And what's your best year working income household and your worst year?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay, wow. Okay, so about 70 was your startup.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Gotcha. Okay. All right. What do you drive right now?
The Ramsey Show
Small Changes Now Mean Big Wins Later
And how old is your F-150, Dan? It's a 2020. Okay. That's not too bad. Sometimes I have to tell millionaires to go buy a car because their car sucks so bad. But y'all did okay. I can see that. You got through this.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And if you need $300,000 to try an alternative treatment in XYZ City, you load up a plane and you go write a check and you go do it, right?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, we're gonna beat this thing. Yeah, go beat it, man.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Amazing. Hey, we'll be praying for you, brother. Thanks for sharing your story, you two. Fabulous. It's a Baby Steps Millionaires theme hour. 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.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And I'm proud to endorse Fairwinds Credit Union because they share the Ramsey mission of helping people get out of debt. 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.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You can feel secure because your deposits are federally insured by the NCUA up to $250,000. 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.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So go to fairwinds.org slash Ramsey to learn more. And while you're there, 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. Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love.
The Ramsey Show
Small Changes Now Mean Big Wins Later
If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes. Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Dr. John Deloney, Ramsey Personalities, my co-host. It's a Baby Steps Millionaires theme hour, which means we're talking to real millionaires, not your broke brother-in-law with an opinion. Where do millionaires really come from? Well, we did the largest study of millionaires ever done in North America. We studied 10,167 of them, and they weren't all Ramsey millionaires.
The Ramsey Show
Small Changes Now Mean Big Wins Later
There were people, a lot of them who didn't even know who we were. And we did a detailed airtight research methodology, meaning the facts that we got out of this are what are known as data, not opinions. So if you disagree with the conclusions of the study, you're what's known as wrong.
The Ramsey Show
Small Changes Now Mean Big Wins Later
All of that white paper from that research and the detail and the conclusions are in the Baby Steps Millionaires book that I did, my last bestseller, number one bestseller. And if you want to pick it up and learn more about what we're talking about this hour, it's very important.
The Ramsey Show
Small Changes Now Mean Big Wins Later
One of the things we found, for instance, was that a lot of Americans, because of stupid stuff on YouTube and TikTok, believe that millionaires all inherit their money. And what we found was almost none do. So three things go on. Number one, 79% of millionaires inherited zero. Number two, 5% inherited a small amount like $5,000.
The Ramsey Show
Small Changes Now Mean Big Wins Later
They did actually get an inheritance, but it's not enough mathematically to make you a millionaire unless you live to be 200 years old. Number three, like our last caller, they got a good amount of money, in their case $70,000, but sometimes we heard $200,000 or $300,000 in inheritance after they were already millionaires.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So by definition, 79 plus 5 plus 5% is 89% did not become millionaires because of inherited money. That's 9 out of 10. Now, what does that mean? Well, number one, it means the anarchist, leftist, crazy communist people saying all rich people inherit their money is not. They're factually incorrect. They have an agenda of something else, apparently, if they know what the truth is.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Number two, it should give anyone out there that's not a millionaire great hope because nine out of ten didn't become millionaires because of inherited money. They became millionaires because of habits and processes and things that they did or dumb luck. They hit the lottery or something like that. But anywhere in there, and that can be you.
The Ramsey Show
Small Changes Now Mean Big Wins Later
But it wasn't the proverbial rich uncle died and left me a bunch of money. Or mom and dad died and left me a bunch of money. That's not where it came from statistically. That's a data-based fact. Rob is with us in North Carolina. Rob, what's your net worth?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Good for you. And give me a little breakdown by category, real estate, mutual funds, retirement, whatever.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Good for you. Okay, cool. And how much of this $1.1 million did you inherit?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay, all right. And your best year working income and your worst year working income?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Good for you. Very cool. So what's the most expensive pair of jeans you ever bought?
The Ramsey Show
Small Changes Now Mean Big Wins Later
I love it. Very fun. All right. What do you guys drive?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Good cars. Good. Okay, that's about right. About right. Are you guys spending more time on TV or on books?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Gotcha. Okay, cool. Very cool. Do you think someone that's coming out of college with a civil engineering degree today can still do this?
The Ramsey Show
Small Changes Now Mean Big Wins Later
That's a mic drop right there, just a one-liner, and it's just the real things there. Things get real easy when you don't fight about money. Just all right there. Life's pretty good when you don't fight about money. Yeah. And nothing left to fight about much. Yeah. Well done, Rob. Congratulations to you, Rob. Very proud of you. Mark is in Nashville. Mark, what's your net worth?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. Give me a little breakdown by category. Retirement, real estate, whatever. Yep.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Good. And how much of this 2.1 did you inherit?
The Ramsey Show
Small Changes Now Mean Big Wins Later
A Bible and a book. I like it. And served you well. I like it. So what was your best year working income and your worst year working income?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. Training in manufacturing. Okay. You got a four-year degree?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. All right. Very cool. Very cool. Do you think people can still do this today?
The Ramsey Show
Small Changes Now Mean Big Wins Later
What would your suggestion be to them? What would they need to do?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Exactly. There you go. And that's really tough. One of the hardest things in adulthood is that other adults are allowed to misbehave and you can't make them not. If they call here, I can hang up on them and move on to the next one. But I can't make them go on and do it, right? I wish they would because I know what would happen if they did change. And I know that this can be fixed.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You know, that's very true because you're concentrating on the right things then because you can burn through income.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And the old saying, it doesn't matter how much you make, it matters how much you keep. Right, right. And that's the essence of what you're saying. So walk me through that.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Concentrate on building your net worth, not building your income. There you go. Okay. How big is my net worth is a lot more important question than how big is my income.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, it's very wise because it's long-term thinking. Because the reason for your income for most people is not consumption, although they consume it. It should be to build a legacy, to change your family tree, to retire with dignity. All those things are based on net worth, not based on your income. So it's the exact correct thing to aim at. I love it.
The Ramsey Show
Small Changes Now Mean Big Wins Later
We're actually doing some work behind the scenes with the software engineers right now to build a net worth program. and be able to track it as a part of the EveryDollar app continually because that's the exact thing you should be doing. Mark's exactly right. Excellent, brother. I agree with you. Well done, hero. Proud of you, man. Very cool. This is a Baby Steps Millionaires Theme Hour.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
Small Changes Now Mean Big Wins Later
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. It's a Baby Steps Millionaires theme hour.
The Ramsey Show
Small Changes Now Mean Big Wins Later
We're talking to real millionaires, not broke people with an opinion. We've painted the glamorous as the millionaire, and statistically that's not true. You don't have to be a rock star, country music star, actor in Hollywood, or sports professional to be a millionaire. As a matter of fact, less than 1.6%, less than 2% of America's millionaires are famous people like that. They're not.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I know that, you know, the power of God in their life, for instance, could intersect either your mom, dad or both. And, you know, in a matter of months, I've seen people change their whole households. And then they seek out the therapy to finish the work and they do all the stuff they need to do.
The Ramsey Show
Small Changes Now Mean Big Wins Later
They're just not. So, I mean, there are those that are out there, and some of them are billionaires that you know. But the truth is you don't have to be able to play in the NBA, otherwise I'd be screwed, right? Or professional golf, I'd for sure be screwed. Or be a professional actor, I'm not pretty enough, I got a face for radio. Or whatever, to be a millionaire.
The Ramsey Show
Small Changes Now Mean Big Wins Later
It turns out that it's the tortoise beats the hare every time. It's slow and steady wins the race. And these are the people that we meet all the time. Now, if you've got money some other way, I still want to talk to you because you're representative of what millionaires are. We don't set these calls up.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I mean, people call in, and we arrange them to be on the air during this hour, but we don't tell them what to say, and we don't only take certain types of millionaires. We put the real people on that really listen to the show, that really have a net worth of a million dollars or more. Michael is one of them in St. Louis. Michael, what's your net worth? About $1.7 million. Good for you.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Cool. What's your best job? How much of this did you inherit? None. Zero. Okay. And what's your best year working income, worst year working income?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah. That's what I started at. That's cool. Okay. And I'm older than you. What has been your career?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. And a degree in finance or accounting or what?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. MBA with specialization in finance. Okay. And your GPA on the MBA?
The Ramsey Show
Small Changes Now Mean Big Wins Later
uh 3.7 gotcha okay because that's the other thing people believe the other myth that people believe is that all uh millionaires have like a 4.2 that they're all geniuses or something and most of us are most of us our gpas were in the threes mine's actually a 297 i'm still pissed about that three 100s of a point too but i think i think beer was involved but the uh all right so what do you drive
The Ramsey Show
Small Changes Now Mean Big Wins Later
But, you know, my grandmother used to say those convinced against their will are of the same opinion still. And so that you're just, you know, you're just barking at a brick wall is what you're telling us. I mean, so I think you pray for him. And I think if you ever think of someone that might speak into their life that they might listen to because it's not you.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, it's the 20th anniversary of your 39th birthday. That's right. I love it. Okay, good. Good. Mine just had that, yeah. All right, so can this still be done? Can someone still become a millionaire by age 53?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Well, you got a Land Cruiser. That's a beautiful ride, man. Yeah, it's a great car. It's a great car. Way to go, hero. Thank you for sharing your story. We appreciate you. All right, Amos is in Memphis. What's your net worth, Amos?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Gotcha. Okay. And a little breakdown on the categories, please.
The Ramsey Show
Small Changes Now Mean Big Wins Later
62, okay. And how much of this did you inherit?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Did that money cause you to be a millionaire or you were already a millionaire when you got that money?
The Ramsey Show
Small Changes Now Mean Big Wins Later
that you send that person over there. If there's an uncle or a cousin or someone that they admire or a pastor that they say they like, have them speak into it because maybe they have a foothold. Maybe they have a toehold of credibility.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, so it sounds like the majority of your life you've made under 100K.
The Ramsey Show
Small Changes Now Mean Big Wins Later
So in 19 years, you turned the whole thing around. Yeah.
The Ramsey Show
Small Changes Now Mean Big Wins Later
What was your, what was your, what'd you do for a living?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Got it. Okay. Works for me. Can people still do this today?
The Ramsey Show
Small Changes Now Mean Big Wins Later
This is a good one, yeah. The good kind of snowball. The compound interest gets in your favor, and here we go. And it's slow and steady, slow and steady. And, John, one of the things we have learned is people set it and forget it. What he said there, you create a system where you don't have to think about it. That's right.
The Ramsey Show
Small Changes Now Mean Big Wins Later
It's not some kind of strong, muscular discipline. It's just like it comes out of my check, and I don't think about it. That's right. And it stays on autopilot, and that keeps me doing it. This is a Baby Steps Millionaires theme hour. It's the last call for our two-night virtual event, Dave Ramsey's Investing Essentials. It's set for May 21 and 22, and you do not want to miss this.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I'll unpack my personal playbook on investing and real estate and show you how you can feel confident in your investments too. Tickets are $1.99. Snag a VIP ticket and you'll get two sessions with a Ramsey Preferred Coach. You can join from anywhere. Go to ramseysolutions.com slash events and get your ticket today. Thank you for joining us, America. This is The Ramsey Show.
The Ramsey Show
Small Changes Now Mean Big Wins Later
It's a Baby Steps Millionaires theme hour. John and I are going on the road here in a couple of months. We're going to be in six different cities doing the Money and Relationships Tour. We're going to be talking about raising money-smart kids, how to fight a fair fight in marriage, finding contentment.
The Ramsey Show
Small Changes Now Mean Big Wins Later
We're going to talk, of course, about wealth building, of course, about anything having to do with relationships. And here's what's weird. It's unfiltered, unscripted, and packed with wisdom. What we're going to do is we're going to put up a bunch of topics for the audience when we first get in the arena or in the theater.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And you guys are going to text in and tell us which ones we're going to talk about. So you're going to build the event that night when you get there. And that's going to be weird and fun. And we're kind of excited about it. We're going to be in Louisville, Kentucky, April 21st is the first one. Durham, North Carolina, April 23rd. Atlanta, Georgia, April 25th.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Then a couple weeks later, we're going to Phoenix on May 5, Fort Worth May 7, and Kansas City on May 9. You can get your tickets at ramseysolutions.com slash tour, or you can click on the link in the show notes, and it'll get you set right up. John, this is going to be fun. It's different.
The Ramsey Show
Small Changes Now Mean Big Wins Later
We're both going to be out there, and we just got to, you know, it's like contemporary. I mean, I was in like a speech thing when I was in contemporaneous speaking. I can't even say it. But, you know, it would like draw a subject out of a card, a deck of cards, and then you had to go. Let it rip. And you had to go, and that's kind of what we're going to be doing.
The Ramsey Show
Small Changes Now Mean Big Wins Later
We've got a whole interactive format built. It's going to be very fun. It's something different.
The Ramsey Show
Small Changes Now Mean Big Wins Later
that's right that's right i can't wait so be sure hey it's in april and may six cities check it out at ramsey solutions.com uh there's still some tickets left and we'd love to have you come visit with us we're looking forward to meeting you when we're out on the road deborah is our next millionaire up in atlanta deborah what's your net worth well my net worth is 1.4 1.5 million gotcha and a little breakdown by category
The Ramsey Show
Small Changes Now Mean Big Wins Later
So a real part of you being a millionaire is inherited money then?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. All right. But if you had invested that, it would have been a big part of this, right?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. And what was your income, best year and worst year?
The Ramsey Show
Small Changes Now Mean Big Wins Later
And you're worth a million and a half at 67. What do you tell people when they're listening to this that are in their 20s that can they do this and what did you do? What should they do to be like you?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Oh, where are those guys? Oh, my goodness. I love it. Alex is in Sioux Falls, South Dakota. Alex, what's your net worth?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Very cool. And give me a little breakdown by category.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Good for you. Well done. Very cool. Well, and you're obviously doing it for yourself. Well played, brother. The Cobbler's kids have no shoes. Not yours. They got good shoes. I like it. Well done, sir. Very well done. Well, congratulations. Thank you for sharing your numbers with us. Guys, it's not mythology, and it's not out of reach, and the American dream is not dead.
The Ramsey Show
Small Changes Now Mean Big Wins Later
The people out there telling you they're trying to steal your hope, I call them hope stealers. That's an evil, evil movement. When people tell you you can't win, you need to stay away from those kind of people. You can win. And it's not a panacea. This is not Pollyanna. It's not easy. It's not automatic. But it's very doable when you apply yourself.
The Ramsey Show
Small Changes Now Mean Big Wins Later
None of the people we talked to today were geniuses. None of them were crooks. None of them were trust fund babies. They were all people just like you. John, this can be done.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Whoa. I mean, that's it. I mean, it's 42 years old, 31, 59, 53, 62, 67, and 33. That was the millionaires we talked to today. They weren't 92. They didn't live in a cave and collect lint and only come out on triple coupon Thursday. They had a life. They're driving reasonable cars, which sometimes I find they're still driving cheap junk and I need to get them to get a car.
The Ramsey Show
Small Changes Now Mean Big Wins Later
But because they've been driving cheap junk so long, that's how they got there. But, you know, you guys have done such a good job. This is very doable. If you want to learn more, pick up the book, Baby Steps from Millionaires. I've sold almost a million of those now. It's because I want to make more millionaires. And you know what makes them? It's not magic. It's hope.
The Ramsey Show
Small Changes Now Mean Big Wins Later
And that's why we do this hour to give you guys hope. and offset the hope stealers that are saying the American dream is dead. It's impossible. You're not waiting on the White House to fix your life. What happens in your house is more important. None of these people said the president sent me money because the president never sends you money. Well, if they do, it's a trick. Be careful.
The Ramsey Show
Small Changes Now Mean Big Wins Later
He'll come ask for it back. Wow. I love it. That puts us out of the Ramsey show in the books.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, you guys deserve to be free in your retirement years. There you go. And, you know, that'd be an interesting thing to see happen, but... Yeah, I think you're right. You just got to lay it out there.
The Ramsey Show
Small Changes Now Mean Big Wins Later
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. And there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Small Changes Now Mean Big Wins Later
I also discovered that there are a lot of ripoffs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
Small Changes Now Mean Big Wins Later
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Dr. John Deloney, Ramsey Personality, PhD in Counseling, is my co-host today. Open phones at 888-825-5225. New Hampshire is on the line. Garrett's calling.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Hi, Garrett. How are you? Good. How are you? Better than I deserve, sir. How can we help?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Wow. I'm sorry. It's scary, isn't it? Yeah. Are you married? No. Okay. How old are you? 25. Okay. And what do you, uh, owe the business debt on? What kind of debt is this credit cards or vendors?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay. All right. And what kind of business is this or was it?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah. That one got you. It was a payday lender of your world. Because the interest rate's also ridiculous, correct? Yes. Okay. And, um, so what method do they have access to your current checking account? Is that how they, they clean you out ever so often?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Yeah, I think you stopped that immediately, too. You jumped from the frying pan into the fire, didn't you?
The Ramsey Show
Small Changes Now Mean Big Wins Later
Okay, so if you didn't have this mess, did you do all this because you weren't making money?
The Ramsey Show
Small Changes Now Mean Big Wins Later
You did a really good job in two sentences describing what happened because that's exactly what happened. I can smell it. You're really on top of that. That's very well done. You weren't doing your books. One job, you got out too far over your skis on, and they set you up for a fall, and you were feeling invincible. Those three things together put you here. I believe you. That's well done.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Congratulations. Most people aren't that self-aware when they're in this much pain. Well done. Proud of you. We work with entrepreneurs and have for years. I've been bankrupt when I was your age, so I know exactly how it feels to be where you are. So the way we fix this is we take the things that are working and we apply them in a forced rank order of importance.
The Ramsey Show
Small Changes Now Mean Big Wins Later
because you can't bankrupt mom and dad you can legally but you're not going to you're going to pay them no so half of this almost is one thing and it's them okay yes so the rest of it is 90 000 bucks worth of stuff um how quick can we make that now let's pretend that you were just operating properly you weren't out over your skis you weren't taking jobs that could take you down
The Ramsey Show
Small Changes Now Mean Big Wins Later
You weren't feeling of your feeling and you weren't borrowing any money. What can you make in this business? What kind of profit in a year can you make if you just started fresh?
The Ramsey Show
Small Changes Now Mean Big Wins Later
So you can make a hundred, you can make a hundred grand a year and you have a $90,000 problem. Yes. Cause mom and dad, mom and dad aren't pressuring you. No, but... You want to pay them, but they can be at the end of the list, and that's okay. Yes. Okay. So, now, here's an idea. Nice as well. What vendors do you have to pay to keep supplies coming, to keep the business open?
The Ramsey Show
Small Changes Now Mean Big Wins Later
What dollar amount does that represent? Pretty much the... $37,000? Not entirely.
The Ramsey Show
Small Changes Now Mean Big Wins Later
Gotcha. Okay. So you need to get on the phone with them first, and we need to get on a program with them where we're going to clear them first. And in return, they're going to keep sending you supplies COD.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
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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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and helping you build lasting wealth. Learn more at churchillmortgage.com. churchillmortgage.com. This is a paid advertisement. NMLS ID 1591.
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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.
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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.
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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
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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
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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.
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That was it. You knew the answer. A real nail biter. Give you the look and you just pick it up.
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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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.
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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.
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Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. Brought to you by the EveryDollar app. Start budgeting for free today. Live from the headquarters of Ramsey Solutions, it's The Ramsey Show.
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The largest and most successful coaching company in America today coaching real estate agents, by far, not even a close second. I grew up in the real estate business, and so one of the things I've been asked lately, and I was asked this the other day on a podcast that I was a guest on, is Gen Z feels like they can't buy a house.
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Yeah. And some millennials feel like they can't. Talk about that because you're square in the middle of it.
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She went, I was a teenager before we had living room furniture.
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And that was 1,000 square foot with an unfinished basement. Yeah. I hadn't even thought about that until you said that. It didn't bother us. I didn't need counseling because of it.
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Yeah, you were in the process of seven years and $465,000 in debt to be paid off. So that's what kicked the can on that.
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There it is. Brown Buffini, ladies and gentlemen, check him out. It's a good life is the podcast and you can follow him at Brian B U F F I N I Brian Buffini. Thank you, my friend. Thank you guys.
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What are we talking about? What are we talking about?
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James is in Miami. Hi, James. Welcome to the Ramsey Show.
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Okay. And well, we don't do anything together until we're together. Number one. Um, I mean, we could talk about it, which is fine. I don't mind planning for what we're going to do. And that's very wise on your part. Um, but you're graduating now.
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And you're going to sit for the bar this summer.
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Mm-hmm. Okay. And this is basically they want to lease the land for 15 years, right?
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Okay. And then she'll have 50. So you're going to go one 50, 200. And then when she gets out, hopefully 400.
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Yeah. Okay. Um, well, obviously those are the numbers. The income numbers are what we're going to use to clear up the 750. I can't breathe thousand dollars. Um, so here's the big, I mean, if you said, okay, we're going to live like two college students until this is paid back, you're going to have it paid back fairly quickly after she graduates.
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Oh, I thought you had a, oh, I thought it was $750,000 in student loans.
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30 to 40 years. Okay. All right. I've looked at these deals. I've had some friends that had some that were a little bit older than you, and the – Only question in the deal is twofold. Number one, you've got to make sure the company is solvent in the event that they're strong financially, in other words.
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So you owe almost on it what it's worth and you've owned it three years?
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But the property's not gone up in value while you've owned it for three years?
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You can sell it and pay off the family member now, right?
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Get your one bedroom apartment, dude, and eat beans and rice and go to law and go to work as a lawyer, making 150 and start cleaning up the remaining debt. We just got rid of half of it by selling it off. And you're not going to do that because you still think this is a good idea. But you called the wrong show because we love you enough to tell you the truth. It was not a good idea.
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And whoever your relative is has helped you step into a bear trap. And bear traps take your leg off. They're not for playing. And so you need to get – you're not going to do it. But what you should do mathematically – And the fastest way for you and your fiance to become wealthy is for you to live on nothing, get a tiny little studio apartment and that's cost nothing there in Fort Lauderdale.
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Yeah. And, um, and then go and you don't need to live in downtown freaking Miami beach. You can't afford it. And so get out there in the burbs and get you a deal and then work your tail off and live like a college student sitting on a beanbag with concrete blocks for your
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law books and boards between them and um you know and whatever whatever living like a college student looks like in your mind but not the college you went not the way you've been going not a luxury and then you clean up as much of your debt as you can before you all get married and before she graduates in the instant she graduates and her kicks in
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If yours isn't gone yet, then you use her additional income and you all are married at that point to combine everything and attack them in this order. But you should be, if you'll do all of that, you could be 100% debt-free in three and a half years from today, including her graduating two years from now.
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You were the one sitting with $200,000 worth of it. You know what the stress feels like.
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In the event they go bankrupt, obviously this lease is canceled, and then you've got a bunch of junk on your farm.
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And James, I'm going to insult you now also, potentially. So hold on. In 35 years of doing what I do, the hardest people to convince to use common sense are the smart people.
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and lawyers and doctors uh the level of arrogance that comes with that often that i think i'm smart i'm i'm in the top echelon of the society and um the rules don't apply to me they apply to you son you are a broke freaking lawyer that is way over leveraged and you ain't even a lawyer yet So act like it. Some humility to approach this table of common sense is necessary.
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And it's the hardest group of people I have to talk into it. And medical doctors out there, I'll go ahead and make you guys pissed too while I'm at it. You're not even in the top five.
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category of millionaires the top five you're number six on the list of people that become millionaires because medical doctors are about as notorious as people in the music business or the acting world for being stupid with money only they let add a level of arrogance to it because they're so freaking smart and so don't be too smart for your own good is my point
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okay, that's got to be hauled off. It's very expensive to get rid of it. And so you've got to make sure this company's got 30 years' worth of staying power financially. You're probably not going to be here 30 years. I doubt I'm living to 110, but you might. But you're leaving this mess for your heirs then.
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And if you're not, then you're going to end up with a lot of money here, son. When you're 30 years old, you guys are going to be very wealthy if you'll go through and follow through on what we're saying. But I don't know if I got you or not. I don't have any idea. This is The Ramsey Show.
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Jade Walsh, our Ramsey personality, is my co-host today. Thanks for hanging out with us, America. Let's face it, our money and relationships work together to help us win, or they work against us, cause us to lose. You don't have to stay stuck in this area. I'm going out with Dr. John Deloney on a six-city tour. We're going to do the money and relationships tour in this coming Monday.
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We are going to be in Louisville, Kentucky, April the 21st. Durham. A week from today, April the 23rd on Wednesday. Atlanta, a week from Friday, April the 25th. Phoenix, May 5th. Fort Worth, May 7th. And Kansas City, May 9th. Tour starts next week. Kansas City and Fort Worth are almost sold out. Do not wait. Get your tickets right now.
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And go to RamseySolutions.com slash tour or click the link in your show notes. Either way. Spencer's with us in Dallas, Texas. Hi, Spencer. How are you?
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And my friend that was in their 80s was talking to their kids about what their kids wanted to do because it really would only affect the 80-year-old for a period of time, right? That's true. And the kids would then have the issue with the family farm having a solar farm on it. So why would your husband not do it?
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And they have no intention of receiving that from you before their death? No, not at all.
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Okay. My suggestion is you all quit pretending that this is a mortgage, all of you. And so what I would do is sit down with them and say, look, we need to restructure this. Okay. Um, we either need to go get a mortgage and pay you all off and then, um, we'll get the money.
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Of course, when you pass away as an inheritance or you guys can just take advance us her, a portion of my wife's inheritance by just forgiving this loan.
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Yeah, I don't want to have it, but you all signed up for this awkwardness.
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Which is a wonderful gift. And then you guys say we promise to put the equivalent of house payments into investments so that your grandchildren are multimillionaires.
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That's what you would tell the parents. You tell them their grandkids are going to be multimillionaires because we're going to pay a house payment and then some into investments. almost immediately, because you guys are just pretending. This is not a real mortgage. It's a form of denial.
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Well, I've counseled them plenty of times where they had a regular mortgage with the in-laws, which is a mistake, too, because it changes the flavor of Thanksgiving dinner. Have you noticed? The borrower is slave to the lender and it's weird and it's awkward. And now every time I'm looking at my father-in-law, I'm looking at my master. not just my father-in-law. And it's weird.
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I borrowed money from Sharon's dad one time when we were broke, and he's the sweetest, nicest guy possibly to ever live. He is a sweet man. And I felt like dirt drug into the floor every time I walked in that house until I got that thing paid. He never said an unkind word. He never rolled his eyes. But I felt like poop. Same. And it's just awful. I've been there.
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It just, I mean, and Sharon, she didn't care. It was her daddy. It didn't bother her. I was the only one with my panties in a wad. You know, I mean, it was just, my God, I felt awful. And so y'all, you know, and that's kind of, he's being pretty chill about it, but he's got a little bit of that going on. So yeah. He can't avoid it. I would say, look, I,
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Okay. It's that simple. Okay. The other downside is... That you basically can do nothing with your piece of ground. It now has a lien against it. I mean, you could sell it, but it's still encumbered by this lease. It's a lien on the property. Yes. And so if someone wanted to buy it, they'd have to accept the lease as part of the equation.
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I would say this is an awkward conversation, mom and dad. I want to have it because the plan is for us to never pay it off. So let's just change the structure of it and reduce the thing and go ahead and release the lien and make it a gift, an advanced gift against her portion of the inheritance.
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Agreed. But you need to be sitting there, too. And mom and dad, look, it's silly because you don't ever expect to get the money. So since you're never going to get the money, we don't have a plan to get out of debt. We have to wait on you to die to be debt free. And we don't want to do that. So we're either going to get a mortgage and pay it off ourself. Yes.
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Or we're going to pay you guys off or you're going to forgive it. So what do you all want to do? Because this thing of we're going to pay a payment that's not enough to do anything, and I'm just stuck like a rat in a wheel. No, thank you. Yeah, it's a mess. Our question of the day is brought to you by WhyRefi.
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WhyRefi refinances defaulted private student loans, which are different than federal student loans, and it means you can't even make the required payments. If that describes you, contact WhyRefi for a low... Fixed rate loan customized for you. Yrefy.com slash Ramsey. That's the letter Y. R-E-F-Y.com slash Ramsey. Might not be in all states.
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Only one reason to have a credit score, borrow money. If you don't want to borrow money, you don't need a credit score. Pretty simple. This is The Ramsey Show. You want to know more about something? Hey, technology has changed a lot in the last 30 years. Now the hot topic is AI, and I understand that it might seem intimidating.
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But if you use AI the right way, it's just another tool to help you work smarter and faster, like a calculator or a cordless drill. So if you run a business, you'd better get on board with it before you get left behind.
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And NetSuite by Oracle offers AI-powered tools that help small businesses improve efficiency and make smarter decisions by bringing all their major business processes into one platform. That way there's one source of truth for the real-time data you need to take advantage of opportunities. Then you can forecast better, scale more efficiently, and streamline those manual tasks that take too long.
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So join the more than 41,000 businesses, including Ramsey Solutions, that rely on NetSuite to help tackle some of their biggest challenges. And right now, you can download the CFO's guide to AI and machine learning at netsuite.com slash Ramsey. That's free at netsuite.com slash Ramsey.
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And so that's how our friend decided not to do it because he didn't want the farm tied up for the kids.
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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. Jade Walsh, our Ramsey personality, number one best-selling author, is my co-host today. Chris is in Cincinnati. Hey, Chris, welcome to the Ramsey Show. Hi, Dave and Jade. How's it going? Better than we deserve. What's up?
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You're going to speak directly into your phone. You sound like you dropped into a barrel.
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Okay. All right. How long have you all been married?
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So it's about... So you made most of this mess in five years?
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And what are they offering you? And how much of it are they going to tie up?
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You don't think they make cars less than $30,000 that are reliable?
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Yeah. Okay. That's a different issue, but yeah. And who's the $30,000 loan with? General Wettrick. Okay. And you also called us and said you're stuck, so you're going to have to do something. Agreed? Yeah. Are you guys putting money in retirement?
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What's your tax return going to be this year?
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Yeah, and you've adjusted your W-2 by $400 a month, right?
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Okay. All right. That's good. How much do you have in savings? None?
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Are they reimbursing you for the use of your car?
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Yeah, you get to use your own car and we don't pay you enough, and the answer is tough. I'm not excited about your employer. Yeah, I see...
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You know what? You're not going to like my answer, but I wouldn't tie up a $3 million asset for that and have my whole backyard full of this. Yeah. Instead, I would sell some of it.
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Okay. You shouldn't have $2,300 in withholding.
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Uh-huh. Yeah. And you're at $103,000. And they're taking out $2,300. You don't have tax bill $2,300. There's something wrong with it. You got a bunch of health care coming out of that?
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$400 a month. Okay, that's $1,000 and you got $1,500 out of $6,000 and we got two cars paid and $2,000 for daycare.
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$1,500, $3,500 is daycare and two cars and rent and then you got to eat. I don't think you guys are living on a tight budget. They need every dollar. Yeah, I think you need to get on every dollar.
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Yeah, and if you find that your car gasoline bill is what's breaking the back of this thing, tell your employer you're looking for a job.
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you guys i get it inflation is hitting hard right now milk bread meat the price of everything has gone up so you can complain or you can do something about it like shop somewhere stuff costs less i'm talking about aldi the newest sponsor of the ramsey show Aldi gives you a no-nonsense approach to shopping and prices that won't bust your budget. Listen to this.
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Aldi shoppers can save up to 36% on a typical shopping trip, which adds up to about $4,000 a year for a family of four. So stop overpaying for groceries and start shopping smarter at Aldi, where you'll save with the lowest prices of any national grocery store. Find a store near you today at Aldi.us. That's Aldi.us. Real change in your money and relationships is possible.
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You can break the cycles that have kept you from moving forward. You can build a better future for yourself, and it starts here. Hang out with Dr. John Deloney and I live in a city near you for the Money and Relationships Tour. Starting next week, we'll be in Louisville, Durham, Atlanta, Phoenix, Fort Worth, and Kansas City.
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I would sell 10 acres and use that money to live off of.
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Time is running out, so grab your tickets while you can at ramsaysolutions.com slash tour. Thank you for joining us, America. We're so glad you are with us. If you would like to help us out, we would definitely appreciate it. You can help us a lot by clicking subscribe or follow on the particular platform you're watching or listening to. And Spotify just launched a video.
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We're one of the first on that as well. You can check that out. Thank you. Amazon Music is blowing up. You can check that out as well. So wherever you're listening to podcasts or watching us, YouTube, whatever it is, we would appreciate you following, subscribing. Also, you can share with some of those particular platforms. At the minimum, you can cut the link out and send it to somebody.
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Say, hey, listen to the show. Check it out. We would appreciate that. You can leave a nice five-star review. You could just tell somebody, like old-fashioned style, like analog, and say, hey, I listened to a show. That's right. And that would be fun. And try that. So, well, business owners, it's here. The Build a Business You Love book is officially out. It's launched officially yesterday.
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I'm sure he would not want to do either of these things, but that's emotional, and we're talking about how you're going to eat, which is what you're worried about. You're working at 70 years old, worried about how you're going to eat at 80. Yes.
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It's available to start reading today. This is not just another business book. I started this company with nothing on a card table in my living room. We're now doing $300 million in revenue with 1,100 team members, a 650,000-square-foot campus. How did we do that? What are the five stages of business? We coach over 10,000 small businesses in Entree Leadership. How do we coach them?
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What do we show them to do? Well, there's five distinct stages of business and six drivers that drive them. So we can show you every bit of that. It's pretty much the baby steps for small business. A little more complicated than that. A little different system, but it is at least a clear path towards success.
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You can grab your copy of Build a Business You Love anywhere books are sold, but certainly RamseySolutions.com or click the link in the description. Hayden's with us in Tampa, Florida. Hi, Hayden. What's up?
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Yeah, and so your husband didn't save enough money when he was young and working to provide for his wife's food, and so we're going to sell some of his land to do that. I'm sorry, that sounds cold, but, I mean, that's the way my mind works, okay? And so, yeah, I'm going to pick out how I can carve off and make –
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We help people build wealth, do work that they love, and create actual amazing relationships. Jade Walsh, our Ramsey personality, is my co-host today. Thank you for joining us, America. We're glad you are here. The phone number is 888-825-5225. You jump in, and we'll talk to you. Abigail's in Portland, Oregon. Hey, Abigail, how are you?
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Until she hears the word no, she's supportive. She's not involved at all.
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So Hayden, here's the deal. Okay. She's not involved in this at all emotionally. And so you've become her parent and she doesn't like it when you tell her, no, she can't go to the movies. No, I can't do this. And you're getting tired of being the parent. So ultimately, you two probably need marriage counseling. You need to sit down with somebody.
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Not because of FPU and not because of Ramsey stuff, but because you're the only grown-up.
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And you're trying to raise a kid now, and it's freaking you out. And it's good that you are freaked out because you need to address this issue. And so she's – because – and a part of that goes all the way back to when you all were in Financial Peace University, she went against her will because her husband begged her to, and she loves her husband, and she wanted to try to do what he wanted to do.
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She went in there and listened, but she did not – buy into a different future that you saw. And once she gets the, why you're willing, wanting to do this, why you're wanting to do this, why you're freaking out, then the how will change. But until she's in agreement with you about the future vision of where we want to go and why we want to go there, you're going to struggle.
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And, you know, you didn't have the marital chops to defeat a $37,000 car purchase. That was absolutely asinine. It's asinine. And you knew it when you did it. But you went along with it trying to make someone happy by buying them stuff. And it doesn't work. It doesn't work. So if you can't get with her and the two of you say, say, number one, I'm freaked out, honey.
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a million and a half on 10 of the 45 acres that are maybe some premium, a premium cut of the 45. Right. And you just got to decide how you're going to parcel that out in Portland, Oregon. And I'm going to start talking to a real estate agent about subdividing this and how I can where I can drop a line with a surveyor. And I'm going to do that to eat with. And you still get to live in the place.
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I'm carrying all the stress and all the load of these ridiculous purchases that I have allowed to be made in this house. And I'm freaking out and I'm not doing it anymore. Number one, number two, Um, the two of us need to start thinking about what our future looks like in HD and what it's going to take for us to get to that future.
The Ramsey Show
Stick to the Plan Even When It’s Tough
If we cannot get aligned on that in the next 10 days, we need to sit down with a marriage counselor because I'm not going to be your daddy until you know anymore. And I'm not going to participate in a situation where you're whining to your daddy that his budget is too restrictive.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Because you're imposing this on her and she's not got any adult ownership in the sacrifice that has to occur for you all to swim on this. Because you need to sell her car yesterday. It should have never been purchased. And you guys need to get on beans and rice, rice and beans. And don't talk to me about baby showers when you've got dead up around your neck and you've got a one-year-old.
The Ramsey Show
Stick to the Plan Even When It’s Tough
The only baby shower is showering this kid in food and diapers. That's it. Your kid, not other people's kids. And don't talk to me about your Instagram life. I couldn't give a crap less about your Instagram life. But that's me being mean and forceful because that's what I see in your all's lives. You guys have got to want a bright future more than you want a false present.
The Ramsey Show
Stick to the Plan Even When It’s Tough
But you've been talking about what way too much and not why. And you've got to work on that. And then she's going to have to take an adult position in this relationship where we sacrifice together for the greater good of our overall family. I want something. You've got a long life. You don't fix this, dude. This is The Ramsey Show.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Big news, business owners. It's here. My brand new book, Build a Business You Love, is officially available to start reading now. Look, running a business is tough. Some days it feels like you're just duct taping the whole thing together. I get it.
The Ramsey Show
Stick to the Plan Even When It’s Tough
That's why I put 30 years of hard-earned lessons into this book to help you grow faster, make smarter decisions, and stop learning everything the hard way. Don't wing it. Get your copy at ramsaysolutions.com slash store and start reading today. In the lobby of Ramsey Solutions on the debt-free stage, Matt and Lori are with us. Hey, guys, how are you?
The Ramsey Show
Stick to the Plan Even When It’s Tough
You've still got 35 acres, which is very nice.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Welcome to Nashville on the other side of the United States. Very cool. How much debt have y'all paid?
The Ramsey Show
Stick to the Plan Even When It’s Tough
And if you do it properly, you get to configure which 35 it is, right? But we've got to get enough out of the other to sit down with an investment broker and create an account. And if you did it right, you probably could get a million and a half. If the whole thing's worth three, I bet you could sell a fourth of it for a million and a half. I bet you could.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Two years straight up. And what was your range of income during those two years? 123,500 to 162,500.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Oh, wonderful. Very good. Very good. I think I found out how y'all met. Yes, indeed. Very good. Good. Well, welcome, guys. Good to have you. So what kind of debt was the $95,000?
The Ramsey Show
Stick to the Plan Even When It’s Tough
Oh, okay. So we come into the marriage full of normal. And you looked up and said, 24 months ago, boom, we're going to knock this out. Tell us the story why you decided to turn on a dime like that. That's pretty cool.
The Ramsey Show
Stick to the Plan Even When It’s Tough
See, this is the exact opposite of what I just hung up with. We had some advice. Because what happened here, though, is exactly what we prescribed to that other couple is that you were both aligned on why. your big why I heard it was the number one cause of divorce is money fights. We're not going to do that.
The Ramsey Show
Stick to the Plan Even When It’s Tough
We're going to, if the number one cause of bear attacks is going to the mailbox, we're going to send somebody else. I mean, we're not, you know, we're not going to do this. It's, it's a danger zone. And so that's our why is, and then you look at it as two grownups and you say, okay, for a short period of time in order to live like no one else later, um,
The Ramsey Show
Stick to the Plan Even When It’s Tough
And to not have this money stress over our marriage, I can give up Starbucks or I can give up eating out or I can give up whatever. But you're deciding this as two grownups together to get to a unified goal. That was a bigger why than the momentary. I want it right now thing. Absolutely. Your own unity is very evident.
The Ramsey Show
Stick to the Plan Even When It’s Tough
The problem with, again, her situation and the situation I looked at was the same one, was not as much the next 10 years. It was the following 20 years.
The Ramsey Show
Stick to the Plan Even When It’s Tough
You can do anything for a short period of time. And you paid off $50,000 a year for two years, basically. Yeah. And you did that on $123,000 to $160,000. We did. I mean, and that's pretty impressive. You had a good life during that time, but still had substantial progress.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Yeah, it's a ground lease. You can do long-term ground leases in commercial real estate. But it's not a scam. It's an actual offer. But the one thing we do know about solar is its technology. And I can tell you this. You know what a 20-year-old solar panel is? Useless. Useless, because the technology has advanced dramatically in the last 20 years.
The Ramsey Show
Stick to the Plan Even When It’s Tough
How the abundance of the heart, the mouth speaks. And these two cannot talk without saying we. Yeah. They're very we.
The Ramsey Show
Stick to the Plan Even When It’s Tough
They're very unified. It's very impressive. It was very important to us. I mean, you can be, it's like God gave us this contrast to a minute ago. I mean, it's just, it's the exact opposite. And it's what I desire for that other couple. I hope they get that. I hope they can find their way to that because it changes everything. You guys are set. Yeah.
The Ramsey Show
Stick to the Plan Even When It’s Tough
irrelationally for the rest of your lives because you've already killed a large dragon and you did it together we did you're like hold his head i'll chop it off you know i mean it's like we're gonna get this boy he's going down right and very wise i'm very proud of you very cool i bet your parents are jumping up and down excited for both of you we can't wait to sign yeah yeah they're they're they're thrilled yeah oh we're thrilled for you you're impressive all right what do you tell people the secret to getting out of debt is do it together
The Ramsey Show
Stick to the Plan Even When It’s Tough
So, yeah. And those first couple of budget committee meetings, uh, whatever you called them, I don't know. Um, confabs, but yeah, the, uh, uh, They can be a big fight.
The Ramsey Show
Stick to the Plan Even When It’s Tough
You killed it. All right, Matt and Laurie, Portland, Oregon, area 95,024 months, 123 to 162. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free! Way to go, you guys. Heroes, baby. Heroes. I love them. This is The Ramsey Show.
The Ramsey Show
Stick to the Plan Even When It’s Tough
The Ramsey Network app is the only place to get all the episodes of The Ramsey Show every day. You can download it for free and listen for free. It's all free. Then I mentioned it's free using the link in the show notes or by searching Ramsey Network in your app store. If you're on the radio, you're going to get what you've always gotten.
The Ramsey Show
Stick to the Plan Even When It’s Tough
But what is effectively the third hour of the show for talk radio is on the Ramsey Network app for free. If we do not charge for it, it is free. You can download the app for free, the Ramsey Network app. Jade, it's free. Okay, just checking. Just making sure. Okay. Pete's in Bozeman. Hey, Pete, what's up?
The Ramsey Show
Stick to the Plan Even When It’s Tough
And so what you've got is, you know, you've got something the size of a tractor trailer that's doing something that the size of a car would now do, right? Right, right, right.
The Ramsey Show
Stick to the Plan Even When It’s Tough
I got it. So the commercial, you didn't personally sign for it?
The Ramsey Show
Stick to the Plan Even When It’s Tough
Okay. It's all personal. Okay. All right. Yeah. So how much is owed on the home?
The Ramsey Show
Stick to the Plan Even When It’s Tough
Your personal residence. About 800. About 800. The other property, the big one, the big one you're calling commercial, what do you owe on it?
The Ramsey Show
Stick to the Plan Even When It’s Tough
Okay. One million. Okay. And what was the other property? Lake house. Vacation house. Vacation house. Okay. And how much on the vacay house?
The Ramsey Show
Stick to the Plan Even When It’s Tough
And it's, you know, it's a big old bunch of junk to haul off.
The Ramsey Show
Stick to the Plan Even When It’s Tough
All right. And you have a million sitting in savings right now. Yep. And that was one years of income or two years.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Okay. All right. What does the next two years look like? Same thing.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Well, I'm trying to get your debt paid off, and you're doing pretty good. I'm proud of you.
The Ramsey Show
Stick to the Plan Even When It’s Tough
You're making a lot of money. So let's pretend that you could make another, you said a million over two years, so 500 a year. So you could make another million in the next two years. So then the question becomes only which one we pay off first because in the next two years, the other one's going to get paid off anyway. Agreed?
The Ramsey Show
Stick to the Plan Even When It’s Tough
And yet we bought it thinking, oh, we're going to make all this money over all these years when people are buying solar. Now, you can buy solar. There's nothing wrong with buying solar. I don't have a problem with that. This is a different discussion here. This is people leasing her land. And then what they do is they sell it to the local.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Yep. Okay. All right. So the point is we're not really arguing about what's more important. We're just arguing about two years. Okay. Okay.
The Ramsey Show
Stick to the Plan Even When It’s Tough
All right. If I'm getting, assuming you're working as hard as you used to work. So I don't know. After that, you can do whatever you want because you're sitting on a couple million dollars worth of paid for real estate and other investments and an income potential that's incredible. So if you want to crank it back a little, oh, well, that's great.
The Ramsey Show
Stick to the Plan Even When It’s Tough
But I'm probably going to keep the fires burning and knock these puppies out if it's me. I don't know what you're doing, but you're doing it well. Congratulations. I'm proud of you putting that income in. I'll tell you what I would do, and then I'll tell you why. I would pay off my home and my vacation home, okay? And I'm going to do that for two reasons.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Number one, when where you lay your head is paid for, it changes your swagger. It changes the way you're doing this. You're doing some kind of self-employed business, I assume?
The Ramsey Show
Stick to the Plan Even When It’s Tough
Okay. Okay. So the way I run my business is affected by the fact that I don't have any debt in a positive way. Okay. The swagger is just different. I don't have to worry about anything with my lake house or my personal residence or my office building in this case too, because I don't have any debt.
The Ramsey Show
Stick to the Plan Even When It’s Tough
But so I'm going to pay off your house and your lake house for that reason or your vacation house first. And I'm going to do that today because where you lay your head is the most important place. The second reason I'm going to do that is, uh, Proverbs in the Bible says who can find a virtuous wife for her worth is far above rubies.
The Ramsey Show
Stick to the Plan Even When It’s Tough
The heart of her husband safely trusts her, and he will have no lack of gain. Your wife is saying pay this stuff off, and I'm going with her, in other words, because you'll have no lack of gain if you learn to listen to a virtuous wife. And that doesn't make you henpecked. It makes you wise to make decisions with your partner in life. And, um, so I'm, I'm going with her for those two reasons.
The Ramsey Show
Stick to the Plan Even When It’s Tough
They sell the electricity that's created to the local utility.
The Ramsey Show
Stick to the Plan Even When It’s Tough
I'm going with the pay off the house first for those two reasons. And the math doesn't matter to me because the math difference over two, 24 months, which is all we're discussing is negligible.
The Ramsey Show
Stick to the Plan Even When It’s Tough
No, I did worse than that. I quoted scripture to you about mama winning.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Thank you, sir. Thank you, Pete. That's a good discussion.
The Ramsey Show
Stick to the Plan Even When It’s Tough
He's killing it, man. Yeah, good job. And he's having fun.
The Ramsey Show
Stick to the Plan Even When It’s Tough
He's got a million-dollar net worth already. Good for him. Or more, because I don't know what that building's worth above the million.
The Ramsey Show
Stick to the Plan Even When It’s Tough
And he's getting ready to have an excessive of $2 million, $3 million, $4 million net worth, and he's killing it in Bozeman, Montana. Way to go, Pete. I'm so proud of you. That's so fun. The true answer to the story is you really can't screw this up if you do either one first.
The Ramsey Show
Stick to the Plan Even When It’s Tough
There's no big like you're stupid if you don't do a thing.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Now, let me help you guys with something, too. Let me teach you something. When you think you're doing an analysis based on interest rate, which he said this was lower interest rate, right, that we just paid off, when you actually multiply out the difference for a short period of time and turn it into dollars, how many actual dollars are different in two years only? It's not much.
The Ramsey Show
Stick to the Plan Even When It’s Tough
It'll buy you a chicken biscuit. Negligible. I mean, it's not a lot, right? Yeah. So sometimes interest rates really matter a lot over a long period of time. But in a very short period of time, like I'm going to pay this thing off in six months or something like that, some of you are looking at these things like, I'm going to pay off the highest interest rate. But in six months, it doesn't matter.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Yeah, he's slaying it, man. He's just slaying it. That is so cool. And that's one of the reasons that the debt snowball has continued to – survive is the thing, the idea that the interest rate doesn't matter because it's a short period of time.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Well, you still own the ground, but you can't do anything with it.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Because we teach to list the debts regardless of interest rate, and we're not talking about his situation, we're talking about everybody else out there, smallest to largest, pay minimum payments on everything but the little one and attack the little one as if your life depended on it with a vengeance.
The Ramsey Show
Stick to the Plan Even When It’s Tough
When you knock that out, you get a positive feedback loop, psychologists would call it, In other words, you get an attaboy, you get some success. You go on a diet and you lose five pounds the first two weeks. You're going to keep doing it.
The Ramsey Show
Stick to the Plan Even When It’s Tough
You're going to diet and you don't lose anything for two weeks. But I promise you, you're building muscle. You know, it doesn't feel right. That one just doesn't. That promise doesn't hold it. That won't keep me out of the donuts.
The Ramsey Show
Stick to the Plan Even When It’s Tough
So, you know, you got it. You got to have, I need something. I need, I need some quick wins, especially on something new to give me the hope to continue. And that's why the debt snowball works. But truthfully, I would say when people get intense, like super high intensity, um, which is what we teach, and they're working together.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Yeah, exactly. Good discussion. It's the lean against it. It's an interesting discussion. I've not had that on the air before. I did have it, obviously, off air one time. This is The Ramsey Show. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio.
The Ramsey Show
Stick to the Plan Even When It’s Tough
They're paying off all of their debts except their home typically in two years and less.
The Ramsey Show
Stick to the Plan Even When It’s Tough
It doesn't matter. I mean, the 24% one, whatever, versus the 6% one, it becomes irrelevant. And it was on $500. It wasn't like it was not big money in those situations. That's right. So one of the reasons that the debt snowball arguments against it are humorous if you were to actually do the mathematics. That's what you're looking at. This is The Ramsey Show.
The Ramsey Show
Stick to the Plan Even When It’s Tough
All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards. They all store your info online, making them ripe for a cyber attack or data breach.
The Ramsey Show
Stick to the Plan Even When It’s Tough
That's why I've been telling people for almost 25 years, they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Visit Zander.com or call 800-356-4282. Well, look who's in the house. Brian Buffini, one of the nation's top business experts, founder of Buffini & Company based in Carlsbad, California. The firm is dedicated to sharing the powerful message of lead generation systems. primarily started out in the real estate world. Brian and I met each other probably 20 years ago.
The Ramsey Show
Stick to the Plan Even When It’s Tough
He's a New York Times bestselling author and speaks for us regularly at Entree Leadership. He'll be coming back with us in 26 and was in town doing some other stuff, came over and did our staff devotional this morning and owned it again. Absolutely fabulous. Welcome back, my friend.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Absolutely. So the ones that don't know the story, you came here from Ireland in the 80s and you got this classic American dream rich story with a rags to riches being a legal immigrant. Yes. And is that still possible now?
The Ramsey Show
Stick to the Plan Even When It’s Tough
Why? Because there's just not any competition because you can outwork them?
The Ramsey Show
Stick to the Plan Even When It’s Tough
There was no internet when we started. There was no internet.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Don't despise humble beginnings. Yes, sir. That's it. The stats are, the data that we have says if you come to the country legally, you are four times more likely to become a millionaire than someone born here.
The Ramsey Show
Stick to the Plan Even When It’s Tough
And, you know, what's interesting, the Americans that I run around with anyway do not resent that immigrant.
The Ramsey Show
Stick to the Plan Even When It’s Tough
They don't resent the one that came here to add value. They don't resent the one that comes here legally. I don't hear that at all. And so it's not a racism thing, and it's not a, you know, I just hate people that weren't born in America thing at all. Because America is the land of immigrants, for sure.
The Ramsey Show
Stick to the Plan Even When It’s Tough
So the podcast, the Brian Buffini podcast, we're talking to New York Times bestselling author Brian Buffini today, is called It's a Good Life. Be sure and check it out. So what's been your experience doing a podcast? Because you're a speaker, a coach, extraordinaire, and then you sit down behind a microphone like this now.
The Ramsey Show
Stick to the Plan Even When It’s Tough
And then I found out when I was on TV I got a face for radio.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
This show is sponsored by BetterHelp. More and more people are becoming aware of the need for mental and emotional health resources. But over a quarter of those people still say they avoid getting therapy due to the fear of judgment. I know because I've been there. I've sat with hurting people for years and a lot of folks are scared to take that next step. So listen...
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
When people won't get help, it doesn't just affect them. It impacts everybody around them, their families, their workplaces, the entire community. The world is better when people are healthy and whole. So if you're thinking about trying therapy, contact my friends at BetterHelp. BetterHelp is 100% online therapy, so it's affordable and convenient for your schedule.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
They have a network of more than 30,000 licensed therapists with a wide range of specialties. And BetterHelp has over 10 years of experience matching people with the therapist that's just right for them. So to get started, just fill out a short online survey to get matched with a licensed therapist. And if it's not the right fit, you can switch therapists at any time.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
It's easy, and it doesn't cost any extra money. Listen, good folks, we're all better with help. Visit betterhelp.com slash deloney to get 10% off your first month. That's betterhelp, H-E-L-P dot com slash deloney.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
That's a gut punch. And you're telling me and for decades, Dave, I've sat across people who've lost a spouse. They've lost somebody important to them. Me too.
The Ramsey Show
Credit Is a Crutch—It’s Time to Walk Without It
Term life insurance can replace income, pay off debts, cover funeral expenses, so your family can actually have the opportunity to just be sad.
The Ramsey Show
This Is How You Take Control of Your Own Life
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
This Is How You Take Control of Your Own Life
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
This Is How You Take Control of Your Own Life
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
This Is How You Take Control of Your Own Life
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
This Is How You Take Control of Your Own Life
Hey, you guys know how much I hate banks in general. And so for me to do, this is a big deal. Talk to our friends at fair winds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
This Is How You Take Control of Your Own Life
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
This Is How You Take Control of Your Own Life
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
This Is How You Take Control of Your Own Life
All right, let's cut to the chase. It's easy to get discouraged about crazy house prices and interest rates. But when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions. Ramsey Trusted Agents aren't just experts who guide you through buying or selling.
The Ramsey Show
This Is How You Take Control of Your Own Life
They're people you can trust to have your back from the first call to closing day. Find a Ramsey-trusted agent near you at ramseysolutions.com slash agent. That's ramseysolutions.com slash agent.
The Ramsey Show
This Is How You Take Control of Your Own Life
Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio. All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards.
The Ramsey Show
This Is How You Take Control of Your Own Life
They all store your info online, making them ripe for a cyber attack or data breach. That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim.
The Ramsey Show
This Is How You Take Control of Your Own Life
It's the most thorough and affordable plan out there. I even have it for my family and our entire team. Visit Zander.com or call 800-356-4282.
The Ramsey Show
Nobody Builds Wealth by Accident
You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created. Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several Bernas myself. They look like guns, but they're not.
The Ramsey Show
Nobody Builds Wealth by Accident
They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away. And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required.
The Ramsey Show
Nobody Builds Wealth by Accident
And because they're not firearms, they can be shipped directly to your door. Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to berna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
Nobody Builds Wealth by Accident
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something? Well, I used to be one of those guys.
The Ramsey Show
Nobody Builds Wealth by Accident
They don't know what to do next. Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family.
The Ramsey Show
Nobody Builds Wealth by Accident
Term Life Insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. Listen.
The Ramsey Show
Nobody Builds Wealth by Accident
Hey guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Nobody Builds Wealth by Accident
Pre-order your copy today and you'll get access to over $350 in bonus items only at ramsaysolutions.com slash store. ramsaysolutions.com slash store. Pre-order today.
The Ramsey Show
Nobody Builds Wealth by Accident
All right, let's cut to the chase. It's easy to get discouraged about crazy house prices and interest rates. But when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions. Ramsey Trusted Agents aren't just experts who guide you through buying or selling.
The Ramsey Show
Nobody Builds Wealth by Accident
They're people you can trust to have your back from the first call to closing day. Find a Ramsey-trusted agent near you at ramseysolutions.com slash agent. That's ramseysolutions.com slash agent.
The Ramsey Show
How to Escape Living Paycheck to Paycheck
So I've lived with crippling anxiety for as long as I can remember. How do I stop it from constantly coming up in different areas of my life?
The Ramsey Show
How to Escape Living Paycheck to Paycheck
I cannot even function because I'm just crying. My mom left us when I was four. I truly felt like for a while I had no family.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
All right, Dave, you have some strong opinions.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
I think so. Because you really prefer credit unions over big banks.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Yeah, absolutely. And I love it. The things that we teach, they so line up with. And you're right, their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. Like the step-by-step approach was unbelievable. And then the next day my phone rings and it says Fairwinds on my phone.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
So I answered it and... talked to someone there and they said, yeah, they give calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Okay, you guys, 54% of Americans say it's a challenge to save on groceries without sacrificing quality. That's why I'm thrilled to tell you about Aldi. Aldi gives you simpler, better food choices that can save your family nearly $4,000 a year. From the daily essentials to organic produce, fresh meat, and more, Aldi has what you need at prices that won't bust your budget.
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Your Bank Balance Is a Reflection of Your Habits
So stop paying more and start shopping smarter at Aldi, where you'll save with the lowest prices of any national grocery store. Find a store near you today at aldi.us. That's A-L-D-I dot U-S.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Hey guys, Rachel Cruz here. All right, I'm about to say what everyone already knows, but budgeting is a good thing to do. Now actually starting, well, that's where people freeze up. And you guys, it doesn't have to be that way. With the EveryDollar budgeting app, getting started is super easy and so is sticking to it.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
You can set up your first budget in less time than it takes to go through the Chick-fil-A drive-thru. It's fast. And the best part? With unlimited budget categories, you can customize it to fit your life. Grocery runs, coffee runs, or planning your next family trip. Whatever you have going on, EveryDollar helps you see exactly what's happening with your money.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
You'll know what's coming in, what's going out, and what's left over for some fun. Because let's be real, you need some fun in your budget. EveryDollar keeps budgeting simple and stress-free, just the way you want it. So go download the app for free and get started today. Again, go download EveryDollar today.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Your jobs call them every day until they get their finger out of their ear.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay, all right. You hang on, or you jump on Ramsey Solutions, I'm sorry, and get a hold of one of the real estate agents to see if you can get some help over there. Because the thing is, your job is put pressure, heavy pressure, on this whole situation so that it spits out a $100,000 check.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
and you've kind of hit or miss, well, the lawyer didn't do it, and, well, I did it a month ago and I hadn't followed up. See, you're not putting the pressure on. I want you to put the pressure on. Be mama bear. I want you to lean in and take care of this situation.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So I'm a little bit confused. So he's, do I think he ought to come to Michigan without a job? Is that the question?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I can't imagine how much pain is involved.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
you can you can not that you can quote unquote do more but like you can step into this role with more aggression and that's and you should most lawyers need desperately need someone to tell them what to do often often and that's like my goal in life is to tell lawyers what to do often You need to boss them around.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
They're not used to it, and it's really good for them when somebody finally does it. And it's good for you because this needs to get done. This needs to get done because you're paying a payment. That thing's sitting there eating you alive instead of blessing you. When it's eating you alive, it's affecting these babies instead of blessing them.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
This $100,000 will go a long way to take care of your family and therefore you being able to take care of these babies. I'm so sorry y'all have been through this, Shantae. It's horrible. But get one of the real estate agents over in the area to help you run point on this and then you lean into it.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
growl mama bear go get them there's a hundred thousand dollar check laying there don't let anybody keep you from it go get it go get it don't walk away from this this is the ramsey show
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Rachel Cruz, Ramsey Personality. Open phones at 888-825-5225. Our question of the day is brought to you by YRefi. Are defaulted private student loan payments dragging you down? YRefi can help you save thousands of dollars. Visit YRefi.com slash Ramsey. See how they can help. That's the letter. YRefi.com slash Ramsey. Might not be in all states.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, no, I don't fit in with people that do stuff. No, I don't fit in in anything in D.C. It is kind of fun to watch them take a machete to the ridiculous spending. You don't have to be of any political ilk to think that machetes to the ridiculous spending are necessary. This is out of control. Yeah. For sure.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I mean, it's a funny question, but the truth is that running a government of any size, the state of Tennessee, for instance, the governors, the last several governors I've been friends with, and it's a different endeavor to run something like that than to run a business or run your personal account. The principle of being debt-free still stands.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Well, I think, you know, you're asking me, so I'm going to tell you, I would get married before I moved in together.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It's a good principle, and the principle of living on less than you make still stands, and the principle of good management or good frugality still stands. So, I mean, I can give you an opinion, but it's probably worth exactly what you paid for it. I observed under, for instance, Bill Clinton was the last president that had a balanced budget. that we actually did not run. I mean, he did it.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Some say that he did some of that off of, I mean, the tax code that was in place at that point was put in place by Reagan. And so the lowered taxes, the Laffer curve, Art Laffer, famous for.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah. Yeah, but the – it was. But, I mean, it was H – I mean, H, you know, was running the same – was running the same deal, except he raised taxes on one thing, and that got him baked. But the – anyway, politically. But the point being that there's – Really good evidence that the Laffer curve is true.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Well, before you move in together.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Art Laffer is known for the theory of, to a certain degree, as you lower taxes, the economy heats up because the people that are making money are putting money back into their businesses, and they make yet more money, and they pay yet more taxes even though the rate is lower. Now, there's a point of diminishing returns on the curve. It is a curve. It's not a straight line.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But if you lower taxes, it heats up the economy, and you end up collecting more revenue. So if you want to increase the federal government's income from taxes, income tax, then you would, oddly enough, lower taxes. It seems oxymoronic, but it actually does work. And so if you want to get out of debt, one of the things we tell you to do is get an extra job, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I mean, increase your income to get out of debt. So that would be part of the equation. Let's increase the income of the United States of America by increasing the revenues produced by the tax system by, oddly enough, lowering the tax rates to cause that to happen and stimulate the economy. And that does work.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I mean, people that have studied John Maynard Keynes and are socialists, which John Maynard Keynes was a socialist, Keynesian economics are taught in almost every economics class in professor land out there. But I'm not a believer. I'm an Adam Smith guy. I'm a free market guy. And I really do understand this stuff. So anyway, all that to say, you would increase the income.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And then, of course, you would do what Doge is doing. You cut the snot out of the expenses. So if you could ever get it right side up where there was more income than outgo, in other words, there is no deficit.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Not only is there no – because deficit means you're going in the hole every month. And you've got to turn that to get out of debt.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And then could you start to pay off the debt? Absolutely you could. And what's weird is the way that stuff works on a governmental level, it would happen. It would be really quick because of the way the thing would feed on itself. Because the other thing that's tied into this is there's –
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
what's called monetary policy, meaning that when the government takes a trillion dollars out of the economy by borrowing it, by issuing bonds to cover the deficit, that trillion dollars is not out there running around in the economy to stimulate the economy. So when the government runs debt, it sucks the bone marrow out of the economy. because it drops currency down.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
The amount of money that's moving around is shortened considerably. And when you start putting all that back, or when you just stop some bone marrow out, and then on top of that, you start putting some back. You know, the thing could really heat up and the revenues could go through the roof. It could be rowdy. And so that's one set of theories that gets you there.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. Well, we're getting these things out of order as far as I'm concerned. I'm an old school guy. So my daughter is sitting next to me. If my daughter called me like this, I'd be going, oh, no, no, no, no, no, no, no. We're going to get these things in the right order.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But this is the first time in my lifetime that I've seen anyone that had the political – Didn't give a crap. The political don't give a crap in order to just walk in there with an ax and a machete and just start chopping down everything in sight. And it's I didn't know if I'd ever see it. It truly had to be somebody that didn't care. Because it's so offensive.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Because it can't be elected again, so if you don't like it, screw you. And it had to be somebody doing that, because if anybody cares about being reelected, then every little person you piss off by cutting one of these programs is a voter, and you start worrying about being reelected or not. But when you truly reach the point of, I don't give a crap, and apparently that's where this bunch is.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I mean, it's interesting to watch. And by the way, that's also the thing that happens with individuals. You guys out there, when you guys get out of debt, you reach a point you don't care what your brother-in-law's opinion is about what you drive because he ain't paying the payments anyway. And he doesn't get a vote.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And so you're going to go do radical stuff to get your life back and get out of debt. And there is some correlation to this. Sure, sure. It's interesting. It's an interesting discussion. Sure has got people... 44 days. 44 days he's been in office. It's wild. It's just wild. It's entertaining.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Francisco is in Des Moines, Iowa. Hi, Francisco. How are you? Hey, Mr. Ramsey. Thank you for taking my call. Sure. What's up?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And so we're going to say, okay, you said you have a daughter?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
If you're making more money and it's closer to home, what's the downside?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So you get paid by the job by the hour, not by, so this might not be a raise.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I know, but if you get less work, the $2 doesn't matter. Exactly, that's kind of my concern.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
How many people is this place you're talking about going to employ in your position?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. You would not tell her to move in with a guy that she wasn't married to, would you?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, just tell him that he has to guarantee you financially that if we're not busy, you're paying me anyway. And that takes the risk out of it. Negotiate a different deal with a potential employer. This is The Ramsey Show.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Rachel Cruz, Ramsey personality, is my co-host today. Megan is with us in Orlando. Hi, Megan. Welcome to The Ramsey Show.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Might be your plan. It ain't his. Yeah.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So the two of you, and the two of you have five children?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And he's your fiancé. We have three together. And when are you planning to get married?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I'm just curious, and I'm not trying to be sarcastic or anything, but you're functioning in every way almost as if you're married now and have been for some time. So what's the difference in that and getting married this weekend for $50?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
You already have children. You live together. You support him. What is there to be scared of?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
You guys are fabulous can kickers. You've kicked the can, kicked the can, kicked the can, kicked the can, put it off, kicked the can, put it off, all these reasons, and then still functioning as if you're married. And the reason I'm bringing all this up is it's not working for you. I'm listening to you, and there's no fun in your voice at all.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
No, we're going to get married is what we're going to do, or we're not going to put our money together. And also, you know, if I woke up in your shoes, what would I do? That's how I answer questions here, okay? So my friend Henry Cloud is a famous psychologist, and he wrote a book called Necessary Endings.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And he says you end any relationship, whether it's your job, whether it's contact with an extended family who's toxic, whether it's a situation like you're in, whatever the relationship is, you end it only when you lose hope that it can get better and be right. Does that make sense?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And so I'm not going to be sitting here this time next year if I'm you in this exact same quandary wondering if this is going to be okay. We're going to get in there with this therapist and go, look, we're going to walk around this really, really hard for 90 days and we're going to see some serious progress or I'm going to call this.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
That scares you even more, doesn't it?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But you need to decide, don't you? Painter get off the ladder, right? Yeah.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Because you don't think the kids are suffering in this situation? Of course they're suffering. They're suffering from all this ambiguity.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
They don't know what the flip's going on because their mom doesn't know what the flip's going on, and their dad doesn't know what the flip's going on, and we're all just running around in circles trying to make enough money and throw it in the middle of a pot and run a little commune over here, and it's not working relationally. Am I missing something?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
No, it doesn't. Not if you're not going to be married, because divorce is, I mean, marriage is grand, divorce is 50 grand. No, we don't want to go through that. Yeah. But you guys relationally need to make a decision. Okay, are we the two adults in the household going to join forces and then take care of the little people? Or is it best for us and the little people to be separate?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But if we're going to join forces, we need to get six years, and you guys are dancing and dancing and dancing and dancing and dancing. The other thing is you put all of your financial dreams and everything on hold in the process too. It's very difficult to make progress mathematically in this situation.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
yes and that's why that's what i'm struggling with that that's what actually prompted your call and then i then i got all papa dave on you so um but um yeah i just downloaded the every dollar budget app which is it's tough for me because my income fluctuates so i'm struggling you'll be able to do that really really easy when the two of you are married you can put a hundred two hundred ten thousand dollars in that puppy and start crunching through this stuff
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And you and him are on the same page and two grownups are running this house, not the kids. The kids don't get a vote.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
You don't want to put your money together until you're married. But you guys have got to make a decision about this marriage. You either need to make a decision. We're going to start working very hard on the relationship. And by this point, and that's just for marriage to be the outcome. The marriage is the outcome. Or we're going to call this. We're going to break this thing up.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
that they love and create actual amazing relationships i'm dave ramsey your host rachel cruz number one best-selling author ramsey personality co-host of the smart money happy hour with mr george camel on the ramsey networks and my daughter she's my co-host today open phones at 888-825-5225 latonya is with us in michigan hey latonya welcome to the ramsey show
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
We're going to drop a grenade in the middle of it. Because what you're doing, you're telling us. We're not telling you. You're telling us. The way you're doing life right now doesn't work. I'm afraid to get married. I'm afraid to break up the house. I'm afraid I can't get traction with the money. I can't get control. This is what you called us and started saying. I'm just repeating it back to you.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And so you can't keep doing the same thing over and over again and expect a different result. That's the definition of insanity, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So that's what you're going to do. I'm going to beg you as my new friend that I love, for the sake of you, for the sake of him, for the sake of these kids, you two need to look at each other and look at this therapist and go, okay, we're going to make a decision. And in the next 90 or 120 days, we're going to see such significant progress in this relationship. that it's not perfect.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
There's always going to be some fear. That's normal. But we're seeing progress to where we have hope enough that we can call this what it is, a marriage. And then you put yourselves together, and then you start managing those little people, and you start managing those dollars, and it all starts coming together in a much cleaner way.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But you run around trying to mother hen everything from the outside with no connectivity. It doesn't work. And no, you don't combine your money with him. until you're married. This is The Ramsey Show. What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
AI will help us work or it will replace us all. But there's no such thing as a crystal ball. That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too.
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Your Financial Journey Is a Marathon, Not a Sprint
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Your Financial Journey Is a Marathon, Not a Sprint
And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next. And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
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. Rachel Cruz, Ramsey personality, number one best-selling author. My daughter is my co-host today. Open phones at 888-825-5225. Jim is with us in Houston, Texas. Hi, Jim. Welcome to the Ramsey Show.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Wow. There's a lot going on here.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Regardless of women, you should get a better car. Oh, okay. Your car sucks. You're a multimillionaire. Go get you a dadgum car, son. Oh. And then the women is a different issue. But, yeah, I mean, really, you've got a million dollars. You don't drive a 25-year-old pickup truck. I mean, you can, but there's no point in it.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And so I would go get a better car, but I would not ever purchase a car to attract a lady because you're trying to attract the wrong kind of woman at that point. You don't want a woman who comes to you for the car.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
correct not not a good not a good not a good connection so um no i mean we want her to love the gym that rachel and i already love dude you're a great guy one person i just don't know who that is yet no it's okay you don't have to if you impress them with a car it's the wrong woman have you had dates jim that's called shallow woman and you've gotten feedback about it i'm just curious what's causing you to think it's
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Are we going to be on food stamps because he drives this truck? That's the question. Well, just, I don't know.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So if you go to Branson, Missouri, and you were to visit the – walmart uh museum on the square in branson missouri one of the things that's in there is sam walton's ancient pickup truck that the billionaire drove to work every week which is and if you walk off from him because he drives that pickup truck you would be known as a financial moron I mean, seriously. I know. I mean, honestly.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And if she's willing to dismiss you without learning more about your character based on the truck, this is not marriage material.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Send her back to the digital thing that she came from. That's all good. Go away, chick. And honestly, you dodged a bullet. The digital thing she came from, a dating app. You dodged a bullet, okay? Anyway, all that aside, I think you ought to go get a better car for you. Okay. For you.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And you can drive the pickup all you want to drive it, but I think you ought to have a better car in the driveway for you. You've earned it. You do not have to drive a piece of crap anymore. You live like no one else, and now you can live like no one else.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
No, that's not the status symbol of choice. The status symbol of choice was a paid off mortgage.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Taken the place of the BMW. But go get a better car. I'm not saying you have to go spend $100,000 on a car. But you don't have to, Jim. You're driving a $1,500 truck.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I tell these people all the time, go get a better car. But I wouldn't do it. I would never do that to attract... The kind of woman you get, the kind of person, woman or man, if you're in a dating relationship that you attract based on your positions is not marriage material.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I don't know what this whole other thing you did a while ago was.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I don't want to be on food stamps. I got that.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But at least ask a question instead of saying, see ya. I agree.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I know. So you're driving this truck because you're a billionaire or you're driving this truck because you're poor and don't work much?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Like there's no old trucks in Houston, Texas. There's not a chance you're going to find that.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
No. It would end up like this call.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Hey, it's worth what you pay for it, baby. This is The Ramsey Show.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
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Your Financial Journey Is a Marathon, Not a Sprint
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today. Are you staying on track with the baby steps? Do you even know what that is? If you take a quick quiz, I'll get it out in a minute, you can check your progress and receive a personalized plan for you.
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Your Financial Journey Is a Marathon, Not a Sprint
Simply head to the show notes, click the link titled, Are you on track with the baby steps? Complete the quiz. We'll show you where you are and what the next step is to move forward with your money. Amy's in New York City. Hi, Amy. Welcome to the Ramsey Show.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
You said you're not able to work because of your health?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. And this is your only asset, your only source of income?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Wow. Okay. And why New York City?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And that could all happen in a short period of time. I mean, he could get a job. He could get a job. You could get engaged. You could get married and rent an apartment and move out.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
The reason I asked is not because I hate New York City, but because it's one of the most expensive cities in the world to live in, and we're worried about a burn rate. So those two things don't go together. That's what was running through my head. So, you know, I'm probably going to locate somewhere near people I love and frequently visit New York City rather than try to live there.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
That would be probably half as expensive.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
That's an idea. Okay. That's going to affect your burn rate. There is, I don't know of a, I mean, do you have a good financial advisor in your corner?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Well, there's not financial advisors. Go ahead. Go ahead.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I'm in. I'm with you on that. So the way we define a good financial advisor is not someone that tells you what to do, but someone that teaches you, and then you can make good decisions. So what you're calling us for is the same thing. You're Is there some way I can get at this money and lower my burn rate? Because I did do a little math here, and this is not working.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And that's the essence of your question. So I am not aware. With your cognitive stuff, there's no formal disability, is there? Like you've not applied for SSI or something, have you?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It could happen in one month. I mean, if he got the job and moved up there and got married, you know, that doesn't have it doesn't require this lengthy process. process. But no, I would definitely not move out of your dad's place into an apartment with an unemployed guy who I'm not married to. No, that just, as Rachel said, that sounds like no fun at all.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. Well, you're talking about the upheaval with the Trump administration?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
It doesn't take two years to get SSI approved. Okay. I mean, you have good doctor's opinions and so forth to submit to prove disability, correct? Correct.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
There's no disability insurance anywhere in the whole mix of this discussion, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, okay. All right. I didn't think so, but I'm just fishing here. Okay. So what I want you to do, I want you to go to Ramsey Solutions. I want you to check out the SmartVestor Pros, and these are investment advisors that we have vetted. They have to have the heart of a teacher or they don't become one of the people that we put in the SmartVestor program, okay?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
They don't work for me and they don't work for you unless they teach you something and advise you rather than direct you.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I don't want to die with that. I need to get you to 59 and a half with the laws that I understand because that gets us past the 10% hit.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But you are going to get taxes on whatever you pull out. Income tax, there's no avoiding that.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
If you had a gross income of $130,000 a year minus taxes, could you live on that and do your dream?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, probably not. Probably visiting New York City, but not living there. Okay, but see, that's once you get to 59.5, because if you can produce 10% on 1.2 in good mutual funds, which I know you can do, then that's $120,000 a year, okay, minus taxes. And it is taxable. You're not going to get away from that. This is a taxable event.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And then if you said also, okay, I'm going to plan out, I'm 55, I'm going to plan to be broke at 90, right? Okay. And so I'm going to set up $120,000 minus taxes plus a burn rate to hit me at zero at 90. Then, you know, there's a formula that you can put in a calculator and do that.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
There's nothing in there that sounds fun from an old dad perspective. You know, I mean, really, that's just like, no, daughter, don't do that. So for your sake, for the sake of your kid, you just went through hell with a divorce. I mean, come on. So last thing we want to do is sign up.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And that's the kind of thing I want to start looking at. And then I've got a 10% penalty from 55 to 59 and a half. And I've got my tax rate. And that's going to erode this nest egg a little bit at a time. But I think you've been spending 200 a year. Right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah. Okay. And you're right. I was guessing, but you're right. You can't do that mathematically because you're going to end up on Alpo at some point in the story.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
rice and beans yes yeah yeah well no dog food is what i was talking about but yeah the you know so we don't want to do that we don't want to do that so yeah let's i do think you've got a doable situation um because what happened it sounds to me like is you know you went through this divorce and you've got these cognitive things that you're dealing with
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And you said, all right, I'm doing the bucket list, screw it. And you kind of got some of that in the last 18, 24 months in the rear view mirror. And now you're kind of going, okay, now I got to get real about this. Did I understand? Is that what happened?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. Yeah, I think you're ready to sit down with somebody and not end up with $1.2 million when you die, but also, you know, let's use some of it and hit the bucket list, but let's not have the burn rate, as you said.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
If you can get that SSI through, and maybe a smart investor pro can help you run that SSI through. If you happen to run into somebody who's got a little bit of knowledge on that, that's helpful. So anyway, hit the Ramsey Solutions website. Find somebody to sit down with that's got the heart of a teacher to help you, as Rachel said, live your proposed life, not theirs. This is The Ramsey Show.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. In the lobby of Ramsey Solutions on the debt-free stage, Phillip and Heidi are with us.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Let's just say, all right, get a job, get engaged, get married, and that can all happen in, you know, a 10-day period of time. I don't care. Get an apartment and move in. Let's just line the dominoes up and push them down. You know, that's – but, yeah, there's – And I appreciate he doesn't want to come back there until he has something to come back to, job-wise.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Hey, Phillip and Heidi, how are you? Hi. Doing terrific. Welcome. Where do you guys live? Indianapolis. All right. Very fun. Welcome to Nashville.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Whoa. A little change. There you go. How long did it take to pay off $300,000? A long six years. Yeah. Wow. And your range of income during that time?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Wow. What do you all do for a living? I'm a physician assistant.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Ah, okay. A couple of medical folks. I was going to say 300,000 might be a mortgage, but it could be student loans.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
wow you had a mortgage worth of student mortgage wow yeah more in student loans than we do on the house yeah very much yeah wow but you're out we're out you're done and now you're making a quarter million a year between the two of you so hello okay that's a good thing wow congratulations all right what started this whole journey tell us about six years ago
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Well, congratulations. That's a lot.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I mean, this is like a lot of money.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Wow. I mean, when you sat down and looked at that and you went $300,000 in student loan debt, you had to have an oh crap moment. Yes.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Thing one and thing two. Thing one and thing two.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
That's responsible on his part. So very, very good stuff. Open phones here at 888-825-5225. Rachel Cruz, Ramsey personality, is my co-host. George Camel and I did the first night of the Investing Essentials last night, if you're listening to this live. I heard it went great.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So which of the six years did you make the most progress?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Hold your breath. Here we go. I definitely see the math part of that. I'm wondering, was your intensity up because you could see the finish line?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And Merry Christmas, by the way. Thing one and thing two, we're out of debt. Wow. Congratulations, you guys. Thank you. So there's a... a 24-year-old couple listening right now or a 26-year-old couple listening, and they just looked up and saw they've got $300,000 in debt. Talk to them. Tell them if it can be done and what they should do.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
George did an amazing job. The other guy, I don't know. I don't know.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Look at that little thing. Look at that little mortgage. That's great. It's all about perspective. That's awesome. Well done, you guys. Thank you. Very proud of you. That's a lot.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
They will? Okay, good. How well you've done. I'll feel better when I don't look at that. I'm kidding. So last night was night one of our virtual event, Investing Essentials. We covered all investing principles. We went deep into the mutual fund discussion, talked about all the traps and the bad stuff.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Amazing. Good stuff. You changed your family tree.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
You changed yourselves in the process. The work that God did inside of you while you were doing this was pretty incredible.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, you're different people than you were six years ago. That is definitely true.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So great, you guys. Congratulations. Way to go, you guys. Phillip and Heidi, Indianapolis, Indiana, $300,000 in student loans in six years, making, wow, $100,000 to $250,000. Count it down. Let's hear a debt-free scream. One, two, three.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Woo-hoo-hoo-hoo! No feeling like freedom. Wow. This is The Ramsey Show. It's the last call for our two-night virtual event, Dave Ramsey's Investing Essentials. It's set for May 21 and 22, and you do not want to miss this. I'll unpack my personal playbook on investing and real estate and show you how you can feel confident in your investments too. Tickets are $1.99.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Snag a VIP ticket and you'll get two sessions with a Ramsey Preferred Coach. You can join from anywhere. Go to ramseysolutions.com slash events and get your ticket today. Running a business is hard. If you've ever known someone that runs a business, you've ever run a business, you know that to be a fact. Running a business is hard. I've done it for almost 40 years.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
We grew Ramsey from a card table in my living room to where it is today. And guys, it's doable. We also coached about 10,000 small businesses over the last decade or so and continue to coach small businesses and entree leadership all the time. Some days the challenges pile up, but we have put in place a system now where we know the five stages of business and the six stages
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
drivers that drive a business through the five stages. Those two things working together essentially become the baby steps for small businesses. It's very well done, and it works. The system that we're teaching works. I just wrote a new book called Build a Business You Love, where I am teaching business the system, the five stages of business, mastering them, and the six drivers.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Tonight we're going to do, and it's primarily me tonight, I'm going to open my playbook on real estate. Now, here's how I decide to buy a piece of real estate. Here's what I want it to look like. And if you're wanting to learn how to invest in real estate, we're going to go into more detail than you would want. I'm going to nerd out. We're going to unpack all the math formulas.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
The book comes out in April, and it is on presale right now for $29.99, and you get over $350 in free bonus items if you sign up now early, including instant access to our hiring and firing playbook from Entrez Leadership. Really good stuff. Early access to the e-book and the enhanced audio book. The audio book on this thing is absolutely killer. It's wonderful.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So check it all out at ramseysolutions.com. Build a business you love. If you're not in business but you know someone that is or wants to be, pick this up for them. They will be happy you did. Georgia is in Birmingham, Alabama. Hi, Georgia. How are you?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Better than we deserve. What's up in your world?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Well, we need Dr. John Deloney, I think. I don't know I mean what in the world what are you what how do how is his mental health slipping because he's in extremely focused on a goal that usually it has the opposite effect of not mental health problems I understand exactly so it just seems to be the only thing that he can really think about and it seems like he sees that we're in
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. How long have you all been working on this?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So for three years, he's been super intense. Pretty intense. And what about you?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay, so the two of you sit down and do a budget following our stuff, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay, so when you guys sit down and do that, it's not a hopeful thing? yay rah we're making progress instead it's a doom scroll it's more of like we should be doing more he feels like he's not doing enough um what what give me an example what he feels like i mean like you're you're like you're like i want to buy some food and he's like no you can't have food
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
We're going to show you how it's really done in the big leagues and not on Tic Tac. And so the guys on TikTok.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
What is it you're – let me start. Do you know what baby step you're on?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. So you're really not plugged into all this stuff. You're just watching him do it.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So are y'all out of debt except your house?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Do you have an emergency fund of three to six months of expenses?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay, then that puts you on baby steps, what we call four, five, and six, which means you should move from, we teach that you, and if he listens this intently, he should know this, that you should move from intense to intentionality in baby steps four, five, and six. Four is we're putting 15% of our income away for retirement. Five is we're addressing kids' college.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And six is if we have any other money after we live our life, Then we put that towards the mortgage because we want to get the mortgage paid off in the next five to 10 years. And that is not intense. We teach and live like no one else. Don't go out to eat. Don't go on vacation in the first three baby steps. And that's getting out of debt and having an emergency fund, not counting the house.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And you're past that. You should have moved from not going out to eat to going out to eat in your budget with no guilt. Yeah, that's our teaching. OK, so what we're saying is, is he you guys got past the emergency stuff of getting out of debt in the emergency fund and he refuses to take his foot off the gas.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Yeah, at the baby step that you're on, he's doing it wrong. If he's, if he's that obsessed with our show and with what Dave Ramsey and Rachel Cruz teaches, we don't teach what he's doing. We tell you to be intentional. I don't want you being wasteful on this, but it's not intense. Okay.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
The intensity is no going out to eat beans and rice, rice and beans, no vacation till you get yourself out of debt and accept the house baby step two and finish your emergency fund. You told me you've done that, right? Okay, so now we're just saving for retirement, kids college, and we're working to get the house paid off, and that is intentional. That's the stage you move up in car with cash.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Oh, I. I've got a degree in real estate. I had an hour meeting with your husband who runs our real estate today. We're looking at a piece of ground to develop right now. I mean, I had an hour meeting on it this morning. I love it.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
That's the stage you buy a new couch if you need one with cash. That's the stage you go on a decent vacation with cash. That's the stage that you go out to eat in your every dollar budget. All of those things should be in your every dollar budget, and there should be room for them. What's your household income, Georgia?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
So you make plenty of money to become millionaires and to change your family tree and do the things I just said in that last series of sentences. I agree. Okay, so what we want you to reach for, and him too, him is who I'm talking to, I guess, is financial peace. There's no peace in this discussion. It's that, as Deloney says, let your shoulders drop and exhale. And he's never done that yet.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I think you guys need to sit down maybe with a good marriage counselor or maybe with your pastor, because this is kind of a spiritual thing at this stage. It's an emotional and spiritual thing. You just got to learn to enjoy the ride now. You've done a great job, and you need to enjoy the fruits of your labor.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
My guess is this is an intense dude, period, that he probably is this way about a lot of things. I don't know anybody like that, but... But it could happen. This is The Ramsey Show.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
And we actually do it. It's not theory. So we own about $600 million worth. So if you want to talk about real estate... We're going to do that tonight. Go to RamseySolutions.com. Tickets are $1.99 and slash events at RamseySolutions.com. Get your ticket. Join us this evening. If you're late hearing this, there might be a way for you to do it anyway. I don't know. Figure all that out.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
But we're going to put the material out there so you guys can get helped. This is The Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet. I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Rachel Cruz, Ramsey personality, number one best-selling author is my co-host today. Shantae is in Atlanta. Hi, Shantae. How are you?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Better than I deserve. What's up in your world?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Why is the probate not clear a year later in Texas?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
The babies are with you now in Atlanta, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Well, $100,000 is a great part-time job.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I said, making $100,000 for your new part-time job called getting this house probated and sold, that's a nice part-time job, $100,000.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
You're missing my point. If you sell the house, you get $100,000 in your pockets, what you told me, right?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Ain't nothing else you're doing going to pay you that. So I'm going to make this a priority.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Do you have any time off available from work, or have you used it all up with this tragedy?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay. Listen to me. If I wave a $100,000 check under your nose and say, go get it, That's where you're sitting. You need to go get the $100,000, which means you need to prioritize and say, someone else take care of mother-in-law for a week.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I'm going to haul my butt over to Texas, get a lawyer, get this thing run through probate, get it on the market with a real estate agent, get it sold, put $100,000 in my pocket for the good of you, your family, and these babies.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
There's not any big fees in probate in Texas.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
No big deal. Okay. It's a few hundred dollars to get a lawyer and get the thing before the judge. Tell the lawyer to tell the judge the story. This is a tragedy. These children, these babies are dependent upon this asset to take care of them with their granny who's taking them in. We need to fast-track this thing right down the rails.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Judge, and the judge will go, oh, yeah, I'm going to take care of this one. This one ain't dragging out. Stamp, stamp, stamp, boom. House is on the market, and you're out of here. Texas is not a difficult state.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay, here's what I want you to do. Let's stop. Let me help you. I'll guide you through it. But what I need you to do is make this a huge priority. Okay. If I told you I would hire you for one week and pay you $100,000 and you had to go to Texas for one week, you would go do that. Yes, sir. That's what's in front of you, okay? So I want you to go to RamseySolutions.com.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
I want you to find one of our smart, I mean, one of our ELPs for real estate, our Ramsey Trusted Real Estate ELPs. What city in Texas is this?
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Okay, all right. So I want you to get one of the Ramsey Trusted Real Estate agents, and I want you to get on the phone with them today. I want you to ask them to help you find a probate attorney. Tell them this story. They will help you run this to ground. They can help you find an attorney.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
You can get on the phone with an attorney, and the real estate agent will help you if you're going to list the house with them, right? Okay.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
yes and they'll know somebody in the area and they'll know an attorney that does probate work and the probate attorneys know the judge in probate they can pick up the phone and call the judge and go look here's what we got we got these two babies in a murder suicide horrible situation and when these babies are about to lose their only asset if we don't get this done because granny lives over in atlanta and can't get this household judge we need a little help and boom we're gonna get this thing done girl
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
No, you're going to get it done. I'm saying you're going to lean into it. This is your new part-time job that pays $100,000. This is your part-time job that pays $100,000. And this is more important than taking care of your mother-in-law for the next week.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, that makes sense. That was kind of a third option that I kind of floated that I never really took seriously. I probably have $150,000 in equity in that house. I can sell it, 1031 exchange it into a primary if I need to.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
So I'm 21. I'm about to be out of college this year. I have no debt. I paid it off as I went. But my girlfriend didn't. And she's going to have about $70,000. And every time I bring it up, she's just kind of dismissive about it. And I don't really want to pay off her debt in a way. You know what I mean? And I'm just not sure how to go about this in the future.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
A little bit of both. Me and her have been together a while. It's not that I don't want to pay it off together. Is it more because of her attitude? I would be more than happy. Yes, it's more of like she doesn't want to pay it. It seems like she wants me to pay it is kind of what I'm getting at.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Honestly, nowhere. I mean, she's a little unmotivated. She isn't really that ambitious post-college. She doesn't really want to do it. She just kind of wants to do her thing, live around the area and whatever. And I've kind of been... like I did an internship like in another city and I've been like, you know, exploring career opportunities. Um, but she's kind of seems like stuck where she is.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
And I just like, I like, like her a lot and I want to be with her, but it's just like such a weird thing. Hmm.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah. It's just like, I try to go further, but she's just like not interested in like continuing that conversation. You know what I mean?
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Yeah, I can understand that. When I look at both of our situations, I think of everything I've done to get to where I am now. I've worked so hard to be debt-free right now, and she just kind of took the shortcut, and it feels like I don't know. It just feels weird for me.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Hey guys, our two-night virtual event, Investing Essentials, is almost here. There's a lot of confusion out there about building wealth. So George Campbell and I are breaking it down and teaching you how to invest with confidence. You'll learn how to maximize your 401k and mutual funds. Plus, I'll be sharing my personal playbook for real estate. But hurry, time's running out.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Investing Essentials is March 4th and 5th. Tickets start at $199. Grab yours today at ramseysolutions.com slash events.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
So I'm in a bit of a particular situation right now. Just to kind of debrief you on my situation, I have no debt other than a mortgage. Me and my father are in a little bit of a dispute whether I should pay off my current mortgage, which is on an investment property that I don't live in, first, or save as much money as I can and put it into a primary residence.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
I'm currently living around Beaton, and I still live at home with my parents.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
It's not a matter of that. In my culture, you don't move out until you're married, and I'm going to be married here in 56 days.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
My parents have a second home that they're allowing me to live in. All I have to do is just pay the expenses so they break even, which is very generous of them. For sure.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
The problem is I work in sales. Pretty much all of my income comes from commission. So that's Kind of speculative, but I'm going to say somewhere in between $120,000 to $140,000.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
She was going to school. She stopped because she realized the degree she was going to was probably not worth it, but she is working right now.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
It generates, it generates too much money for me to justify moving into it, to be honest.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Uh, I mean, not probably four or 500 a month. Okay. that would be the difference? Uh, well the, each side of the property generates about 1200 a month and my parents only really want me to pay around four to 500, which is just the expenses. Yeah.
The Ramsey Show
Big Life Changes Demand Bold Money Decisions
Oh, I'm not looking to rent. I want to buy it. That's, Wait, I'm sorry. Are you talking about the house I'm moving into or?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
hit with the mandatory required mandatory distribution well they're not they're not technically rmds but under the secure act that biden passed he'll have 10 years to empty a traditional ira so he's going to empty 100 grand a year and be taxed on it the way you're sitting today the way to avoid that is to begin to move some of it towards roth and so as you make a pile of money move a chunk to roth and write a check
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Because Roth is required to be distributed over the same 10 years, but you can't leave it in there, an inherited IRA, but there's zero tax on it because you will have already paid the tax. So develop like a 10-year plan to move 900K plus, whatever the growth is, towards Roth a little bit at a time.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
to where when you leave him with nothing but Roth instead of traditional, he's not going to have any problems with taxes at all because there's not any taxes. I did that, started that on that process myself about 10 years ago, and I have zero traditional anything. It's all Roth. This is The Ramsey Show. So since we turned on the microphone today, I think all we've done is give stuff away.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
which is great because we're helping people with it. So if you heard us give away Ken's get clear assessment on figuring out what it is you're passionate about, what it is you're gifted at and give you some insight into some directions you can go to enhance or even change your career. That's awesome. The Total Money Makeover book, you know, 10 million plus copies now sold.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
The Baby Steps Millionaires book, all about the Baby Steps Millionaires. And Ken's book, Paycheck to Purpose. All this stuff is on sale right now at the Black Friday extended event at RamseySolutions.com. like $12 books. These assessments are half. So this is like the best deals of the year. So have at it. That's the thing. Do it right now.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
RamseySolutions.com slash store, or you can click the link in the show notes on the podcast or on YouTube. So Derek is in Charlotte, North Carolina. Hey, Derek, what's up? Hey, how are you? Better than I deserve. How can we help?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
What specifically are you doing for him?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Wait a minute. Let me stop. Let's find out where we are today. Because you believe those lying, thieving bankers, did you borrow money to pay off debt that was not yours because it was done with identity theft?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Not basically, honey. That's what you did. You went and borrowed $10,000 and paid off debt that this criminal, fraudulently using your name, opened up without your permission, and you paid that debt off.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's what you used it for. You paid off the credit cards with it.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Dad, come on, son. You got screwed twice.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You didn't owe that money. When someone fraudulently... If I take your name and go open up a credit card in your name, you don't owe the money. That's called a criminal act. It's fraud.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I thought you said they opened up the card in your name without your permission.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Are you living on your own or with your mom and dad?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's different. You understand? Yeah. If you hand Ken Coleman your card and say, go use it, you're liable for that. If Ken Coleman goes and opens up a card in your name without your permission, fraudulently signing your signature, that's identity theft. You're not liable for that. You understand the difference? Yes. So you handed the fiancé your card, and they went bonkers with your card.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay, all right. So you owe $10,000, and what do you make, hon?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay. All right. Cool. So, um, what's your plan? Where are you going to be and where are you, where are you headed at? What's the 31 year old version of you going to be doing?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
No, you need to pay them off. It's only $7,000. It takes 10 years to do this. So $17,000 makes you debt-free, hon? Is that right? Yeah. Oh, Lord. Go get six extra jobs and be debt-free by, like, spring. You're not working but 40 hours.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So you're working 50 hours a week for, you're working 50, 60 hours a week for 55 grand.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
No, you're not. You're on-call. When you're on-call, you can drive Uber.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So what you've got to do is you've got to increase your income. You only need $17,000. This should not be overwhelming. Sell something. It's not that much money.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I bet you've got two grand worth of stuff you could sell. Easy. You could work on weekends. You're on call days, whatever those are. You're not working seven days a week. So this is a season where you've got to come up with. You clean up the mess. $17,000 is very doable.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
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. Ken Coleman, Ramsey personality, number one best-selling author and host of The Ken Coleman Show, is my co-host today. Open phones at 888-825-5225. You jump in, we'll talk. Adeline is with us in Youngstown, Ohio.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But you're not a victim, okay? You handed her the card. You knew this was going on. The only thing you're a victim of is being engaged to an idiot. And you're not the first one that's ever happened to. So, you know, roll up your sleeves, hon. Get on a detailed, tight budget and get as many extra hours as you can, as much extra income. Don't go out to eat. Don't talk about vacations.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Talk to your supervisor about I'm not working 80 hours. You're going to have to have some kind of a different plan here because 80 hours for 55 grand don't cut it. The work you're doing is very important work, and it's very good work. You're taking care of kids who have been messed up. Thank you for doing that. You've got a good heart. But also, you cannot sit and be a victim of $17,000, man.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I mean, seriously. Let me help you with this. $2,000 a month, and you are done in eight months. That's all you need, and you make $55,000. So this is very doable. You should be done with this in six months and then have zero debt. But this debt represents all this pain in your life, and so it feels bigger than it is. Mathematically, it's tiny. Emotionally, it's huge.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And that's why you act like it's some kind of big monster. It's $17,000. And, you know, no, I'm not staying in student loan debt for 10 freaking years for $7,000 worth of forgiveness that probably isn't going to actually come because you're probably not going to cross every T and dot every I. A high percentage of people that run that game don't end up with the forgiveness at the end.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So you don't want to get in that game. You want to get in the game of I'm going to knock this out, put it all in the rearview mirror, move forward in health and with with enthusiasm.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay. All right. Well, I'd start taking some steps towards that and figuring out what that looks like in terms of the medical field part. I'm not in charge of the marriage part, but it's not my department. But, yeah, I'd start saying, okay, what do I want to be four years from now?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah, I can feel the stupid tax. We've all done stupid, every one of us. And that's what you're feeling. This is a breakup. She took your card. And so you've created this narrative. The way you led the call is that you have been victimized. And in all reality, you haven't. And I think Dave is absolutely right. The more you can quickly go, I've got to get a victory.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And if I were you, I would go sell something today if I could sell it for $500 or if I could sell five things for $1,000, get a quick win and put $1,000 down on this debt. You need something to get those shoulders back a little bit. And there's nothing wrong with you. You aren't drowning in this. This is all a mindset because of what's happened to you and the way it happened.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Learn from it, but get a quick victory. Like, happen to this.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Don't let life happen to you anymore. So, quick lesson, folks. You need to have Zander Insurance's identity theft in place. I do, because they will take over an account that is actually identity theft. His wasn't. But actually is identity theft. They'll take it over, and they'll deal with the banks. The banks will lie to you and tell you you're responsible for identity theft. You're not.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
When someone else misuses your name, that is criminal fraud. And you are not liable for a debt when a thief uses your name to open up an account. Don't let some banker tell you that. That's bull crap. And you need somebody in your corner with identity theft protection like Zander Insurance. And that's why we've endorsed them for, God, a decade plus since this identity theft thing became a thing.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
If you live like no one else, later you can live and give like no one else. Oh, this is the season for giving. Generosity, man. We love talking about generosity. We love encouraging generosity. And one of your favorite shows we do of the year is the annual giving show around Christmas time. And we're going to be doing that.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So we want to hear stories from you about a time that you were able to bless someone. or a time that someone blessed you with generosity. You know, the good stories that make your eyes leak and inspire the rest of us to want to be more generous and be better human beings and all that. Yeah, we're going to do an entire show of generosity. It's called The Giving Show that we do.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Go to ramsaysolutions.com slash ask, put giving in the subject line, and tell us a little bit about your story. We'll make you one of the stories we use that day. And that's coming up December the 18th, so you need to get this in. You just got a couple days. RamseySolutions.com slash ask, put giving in the subject line. Phillip is in Houston. Hi, Phillip. Welcome to the Ramsey Show.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay. And the land that it's on is not yours?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And someone gave you the mobile home?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Oh, they did. So they had a mobile home sitting on their land, and they said, hey, while you're going through a hard time, move into it.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But they did not give you the title for the land?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Right. Okay. All right. How old are you?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Hey, you've been through hell, and you needed a soft spot to land on. You found a soft spot to land. That's not a bad landing spot. That doesn't mean we want to stay there, but it's a nice thing that you're landed there, okay?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
that's on my way to being another thing 10 years from now and what classes do I need to be taking or certifications do I need to get what experience do I need to move because I'm usually you don't go from the apple orchard to the medical field you usually uh go into the medical field at some kind of entry level thing and so maybe you start talking about uh taking some early steps towards that uh because your career is part of managing your money in other words
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Again, it's a soft landing spot. That's kind of nice. However, it does not take you where you want to be 10 years from now. Ten years from now, you don't want to be owning an ancient, rotting-down mobile home on someone else's land. So this doesn't project well into the future, even though it's a very nice gift into the present. Does that make sense?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So we can be very grateful to mom and dad. I'm grateful to them. I think what they do is very nice. But it is not your 10-year plan, okay? Okay. You want to buy something that goes up in value, and you own the dirt, right?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah. That's your long-term plan. There's no reason to be ashamed. There's nothing to be ashamed about. We can feel that on you, and you don't need to feel that way. You've been through a fight. Yeah. So throw your shoulders back here and figure out what do we got to do to move forward. But your kids don't care about the mobile home.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
No, I'm not ashamed of it. It's a nice thing. But again, it's not your long-term plan. Not because of shame, but just because of math.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
All right. Now how much land does your mom and dad have total?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Is this property that you're on adjacent to their home?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay, all right. Well, I mean, just talk to them about if they're in property management, they know that this is not going up in value and that you don't own the dirt. And so, Mom and Dad, I'm going to start saving for a down payment on a home, which means I'm going to be selling off the mobile home or giving it back to you, one of the two. What's it worth, do you think?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Let's give it back to them when you get ready to leave. Because they were renting it out before, weren't they?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah, you don't mess up their rental property by dragging that thing off. So just when you get ready to leave, just say, hey, I'm going to save up money and I'm going to go buy a house. But thank you so much for letting me land here on your rental property for a little bit. And I'm going to give you the title of this back when I leave, okay? But thank you all so much.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And just be very grateful because you should be. It was a very nice thing they did.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But it's not your long-term plan. It can be both things. It can be a nice thing and not the long-term plan, and no shame is in either thing. Is that okay? Yes.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You're a good guy, man. You're making good money. You fought for your kids. You landed in it. You got good family that helped you land in a soft spot. That's nice, man. There's a lot of good in this story, Phillip.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But you have been in the middle of a dadgum tragedy. You know, you did. It's good.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And he saved up $22,000. And he's giving himself a huge raise today. So he's paying attention. That's right. And now he's going to get a massive raise when he pays the truck off today.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Exactly. Oh, I forgot about that little detail.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
We want that. It's a big deal. And, Dave, we've got a lot of new people all the time joining in. I think this would be a good refresher here of why we tell people, if they're not familiar with the baby steps or they've just joined us in his situation, it's going to change his life if he actually gets in order and does them the right way.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's why we're telling him to cut it today, cut the payment today. Write a check, get rid of the truck.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah, well, I mean, all that money that you're wasting on that truck payment goes to build up savings really fast. And this guy's a natural-born saver. Yeah.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
partly because he's been through hell and he's real careful right but um but i mean just accentuated his nature is what it did and so just lean into that and go okay now i don't have a truck payment now i don't have a mobile home payment because my dad gave it to me i'm living here all i got utilities and i'm making 85k i gotta feed some kids and other than that let's go to town baby boom boom boom boom as fast as he saved 22 he's gonna save 52 that's right and that's where he gets the house yeah that's the magic of the baby steps right big time yeah
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And listen, there is nothing snobbish about a couple of guys in Tennessee telling you not to do mobile homes, okay? It's nothing about that at all. It's not a class warfare thing. It's a simple math thing. They go down in value. When you put your money in things that go down in value, it makes you poorer. Why is this hard? So a mobile home is like a car you sleep in. It goes down in value.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's why we're asking you all about your income and then you moving out and having your own place. That's part of managing your money as you go with. As far as managing your money goes, and I'll let Ken speak further to your career, you've got to just make the money that you have behave and go where you want it to go.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And so you don't go buy a $55,000 mobile home and then look up 10 years later and it's worth $10,000 and wonder why you're broke people. Don't do that. Buy something that goes up in value. You're better off to rent. At least you're not losing money. while you're paying payments. When you pay payments on a mobile home, you're paying the payment and you're losing the value.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
It's like when you're paying payments on a car and it's going down in value. So, you know, I got a friend that's in the mobile home business. Dude, would you quit trashing mobile homes? I was like, oh, trash mobile home. It's not a personal thing, dude. It's simple. When you start making one that goes up in value, I'll advertise for you. But until then, we're not going to talk about it.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I'm going to tell people to put money. It goes up. My grandpa said, I'll put money. I was bragging about my car when I was in college. And he's like, what's that? And I said, well, it's kind of like an investment. He goes, honey, my investments go up. Well, duh, right? And that's the thing. So you really want to have...
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
investments like your personal residence going up in value and the problem with a stinking mobile home is they set it on a piece of dirt and the piece of dirt goes up in value faster than the mobile home goes down so it gives you the illusion you made money you didn't the dirt just saved you from your stupidity So don't buy mobile homes. Now, he didn't buy one.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Mom and Daddy gave him a whole $4,000 one. This is not a, you know, this is not, they didn't give him the Taj Mahal of mobile homes for sure. But that's the deal, guys. It's real simple. That's why we tell people to do that. Go buy things that go up in value. This is what rich people do. That's how they became rich people, and that's how they get rich, get richer, and the poor get poorer.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
This is The Ramsey Show. 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. Open phones at 888-825-5225. Ken Coleman, number one bestselling author of the book Paycheck to Purpose, host of the Ken Coleman Show here on the Ramsey Networks. He's my co-host today. You jump in.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
We'll talk about your life and your money. The phone number is 888-825-5225. The call is free, and some say the advice is worth exactly what you pay for it. James is with us in San Diego. Hi, James. What's up?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
We haven't lost a patient. You'll be okay. What's up?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And you do that simply by having a plan before the month begins of where every dollar is going to go, and that's called a budget. And there's a budgeting app that we have called EveryDollar, and I will give you the premium version of that to get you started on that.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You're very sweet. I don't know if you can help them because I don't think they're going to do it.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I'm going to burn a few calories and try to help you help them because you're a good guy, but I think you're probably wasting your dadgum time.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Well, I mean, yeah, a little bit, but it's not worth it for you to care more than they do about their own life. No, I understand. So that's a boundary you need to set. You need to walk and give us a little drive-by. If they pick up a couple pieces of information and run with it, then you can help them a little more. But if they sit back and go, well, you know, I just don't feel like working.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I'm sorry, that one right there just kills me. Okay. I'm broke. I have two little kids. I can't make my bills, but I really don't want, I don't want to miss Yellowstone on the dadgum television. I got to be home. You know, I mean, come on.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Wham! Call the whambulance. All right, so here's the deal. Okay. All right, here's the deal. Stop the 401 case, get on a written budget, stay out of the restaurant, take all the overtime you can, and sell the expensive car that's in these numbers somewhere.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Almost like I've done this before. Sell the expensive car, stop the 401ks, get on a detailed budget, pick up all the overtime you can pick up. There's nothing wrong with any numbers here. Oh, and before you start paying any extra on your debt, buy food, pay the light bill, and pay the stinking house payment.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But basically, you're going to sit down before the month goes, enter your numbers into this app, and go, this is what I'm going to do. I'm going to tell this money what to do instead of looking up at the end of every month and going, I have no idea what happened.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
How in the world you're not paying your house payment of $1,500 when you make $100,000 a year? These people are mentally lazy, too.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Their house is not their problem, but, dude, you don't get behind on your house payment when you make $100K and you have two little babies. Yeah. This is just – are they doing drugs? No. You sure? No drugs, 100%. This sounds like there's addiction in the house, maybe.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
No, but I mean, really, because they're smoking weed. I don't want to work much, and I didn't pay my house payment. You sure they're not smoking weed?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
All right. I thought so. All right. Yeah. Because THC is called an ambition killer. Okay?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Just completely destroys ambition. There are no ambitious potheads. Okay? Yeah. There are no potheads with extreme work ethic. They don't exist. Right. So this is the problem. All right.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So it took a minute, but we got there. You're very nice, James. You're a sweet guy, James. The best thing you could do is come to Jesus meeting with this dude.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I just think it's a, dude, man. Time for you to grow up. Throw the cigarettes in the pot in the dadgum ditch. You and your wife start acting like grownups. You got babies you're responsible for. Come on, man. Adult up. Man up. You're making excuses for him. I hear it. Yeah, well, he likes them. He thinks they're sweet. They're probably sweet. A lot of potheads are.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But it's just, you know, golly, you've got to be kidding me. This is just...
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I know. This call went sideways when he said it.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Well, there's no way you can have this much illogical stuff going on without getting down there. I've done this too long. Right.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And then that will lead you away from debt towards savings, towards investing, towards investing into yourself and some possible education moves.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
He doesn't want to go in and work.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Here's the deal. Larry Burkett used to say financial problems, including when Dave Ramsey went bankrupt because he was stupid, the guy I'm talking about right here, financial problems are not the problem, they're the symptom. What are they the symptom of?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
In my case, it was arrogance and the need to look cool and drive a car I couldn't afford and buy crap I couldn't afford with money I didn't have and build a big real estate portfolio. And I got rich quick instead of get rich slow because I'm smarter than everybody else. And I was a stupid little snot nose. And I got the tar knocked out of me because I was an idiot.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And that, but it was the problems were not the problem, they were the symptom. These people's problems are not their problem, they're the symptom of what's going on in their house, the dysfunction in the household. And that's what you're facing.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So, you know, another example of that is we've sadly, with 30 years or 40 years now of working with people with financial problems, we end up spending a lot, and you do with careers too, end up spending a lot of time with people that are recovering from addictions.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And so we're not addiction counselors. We don't know anything about it technically speaking. We've only got 30 years of dealing with addicts because 100% of addicts have financial problems. A hundred percent. You're addicted to porn. A hundred percent of the time, you're going to end up in our office where your stupid house in foreclosure. If you don't break that you're addicted to gambling.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Oh, that one will get you there real fast. Cause that's like money. Stupid, right? It goes straight to the heart of the thing. You're, you know, you're doing drugs, you're doing cocaine, you're doing alcohol. You're a hundred percent of these people. And I was with a buddy of mine the other day, he's been dry for two years. He was doing cocaine. He's doing mountains of cocaine.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah. What I would add, Adeline, is the best thing you can do right now to move forward is to get as much knowledge as you can about the potential directions you could choose. The reason people don't move forward and they stay in the apple orchard, if you will, is because they're intimidated. They're scared. So here's what I want you to do.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
He's been off it two years. I'm real proud of him. I said, why'd you quit? He goes, realize there's no old cocaine addicts. There you go.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah. But the addiction is the problem. The symptom ends up being the financial issue. This is the Ramsey show. Ken Coleman, Ramsey personality, is my co-host today. Ben is with us in Dayton, Ohio. Hi, Ben. Welcome to the Ramsey Show. Thank you, Dave. Glad to be here. Good to have you, sir. What's up?
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Don’t Let Your Present Circumstances Define Your Future
Well, why would you think it's not? What is the context?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Does that make sense? So your first baby's on the way? Correct. Congratulations. Thank you. Appreciate that. And you're a good dad because you're thinking about how to make sure your kids and your wife are taken care of. Way to go, Ben. Good man. Well done, sir. Well done. So you're not going to mess up. You're doing fine. You can do your plan or you can do whatever.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
The only thing I'm positive of is you're a bit of a nerd and that's a wonderful thing. I am too, by the way. That's how I recognize it. And so you're overthinking this. It's not going to unfold the way you've got it in your head. So the variable is not the number of kids. The variable is your income.
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Don’t Let Your Present Circumstances Define Your Future
I want you to think about, I want you to write down tonight before you go to bed, all the different medical professions that you might be interested in. Everything from a 10-level interest, 201. Just keep going. Get visually what's out there. So that's a doctor, a surgeon, that's a nurse practitioner. It might be a nurse. It might be somebody who does radiology scans. It could be anything.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So 10 times your income today is going to be different than 10 times your income five years from now or 12 times your income 10 years from now. And so that's what I ended up doing, and you've heard this apparently, but I'll repeat it for everybody else out there because the way you reflected this back, I know you heard this.
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Don’t Let Your Present Circumstances Define Your Future
I did 15-year policies, and then every so often I bought another five years later, I bought another 15-year, and then those would fall off. at the appropriate time as the liability for the children go down. So the goal is when the life insurance runs out for you to be debt free and have a large enough nest egg that if you die financially, your wife doesn't care.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So you've got a million dollars in mutual funds, and you have no debt, and the kids are grown and gone. Those are the three things, right? So they're out of college. They're not on mom's payroll in any way if you're gone. And so that's going to work out. And here's the thing.
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Don’t Let Your Present Circumstances Define Your Future
As long as you keep your health, you could do your plan, or you could do three different versions of 15-year policies, which is kind of what I ended up doing. And then I ended up adding one because we were building a big building, and Sharon goes, I don't want to finish that building with my money. I want to finish it with your life insurance money if you die during the building.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So I had to buy one for her just because that's what she wanted. It was SWI. Sharon wants it. It had nothing to do with financial planning. It was like a Christmas present. But you're going to end up – that's what I mean. I had it all nerd figured out, and nothing ever works out the way I've got it figured out when I look back on it 15, 20 years later.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So if you do it your way, you're going to be fine. You're covering your family for 10 to 12 times your income. If you pass away with one or two babies in the house, your wife will have plenty of money to live off of the principal or live off the growth of the principal without touching the principal and have replaced your income and she'll be okay.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And, you know, and that's not going to, you know, if you got a three-year-old and a one-year-old, she's probably not going to just sit there and do nothing and play that out for 17 years exactly that way. Usually doesn't happen. her life will change after you're gone too. So there's all these things that happen that are hard to quantify the variables.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But the good news is if you've got a good long policy, 10, 15, 20, that's fine. I wouldn't fool with 30s. I don't think they're worth it. But I did 15s, a series of 15s is what I did. And each time I reassessed as my income went up, I needed more insurance, I just bought another policy. And then as we got out the back end of the story, And we didn't need insurance.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
They start falling off in five-year increments because I'd bought them in about five-year increments. So that's an okay way to do it. What you're talking about is similar. And what you really end up looking at is the difference in premium between a 15 and a 20. It's not much difference. And you don't save a lot. And it's not a lot of difference between a 10 and a 15 usually.
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Don’t Let Your Present Circumstances Define Your Future
Because, I mean, you're young and the whole stinking thing is just the cost of a pizza, right? So if you're young and healthy, if you're not obese and you don't smoke and you're in your 20s, this stuff just doesn't cost anything. And but I mean, smoking and obesity will run it up. But if you smoke, it's just double. Let me tell you what it is. It's double.
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Don’t Let Your Present Circumstances Define Your Future
And so, you know, that's the thing, but you know, you guys did the similar stuff, you and Stacy.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah, absolutely. I mean, we, but we followed the income. This was the key lesson. The variable is not the kids, it's the income. And so as my income increased, I stayed right on top of that and kept changing based on what you've always taught. This was before we, I even worked for you. So that's the variable. It keeps it simple as your income goes up, then look at the policy.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Add a little bit more. And you don't have to cancel the old one and get a new one. That's correct. Just add a smaller one on top of it. That way you've got them phased in and phased out. And that's an easy way to do it. And Zander can help. Zander Insurance can help you with all that. They're great. And they do a wonderful job. They shop among a bazillion different companies.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So look at that. And so then I want you to begin to identify people in your area who are in those fields. We call this the proximity principle. Get around those people, take them to lunch, take them to coffee, and be like a student doing a book report on their job. And what's going to happen is you're going to begin to understand what it takes to get there.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
They get you the best price. Guys, when you're buying insurance of any kind, particularly life insurance and P&C homeowners and car, Always go with an independent broker that will shop among a bunch of different companies and get you the best deal. You don't want one that has a, listen, if they have a football player on their advertisement, they're more expensive. So let me help you, okay?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Mahomes and Peyton Manning, okay? Two of them. State Farm, it's super expensive, right? Somebody's got to pay for all those dadgum football commercials, and it's you, boys and girls. So you State Farm people, that's who's paying for it.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So you're telling me Jake is not the friend that we think he is?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I'm telling you that if I see another State Farm commercial, like back to back to back to back to back every break until I'm about to throw up. That's true. Oh, my God, you can't even watch football for these people. Right. I wish they'd just get back on the field and play so we didn't have so many commercials. I agree.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Oh, man. That Peyton versus painting, that one drives me nuts. Peyton versus painting, it's too much. Well, it's a walking dad joke.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I get it. And I am a walking dad joke.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I don't want to be reminded of my weaknesses.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I don't know my homies personally, but I know Peyton, and he's a wonderful guy. And he does have a great sense of humor in general.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
By the way, I want to point this out because we have a lot of people that, again, brand new coming in. Our audience is growing. The life insurance, Xander, is so good at what they do. It is such a pain-free process from start to finish, from the time you call them to the nurse coming out and taking your blood to the paperwork.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I've got to tell you, I think a lot of people think, oh, what do I got to do?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You just say the nurse taking my blood was pain-free. I heard you say that out loud.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I did. It is. You didn't say that.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
they come right to your house it's simple paperwork is easy i just i want people to know it is such a easy process it is it comparatively to the other stuff in life that you have to take care of and it doesn't get more important but you you know like for instance on pnc if you go to one of the elps and you shop it yeah on your on your homeowners and your car you're going to save like 800 bucks probably on average yeah annually over what you're paying on car and homeowners
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And that's simply not because they have like the cheapest insurance. It's because in your situation, they're going to look at five or six different companies or eight different companies. They're going to find the one company in your situation that is the best deal. That's right. And that's what you want.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
When you're an insurance agent and you only sell for one company in the business, we call that a captive agent. Yes. So a nationwide agent, that's the guy that wrecks everything, right? Isn't that the commercial? Is that nationwide? I can't even remember now. No, that's all state. See, it didn't work. The ad didn't work because it's not even memorable.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah. The guy's memorable, but I don't. Yeah. Yeah. So, and yeah.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's the only reason I watch those is because that's kind of fun to watch him destroy everything. Something. Yeah.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So shop, shop. Don't work with the captives. Shop among a bunch of different, get an insurance broker. That's a different thing. This is the Ramsey show. Ken Coleman, Ramsey Personality, is my co-host. The Ramsey Show Question of the Day is brought to you by YRefi. We trust YRefi because they help people who have defaulted private student loans.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's the education piece and the experience piece. As Dave said, what is the lowest rung of the ladder to require and look like to move into the medical position that you want? And so hang on the line. I want to give you two things. I want to give you the get clear assessment. It's about a 20-minute assessment. It's going to give you real clarity on professional direction.
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Don’t Let Your Present Circumstances Define Your Future
Go to YRefi.com slash Ramsey if you have defaulted private student loans. The letter Y, R-E-F-Y.com slash Ramsey might not be in all states.
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Don’t Let Your Present Circumstances Define Your Future
Today's question comes from Vanessa in Indiana. I'm a 21-year-old who will graduate college in the spring with my bachelor's degree. How am I supposed to go about getting an entry-level job when they all want full-time experience? I had part-time jobs while in school, but they don't really relate to my career path. Well, I appreciate the question, Vess.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I've answered this question thousands of times. The answer is it's not entry level if it's requiring a bunch of experience. So it just can't be. So what you do is you recalibrate and you go, I'm trying to get on rung of the ladder two, three, or four. And I need to drop down to the lowest rung on the ladder.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And so if it is by definition, a entry level job, then they're not going to require a bunch of experience. And what happens most of the time is people have their eyes on something a little bit bigger and they go for that and they actually are requiring experience. So how did someone get into that job? Look lower.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I can promise you there is, in fact, entry-level jobs where you do not require any experience. So this is all about reality and patience would be the two words so that you see the right things. And I appreciate that you'll want to get something a little higher up the ladder. We all do. And Ken, I think it matters.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I think it matters more. I'm thinking about from an employer position when we're hiring. It matters more if her degree is in a technical field, then all they want to know is she can accomplish the technical task. That's correct. If it is in a broader soft skill field.
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Don’t Let Your Present Circumstances Define Your Future
field let's say communications okay and she wanted to go to work in pr all right that's not a tact a technical tactical thing there's soft skills involved there i would be more concerned with experience there than i would someone as a uh a developer mm-hmm That's a technical skill. That's exactly right.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay, so if you've got a certification as a developer, we might put on the job offering, but we prefer experience. But we're not going to require that as harshly as we would in something where soft skills are involved. Does that make sense? That's exactly right, yeah.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So it depends on the field she's in. It depends on the field. So let's take that example. Let's say that you've got a degree in accounting or PR or something, and you're going for something, whatever it is. and they're saying, okay, you don't have any experience even in classes or in summer work. You've not interned. You've not done this. It's not the sky is falling.
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Don’t Let Your Present Circumstances Define Your Future
And I want to give you the book, The Proximity Principle, because this is a deep dive in what I'm describing for you. But if you do that, you're going to have real clear direction. One other thing I want to tell her, Dave, is for seasonal people, we get this call a lot.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Then you simply go, okay, great. So I need to go get that. And so I might need to go get two part-time jobs or a part-time job, and I've got to get some intern experience, and I get that basic level experience. And so now all of a sudden I have checked that box.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And the other thing that comes into play is, That's just something an employer sometimes will put on there as almost a screen. Yes. And would they necessarily never hire someone with zero experience? That's not true. They would in certain circumstances. That's right. Because all they're trying to figure is, can you do the job? And so the proximity principle could help that.
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Don’t Let Your Present Circumstances Define Your Future
It can, and I think you also – yeah, and so the proximity principle is where I've got people that are in that industry who I've spent some time with, and now they're going to open up some doors. But I want to go back to what you just said, and that's gumption. I think you're absolutely right. Here's what I would say to someone coming around out of college. If they say, you need experience in –
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Don’t Let Your Present Circumstances Define Your Future
or you need experience with problem solving. You know what I would do? Instead of saying, like this young lady said, and I'm not knocking her, my part-time jobs didn't have that experience. You know what I would do? I would look back into my high school and college experience, and I would say, you know what? I was in charge of the yearbook my senior year at a large public high school,
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Don’t Let Your Present Circumstances Define Your Future
And as the student editor, I had to solve problems all the time. I'm not saying you're going to get the job because of that answer, but there's the gumption point. They're looking for, do you want this? Are you hungry? And can you say, realistically, I solved problems.
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Don’t Let Your Present Circumstances Define Your Future
Right. But if you say, I solved problems by doing this, we had deadlines.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But if you look down and go, well, kick sand. Right. I don't know. I apparently don't have any. Well, you just managed to get a four-year degree. That was like you pushed through something. There you go.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
There's just more transferable experience than people realize when you're sitting in these job interviews. They want to see that you can think on your feet, that you've got some gumption to say, I believe I can do this job. That's what they're looking for. Yep. Because they're going to train you.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
When you're in a seasonal job like this, you need to take that experience and skill set from the apple orchard to another job or two so that there's not this dip in income. There should not be a dip in the wintertime for you because you should be doing something else in a part-time capacity or two part-time jobs or another seasonal job that is hot during the downtime of the orchard.
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Don’t Let Your Present Circumstances Define Your Future
you're making a sale baby and you're the product. Yeah. Damon is with us in Des Moines, Iowa. Hi Damon. Welcome to the Ramsey show. Hi, how are you? Better than I deserve. What's up?
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Don’t Let Your Present Circumstances Define Your Future
and I wasn't for sure if I should put my focus towards getting some ownership into the company to where I can... No, you should look at your boss and say, thank you for your kind and generous offer, but I'm in the middle of getting out of debt right now, and so my wife and I have to focus on that. I'm so sorry I can't do it. And let me tell you why, okay?
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Don’t Let Your Present Circumstances Define Your Future
$100,000 for 10% of that company is... You said it's a small company. And yet you just valued it at a million dollars.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I don't either. How many employees does it have?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Do you want to work for him for the next 10, 15 years?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So here's the deal. That opportunity will come back around if it is a good opportunity. I'm not sure it is, but it will come back around later.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Number one, I think it's overpriced. Number two, let me teach you something about small business purchases, okay? What you are purchasing there is called a minority interest, meaning you do not have at least 51%, meaning you don't have control. You follow me?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay. And so you have absolutely zero power with your stock. Zero. So boss man can decide to run this thing in the ditch, and suddenly your 10% is worth nothing, and there's not a stinking thing you can do about it. So you do not buy minority interests in small businesses, period. And number one, for any price. If he wants to give it to you, fine, as a bonus, that's okay.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But no, we're not going to give him $100,000 and you have zero control over anything in the company. Your vote means nothing because he holds all the cards. You follow me? He can go deeply in debt. He can develop a cocaine problem. He can do whatever. And then squat, you can do about it. And your $100,000 is going to become worth zero if any of those bad things happen.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's the mindset to keep your income level at the same level or create increase for yourself.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And sometimes those bad things happen. Not all the time, but sometimes they do. So don't do minority interests in small businesses, period. And I think this one's overpriced. And, Damon, you're in debt. So just be kind and generous to him and say thank you for your kind offer. I'm honored to be working here.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I'm going to continue to work and plow the field like I'm supposed to, and we'll revisit this discussion later when I just buy the whole thing from you or something. But for right now, I'm getting out of debt, and my wife and I are going to have to focus on that. That's what you should do, sir. This is The Ramsey Show. Ken Coleman Ramsey personality is my cohost today.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Thank you for joining us America. It's a free call at 888-825-5225 folks. 100% of the people that do anything successful do it as an act of intentionality. Success is not an accident. It's not random. It's not a lightning strike and it's not a DNA issue. He's a born leader. No, he's not. I've been to the hospital. They always say, it's a boy. It's a girl. They never say, it's a leader.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
It's very important. And so, Alan, don't miss that the answer to your how do I manage money question for us was the income side. There's two sides to the equation, the income side and the outgo side. And immediately, both of us honed in on the income side for you. So managing your career and your income is part of managing your money.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Leaders are developed. It's a series of intentional acts. You learn the character qualities and processes of leadership if you want to be a leader, a successful one. He was born a great husband. No, he wasn't. Ask any wife ever. There's no such thing as a born great husband. They have to be developed.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I'm not sure if you ask many wives, they'll say there's such thing as a great husband. Yeah, there is. Hey, now. Yeah, there is.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
My wife's got one. So there you go.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Self-described. I love that.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Because of the humility and all. So anyway. So the thing is this, winning with money is an intentional act. You have to tell your money what to do because broke people always wonder where it went. Rich people tell their money what to do, and they have a plan. Broke people think, God, it's Friday. Oh, God, it's Monday. I sure hope it all works out.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I sure hope Trump will fix my life because Biden didn't. Trump isn't going to fix your life, honey. He's going to do a bunch of crap, but fixing your life isn't any of it. I can tell you that. It's not his job, by the way. It wasn't the guy before him's job or the guy before him's job. The guy before him. It's your job. So on paper, on purpose, you tell your money what to do.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's called a budget. If you want help doing that, the world's best budgeting app is called EveryDollar. It's in the App Store for free or the Google Play Store. Get it and download it. Put it on your phone and start making your money behave. It's an intentional act, boys and girls. Brian is with us in San Antonio, Texas. Hey, Brian, welcome to the Ramsey Show.
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Don’t Let Your Present Circumstances Define Your Future
Pleasure, sir. How can we help?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
No, house is part of your net worth. What's your net worth?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You got the cash to pay cash for it?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay, buy it. Okay. Let me tell you the rule of thumb I use on this, okay? The reason I ask you those questions. We tell people not to buy a brand new car unless they've got at least a million dollar net worth. Ding, checkbox. Okay. Because new cars go down in value, including Teslas. Right. They don't go up. They go down. And you can't afford a depreciating asset that's brand new.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
When you drive it off the lot, that sound, blump, blump, when you go over the curb, was $10,000. Right. Okay? Right. That's what it is. You've got to be able to choke that down, and you can choke it down, and you don't buy new unless you've got a million-dollar net worth. You do. Okay.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Second thing is don't buy depreciating assets, things with motors and wheels, in your case wheels, all added together. that equal more than half your annual income. You make 360, we're buying 80. That's less than half your annual income. I'm assuming the other car, if there is one, is not a $200,000 car, so you're probably okay. Yes, sir.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Because you don't want too much as a percentage of your income invested in things that are going down in value. Again, same thing. So, like, I got a friend that made $15 million last year, and he bought a $428,000 car. That kind of blows my redneck mind. I have a hard time getting my head around that. But it's a very small percentage of his income. It's like most people buying a biscuit, right?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And so when you're looking at picking up the extra jobs in the down season, when you're looking at making the first steps into the medical profession, all that's part of managing your money. In terms of the actual tactical, how do I keep the money that we have and make it behave? Well, that's the budget. So we're going to give you all three things to help you. The Get Clear Assessment from Ken.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And so, yeah, it's not going to hurt his finances at all, even though, you know, jealous people say stuff like, well, no one should ever, right? That's what jealous people say, no one should ever. So if you made $15 million last year, you can afford a $400,000 car. It's that simple. You made 360. You can afford a $80,000 car. You got a million dollar plus net worth.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You can afford to buy a brand new car. That's how I just, and you're paying cash. You're not going to borrow money. That's the three things I was looking for. You checked all three boxes.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah, and hey, he's done it the right way, and so he's had to wait.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's the other thing, that when Dave walks through those... I'm just glad George and Rachel are on the air with their little Teslas, because I would have had to put up with the Tesla stuff, telling a guy to buy a Tesla, because there's no chance I'm doing that. But those two, both are Tesla drivers.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So you just, uh, batteries, even if they came out with a really cool looking one, they're there.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
They actually are a cool car. I just, I need, you want to smell, I need like an app for it that makes a muffler sound. Right. Because a redneck needs a loud muffler, and that's just all there is to it.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
They do that. You know, they have these cars. Do they really? Yes, absolutely. But I don't think it's enough for you. No, it's not. I think you want to smell.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
I still know I'm sitting on a battery.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You like the hint of petrol in the air. That's it. You want to smell that you're driving.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Actually, I'm trying to help the planet. Well, I mean, the planet gets destroyed by making those batteries more than me driving my Raptor. I can tell you that. Oh, so you're green.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
That's it, man. I'm totally.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Not at all. This is very exciting. It's funny. I don't care what you say. Open phones at 888-825-5225. Fabian is with us in Los Angeles. Hi, Fabian. How are you?
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Don’t Let Your Present Circumstances Define Your Future
Well, thank you, sir. How can we help you today?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
What are you doing now? What do you want to switch to?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
So you want to go from restaurant management to this construction blueprint stuff?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay, so what's the question?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Because I never went to school for it, but I learned how to work with... Does it require, if I were to hand it to you today, does it require a college degree to do what you want to do? The answer is no.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Project managing, read a blueprint. Most people doing it don't have a college degree. There's a few people who have a construction management degree, but almost none in the business.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Sounds like you've already got enough experience to get in the industry. So the question is, can you get back in it and make the kind of money you need to make?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
yeah and out then do it uh i guess yeah so my advice is this keep working in the restaurant business until you land the job doing what you want to do and so there's no interruption of income this is not scary if we do it methodically and we're patient and we don't stop working and that's that's the guys you used to work at the startup uh the construction business startup before where are they working
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
His book, The Proximity Principle. And we'll also give you the premium version of the app, EveryDollar, which will help everyone get dialed in on it here. So very good stuff. Good question. Thanks for joining us. Open phones here at 888-825-5225.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Find out where those guys are working. They may talk nice about you and help you get a job there. Oh, you mean like the... The guys you used to work with in the construction business, find out where they are. That company was a startup and went down, you said. Now go find those guys and run that to ground, and they'll get the door open for you, and you can get going.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
But you need to go do this, man.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Absolutely go do it. You've already done it, so you know where to look. Start looking.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
You got this. Walk out there on the job site and start talking to people. Who's hiring? I know how to do this. I'll help you. And just walk in there and start reading blueprints and project managing. You know how to do it. It can be done. You already know you don't have to have a degree because you've already done it. This is The Ramsey Show.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Hi, Adeline, how are you? Hi, I'm doing good. Good, what's up? Thank you.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Ken, you coming on as a Ramsey personality several years ago and opening up the whole career side of things even further because we had noticed for the years that sometimes when people are looking at money situations, they just need to make more money. That's exactly right. And we also realize that a lot of career problems cause money problems. There's no question.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And a lot of career awesomeness can cause money awesomeness. That's exactly right. It works the other way too. So all of these things do fit together, folks. And the number of times that we have a debt-free scream and during their debt-free journey they added income part-time and or got promotions and better jobs... Almost 90% of them did one of the two or both. Happens all the time.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Because once people start paying attention, they're paying attention. This is The Ramsey Show. Ken Coleman, Ramsey personality, is my co-host today. Number one best-selling author of the book Paycheck to Purpose. Amber is in Dallas. Hi, Amber. Welcome to The Ramsey Show.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
what's you know worry about me whenever i'm older i want her to be able to live her life the best way to be able to retire with dignity is to get the debt cleared so you need to stop putting money in retirement temporarily okay and use all that money to help clear this debt that's a temporary thing because i want you to clear the debt fast so you can get back to having breathing again a normal life um what's your household income
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Okay. And so you're making about the same. You're making about $70,000 or so.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Yeah, I'm not talking about bringing home. I'm talking about your total household income is probably about $150,000 to get home with $8,500. Does that sound right?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
What's the $50,000 in debt on?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Doesn't matter. You got screwed. You have a high interest rate, and half of your debt is one car.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
If you had rid of that 14% interest rate, 1385, on a car you couldn't afford and shouldn't have bought, and it's half of your debt, and you quit putting money into retirement, you're going to see these numbers start to flip for you, kiddo. It's going to start to work. And he's not looking at this with you. You're doing it by yourself, right?
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Good, good. Okay. Yeah, if you sell the car and you stop the other retirement temporarily and you get detailed on your every dollar budget and both of you are looking at that every dollar budget and beating the snot out of it, I'm making every – we're not going out to eat. We're not going on vacation. Don't see the inside of a restaurant unless you're working there as your second job.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And does he need a second job? Probably. You're working one. and temporarily let's get this stuff knocked out, and let's see how fast I can pay off $30,000 or $25,000 worth of debt making $150,000 a year really fast.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Amber, I want to make sure you're grasping the numbers that Dave is giving you. If you remove the car payment plus the actual debt on the car, just what you guys have paid off since August, it's roughly four months you've paid off $5,000. You've got to listen to what Dave said and put real pen to paper right now. Sit down right now before you do anything else today and run those numbers.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
If we sold the car... and we bought a $5,000 car, what is that monthly raise we just got to put towards debt? I don't think those numbers have clicked for you, and that's okay. I would run those numbers in a real budget. I think you're going to be shocked how quickly you're going to pay that debt off, and then you're back to retirement.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Here's what's interesting is you're tired, and you find all these reasons things can't happen because you don't see how you're going to get there. That's exactly right. Once you see how you're going to get there, you're going to be energized, and there'll be no stopping you. That's called hope. Power of hope. It's very powerful.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And sometimes hope is literally the result of a mathematical equation, what Ken's telling you. And so let's do that. Hang on. I'm going to put you and your husband through Financial Peace University and put you into every dollar and get you guys going because you guys need to sit down. It sounds like you're like 80% of the way there. You're both on board, which is excellent.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
Really glad to hear that. He's carrying this with you. That's amazing. That's very good. You're willing to work extra. That's amazing. You've identified that I want to get rid of the debt. That's amazing. So you've got all the parts there. All I'm doing is helping you polish the rough edges off of what you were looking at, and I think that's going to cause the ball to roll.
The Ramsey Show
Don’t Let Your Present Circumstances Define Your Future
And then the hope's going to kick in, and weird stuff starts happening. When you start seeing a way, then you just push your foot right down on that accelerator, and you bust it. You bust it. We're going to make it. We're going to make it. We're going to make it. We're going to do this. We're going to do this. Get it. Get it. Get it. Rob is with us in Tampa, Florida. Hey, Rob, what's up?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You're like a bulldog that got a hold of something and won't let go. But once you let go, you're like, oh, I can let go and I'm free and I can breathe again. No, dude, this is not, there's nothing in this equation that's worth it. It's affecting your health long term. It's going to destroy your finances. It's affecting your emotional well-being. And now you said it's affecting your relationships.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So this thing, this house owns you. And you're going to be singing like, thank God I'm free at last. And you don't even know. Until you set yourself free, you don't even know how awesome it's going to be. This is a horrible thing for you. It's not good for John. I want John to have a home. I just don't want the home to have John. And this one owns you, my son. It owns you. Let it go.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The minimalist, yeah. We can just play their tune right now. They would love this.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So yes, we do want you to own a home. You said you're new to this stuff, but it's much, much less home than you own right now.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Oh, San Francisco, yeah.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Tokyo, New York, and Silicon Valley. I mean, London. These are some of the most expensive pieces of real estate in the world. And that's where you're choosing to live, making $75,000 a year.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Please. No, I'm not sorry. I'm happy for you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I'm going to set you free. What you thought was a dream is a nightmare. I'm going to set you free from your nightmare. This is The Ramsey Show. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. We've all got people we love and things we've worked hard for that we want to protect. So to keep them safe, I've recommended SimpliSafe Home Security for over 10 years now, because they're the best.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You see, traditional security systems only start working after somebody's already broken in, which is too late. But SimpliSafe's Active Guard Outdoor Protection can help prevent break-ins before they happen. And Simply Safe agents can see and speak to potential intruders to help stop trouble before it makes it to your door. Simply Safe is 24-7 protection for your home, inside and out.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And even though Simply Safe is the best, it's affordable. Monitoring starts at around $1 a day. Your first month is free, and they offer a 60-day money-back guarantee. Plus, there are no long-term contracts or cancellation fees. And right now, you get 50% off a SimpliSafe system with professional monitoring. So head to SimpliSafeDirect.com to save 50%. That's SimpliSafeDirect.com.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
There's no safe like SimpliSafe. The Ramsey Show question of the day is brought to you by YRefi. You got a defaulted private student loan? And you can't sleep at night because the thing's riding you down. See, if you're in default on it, you're not making payments, right? And you're never going to get out, and it's a problem. And this is private. They can go after you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
This is not a student loan with the feds. And so if you've got that, why refi can get you out? They'll buy the loan and set up a set of payments that you can pay and show you how to get it paid off and get it out of debt. It's fabulous. Go to why refi.com slash Ramsey and you can like sleep at night and get rid of the stupid loan. The letter Y R E F Y.com slash Ramsey might not be in all States.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I'm not sure if I can make the judgment on whether it's criminal fraud or not. It's definitely morally wrong.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But the truth is – They leave out risk.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So it's the, it's the piece that's not in the Excel sheets of which let's go to the, let's go to the proof of what really happens. Okay. Number one, if your broke friends are making fun of your financial plan, you're on track. If your fat friends are making fun of your workout plan, you're on track. Okay. Think about it. These are broke people throwing around financial advice. It's hilarious.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The second thing is this Ramsey did our Ramsey research team did the largest study of millionaires ever done on the continent. We found a couple of things that are key to this. Number one, we found that 89% of America's millionaires are not millionaires because of inherited money. Nine out of 10. Okay. Now, once we establish that, then we have to establish the question.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
If you're doing good critical thought, okay. What made them millionaires? If it wasn't inherited money, what was their habits and their decisions around things like this discussion? So then we go to those millionaires and we say, okay, how many of you became a millionaire by borrowing all you could on your house so that you could invest your cash?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The Pell Grants that they qualify for by posing to be poor people are for poor people.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Out of 10,167 millionaires that we asked that question, did you become a millionaire using your broke friend's plan? In other words, how many of them said they used your broke friend's plan? And how many of them said they used your plan?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The number that used your broke friend's plan of millionaires that became millionaires on their own that borrowed all they could on their house to invest the money because the spread is there, the number out of 10,167 that did that is precisely zero. None of them. So what does that tell us? That your broke friends have a theory that is unproven by data.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The data of actual millionaires, people that actually build wealth, not have a theory, not drink too many beers and have a discussion about this, but instead that actually freaking do it. The data, the facts are they work your plan and they got out of debt and stayed out of debt.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And these people are not poor people.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And they use the increased cashflow to build with no debt payments, going to the stupid bank to increase and create wealth. Your most powerful wealth building tool is your income. Don't give it to freaking mortgage companies, Lexus Motor Credit, Toyota Motor Credit, MasterCard, student loans, and then wonder why you're broke. That's what it comes down to. So no, you are exactly right, Craig.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So I don't know if it's above board, quote unquote, or not, but it's morally wrong. It's like saying I'm going to act like I don't have a job. Well, now, that would be fraud. If I have a job and I collect welfare checks saying I don't have a job, that would be fraud.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Do your plan and just nod and wink and smile at your broke, silly friends. You're probably not going to fix them, but don't take their advice for sure under any circumstances because the data, the facts are that it's wrong. And so, you know, Rachel, when we first started doing this stuff, I started doing this before you were born.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I mean, it feels like you were baby when I started on the microphone. And I've been asked that question for 30 years. And I would say, well, the borrower is slave to the lender, and biblically speaking, and the stress and the freedom. But now I'm starting to understand, as I get further into this, and I actually have millions of millionaires that have been created by the baby steps.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
out there in a did and and the ones we studied were not just ones we created that we didn't create them but not the one they weren't dave millionaires they weren't ramsey millionaires uh the but some of them were baby steps millionaires some of them weren't but it you know my fear my theory then was that that what would happen is is that you would have uh you would have less uh physical stress
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
anxiety-based disease called blood pressure and heart attacks, right? Goes away when you're dead. I mean, it largely goes away. And Deloney pulled this up the other day on some of the research that they've done in the mental health world that you can track the debt increase, the percentage of our incomes going to debt and track it like a hockey stick on a graph over the years.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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. Rachel Cruz, number one best-selling author, host of The Rachel Cruz Show, and Smart Money Happy Hour co-host. My daughter is my co-host today. Open phones at 888-825-5225. Cody is in Boston. Hey, Cody, what's up?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And with it, you can follow the increase in anxiety medications and The increase in suicides.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The increase in other stuff. But phones. You can find phones. As soon as the iPhone hit, it spikes again.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But the point was there's a real correlation between debt and your physical health.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
That's the bottom line. And no one considers that. No one talks about that. Oh, by the way, what's the number one cause of divorce in North America? Money fights and money problems. Guess who has money fights that doesn't have a mortgage? Not many. Not many. Money fights usually come from like we're broke and we can't afford to buy something.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
When you have a mortgage, you can just go get the stupid gun. You can go get the stupid purse, and you don't have to fight about it. Matter of fact, you can get one of each. You don't have to fight about it, right? And so it's relationally, physically important.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But it would be like I'm not going to – I have the ability to work and make a lot of money, but I refuse to because that way I qualify for free government, whatever, right? Same kind of thing. And it's just, it's morally wrong at a minimum. It is approaching the criminal side. And the bigger problem, let's change the word. It's ethically horrendous.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
All the money comes in, all the money goes out, and only the names are changed to protect the innocent.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, Deloney would call it locus of control. Bloom was on here with his new book about wealth yesterday, and he called it agency.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You lose the power to make your own decisions.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I am trapped. Oh, here's the other one. Your career, when you don't have that, You make more money. You know why? Because you might put up with crap. You don't have to live in a toxic situation to make your bills. But you look up and there's an ethics problem or you are not aligned with leadership because leadership is stupid.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You can go work somewhere else and people make, you know, when you are not trapped in a job by your debt, you can make moves in your career and people that don't have debt make more money. Oh, and guess what? People who don't have debt are more generous. And guess who ends up with more money? Generous people. Because they're highly attractive people.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
As a, you know, givers are more attractive than takers. Can we agree? Yeah. If you add value to people's lives, you just carry yourself different. The whole thing. It's a whole picture. It's not just I can invest the money and make a little more on a mutual fund. Oh, my God, Kermit the Frog. What is wrong with you? This is The Ramsey Show.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Hey, when you're gazelle intense, you sell so much stuff the kids think they're next. But when you've gotten rid of all you can, save money by switching your cell phone plan to Boost Mobile. It's just $25 a month for unlimited talk, text, and data forever. Boost is a major nationwide network that offers reliable 5G service. And here's my favorite part, transparent pricing.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
There's no hidden fees, no contracts, and there's a 30-day money-back guarantee, which means no risk. Go to BoostMobile.com slash Ramsey to switch today. That's BoostMobile.com slash Ramsey. We're going to try something new that we've not done, well, any time in the recent memory. We may never have done it before. It's possible. So you guys call.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, it's possible I've done a lot of things.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Oh, I've not done it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Oh, okay. So this is something that's happened while I wasn't working.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So anyway, people call and leave voicemails, and so let's play one of them.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, that's a good question. It does feel better to have the $16,000. And have the debt. Because you have the illusion of security. You have the illusion that you're safe. And it's an illusion because over a 20-year period of time, you're not safe because you're broke and in debt. But you've got this sense that in the moment, if something happened, because it's true.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's ethically ridiculously bad. This guy has no ethics.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
If you had a $5,000 car engine blow up and you've only got $1,000, you're not safe. But what you also don't realize is that because you're carrying all this debt, you're not safe. That's right, yeah. But your emotions, because you're a saver, Jared, tell you that as a saver, I'm safer if I have savings. But if you were looking at it the other way and said, oh, the debt scares me more than the –
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
illusion of the savings yeah then you're going to pay it off until then you're going to sit there in that so um yeah we always teach to just pay down to a thousand dollars and start your baby steps baby step one's a thousand dollars anything above that that's not retirement goes at your debts and baby step two listing them smallest largest and attacking them in that order
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Okay? He's willing to lie. to the government to get poor people's student assistance.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You know, the difference is you haven't experienced the risk. So like with me, it's a no-brainer because I have been foreclosed on. I have been sued. I have had people take money out of my account that sued me and won before we went broke, before we filed bankruptcy. We're in the process of two and a half years of fighting that. We were foreclosed on multiple times.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
We were scared several times that they were going to repo our car that night, walk out in the driveway, and it's anybody's guess if it's going to be there. Then you start to go, oh, wait a minute. I don't feel safe forever. For the rest of my life, I don't feel safe with that. And so that's what I mean by it's an illusion.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I've got the benefit of that experience because whatever sense I had that that was okay was completely stripped away by the extreme experience we went through. Okay, play the next one, James.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Good question. Well, I studied the Bible through the lens of an evangelical Christian, which means someone who believes the Bible. on instructional things like this, literally. Evangelicals for the last 500 years have taught and backed it up biblically that the tithe goes to the local church, a tenth of your income. Tithe, the word in Hebrew means tenth. Doesn't mean 5%.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Pell Grants are income and asset based. And that's the only thing that in a possible financial aid package that would come up is the Pell Grant. Okay, nothing else, unless the local, unless the college had an income-based scholarship program or something, but most of them don't. So, but yeah, it's ethically wrong. That's what you're saying.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
If you want to get 5%, that's fine. The tithe is not a salvation issue. God doesn't love tithers more than non-tithers. Tithers don't automatically get into heaven. That's not what this is. It's a baseline instruction from your heavenly father that teaches us to give. Thank you. Thank you. Thank you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And that's why you got slime on you and you want to take a shower after you met with him.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah. So, no, full stop.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Full stop, yeah. I'm not going to participate in this. We are going to have a standalone life that does not involve something that I feel like is unethical.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Thank you. Thank you. Thank you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Prenup doesn't cover it. You can't prenup away a lack of ethics.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Thank you. Thank you. Thank you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's fine. Give yourself a release valve.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
If the pressure's on, give yourself a release valve and let everyone know what the release valve is and give yourself a way out of this thing. Dad's been in the nursing home with early onset for eight years, and all your kids move to another city, and your grandkids are all now in another city. You can't sell the house. You're stuck with it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You know, there's just life is going to happen. That's all the people that call this show is life happened to them over and over and over and over. So no, you just don't want to get there.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
What's confusing me, what I don't know, I don't know how to protect dad. And protect John. And give John a release valve. That's what's bothering me. I can't figure out how to do that. So you've got to think through that, though. If you can get that, if you can solve for that, you're okay.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The last thing you've got to solve for is if they deed it to you now, your basis in this house becomes what he paid for it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
versus if you receive it at his death your basis is market value and if you sell it you got no capital gain or you know you got no gain if this house is worth six hundred thousand bucks you're married filing jointly and his basis is close to zero um and you're married filing jointly can do a five hundred thousand dollar write-off you now have capital gains on a house because it was deeded to you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Oh, and by the way, he needs to work on the unified estate tax credit, so you've got some estate tax planning to do if he's going to deed you the house now. If he's not going to deed you the house now, that might be a way to do it. Maybe you don't own it. Maybe you just bank your equity, and you live there.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
With my future husband.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
No rent, because you take care of him. And then if you need to leave, you can leave. That might be even cleaner. And if he dies, it comes to you.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, or the whole thing, and the siblings are okay with that. I might be okay with that one. That might be a way for you to get out. I just don't want you to get stuck. They call here all the time, stuck. This is a Ramsey Show.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Find it anywhere you listen to podcasts. Or if you're listening on YouTube or Podcast Now, just click the link in the description. From the Ramsey Network app, Isaiah steps in it. You keep saying to invest $100 a month beginning at age 30 and you'll be worth $5 million at 70 years old.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
That's the most ridiculous thing I've ever heard because the life expectancy of a white male is 72 and for a black male, it's 68. That means most people will never live to see $5 million. Help me make sense of this advice. Well, you don't really want me to make sense of this advice because you think it's ridiculous. So let's start with your belligerency to start with.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You can be gentle and you can be kind. You don't have to accuse him of being a liar like I am or being unethical. You can just say, you can put it all back on you and just say, look, I don't feel right about this. And I can't go forward participating. I'm so sorry. Don't call her dad names. Doesn't do any good. It's not going to change him.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But the answer to your question is, number one, you have all of your numbers wrong. So it's hard to make a cogent argument when you have your numbers all wrong. We have never said $100 a month from $30 to $70 is $5 million. It's not. It's $1,176,000. And that would be true of 20 to 60 or 25 to 65, any 40-year period of time you wanted to pick.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Also, the average life expectancy of a white male is not 72 years old. I don't know where you're getting your data, but the national vital statistics system at the national center for health sciences says in 2023, the average male death age is 75.8 years, 76 years. Period. Uh, average female is 81 years old when they die. Now that includes infant mortality and teenage death.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
which we can all agree that most teenagers are not saving and most infants are not saving. So once you make it to age 65, my age, and you're healthy, well, not even healthy, once you make it to age 65, on average, you will live another 18 years. So the average 65-year-old has a death, all males, 76 years. Okay. Add 18 to that, it's going to be 86, 92 years old. So I'm sitting here at 64.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The average is that I make it to 92. Okay. once you make it to 65, okay? So all of your numbers are wrong to start with, Isaiah, but at the core of your belligerency and claiming our process is ridiculous is the idea that somehow you're supposed to get rich in 10 minutes or that somehow you're entitled to something or that I'm angry because I don't feel like it's possible for me.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And you even throw the race card in there. Because color of skin hasn't got anything to do with your ability to build wealth. Skin pigmentation doesn't cause wealth building one way or another. It doesn't. And so, you know, you just got to throw that in there, though, to go ahead and try to create some kind of social justice argument that's bull crap here. So the truth is...
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
that anyone who saves $100, but by the way, almost no one saves, like I would say really close to zero people save $100 for 40 years a month. Like I haven't saved $100. I've saved a lot more than that. Rachel hasn't saved $100. She wants to save a lot more than that.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's an example saying if you'll save money, you can build wealth.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
That's what the example says. But you're like, oh, well, no one can get there because they're all going to be dead. It's like, oh, gee, son, roll up your sleeves, live on less than you make, get out of debt, deny yourself a little bit of pleasure because you're acting like a four-year-old here, and stay out a happy hour and go put some money in the bank. Quit smoking so much pot. Seriously.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And so, honestly, this is ridiculous, Isaiah. No, I mean, the belligerence on this is victim-based. It's victim-based. This is the most ridiculous thing I've ever heard. It is not the most ridiculous thing I've ever heard. What's ridiculous is your argument, because you don't know anything about the numbers that you presented. They were all wrong. That's what's ridiculous.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So what's ridiculous is you've used some twisted version and inaccurate numbers to justify your victim existence. That's ridiculous. So you're not a victim of anything but your bad thinking. That's your only victimization. So the truth is that 89% of America's millionaires are first-generation rich. Go get you some, boy. It's your turn. Roll up your sleeve. Quit your whining.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
He's never going to say, oh, wow, my daughter's boyfriend told me I was wrong, so now I think I'm wrong. The chances of that are zero.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Be a victor, not a victim. And quit trying to figure out some way that if the whole thing stacked against me, the little man can't get ahead. I grew up with people my whole life saying, the little man can't get ahead. You're always going to have a car payment. We're stuck.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
These numbers only work for people that aren't like us, people that are different than me, people that are my race, my color, my neighborhood, my educational background, my history of my family. People like me can't. Oh, shut up. Was Eeyore your spirit animal? Come on, man. That's ridiculous. I'm the little man. I started with nothing, and I was a millionaire twice.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I'm so stupid I had to do it twice. I got a PhD in DUMB, and I had to do it twice. So this victimized, and it's just seeping in these words right here. It's just running off this page, and I'm not going to tolerate it. It is not. It's hopelessness that you're spreading. You are a hope stealer. when you tell people that they can't make it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And that pisses me off because I spend my life giving people hope. And you can do this in America right now. It is the best place, the best economy, the best situation in human history for the little man to get ahead. If at any time you wanted to drop into any society in human history and you wanted to start from nothing and build wealth, this is the best place ever ever. Any time.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's better than 30 years ago. It's better than 60 years ago. It's better than the Roman Empire. It's better than anywhere you want to drop your little butt and think you can't get ahead. Little man can't get ahead. I promise you, freaking Karl Marx isn't going to help the little man get ahead. He helps the big man get ahead. That's who gets them ahead.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And so your broke college professor that's teaching you communist technique has got to stop it. This is crazy, y'all. So if you want to win, you can go win. We'll help you. We'll show you how. But we are not going to participate in this is ridiculous. It means people will never see their money. They're going to die before they get their money. Oh, that's just dumb. It's just ignorant.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So hope I wasn't unclear. Nope. That's why I wrote Millionaires. That's why we did. I was not going to do another book in this space. That's why I did Baby Steps Millionaires.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I mean, well, if you guys have him, you just say, look, you know, you know, I'm I'm making this up real time. I'm spitballing here. OK, but you could just say something like, you know, I got some counsel because I was confused about this and it bothered me. OK, and so I take all of the weight of the problem on you. And just say, I just can't go forward with this.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Four times more likely.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
If you come here from another country under the law, legally, not illegally, you are four times more likely to become a millionaire than someone born here who believes crap like this.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Oh, brother. So, no, do the stuff, man. Do the stuff. Live on less than you make. Get out of debt. Get your butt on a budget and act like a grown-up and stop your whining, and you can go do almost anything in this country. It's going to be hard, but it's easier than being broke and mediocre, right? At the end of the story, you get to win this way.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The other way, at the end of the story, you just die broke and wondering what you – I don't want to work in McDonald's at retirement unless it's the one I own in St. Thomas. You know, seriously. You can do this stuff. And you don't have to be, I'm not extraordinary. I'm far from extraordinary.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But I've had extraordinary results following God's ways of handling money, having hope in my life, having a sense of abundance instead of a sense of scarcity. And going and apply, if you plant corn, the most magical thing happens, corn grows. And if you plant more corn, more corn grows. So if you plant 100 bucks, you'll get this. If you plant 1,000 bucks, you'll get 10 times as much.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And, you know, most of you are making so much money, 100 bucks, you waste driving past some fast food restaurant or Starbucks. You just drive past, they take 100 bucks from you, and you haven't even got your food yet. This is, man, this is so doable, y'all. It's so doable. And I'm not going, you can get pissed at me if you want to start another Reddit page on Dave Ramsey. Have at it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I don't give a crap. Just stack it up there. You know what? Because you're wrong. The proof is in. The social proof is out. Ten million, millions and millions and millions of people are doing this stuff. And it's not, so if you're not doing it, you're just wrong. It's not any harder than that. You're just wrong. This is the Ramsey Show.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today. Robertson, Denver. Hi, Robert. How are you?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Better than we deserve. How can we help today?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And here's what I would couch it in. All of my understanding of your daughter and I setting up a household is that we are to leave and cleave. We're to leave our mother and father and establish our own standalone household. And this does not allow us to do that.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's interesting to me that you started doing this stuff in 2020, and you've been dating her four and a half years, so you met her about the same time.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So she's watched you adopt all of these things.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The more you got engaged with the stuff that we teach, she's watched it. She's had a front row seat for the whole thing.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, I'm not asking her to be a nerd. I am asking her to quit being immature and just buying stuff she can't afford. And I just deserve it. I just want to get it. And so I'm just going to get it. I mean, she doesn't tell herself no, ever. The category breaches you talked about, the purchase breaches you talked about, those are all, I just look at it and I'm going to do it anyway.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And I have to be able to do that to have a high-quality relationship with your daughter. And so you guys have got to take these assets back. Well, that and I would probably have – A prenup doesn't do it, and I can't go forward if we can't have a standalone household. The intertwining of these two households is not healthy.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Like there's a sense of entitlement or immaturity or something there that's bothering me in this. I can't tell what it is exactly. So what would we do in this situation? You guys have got to resolve this before you go forward. Not necessarily she has to become the nerd that you are or she has to stay on a budget.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
But whatever the core issue is that she's struggling with here, immaturity, entitlement, just because you can't just she's not acting like an adult in the sense that you can't just spend nine hundred bucks when you say I'm going to spend four hundred.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
She makes enough money to do it right. She just chooses not to have any boundaries for herself.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And that's what I'm hearing. So what would I do? If I were in your shoes, I would say, look, we have to resolve this and get aligned on it to go forward. Because you're going to have a long life because you're going to think I'm just picking on you all the time. And I don't want to be the bad guy in this all the time.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And I'm not going to sign up for the bad guy role.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
That's easy because Winston doesn't spend any money.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah, like you would tell the kids no and she won't. You know, that's how this is going to translate.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
That's how that's going to translate. So here's what I would do. I would schedule a pre-marriage counseling session. And I would sit down with the counselor and tell the counselor on the phone before you meet with them with her present that the pre-marriage counseling session will have failed if you can't help us get aligned on these subjects.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Your job in pre-marriage counseling is you have to give the counselor instructions, okay? I am not moving forward in this marriage unless we can get aligned on these things. And so your job is to guide us through that. If you think your job is to make me okay
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
with her being off the rails one way and me being off the rails the other way, I'm not going to be okay with that, that you failed as a counselor. Because sometimes counselors will do that. It's all okay because they don't see it the way that we're seeing it.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Give the counselor some instructions, and the instructions are you are to help us get aligned. If you can't help us get aligned, then we're either going to call it or you failed in your counseling. We are not leaving your office with you saying, oh, it's okay. That's not an okay thing for the counselor to think. Because sometimes pre-marriage counseling is a bit of a rubber stamp.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
you know he would decide to prenup you sorry this is it and she doesn't budge oh and if she says then that's then that's you know you're making a call here but dude i i i you know if you let's say she says that you go okay i'm gonna cave i'll sign everything we're gonna get married what's the probability you're married 10 years later almost zero yeah
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
I want them digging in on this. I want you to dig onto this and you'll find out what's driving these things. and that way you don't turn ramsey into a cuss word in your new household this is the ramsey show Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
If you're a business owner, you know running a small business is hard. If you've ever become self-employed like I have, you figure out pretty quickly that your boss is tough. Your boss is a slave driver. And yeah, self-employed is tough. It's hard. Running your own deal is hard. We've got a new book called Build a Business You Love where we unpack the Entree Leadership System.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
or if you're on youtube or podcast click the link in the description seth is in virginia beach hi seth how are you hey dave and rachel how are y'all better than we deserve what's up all right so i'm uh 27 years old and i'm married with three kids and me and my wife have been on baby steps four five and six for the past few years
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
That's fine. Um, uh, the first thing popped into my head was I'm under the impression of school nurse does not make near what a nurse makes.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So why would you take a job that pays less when you're trying to hit a financial goal?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
A school nurse doesn't have anything to do with a two- or a one-year-old. Correct. They would have to be in daycare. But our oldest is in kindergarten. Okay. So the schedule thing is bogus. It's not true.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
No, it's not a single argument. This is an argument over integrity. It's okay to lie to get a program that I don't qualify for. What else is she going to be lying about because she thinks it's okay to lie? Because her dad taught her this.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, I mean, you can take summers off whenever you want. I mean, you can go work three 12s and be done for the week and make three times more than she's going to make. while the other two kids sit in daycare. So it's not logical. Anyway, I think that's a bad choice. Anyway, back to your question. You're not in a hurry, so you can do whatever you want to do.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And you've done a great job so far with your money. But I'm a huge fan of nurses because it gives you the potential to earn a lot of money and work a very, very flexible schedule and do a lot of different kinds of things And I think you're not getting good use of that opportunity with what we're talking about. But, okay, back to it. Now, the...
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You got a one-year-old and a two-year-old.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Or just drop it down to 50 bucks or something. I wouldn't stop it, but I'd drop it way down. Okay. And you use that. I really wouldn't because you're not on a tight schedule to buy. You don't have an urgency to buy. And so I don't want to build up a down payment over here in a high-yield savings account while I'm missing out on good mutual fund returns over in my retirement accounts.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
No, I'm going to leave that at 15. Now, if you want to turn up the urgency and you say, okay, in 24 months we're going to buy a house. If you want to shut it down for that, that's okay. But just in general, I'm going to just want to build a slush fund so someday I can buy a house. No, I would not do that. And then I want to add one more thing before I let you go.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Like you said, you guys move every three years, and it's going to be a very unusual market that you can buy a house and sell it quickly and make money on it in three years. Okay, so here's how, I mean, I'll teach you how to do it. I talk to military guys and gals all the time. I love what you guys do, and thank you for protecting our country.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The thing you do when you get ready at your next stop and you think, okay, we got the money, let's buy a house. What you want to do is you want to look at two different statistics with the local real estate agent. Just go get one of your Ramsey Trusted Real Estate Pros off the website at the ELP site, okay, on our website, and ask them two things.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Number one, in the area I'm looking in, within a five-mile radius of the houses I'm looking in in that area, what is the average DOM days on the market? Okay. And if it's average of 27 days, well, you've got a hot market and you'll be able to sell the house. If it's an average of 270 days, that's nine months. You're going to be stuck with this thing when you move next time.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
So, I mean, that's not cool.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And it's going to end up a rental property in another city. Bad idea. Okay, so days on the market. The second thing you want to look for is average appreciation rates in that five-mile radius. For the last five years, four years, what have the houses gone up in this area? If they've gone up 2% a year, in three years, that's 6%.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You're going to lose money when you sell this house with commissions and closing costs. But if they go up 10% a year, that's going up 30%. You're going to make money. I will tell you that you will find these two numbers will only appear together and give you the right answer. In other words, if you see high appreciation rates, you're probably going to see short days on the market.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And if you see long days on the market, you're probably going to see low appreciation rates. And so what happens is if the town is a military-only town and the military is the economy, you've got a bazillion houses on the market all the time because the people are moving in and out all the time. There's always a glut in the market. You don't see a lot of appreciation. It's very hard to sell.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You're going to get burned. But if you're in a metro area like you are right now, Virginia Beach is a vibrant economy, separate and apart from the military, heavily influenced by the military, but separate and apart from the military. It's got its own economy. So that could be one of the markets right there that you could make money on.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And you can't just cave because that condones the whole stupid thing and makes it look like it's okay. And then it extrapolates into other stuff. And 10 years later, you've got an explosion on your hand.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
San Diego would be a market you could make money on and get in and out if you're military. But if you're in the middle of... whatever cornfield and it's all military, you're going to get stuck with the house, dude. So be careful with that.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Just rent. If you're going into the cornfield market or if it's not a vibrant market for whatever reason and you're going to get stuck, you're much better off financially to rent for that three-year period of time. And your stress level is way down.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Because if you're buying and you've got to move in, fix up, and you're selling, you've got to move out, fix up. And it's a lot more stress to be an owner than it is to be a renter on the short-term basis. So that's what we're looking for. So good question, man. Thank you. And again, thank you for serving your country. Last thing I'll throw out because I've got just a second is don't use a VA loan.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
The VA loans suck. The Veterans Administration was formed to be a blessing to veterans and to active duty, and they may be in some areas, but in the real estate world, they're not. VA loan is more expensive than an FHA loan. The interest rates are higher and the fees are higher. But veterans do it and active duty people do it because I can get nothing down. It's one of my benefits.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Well, nothing down is not actually a benefit. It's causing you to buy something you can't afford. And so don't do the VA. Don't do it. Do a traditional conventional Fannie Mae mortgage. Don't do an FHA either. It's the cheapest. Fannie Mae is the cheapest. A standard conventional mortgage is much cheaper than either one of the two government programs. Well, there's a shock. And so...
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Don't fall for that either, for those of you that are out there in the military. So we've done a zillion hours of work with the military folks and love them and try to help them any way we can. So thank you guys.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
That's hard. I mean, if your parents rob banks for a living and you think it's okay, maybe we shouldn't get married. It's about where it lands. Although that is a criminal act, this is not a criminal act. I get it. I'm being melodramatic. But still, that's the deal. This is The Ramsey Show. What does the future hold for business? Ask nine experts and you'll get 10 different answers.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It did. It was fabulous.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next. And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
at the break i was talking to some people in the lobby from phoenix dr john deloney and i'll be in phoenix on may the 5th doing the money and relationships tour we're going to be talking about raising great kids handling money fights the right way making real friends in the 21st century we're going to six cities and it's a weird format we've never done this before we're going to put up about 20
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
different subjects in an app when you're sitting in the audience before the show starts. You're going to vote on some Dave subjects, some John subjects, and some Dave and John subjects, and that's going to form the format for the night. You're going to build the talks. You're going to build the order of the talk, or not the order, but you're going to select what you want us to talk about.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's pretty cool. So pretty interactive. That's a cool thing. Louisville, Kentucky is just a couple weeks away, April 21st. Durham, North Carolina, that's on Monday. On Wednesday is April 23rd is Durham.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
friday is atlanta april 25th a couple weeks after that we'll be in phoenix on may 5 for that's a monday fort worth on wednesday may 7 in kansas city on may 9 ramsay solutions.com slash tour or if you're on youtube or podcast click the link in the show notes and you'll get your tickets you don't want to miss this guys it's gonna be a lot of fun john and i will have a lot of fun the only thing more fun than john and me is rachel and john
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Money and marriage. Yeah, money and marriage stuff's absolutely fun and hilarious and all that stuff. John, speaking of John, is in San Francisco. Hi, John, how are you?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Um, how much is your mortgage payment?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And what is your take-home pay, sir?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Your mortgage payment is $5,000 and your take-home is $7,000. I don't know how you eat. That's about right. How do you eat?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Is there money somewhere else coming in or going out? How in the world? That's an impossible budget.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You're cutting in and out. Talk directly into your phone. What did you say?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
No, you don't have a budget. This is impossible. I've done budgets for 35 years. Your mortgage is 75% of your take-home pay. I mean, that's not sustainable. I'm shocked you've done that for more than 12 months and not caved in.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And how much are you burning through each month of your savings?
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Now we got it where you can eat. Now I understand. I mean, what you were telling me just wasn't. So basically you're burning up your savings because you bought a house you can't afford. Sell it. Yep, yep.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's eating you alive. There's nothing in this home ownership package that is fun. Everything you've described to me screams anxiety.
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Here's the thing. Not only is the arithmetic...
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
absolutely ridiculous in this because you're burning savings arithmetic you're saying you're saying the mathematics of this you're saying it's it's you know you're burning through your savings so that's principle number one but what i want you to breathe in also is what this is costing you the stress level you're carrying around all the time when you get rid of this house you're going to feel like you set down 300 pounds that was on your back
The Ramsey Show
Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And you've kind of gotten accustomed to carrying around 300 pounds. But when you set it down, you're going to go, I can breathe again. I didn't realize you could breathe like this. My lungs haven't worked like this since I bought this house. I mean, you're physically going to feel the release when you get rid of this burden. But you've intellectually and willed your way through this.
The Ramsey Show
Your Mindset Matters More Than Your Money
Просто возьми время, возьми время. Нет шагов. Продолжение следует... И они могут пройти тебя через это и научить тебя, что ты делаешь. И они будут двигать тебя из этих одновременных рынков. Я могу сказать тебе это, если ты понимаешь, что ты будешь двигаться из этих одновременных рынков. Паул в Кливленде, Охайо. Привет, Паул. Добро пожаловать на «Рэмси-шоу».
The Ramsey Show
Your Mindset Matters More Than Your Money
Хорошо. Итак, сколько вы зарабатываете на доме?
The Ramsey Show
Your Mindset Matters More Than Your Money
Джордж Кэмпбелл, личность Рэмси, это мой ко-хост. Это было直接 от бут-дудей, которые выбрали какую-то странную музыку. Это новая.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я не знаю, я встал на элеваторе. Я не знаю, что случилось. Хорошо. Следующим находится Джеклин в Сан-Антонио. Эй, Джеклин, как дела?
The Ramsey Show
Your Mindset Matters More Than Your Money
Больше, чем мы должны. Хорошо. Как мы можем помочь? Вы не носите маску, но я ответил. Что происходит?
The Ramsey Show
Your Mindset Matters More Than Your Money
Я на автопилоте, Джеклин. Как мы можем помочь?
The Ramsey Show
Your Mindset Matters More Than Your Money
Объясняю, что ребенок – это отличная, прекрасная вещь. Особенно дочери. Если бы я не знал, как хорошие дочери были бы, я бы был лучше своих родителей. Все это – это прекрасно. Это плохая метафора, но я бы почти сказал, что если бы она была в машине и не могла работать? She ran a red light, it was her fault, and then she got hurt, right?
The Ramsey Show
Your Mindset Matters More Than Your Money
That's not a really good metaphor, because babies are much sweeter than that, right? But, I mean, that's kind of how I think I probably would look at it. I'm just thinking like a grandpa right now, or like a dad. And that's where my brain is stuck. This is not a 39-year-old who's done heroin for 15 years and hates me. This is a 19-year-old that messed up
The Ramsey Show
Your Mindset Matters More Than Your Money
Нет. Вы хорошо финансируете, вы и ваш муж?
The Ramsey Show
Your Mindset Matters More Than Your Money
Я люблю мою дочь через очень тяжелый период. У нее была машина, Рик. Это очень validating. Да, это то, что я бы делал. И я довольно тяжелый в отношениях с тяжелой любовью, как это называют. Но это не тяжелая любовь, это не время для этого. Для меня, для меня это маленькая страшная беременная девушка, и я буду держать ее в руках, я буду ее любить, она моя, и мы соберем ее через это.
The Ramsey Show
Your Mindset Matters More Than Your Money
Но не с идеей, что она живет в вашей комнате до 39 лет, но с идеей, что она будет, потому что вы дали ей некоторую комнату здесь, чтобы лечить, и не лечить, но чтобы пройти через этот процесс. Ну, и лечить. Это было травматично, я уверен. И так, чтобы пройти через это и вернуться на ее ноги эмоционально, в отношениях, сделать лучшее выбор, идя вперед. Это не паттерн, который представляет ее жизнь.
The Ramsey Show
Your Mindset Matters More Than Your Money
И так, давайте вернуться на эту тракцию, которую она была на. И тогда у тебя есть 25-летний человек, который это замечательный человек, это замечательная мама, и все счастливы и рады. Опять же, я не позволяю в дальнейшем будущем, но на коротком уровне здесь, Я просто полностью ухаживаю за ней, как если бы она была в больнице или что-то. Что ты думаешь, Георгия?
The Ramsey Show
Your Mindset Matters More Than Your Money
У тебя хорошая душа. И ты не... Я знаю, что ты тяжелая, потому что ты родила ребенка, у которого есть работа. Ты родила ребенка, у которого ты плачешь. Ты родила ребенка, у которого это и это, и это, и это. И, знаешь, ты не пушевая и обладающая мамой. Я не думаю. Я не слышал этого.
The Ramsey Show
Your Mindset Matters More Than Your Money
В моем мнении, это противоположное отношение к тому, что кто-то 31 год и делает это, и говорит, что если ты не помогешь мне, ты никогда не увидишь своего деда, и прочее. У меня совершенно другая реакция к этому человеку, чем у этого 19-летнего ребенка. И если ты 19, и тебе не нравится, что я называю тебя ребенком, у меня днище больше, чем у тебя, так что успокойся. Это дело.
The Ramsey Show
Your Mindset Matters More Than Your Money
Это значит, что я тебя люблю. Это не значит, что я тебя убиваю. Но у меня есть немного больше рогов вокруг дерева. Это хороший способ. Немного больше возраста. Это то, что я хочу. То, что ты ищешь в отношениях, период. Но, конечно, в... financial relational things is you're looking for patterns, not singular events. And patterns cause you to endorse a situation or to avoid a situation.
The Ramsey Show
Your Mindset Matters More Than Your Money
И не слушай всех этих идиотов. Большинство идиотов ходят по городу с мнением о вашем денег и о том, что вы миллионер.
The Ramsey Show
Your Mindset Matters More Than Your Money
And that keeps you from becoming an enabler, if you're wandering out there and you're a mom and a dad. So if you've got a 37-year-old that lives in your basement and will not work, that's a pattern of И у нас есть это, потому что у нас есть группа мужчин, которые еще не мужчины, которые скрыты в доме мамы. И мамы все еще делают их дерьмо. И если вам это не нравится, это нормально.
The Ramsey Show
Your Mindset Matters More Than Your Money
Добавляйте в шоу. Это мое. Так что это так, как это работает.
The Ramsey Show
Your Mindset Matters More Than Your Money
Но, боже мой, ребенок, это будет прям там. Это «Рамзи Шоу».
The Ramsey Show
Your Mindset Matters More Than Your Money
Больше, чем я должен быть. Что у тебя в мире?
The Ramsey Show
Your Mindset Matters More Than Your Money
И высококачественные люди совершают самые плохие финансовые ошибки. И ваша страха позволяет вам статистически, или предполагает, что вы делаете статистически, эквивалент, чтобы поставить это деньги на рулетную колонку или на рулетную колонку. Потому что криптовалюта очень болезненная, очень рискованная. Наиболее 100 раз более рискованная, чем ваша современная портфельная зарплата.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я не делаю это сам. У меня есть трейдер, который помогает мне.
The Ramsey Show
Your Mindset Matters More Than Your Money
В криптовалюте. Ну, Мэгги, ты делай то, что хочешь. Я 62. Да. Моя стоимость – это миллионы долларов, и у меня точно зеро в криптовалюте. Правильно. И я не беспокоюсь, и я не боюсь. И как люди, которые 72 года, потеряют все, что они владеют. Вот так это происходит. Пожалуйста, не делайте это. Но я не думаю, что решение уже в воздухе. Я думаю, что вы уже сделали свою решение.
The Ramsey Show
Your Mindset Matters More Than Your Money
У тебя почти нет риска в этой ситуации, потому что ты можешь написать чек в любую минуту и заплатить, если ты попал в шок. Ты не действительно нуждаешься в денег в одной или другой стороне. Это все о том, что твой конкретный цель. Когда ты 85 лет, ты хочешь иметь зарплату? Субтитры создавал DimaTorzok Они использовали свои личные жители для строительства их денег. Ни один из них.
The Ramsey Show
Your Mindset Matters More Than Your Money
Один из самых богатых мужчин в мире говорит, что быть грязным, когда остальные осторожны, и осторожны, когда остальные грязны. И это Уоррен Буффетт. И он не означает грязный, как быть плохим человеком, грязным в характере. Он означает быть агрессивным, когда остальные осторожны, и осторожны, когда остальные агрессивны.
The Ramsey Show
Your Mindset Matters More Than Your Money
И криптовалюта – это не место, где играть с деньгами, которые вы не можете потерять. И вы будете терять их. И потом ты позвонишь мне и скажешь, что у тебя был такой парень, который сделал мне... И он пел песню сирены, и я надеюсь, что ты этого не сделаешь, милый. Я надеюсь, что ты этого не сделаешь.
The Ramsey Show
Your Mindset Matters More Than Your Money
Этот трейдер, он действительно разговаривал с ней в большом количестве. Он обжарил ее хлебом. И этот парень — это фрикинг-кон-артист. Он крипто-кон-мэн.
The Ramsey Show
Your Mindset Matters More Than Your Money
И я думаю, что он имеет больше денег, чем я, ты и твой трейдер. И я не сомневаюсь в этом. Это очень болезненный рынок, и это очень добрый. Это безумие. Но у меня нет денег на это, и есть причина. Криптовалюта гораздо ниже. Сколько она ниже, Джордж, ты знаешь?
The Ramsey Show
Your Mindset Matters More Than Your Money
И, кстати, Мэгги, количество долларов, которые потеряли, не в биткоине или в криптовалюте, но в фрауде, связанном с криптовалютой, что это? Я имею в виду миллионы. Биллионы, это 2,5 миллиона долларов в этот момент, которые были потеряны. И дай мне сказать, кто самый главный царь этого типа фрага и кона. Люди более 65 лет. Люди, которые скучают и боятся. Пустые предметы.
The Ramsey Show
Your Mindset Matters More Than Your Money
И поэтому я не говорю, что ваш трейдер кон-артист. Я просто говорю, что у него выше вероятность, что он кон-артист, чем если бы он был в любом другом бизнесе. из-за количества крипто-кон-артистов, которые находятся там. Эти люди... Эта штука вверх и вверх. И так, вы можете делать то, что хотите, но вы ошиблись, звонив и спрашивая, и мы дадим вам нашу мнение, и мы эксперты на нашу мнение.
The Ramsey Show
Your Mindset Matters More Than Your Money
Джессика в Мичигане. Привет, Джессика, как дела?
The Ramsey Show
Your Mindset Matters More Than Your Money
И я сказал, что я не буду это делать. Я болею и устал от этого. И каждый раз, когда я готовился зарабатывать, я задавал себе вопрос, если бы я не должен был зарабатывать это деньги, чтобы у меня было деньги, чтобы спасать жизнь моего ребенка, я бы мог это сделать? Я бы мог найти дисциплину? И это была простая ответственность, конечно.
The Ramsey Show
Your Mindset Matters More Than Your Money
И поэтому я делал вещи, как я практиковался, идя в Costco и не покупая ничего и уходя. И это было как breakthrough для меня. Потому что я действительно думал, что если ты идешь в САМС или КОСКО, то они проверят твой налог на выход, что это федеральное право, что ты должен зарабатывать 200 долларов или ты не можешь выйти. Они не позволяют тебе выйти, поэтому они проверяют. И я был таким человеком.
The Ramsey Show
Your Mindset Matters More Than Your Money
И поэтому я просто хотел, я как-то хотел это сравнить с жизнью моих детей, что немного мелодраматично, но это также как-то правда, потому что ты хочешь изменить свою семью, ты сказал.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я думаю, что если у тебя есть проблема с зарплатой, то Amazon Prime даже не возможно. Я убираю это из моей жизни. Ты должен отключить это. Если у тебя есть проблема с зарплатой, если ты пытаешься сказать, что нет, я не буду зарабатывать. Потому что, я имею в виду, это просто так легко. Это легко для меня. И я учусь этому для жизни. Так что, ты должен equate это с большим почему.
The Ramsey Show
Your Mindset Matters More Than Your Money
И ты должен быть больным и усталым от того, что ты больный и устал. И потом, постепенно, ты восстановишь свой характер. Это «Рамзи Шоу».
The Ramsey Show
Your Mindset Matters More Than Your Money
Проблема. So it almost takes everything. So if he doesn't make $1,600 in a month, he loses money. Right. Okay. Well, I don't think it's unreasonable to sit down tonight and say, honey, we've got to look at this as a business. And we need to look and see what we've got to do with your pricing and the number of clients that you have to make what you're doing over there profitable. Mm-hmm.
The Ramsey Show
Your Mindset Matters More Than Your Money
Окей, давайте вернемся к последним 12 месяцам. Выберите зарплату, а затем вставьте 1600 в месяц, а затем вставьте в интернет-фейс в месяц.
The Ramsey Show
Your Mindset Matters More Than Your Money
Да, и тогда, окей, вы сделали 500 баксов, и вы спустите 600 часов там. Вы сделаете 1 доллар в час. Камон, мэн!
The Ramsey Show
Your Mindset Matters More Than Your Money
И он должен. Если он учится. Я имею в виду, действительно. Ты должен сидеть с ним и сказать, я хочу, чтобы ты посмотрел это через глаза бизнеса, и давайте посмотрим на это за несколько минут, и посмотрим, если ты думаешь, что это достойно. Но ты не должен ему это сказать. Он должен быть в состоянии... Логичный молодой мужчина, женщина, должен быть в состоянии выйти к конкуренции на это.
The Ramsey Show
Your Mindset Matters More Than Your Money
And, you know, so... And then how many hours you spent over there?
The Ramsey Show
Your Mindset Matters More Than Your Money
И поэтому идея, что я продолжаю использовать свои личные жители для строительства их денег, является ассоциацией, основанной на данных миллионеров.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что он не имеет никакого оборудования. Да. Так что есть много возможностей. В других домах для них это личная тренировка. Ты приезжаешь в гимн, потом ты приезжаешь в Гордж, и ты делаешь что-то. Это мечта. И они тебе платят. У меня есть гимн в доме. Мы делали это долго. И так... Моя жена меня обманула. Она сказала... Он считает за тебя. Но это то, что тебе нужно. Ты не можешь считать до 10.
The Ramsey Show
Your Mindset Matters More Than Your Money
Это то, что тебе нужно в тот момент. Ты плачешь ему большие деньги за считание? Нет, я плачу ему за ответственность. О-о-о. Есть это. Но я могу считать до 10. Я уже могу делать 1, 2.
The Ramsey Show
Your Mindset Matters More Than Your Money
Мы не нуждаемся в том, чтобы кто-то кричал на меня, но мы нуждаемся в том, чтобы кто-то сказал, что я знаю, что если он придет туда, то я буду делать упражнение. А если нет, то я могу найти свою маленькую ногу на столе. Это может случиться. И это то, что делает личный тренер иногда.
The Ramsey Show
Your Mindset Matters More Than Your Money
мы знаем, что мы можем гуглить упражнение, мы приглашаем личного тренера, потому что мы нуждаемся в таком уровне руководства сейчас, да, я имею в виду, что это хорошо, да, так что я имею в виду, что он может, он может предоставить сервис, как Георгий говорит, заработать еще больше, чтобы прийти в домашние дома в личном порядке, и или в вашем помещении, и или, если вы будете держать локацию, вы должны сделать локацию
The Ramsey Show
Your Mindset Matters More Than Your Money
Почему я не должен иметь свою рейтингу? Но у меня есть ваш рейтинг. Знаете, что это за рейтинг? Zero? I don't have one! Hello! Heck of a rate. Zero! I got the best rate! Come on, man! Seriously! So when rates go up and down, you don't have to worry about them, because you don't need debt anymore.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что это морально и этично, чтобы платить налоги на деньги, которые вы получаете как налоги. Период. И я платил налоги. Я имею в виду, если мы получаем налоги за что-то здесь, это все входит в налоги, и это все входит в калькуляцию, и мы платим налоги на это, как мы делаем все остальное.
The Ramsey Show
Your Mindset Matters More Than Your Money
Механически, как вы можете это сделать, это когда вы получаете налоги, которые вы вложите в банковский аккаунт, и потом это будет reflected там, как налоги, и это поможет вам сделать итоги и узнать, что вы должны делать с вашими quarterly estimates на ваш бизнес. Это механика этого.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что, Чад, одна из вещей, которую я читал несколько лет назад, которая действительно вкладывается в это, Джордж, в том числе, как мне это интересно, это... Том Стэнли, великолепный Том Стэнли, который написал оригинальный книгу, «Миллионер рядом с дверью». Он и я стали друзьями, когда он умер. Его дочь Сара, мы с ней общаемся.
The Ramsey Show
Your Mindset Matters More Than Your Money
Павел, оплачивай, сын, оплачивай. В этом решении ты даже не рассматриваешь много негативных вещей. Ты все еще действуешь, как если бы это была простая математика. Или, по крайней мере, эти идиоты предупреждают тебя. Ты будешь спать по-другому, твоя жена будет смотреть на тебя, как на героя.
The Ramsey Show
Your Mindset Matters More Than Your Money
And that reinforced to me that when I don't pay my taxes, it has nothing to do with whether the taxes are just or not.
The Ramsey Show
Your Mindset Matters More Than Your Money
It has to do with I'm not doing the right thing.
The Ramsey Show
Your Mindset Matters More Than Your Money
Это не реагирует на них. Кто-то, кто ходит вокруг, почти согласен, что федеральное правительство, ИРС и инвестиционный текстовый систем — это полный моральный трейн-рек. Это абсолютно неудачно и ужасно. Но это не говорит ничего о моей интеграции. Моя интеграция в том, что я буду следовать закону точно так же, Редактор субтитров А.Семкин Корректор А.Егорова
The Ramsey Show
Your Mindset Matters More Than Your Money
И потом я также сделаю еще одно заявление о себе. Я буду зарабатывать много денег с адвокатами и CPA-фирмами, чтобы проверить, что я легально не должен зарабатывать. И я не зарабатываю больше, чем я должен. На другой стороне этого. Потому что я их ненавижу. Но...
The Ramsey Show
Your Mindset Matters More Than Your Money
Но, все равно, мой ненависть к тактическому системе не будет менять, как личную интеграцию, потому что я хочу быть на той линии, которую сделал Том Стэнли. Я хочу быть в этой линии, в этой холл-о-фейме.
The Ramsey Show
Your Mindset Matters More Than Your Money
Да, просто так. И я пойду так, как это. Позвольте меня немного подвести к этому. Фанатическая интеграция означает, что когда ты работаешь для кого-то, и они плачут тебе, чтобы ты работал там, когда ты не работаешь, ты украдешь. Когда ты сидишь на вашем Facebook-аккаунте три часа, когда ты плачешь, чтобы делать работу, которую ты не делаешь, это не интеграция, это украдение. Это не мило.
The Ramsey Show
Your Mindset Matters More Than Your Money
Никогда не было, когда у нас была жена, которая сказала, что, знаешь, мой муж заработал глубоко на нашу зарплату, и он мой герой. Никогда не было. I love the Kermit vibes she had, too. Miss Piggy meets Kermit. It's the best I can do. Anna, as with us, is it Anna or Anna? It's Anna, I'm sure. And she's in Grand Rapids. Is it Anna? Is that right? Yes, it's Anna. Hey, how can I help?
The Ramsey Show
Your Mindset Matters More Than Your Money
Everybody does it, but everybody's broke. And everybody doesn't have a good life. And everybody struggles in their relationships. And everybody can't deal with anything except their anxiety and their heart attacks and their obesity and everything else. So everybody you don't want to be like. So here's what's weird. Even if it's not popular with your co-workers, while you're at work, work! All
The Ramsey Show
Your Mindset Matters More Than Your Money
После того, как я догадался о том, что трасса работает в течение времени, мы поставили маленький часик на все. У нас есть маленький часик, и мы начинаем в 8.30. Мы не начинаем в 8.32. Мы начинаем в 8.30. И ты приходишь, и ты сидишь, и ты сидишь, и ты сидишь, и ты сидишь, и ты сидишь, и ты сидишь, и ты сидишь. Я должен был готовить детей для школы. Каждый день. Это не сюрприз.
The Ramsey Show
Your Mindset Matters More Than Your Money
Если я скажу Шерону, что я пойду домой на ужин в 5.30, я пойду в 5.37, она говорит, что холодно. Фуд холодный. Холодно. Ты сказал 5.30. И она не виновата в этом, и я не виноват в этом, и команда не виновата в этом. Но это вещи, о которых я должен был поговорить с собой. И этот тип характера — это тип характера, который растет миллионерам. Чад. Так что заплатите, дорогой. Каждый раз.
The Ramsey Show
Your Mindset Matters More Than Your Money
Быть тем человеком, которым вы говорили, что будете быть. Быть человеком и характером. Делать то, что я сказал, что буду делать. Продолжать, продолжать, продолжать. И, знаете, я не могу остановиться, что я поздно. Редактор субтитров М.Лосева Корректор А.Егорова Слушайте, люди, то, что вы называете организованным каосом, это все еще каос.
The Ramsey Show
Your Mindset Matters More Than Your Money
В этом году построите немного места в вашем бюджете, чтобы сделать вашу жизнь действительно организованной. Один инструмент, который я рекомендую, это Knockbox. Как в Next of Kin, Knockbox – это комплектный систем, который поможет вам организовать важные документы, аккаунты, ID, зарплаты, инвестиционные политики, инвестиционные планы и другие личные истории в одном безопасном месте.
The Ramsey Show
Your Mindset Matters More Than Your Money
Спасибо, что присоединились к нам в Америке. Георгий Каммел, личность Рамси, это мой господин. Джо в Нью-Йорке. Привет, Джо. Добро пожаловать на «Рамси-шоу».
The Ramsey Show
Your Mindset Matters More Than Your Money
Простите, почему вы ответственны за налог на их дом? Я не уверен. Что в мире? Я имею в виду, что нет, вы не обязаны морально, легально, этически, ничего здесь. Я не знаю, где они это получили. Я даже не понимаю разговора. Но я также не скажу вам, чтобы остаться там еще минуту. Вы не должны быть там, это не хорошо для вас.
The Ramsey Show
Your Mindset Matters More Than Your Money
Хорошо. Ну, это звучит так, что ты, наверное, должен выбирать свой карьерный выбор. И ты, наверное, должен выбирать парт-тайм-известность и работать как маньяк. Потому что ты не делаешь прогресса. Ты должен платить 30 тысяч, 40 тысяч за год на налог, чтобы это уйти в 2-3 года. И ты не можешь сделать это, делая 60, живя в Нью-Йорке.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что вам, наверное, понадобится другая работа, и вам понадобится 6 других работ, в дополнение к этому. И давайте улучшим вашу зарплату, и улучшим вас в мире, и улучшим вашу ситуацию. Так что странная вещь в том, что причина того, что вы остались там, была в том, чтобы заплатить студентские налоги, и вы их не заплатили. Та-да! Пора идти, друг.
The Ramsey Show
Your Mindset Matters More Than Your Money
Время, чтобы получить лучшее работу, получить много работ и получить другую местность для жизни и оплатить студентские налоги по-настоящему в этот раз. Так что это была мифология. Это была ложь, которую ты сказал себе. И ты не хотел этого сделать, но много людей делают это.
The Ramsey Show
Your Mindset Matters More Than Your Money
И я, ты знаешь, И это их токсичная методология, чтобы решить ошибку, чтобы начать.
The Ramsey Show
Your Mindset Matters More Than Your Money
Это наша способность напугать вас. Потому что мы не знаем, как это сделать. И мы все очень frustrated. Так что это, наверное, из-за чего все это происходит. Но для ответа на ваш вопрос, нет, вы не зарабатываете денег. Да, вы должны уйти до конца месяца. До конца следующего месяца, конечно. И вы, наверное, тоже будете нуждаться в новом работе.
The Ramsey Show
Your Mindset Matters More Than Your Money
У них есть предприятие, которое называется «профит-менеджер». Это предприятие с лицензией. И они, наверное, будут листить это с этим человеком.
The Ramsey Show
Your Mindset Matters More Than Your Money
А что это за бенефит для вас? У вас нет бенефита, прежде чем они листят это.
The Ramsey Show
Your Mindset Matters More Than Your Money
Если у вас была комфортная транзакция, с которой вы можете перейти и получить ваш зарплату и все остальное, вы можете пойти в компанию с титулом, получить контракт и сделать это. Я думаю, что эта транзакция так далеко от того, что вы, наверное, должны иметь профессора в вашей стороне, чтобы помочь вам навигировать на договоре.
The Ramsey Show
Your Mindset Matters More Than Your Money
а затем помогает вам провести закрытие, провести обслуживание, помогает вам провести обслуживание и все другие вещи. Все вещи, которые вы не знаете, как их делать. Но если у вас все эти вещи уже закреплены, вы не должны иметь инвестора. Но в этом случае, я думаю, вы сможете добиться одного. И просто скажите, если они это списывают, то обычно что случается, это...
The Ramsey Show
Your Mindset Matters More Than Your Money
Листинговый агент, в данном случае хозяйственный менеджер, поставит на него 6% комиссии или что-то подобное. А агент, который является покупателем, будет разделять это на продавцов, обычно. Это нормальная транзакция. И если у вас есть предприниматель, который работает с продавцом до того, как он подойдет на рынок, но комиссия еще не оплатилась, это не стоило вам ничего, это стоило им что-то.
The Ramsey Show
Your Mindset Matters More Than Your Money
И если вы просто купите это сейчас, я думаю, что этот предприниматель будет получать обе комиссии. Они, наверное, будут платить продавцу полную комиссию. Так что да, ответ на вопрос был бы, если бы у меня был настоящий агент, да.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я имею в виду, что это как-то на границе, но я думаю, что есть много... А, есть еще один настоящий агент, который уже присоединен. Хорошо? Б, тебе не нравятся компы, так что у тебя есть какие-то договорения. С, тебе нужно, чтобы кто-то провел с тобой процесс закупки и процесс получения зарплаты, и процесс обслуживания.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что все эти вещи говорят мне, да, я поставил настоящего агента в твою сторону.
The Ramsey Show
Your Mindset Matters More Than Your Money
Окей. Ну, мы учим ребятам процесс, который называется процесс, который называется процесс, который называется процесс, который называется
The Ramsey Show
Your Mindset Matters More Than Your Money
Хорошо, нет вреда на карты, нет вреда на студенческие налоги? Нет. Хорошо, а что за ваш имущество?
The Ramsey Show
Your Mindset Matters More Than Your Money
После того, как ты выполнил степ-2, который бесплатен, все это означает, что тебе нужно поставить ножницы на эти кредитные карты и срезать их, начать использовать кредитные карты, чтобы ты не случайно упал в вред. Вы можете найти смарт-вестер-про, который мы рекомендуем.
The Ramsey Show
Your Mindset Matters More Than Your Money
Сидите с одним, который вам нравится, который имеет сердце учителя, и вы будете хотеть узнать о 529, ESAs, и вложении денег в бюджетные фонды для будущего вашего ребенка. Это то, о чем мы говорим здесь? Да, сэр. Хорошо. На моем экране написано что-то о IUL.
The Ramsey Show
Your Mindset Matters More Than Your Money
Это индексная, универсальная жизнь. Вы никогда не инвестируете в инвестиционную политику. Это наиболее плохое место для инвестиций. Единственные люди во всем финансовом мире, которые рекомендуют, что вы инвестируете в инвестиционную политику, это инвестиционные люди. Никто еще не инвестирует. Никто еще не верит в эту хрень.
The Ramsey Show
Your Mindset Matters More Than Your Money
а мы планировали так вот если я считаю что она была ясно агрессивная коронка шоу он я наоборот рано было уже рано на 28 тысяч шоу да Дело в том, что у меня было три взрослых девушки, которые все женились, и я был вовлечен в бюджет, потому что я платил за это, или хотя бы часть этого, но все это, но, в любом случае, моя часть, часть братьев, и потом мой сын, мы участвовали в этом.
The Ramsey Show
Your Mindset Matters More Than Your Money
Она так изнасилована, так изнасилована, закреплена в кредитах, ужасный продукт. Не инвестируйте. Я не ясен.
The Ramsey Show
Your Mindset Matters More Than Your Money
Да, и если что-то случится с двумя, твои дети будут защищены, да? Да. И ты получишь это на zanderinsurance.com. Они купят миллион компаний, получают тебе лучший продаж. Это с кем ты работаешь. И это гораздо более доступно, чем эти полиции IUL. Это будет 5%. 5 долларов, если у тебя IUL 100 баксов, это будет 5 баксов. Это буквально 5%. Это ужасно, ребята. Так что останьтесь от этого.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что, вы знаете, подойдите к инвестициям в реальные инвестиции, и в течение времени убедитесь, что у вас есть власть в жизни, и у вас есть целая вещь, которую нужно учитывать.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я не знаю, как это легально. Универсальная политика индексирована в том, что это новая версия старой плохой идеи. И если вы берете этот продукт и посмотрите на его компоненты, то вы найдете, что его инвестиционная часть увеличивается каждый год. Это то, что мы называем ART – Annual Renewable Term. Субтитры сделал DimaTorzok В конце концов, как вы получаете 15-20 летний уровень инвестиций?
The Ramsey Show
Your Mindset Matters More Than Your Money
Now, the index universal goes up every year inside the policy, but you don't see it.
The Ramsey Show
Your Mindset Matters More Than Your Money
Чем дальше ты идешь, тем больше инвестиций, тем меньше инвестиций, потому что ART поднимается каждый год внутри, тем меньше инвестиций. И если ты держишь эту глупую вещь долго, то будет начаться то, что премиум, который ты плачешь, даже не обеспечит инвестиционные стоимости. И поэтому он начинает ехать обратно в твои зарплаты, только чтобы сохранить политику.
The Ramsey Show
Your Mindset Matters More Than Your Money
И то, что мы называем «внизу-внизу» в инвестиционном бизнесе. И теперь у вас есть настоящий кусок хрена, который ест себя с внутреннего взгляда.
The Ramsey Show
Your Mindset Matters More Than Your Money
Просто поверьте мне, как ваш инвестор, я сделаю вам много денег. Позвольте мне дать вам ключ. Когда вы ездите по большинству городов, то в небе есть банки и инвестиционные компании. Это два двора в каждом небе.
The Ramsey Show
Your Mindset Matters More Than Your Money
О, кстати, после того, как вы платите экстра на это все эти годы, и вы умираете, они только платят фейс-валию. Они не платят фейс-валию, плюс ваши снижения, которые вы платите экстра на билд. Так что это как снижение аккаунта с кромочной рейтингом рейтинга, когда вы умираете, они держат свои деньги. Я имею в виду, кто бы с этим зарабатывал? О, люди, которые покупают вещи на TikTok.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что имейте детальный бюджет, а не общий цель. Это то, сколько мы потратим на фотографа, на костюм, на рецепцию. И обрабатывайте это, извиняюсь, но обрабатывайте это как проект. Вы обрабатываете проект. У вас есть таймлайн, у вас есть бюджет, и вы держитесь к нему. Что должно быть правильным? Ну, мы не можем иметь это, мы должны иметь это вместо этого.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я думаю, что Дэнни нуждается в лучших друзьях.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я имею в виду, что это происходит с всеми. Потому что это то, как большинство, особенно целая жизнь, постоянная жизнь, грязная жизнь, инсурсы продают, когда какой-то старший друг из колледжа вдруг вспоминает тебя. Мой друг из Northwestern Mutual сказал, что давайте закончим с этим. О, это невероятно. Это произошло со мной. Я купил его, когда я был ребенком. Я сделал то же самое глупое.
The Ramsey Show
Your Mindset Matters More Than Your Money
Если у вас нет очень специфичных вещей, то вы будете в шоке. Но это звучит разнообразно, я бы сказал, для свадьбы сначала. Статистики показывают, что половина американцев не имеет достаточно безопасности для жизни. Или они не имеют никакой безопасности. Я не понимаю этого, Джон. Почему люди не хотят защищать свою семью?
The Ramsey Show
Your Mindset Matters More Than Your Money
Это хорошая страховка. Я не хочу, чтобы вы паниковали или расстроились, но я хочу, чтобы вы были осознанными, что я только что попал за колесо машины, которая гораздо сильнее, чем любое, на которое я ездил. И мне нужны какие-то учебные уроки. Это то, чего вы осознаваете. Хорошо. Я так рад. Хорошо. Хорошо. Хорошо. Хорошо. Хорошо. Хорошо. Хорошо. Хорошо. Хорошо. Хорошо. Хорошо.
The Ramsey Show
Your Mindset Matters More Than Your Money
Так что ваша задача – сидеть с фондовым брокером, адвокатом и учиться, и учиться, и учиться, и учиться, и учиться. И вы делаете это сегодня. Вы позвонили нам, потому что я хочу учиться, что делать, правильно? Это очень хорошо. Но всегда ищите человека с сердцем учителя. Вы не можете отложить нервность этой ответственности, позволяя кому-то другому решить свои решения. Это понятно?
The Ramsey Show
Your Mindset Matters More Than Your Money
Если ты должен понимать это, и ты должен иметь людей, которые помогают тебе, которые имеют сердце учителя, это поможет тебе понять, что эти две вещи работают вместе. И потом ты будешь двигаться медленно. Ты просто двигаешься на скорости твоего комфорта, на скорости мирности. Когда в сомнении, не двигайся. Легко, да? Это очень легко. И если ответ – нет, не делай этого.
The Ramsey Show
Your Mindset Matters More Than Your Money
Потому что эта женщина имела смысл. Она оставила 2 миллиона баксов для своих двух родственников. Поэтому я думаю, что мы можем использовать ее как фильтр для нашего решения, уважая ее легацию, уважая ее память, вызывая ее смелым в небе как наш фильтр, и это также поможет вам. Это понятно для вас? Продолжение следует... И Георгий делает то же самое. Нет. Да. И вот интересная вещь.
The Ramsey Show
Your Mindset Matters More Than Your Money
Если вы вложите это в что-то, как мутуальный фонд, и это сделает 10%, это будет увеличиваться каждые 7 лет. Вы говорите, что вы 23? Да, 23 года. Так что это будет 2.2 в 30. В 37 это будет 4.4. В 44 это будет 8.8. Это будет 16 миллионов, когда вы 50. Если вы просто не касаетесь этого и инвестируете, и это сделает 10%.
The Ramsey Show
Your Mindset Matters More Than Your Money
Но я хочу, чтобы вы вошли в это и начали решать это. И, опять же, нет ничего, о чем паниковать, но чувствовать вес этого как ответственность для менеджера, Да. Потому что ты не такой, ты уже более мудрый, я могу сказать. Очень мудрый. Да, очень хорошо сделан.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. Brought to you by the EveryDollar app. Start budgeting for free today.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, because I have residuals. I have a residual PTSD just from thinking about it. All right, all right, all right. Tim is in Toronto. Hi, Tim. What's up?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Um, tell me what your vision disability timeline issue is.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Well, you won't be able to work with sight. Correct. Lots of people that don't have sight work.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And it was very popular. We've had, he's had, it's one of his top shows. I was talking to him last night about, as a matter of fact, and it's one of the, it's the numbers on it are absolutely astronomical. And then I get a letter from, That I had messed up something on the thing.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, you'll have to build a life to prepare for that. The last thing you need is debt while you're on this journey. So, no, we're not going to go that route. And we're not going to get desperate and get in such a hurry that you make the mistakes of desperation. Anytime I get desperate, I get stupid right around the same time. And you can really, really step in a bear trap right now.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So, man, what a challenge that you're facing. But also the clear definition you have of it allows you to just really think about how you're going to strategize for this. So what is your business idea?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
What do you have to do to qualify for the grant?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And what's it take to do the repairs? What's the cost?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
No, absolutely not. I would not do that.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, no, I would not put $90,000 into a brand new business. I did this unproven when I'm 21 years old. Absolutely, I would not do that. I would rent a building somewhere that suffices to operate. Get your operation up and going. Don't get in the real estate business, honey. You need to get in the business. And you need to decide which of these you want to do, dogs or kids. Don't try to do both.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Let's focus. Because you're not going to survive in business if you do the real estate business, dogs and kids.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And 99% of the time when I get a letter like that, I just look at it and I go, yeah, throw it away. But this one I screwed up.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
This is great. Yeah. So I got fired when I was 22 years old. And I tell the story often and I very seldom, if ever, tell the name of the company. But I told the name of the company.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Rachel Cruz, Ramsey Personality, is my co-host. Our question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans that other places won't touch and helps you get your life back. So kick private student loan debt to the curb at YRefi.com slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
That I got fired from Mr. Transmission. And I don't know why I got fired. The guy yelled at me and threw me out of the building and all this stuff. And so it's one of the ways that we decided at Ramsey, no one's ever surprised. If you get fired here, you will at least know why, you know, because I still don't know why.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Absolutely. You ought to pay off your car and your mortgage food too. Immediately. If you're over 59 and a half and you can pull enough of this million six out to pay off 115,000. And, um, I got a better idea, but you can do this. I wouldn't personally be a millionaire and be driving a $20,000 RV. That sounds like hell to me. Um, cause it's going to break down.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So why don't you just go rent one for two months? That's the best of the best. And just get like the Bentley RV or whatever you call it. I don't even know what it is. I passed one on the interstate the other night. My wife says.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
No, it was just a big old beautiful thing. And my wife said, ah, $200,000. I said, no, $450,000.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, you can. You can fact check me if you want. It's okay. I can handle it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You can get the, you can get that model. I promise you. And so it's almost like anyway. Yeah. So anyway, I would rent one for two months rather than put 20 K in something substandard and go to, it's going to make your dream not so fun. So you do whatever you want to do, but you can buy the 20, but y'all pay off your house, pay off your car while you're at it. That's simple. All right.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Done. I don't know. Yeah. Matt is in North Dakota. Hey, Matt, what's up? I can't drop the mic. So I have to drop the paper. Okay.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Does he have any assets? Do they own a home? Yes, they do. He's not living in it. She doesn't matter. They could sue him. And take a lien against his home, which happens to be where she lives. Yes. That's a problem. They have no money?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And it was 40 years ago, you know, so I was 22 years old, 42 years ago, I was 22 years old. So, um, I probably deserved it. I just don't know why. Did someone from the company? And I was telling the story about that, and I said, well, it was called Mr. Transmission, and they're out of business now, and I think there's a couple of them left open, but the franchise is all closed down.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay. All right. Well, in order to save the house, we're going to have to deal with MX.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay. So they're not going to sue. If they do sue, they're very aggressive in their collection tactics, but they're not real aggressive in actually forcing the sale of a house that they've taken a judgment lien against. That would be like less than one quarter of one percent chance of that happening. They technically could. Where's the house? What state?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay. All right. I don't know Montana law, but I suspect they could take a lien against the house and eventually execute on the lien and force the sale of the house in order to pay them. And they're going to just drive her bananas in the six years it would take for them to get to that point. OK, so I don't suggest doing that. It's going to be it's going to be a problem for you, for her.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And sweet lady is just going to get harassed. Now, was he of diminished capacity when he used the card?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
uh starting to get that way he racked up a lot of it on dental bills um here in the last year or so just before he went to assisted living without her knowing yeah i know that her knowing is not necessary but if he wasn't uh if he was like an early onset or something and you can get a doctor's letter that'll help you uh with the process here okay so anyway what i would do is this i'll just stop paying it let it go bad
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay. And teach her to don't have conversations with them. Don't even talk to them. If they call or they send something, just ignore it. Because if she picks up the phone every time they call, they're going to drive her nuts. And then after about six to nine months, you and your sister scrape together $5,000 and settle this. Okay.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Y'all settle it and get it out of there so your mama's house is not at risk while your dad's declining.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
They'll settle pennies on the dollar once it's nine months old.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Because they don't think they're going to get their money then. Statistically, they're not going to get their money.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Usually, they'll keep it at least a year, usually. And I will tell you, they are absolute buttholes. They are horrible to deal with. If you work for Amex in the credit card collections department, you should be ashamed of yourself and go get a good job. They're a horrible company. So just get ready to deal with Satan. I mean, seriously, this is what you're going in with. It's horrible. All right.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Well, that was wrong. They did go bankrupt in 1990, because I actually looked at buying it at one point, and they went bankrupt in 1990, and another company bought them out of bankruptcy.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So I, you know, I've dealt with them, I don't know, 500 or a thousand times on behalf of clients and once on behalf of myself 35 years ago. So, no, you do not want to. But the trick is you just got to play hardball and go, look, you're not.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
She doesn't have the money. You're not getting paid. They don't have any assets. Yeah. And we're offering you a settlement on a bad debt. Hang up. We're offering you a settlement on a bad debt. She doesn't have any money. Do you want some money? Hang up. You're going to have to do that like 10 times before you find someone with two brain cells down there to rub together. Okay. Okay.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And when you do finally get somebody on there, they're going to go, oh, this guy's because they record every one of the transactions on the file. So they see every time we start yelling at them, they hang up. But then they'll know that. So the next time they pick up, go, look, don't start or you're going to be another hang up.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
If they say they did something, they didn't do it. If it's not in writing, it didn't happen, brother.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Hey, be good, man. Sorry you're facing that.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
This is why we tell you to save 15% of your household income at Baby Step 4 before you get to Baby Step 6 and pay off your house. Because if you have a paid-for house and no money, you can get in a pinch. I have high standards, I don't cut corners, and I only recommend the best. That's why I partnered with SimpliSafe Home Security for over 10 years. They're the industry leader.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
franchise operation oh okay okay and so they are still alive and kicking and they're more than alive and kicking they're doing great but you said like i said i said they're out of business and gotcha and so uh the lady that uh barbara that is the president of the company that owns it sent me a letter oh very nice very nice but she quoted exactly what i said in there and she said uh just want to let you know we're alive and well and we don't treat people like that now under our regime i'm like dude it was 42 years ago of course you don't and so i called her and talked to her
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
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The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
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The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Plus, right now, you'll get 50% off a new SimpliSafe system with professional monitoring. So head to SimpliSafeDirect.com to save 50%. That's SimpliSafeDirect.com. There's no safe like SimpliSafe. Austin is in Detroit. Hi, Austin. Welcome to the Ramsey Show.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Well, the rule on toys that I use when Sharon and I are talking about it is if I take that much money and I burn it in the middle of the floor, $7,700 in this case, and I just set fire to it, does my life change? If it changes my life, then I don't need to spend that on a toy. Okay? Okay. And so I think this one probably doesn't change your life if you lost $7,000.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
If the car went in the bottom of a lake with no insurance, your life does not change other than you'd shed some tears. But in terms of financially, you'd be just fine. I probably would not have bought it until the house was paid off. Matter of fact, I know I would not have bought a toy until the house was paid off. But but it's not an expensive toy. You didn't spend seventy seven thousand on it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
OK, so you didn't if you'd have done that, I would have said, yeah, you're out of bounds because that amount of money would change your life.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, it's left. Yeah. And so but, you know, if you like the car and you can drive it with freedom. and enjoy it, and then you use the, a little bit of a ouchy that you're feeling and you use that discomfort to lean into the house that much harder, I'd probably keep it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You did disrupt the seven baby steps. You did do that. Shame. But, no, I mean, seriously, no, honestly, no, that's not true. I was like, he was hearing you. I know, but I was thinking he did disrupt them. But if you're thinking about baby step four, five, six, which is where you are, you're living intentional, and this is where you would upgrade a car or buy a boat or buy a couch.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
and told her i would told her i would come on the air and uh tell everybody that i was right she's doing great they're doing great mr transmission's just doing great and apparently they're great people she's a very nice lady very nice so there it is i straightened up my mess that i made on sean ryan's show uh because i bankrupted a company that was still operating
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And then he bought a $7,000 toy. Yeah, yeah. So, no, it's not really out of line. It's not really out of line. But it is a luxury. It was a pretty heavy luxury item. You know, so it's okay. I think you're okay. I think it does fit.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, but I think if it was a larger number, to where it would hurt you, then, yeah, I'd probably sell it. But the good news here is that when I saw classic car pop up here, I was not thinking $7,000.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, I was thinking this call is going to be somebody spent a lot of money on something. But it is relative. That's the thing. It's like I got a friend that bought a Lamborghini. I mean, he bought a, was it $400,000 or something? And I'm like, man. But he made $15 million last year. Right.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So, I mean, he could burn that in the middle of the floor, and it would make all of us cry, but his life wouldn't change.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's a different ratio, and that's the – That's how you know you can actually afford something is the ratio. That's what you're looking for. So I remember we did one the other night on something. Tiger Woods at his top of his game, when he was making the most of the most, he bought a $70 million house. And this was many years ago, obviously.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
He was back when he was really at the top of the golf world. And all these people are coming out like, who needs a $70 million? And that year, his income was $1.2 billion with endorsements and everything. And so him buying a $70,000 house is like someone that makes $250,000 buying a $15,000 car. I mean, that's the ratio.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's just nothing. And so ratio-wise. But it's just mind-blowing because most of us have never even seen a $70 million house, much less buy one. But you've also never seen $1.2 billion in one year either.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So it's a different thing. So you're looking at the ratios there on things, and that's a good way. Make sure you're always giving, you're always enjoying, and you're always investing your money. Mackenzie is in Nashville. Hey, Mackenzie, how are you?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
How far are you from your husband's work?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And if I'd have just been smart enough to not even mention the company name, everybody would be okay.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
No. I would sell your house and rent something near where your husband's working, and I would sell your motorcycle, and I would sell your car.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And I would get out of debt really, really fast.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So you would be debt-free and renting if you sold the motorcycle, sold the car, and got $20,000? Yeah.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Not much. You can sell it. You just don't want to tell him he needs to sell his motorcycle, but he does. He's broke. Broke people don't buy $16,000 motorcycles. Right. I don't care how sweet it is. He's getting ready to move you in with his mother because he won't sell his motorcycle. Are you hearing this? Seriously? Buy a motorcycle. Bye-bye. No, we're not moving in with your mama.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
No, no, no, no, no. Y'all go get a life, and you're going to sell the house because you need to move closer to his work anyway.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
But instead, I bankrupted a company that's doing really well. They're doing great. And they're good people. I talked to her a long time. We had a great conversation. She's sweet as she could be. And very kind, considering I had stepped all over her stuff. Not everybody's kind when you do that. So it's good stuff. So open phones here, 888-825-5225. And, man. That's something else. All right.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
We're not selling the house because of the debt. We're selling the house because you're going to need to move closer to work, right?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah. No, I would not move in with your in-laws. Yes, I would sell the motorcycle, sell the car, and sell the house. That's exactly what I'd do. You're not going to do it, though.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
She would do it, but I don't think she's going to talk to him about it. I don't think she wants to bring it up.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
All right. This is The Ramsey Show. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're going to die or something?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Build wealth, do work that they love, and create actual amazing relationships. Rachel Cruz, number one best-selling author, Ramsey personality. My daughter is my co-host today. Open phones at 888-825-5225. Angelica is with us in Mobile, Alabama. Hi, Angelica. How are you?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And what's the timeline on that, do you think?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Oh, if he's healed enough to go back out.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So I'm going to do this. The money and relationships tour. Dr. John Deloney and I have not gotten fired from that. It is going very well.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
But he was going to be gone all the time, and now he's not. Now he's sitting there. Okay.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, I think we're going to put you guys into the EveryDollar Premium Budget app, and both of you have access to it then. And what I'll do is I'm going to give you two accounts. not just one. Okay. I want you to have one account that is the master budget. That is everything you all are doing for the whole household, including, and you're the primary on that one.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And then I want him to have a little miniature budget for his day to day existence. Okay. And if you can do the miniature budget without using a separate budgeting app, I would prefer you make it a line item in your main budget.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, a lot of military families use every dollar for that reason on deployment, because even if he's in out of country, if he's got Internet access, he can look and see exactly what you're doing with the money. And you guys can communicate what you're managing your money together, even though you're not in the same country. And because the app allows you to do to do it seamlessly as one couple.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
even though you're much more than across the room, you're across the world. But it's still the same function. You're both looking at it. You're both seeing everything the other one's doing. It both fits in. We've agreed that you're spending money when you're out of country is X, and that's a part of our overall budget.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's not bankrupt at all. It's actually booming. And the Kansas City sold out for Friday, May the 9th. A week from this Friday will be in Kansas City. A week from yesterday will be in Phoenix on May the 5th. Fort Worth on May the 7th. Few tickets left in Fort Worth, a handful in Phoenix. Kansas City's gone, okay?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And he can see that you paid the light bill, and he can see that you kept the food on the table at home. And I'll tell you this. that he's um maybe special ops is he uh he no he's more cyber security okay all right i just i could tell something was going but i couldn't tell what it was okay um the uh uh so um
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
What we've found is working with the military for 30 years now, that mission readiness is increased. The guys and gals that are on the front lines and sometimes in danger are much more competent at their battle skills when they know everything at home is set that the table set at home.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And so him having access to you running the budget, watching over your shoulder with every dollar helps him when he steps out there in the edge of stuff to protect in this country. OK, it helps his mind be clear, in other words, and to do the job he's being hired to do. And we appreciate his service and we appreciate your sacrifice as well, honey.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So we'll give you two of them, but I'm going to suggest you use one.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And that you put his part as you can have two or three line items. You can make up custom line items.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, you can put it all in there. It all really should go into one budget and into one account. And then because it's easier for y'all to manage. But once you're using this software, this and if he's tech guy, he's going to love this software because it's robust. I mean, this app is incredible. It's the world's best budgeting app by far.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So you hang on and I'll have Christian pick up and we'll get you a couple of them. But I'm going to tell you, probably you're going to give away one to a friend. One of his other buddies is deployed and he got a wife back on.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's going to give him more peace, and it's going to give you less strain because you don't feel like you're carrying all the decisions by yourself. You've not got the whole thing on your shoulders. He's looking over you. He's watching it with you, even though he's not sitting beside you to do that. So, again, thanks for this.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
They make really good headway. In some cases, if they're in a battle zone, of course, they're getting tax-free income. So that's a whole different thing, too. It's beautiful to be able to use all that and make progress. That's the thing. It's good stuff. All right, that's the EveryDollar account, Christian.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So if you want tickets to come out next week, you bet one of those three cities, you need to get them because these are all going to be packed. They're going to be packed out. And Dr. John is on fire. This is his... He when he can just free flow and not have to follow a script is his favorite thing in life. So and he's really good at it. And so it's fun and funny.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
We'll give them two of them and give her two different sign-up sheets there, and we'll get them going on that. That thing is we've been iterating that and working on it for several years, guys, and if you have not looked at the EveryDollar account lately, it's going to tell you exactly what you need to do next to walk your way through the baby steps.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And it's going to, based on what you enter into the budget, it's going to read your mail and tell you. It's a little spooky in a way.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, it's going to show you exactly what to do next and exactly what to do next to walk you out of debt and into wealth. It's a pretty cool deal, y'all. You don't want to miss this. This is The Ramsey Show. Hey, when you're gazelle intense, you sell so much stuff the kids think they're next. But when you've gotten rid of all you can, save money by switching your cell phone plan to Boost Mobile.
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Budgeting Leads You out of Debt & Into Wealth
It's just $25 a month for unlimited talk, text, and data forever. Boost is a major nationwide network that offers reliable 5G service. And here's my favorite part, transparent pricing. There's no hidden fees, no contracts. And there's a 30-day money-back guarantee, which means no risk. Go to BoostMobile.com slash Ramsey to switch today. That's BoostMobile.com slash Ramsey.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
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. I'm Dave Ramsey, your host, Rachel Cruz, Ramsey personality, number one best-selling author, host of The Rachel Cruz Show, and co-host of Smart Money Happy Hour on the Ramsey Networks. And my daughter, she's my co-host today.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Trey is in Mobile. Hey, Trey. Welcome to the Ramsey Show.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And we're having a good time on stage being up there together at the same time. It's a weird way we're doing it. It's not a normal talk.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
No, I would put it on wherever you are in the baby steps.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So you owe $26,000 on a car. What do you owe on your home?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay, and you're getting $400,000 total, right?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And then taxes on 200 minus taxes on the 200 inherited IRA.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay. All right. Uh, well you haven't, you have any money saved.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay. All right. Well, our baby steps say baby step two is you pay off everything but the house. Then you build an emergency fund of three to six months of expenses. So what I'm going to do is just kind of freeze right now. And as soon as you get your hands on some money, first thing you do is pay off the car. Second thing you do is you raise that 15 up to 25 because 15 is probably low.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah. We'll buy about a $300,000 house, right?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
No, it's about the medium, about the middle of your area.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
We're not going to tell because I don't want to skew the voting at the next city.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
But, I mean, I'm also looking at – Well, the median household – the median house price in America, including Los Angeles – including New York City, is $400,000 and some change. That's the median nationally. In Mobile, Alabama, I promise you it's less than that. So median is going to be around $300,000 in your area. So you'll buy a house about the middle of the market. So take your time and shop.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
go slowly uh you probably got a little time left on your lease anyway um but i'm gonna say i'm gonna set that money in a high yield savings account and go shopping and you know time it time the purchase with the end of your lease and um get you a bargain and pay cash now if you're making eighty thousand dollars and you have zero debt house and anything and you take your old house payment and you max out all of your retirement uh you're going to be a millionaire in about 10 years
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
The polls aren't closed. All right. You can't tell who's winning yet.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Actually, you're going to be a millionaire, counting the house. You'll have about another million dollars in about 10 years.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah. So by the time you're 40, you're going to be a millionaire plus because you have a $300,000 paid for house. It will go up to about 600 during that time. And you will bank, uh, in your retirement accounts, probably about another six or 700. And so that's where you're going to end up. You're going to be approaching 2 million, um, in, in your, in your forties. Okay.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
But it's, yeah, they're picking out... Similar topics. Yeah, and they're to be – once you see them, you go, oh, I get that. Yeah. I get why they're – yeah. Okay. And so, yeah, but you vote before we start while you're sitting in the audience with a QR code, and then we're backstage scrambling around looking at the votes, and then we make up the night.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And if you do all this and you stay out of debt and you stay on a budget, of course. Okay. Okay. And you don't mess this up.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
One of the things I think about when I'm telling someone what to do with money that mom and dad left is, when you do this, these steps that I just outlined for you, is your mom and dad in heaven smiling, right? Are they happy with this? I think they are because the kind of people that built this kind of money is the kind of people that would be happy with you being smart.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
absolutely yeah so you're on you are honoring their legacy in a very real sense hang on i'm gonna send you a copy of the book the baby steps millionaire book uh because you're getting ready to be one um and uh you you did get a boost from an inheritance which statistically makes you unusual but that's good still we can there's no shame in that we're going to go there we can go there as fast as we possibly can nicole is in new york city hi nicole how are you
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Better than I deserve. How can we help?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
There's no accidental spending or fraud happens on a closed account.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You kind of feel, you kind of feel like you can do it now, right?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Okay. How long you've been working on this?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
That's pretty rowdy. Yeah. Excellent job. That's how it works. I love it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And you've adjusted the W-2 now so that you don't get tax returns anymore because that just means you had too much withholding. So good job. Well done. Very well played. Very well played. Sarah is in Atlanta. Hi, Sarah. How are you?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
or Grayson actually helps the guy that runs our content. He makes up the night and then brings us a sheet out. And then we, we talk about those topics. And so it's very off the cuff in that sense. And, and a lot of fun. So if you want tickets, Ramsey solutions.com slash tour Ramsey solutions.com slash tour.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Your boyfriend doesn't have as much money as you have.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Why would we take financial advice from a broke person when you're a millionaire?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, you can tell them I said that. Absolutely. It's asinine. There is no data on the planet that says people become millionaires by borrowing money on their car and investing the difference. None. Zero millionaires on the planet did that to become millionaires. So don't take financial advice from broke people. You're smarter than he is. Listen to yourself. Way smarter.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And if you're tuning in on the YouTube or podcast, you could click the link in the show notes. You don't have to be stuck trapped in the same patterns of money or relationships. I will guarantee you this. If you're, spouse is um or your best friend is uh
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's financial literacy month. If you didn't know, there's a huge movement in high schools and there has been across America for many years. Several states have now passed laws mandating that you take a personal finance class in order to graduate. And I think it's 30-something states now.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And the good news is that we have a high school curriculum called Foundations in Personal Finance that is taught in about 48% of the high schools. Over 6 million students have been through it now. And so we love celebrating Financial Literacy Month and celebrating the idea that teens can learn this stuff before they're 30 and learn it the hard way by doing something stupid. like I did, okay?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's pretty cool. So we want to honor the teachers this month of not only our curriculum, but honor all teachers while we're celebrating Financial Literacy Month. And I got one on the phone. Patrick is in Jackson, Tennessee, and he teaches Foundations in Personal Finance in his high school. Thank you for doing that, Patrick. How are you? You're welcome. I'm doing great, Dave. How are you?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Better than I deserve. Now, it's Trinity Christian Academy where you teach. Is that right? Yes, sir, in Madison County, Jackson, Tennessee. And how many students are enrolled there?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Oh, wow. Graduating class 50 to 60 every year. Okay, that's a good size. That way they can, it's big enough that they've got a lot of stuff going on, but it's small enough they get a lot of attention, right?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You have a very unusual distinction, too, around here. We're all just jumping up and down and going, Patrick's a hero, because one of the high school students that graduated from your class many years ago is now an adult, came in here and did their debt-free screen the other day on the air with George.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
and then i got to listen it was incredible that's fine faith and cameron from oak ridge tennessee if you guys want to look it up see the debt-free scream it's pretty cool very cool and they paid off their house and everything and their kids their little ones i mean and had a zero credit score um mortgage oh my gosh love it it's all your fault patrick It is. Way to go, man.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
thinks that the stuff we teach is boring, they can come out and they'll find out it's a lot of fun because we laugh and laugh and laugh and laugh. And you guys do the same thing when you and John are up there doing the marriage and money retreat, right?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
These people are going to be millionaires because she had a high school teacher as a stud. Man, you're amazing. I'm so proud of you.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Well, I'm always thrilled that the kids love the class. And I shouldn't act so surprised because I was in high school. All I could think of was, you know, when I'm learning something right now, how is this ever going to affect me as an adult? Because I've never really used the Pythagorean theorem. Okay. But I have used this. I've used this stuff for sure. So how am I going to use this?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
I think that one of the main things we hear back from the students, and I'm sure you do too, is just the fact that they're teaching them something they're going to actually use, and they message you back a few years later and go, I got a zero credit score mortgage, and I just paid off the house. That's pretty cool.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
So is that what they tell you, that they love learning something that they're actually going to use?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Thank you. Thank you. Thank you. You're a hero, man. I appreciate you doing this. Ever since I wrote the first little book, Financial Peace, and I was carrying it around the trunk of my car, people have been saying, why don't they teach this in high schools? And the good news is we do, and the way we do is because of men like you, Patrick, and women like you. So thank you.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And a little different content, obviously. But you two on stage are a hoot. You're both dadgum comedians. So a lot of fun. So you can get in and get that done. All right. What are we going to talk about for a minute? Love it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
The teachers out there in the marketplace are amazing and very, very cool. Thanks for doing this, brother.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Very, very cool. Hey, for any of you that are teachers that are listening or if you know a teacher, be sure and tell them. Be sure to enter the Ramsey Teacher Appreciation Giveaway. We're going to give one teacher a $5,000 vacation, and the two second-place teachers are going to get two more, are going to get a $3,000 vacation. No purchase necessary. You don't have to be teaching our curriculum.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You just have to be a teacher in a school. Now, I once taught my dog to sit does not qualify you. You're not a teacher, okay? So if you're teaching in a school with students, you are a teacher, or if you know someone, no purchase necessary, no salesman will call. Go to ramseysolutions.com slash teacher to enter a $5,000 vacation program.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And two more teachers are going to win a $3,000 vacation if your name is drawn. Spencer's in Denver. Hey, Spencer, what's up?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
What is it she's wanting to do that? She says you're too aggressive and you don't have the money to do cause you're putting all of it in savings.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
But the percentage of your household income is going to be in the 30% range of your total to total, right? So that's what she's saying. And so, yeah.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You got a $3 million net worth and you can't save up the money to do it by a sports car. Yeah, I'd crank it down a little.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Oh, I enjoy it. I love the numbers, but you just, you're telling me you pinched yourself to the point you can't enjoy the wealth you've built.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And that's what I heard you say. Now, if you can figure another way around it, if the money's going somewhere else, that's fine. But with that kind of net worth, you've done a great job. Congratulations.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And if you want to crank the savings down and the lifestyle up a little, there's no sin in that.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You know what? 30, 36 years, or 33 years on the air, and I've never been asked that question. I thought I'd been asked everything at least once. That one's a new one. This is the Ramsey Show. Ramsey Show.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You can hear and watch the entire show on the Ramsey Network app for free. Parts of the show are not in the podcast every day and are not on YouTube every day. You can pick them up only there or on talk radio if your local talk radio station carries the entire program. So be sure and check that out. Today's Ramsey Network app question is from Gary.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
We buy $1 million worth of supplies every year for our business. We put it on a company credit card and pay it off immediately so we don't pay any interest. What am I missing? I understand if I don't pay the charges within the first 30 days, then I have to pay interest, but I'm paying it off immediately. Why is it wrong to take advantage of getting these points?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Because, honey, you are chasing points instead of running your business. If you burn the calories running your business that you're doing trying to beat the credit card company at their game, I mean, you're just at Chuck E. Cheese getting the tickets. That's all you're doing. And, you know, you're spending a bazillion dollars to get tickets at Chuck E. Cheese to buy nothing.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And you're burning up all of your creative energy that you should be using to run and grow your business, screwing around with trying to beat Citibank at a game that they designed to beat your butt. You might actually be – it might be winning mathematically a little bit, but you act like this is a zero-sum game, and it is not. It is not. So, no. No, no, no, no, no, no. I buy – I don't know.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Let me think. Not a million dollars a year in supplies. We buy probably 50 million a year in supplies at Ramsey, and we don't use a single credit card to do it. We just freaking buy it. We just pay the bill, and we go run Ramsey instead of trying to run around chasing points, Chuck E. Cheese tickets.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
man I go down there with the grandbabies I go down there with the grandbabies and they just and they work work work and then they put it on a card now right it used to be they spit out the tickets all to get an item that is worth like a penny crap I mean it's really crappy little toys they're not even good toys
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, let's see. If you get 1% on a million dollars, that's $10,000, right? Yeah. So you're working all that to make $10,000 worth of points. By the way, 78% of the credit card miles are never redeemed. Consumer Reports says that. So it's a game that they designed. It's like going to Vegas. House wins, man. House wins. You don't come out of Vegas with your shirt. They didn't build those dad gum.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
They didn't build those lobbies with world-class artwork and light fixtures, and they didn't build that with their money. They built it with your money. People who lost money thought they could beat the game. And this is the exact same deal. It's the exact same deal. Those towers in the skyline that Citibank builds, you paid for them, America. They didn't pay for them.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You paid for them by doing crap like this right here and falling for it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
That's the deal. That's the deal. All right. Open phones at 888-825-5225. Nick is in Springfield. Hi, Nick. How are you?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
1.5. Okay. So you were already a millionaire. Good. Way to go, man. That's awesome. How can we help today?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Either one is fine. There's nothing immoral about either one. If you're going to do stuff for the kids, it should be enhancing them being as smart as you are. If they're misbehaving and you give them money, you're not helping them. You're enabling them.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Wow. Are the boys doing well with their money? Are they saving money, living on a budget, staying out of debt?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
What I want to do is I want to enhance positive behaviors with your gift. If your gift is not doing that, then I would hold the gift for a while.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
But let me give you an example. Let me give you an example. Let's say these two guys continue to be industrious. They both go get good jobs. They live on less than they make. They pile up some money. They get married and start a little family, and they're 28 years old. Maybe you buy them a house and pay cash for it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And then they pay payments into a mutual fund instead of paying payments so that they're multimillionaires by the time they're 35.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You already did some good moves. You paid for the college, the road debt coming out, paid for the first car coming out, and you got a good start that way. And then if they pay cash for the first home along, I would say have them do a pledge. I promise never to borrow money.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
And I promise to take the blessing of this house and take the house payment and put it into mutual funds and build some wealth for the next generation. You can change your family tree with that. Mm-hmm. But they have to also be in on the program. You can't give them enough money for them to be stupid. It doesn't work. I mean, you know, they're stupid will always outrun money.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yeah, we have a conflict of interest in this question.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Because you're accelerating the net worth of the total family by doing that. Yeah. And, uh, you're in, but it only works if you're enhancing your, proper behaviors.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
But if they're like, oh, I think Dave Ramsey's an idiot. And, you know, no, the idiot will just keep his money. Yeah. So, no, I can do that.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
but not the no i mean the uh uh but and so sharon and i right now we do stuff like we'll buy a trip for the whole stinking bunch so we all go somewhere you know so in a sense we're doing that enhancing experiences we're having experiences and lifestyle issues yeah with cash uh while we're alive yeah i'd rather go on the trip with you and pay for it and all of us do something together then i would you do that and celebrate my after my funeral
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Cool question, Nick. Appreciate you calling in with it. Gives us a soapbox to work with. I like it. This is The Ramsey Show.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's a great way to build a set list. For sure. This is The Ramsey Show.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Open phones here at 888-825-5225. Before we dive into the callers, I've got to do a correction that I screwed up on. I do this every so often. I've been doing talk radio 15 hours a week and podcast-type stuff for... yeah, uh, 34 years now. And so you can add up that number of hours. And in that number of hours, I have done some stupid butt stuff in my life, but it's, you can't take it back.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Jenny is in Atlanta. Hi, Jenny. Welcome to the Ramsey Show.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
You're asking the question. She's not great with it. She's asking the question. The reason you're asking the question is you're not great with it.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
I don't care as long as he's doing it all day, every day.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Regardless of why or how, he clearly is an unmotivated slug. Clearly.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Jenny, you don't have kids, do you? If you had a daughter that asked you this question, what would you tell her?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Yes, exactly. So here's what's happening. You already have made this decision. You just wanted someone else to say it out loud. And I'll tell you, if you go forward with this guy, you're going to get increasingly resentful and increasingly bitter. This is not going to get better. You're not suddenly going to have peace with this. You don't have peace with it now. That's why you asked the question.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It goes over the airwaves. It's gone. This was not on this show. My friend, Sean Ryan has one of the top podcasts in the world and, uh, is here in our community and was nice enough to have me as a guest on. And we did a long form interview there. I think it's like three hours and 43 minutes, which is more Dave than anybody should get, but you can get it if you want to go listen to Sean Ryan.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
He's cute, but the cute's already worn off.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
It's a matter of his... It's a matter of he has no work ethic, which is a character issue.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
This is just, I'm going to sit on a log.
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
I'm sorry. Yes, the answer to your question is, yes, we think it's a deal breaker, and so do you. And you just wanted someone else to say it out loud. Did I miss that?
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
Sorry. Oh, bless your heart. That's hard. It's hard, but yeah, it's because you're, you're, you're, uh,
The Ramsey Show
Budgeting Leads You out of Debt & Into Wealth
emotions cloud when you're you know falling in love and so yeah you tend to put blinders on but this this got pushed far enough one too many times it came up on the fact he wants to take no responsibility for anything did you hear that no put the name put the house in your name and you pay the mortgage because you make the money and i'm like oh golly man you know like all of it it's just yeah
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
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. Jade Warshaw, Ramsey Personality, is my co-host. Open phones at 888-825-5225. That's 888-825-5225. We're glad you guys are with us. We're here to help you.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You can be kind, gentle. You don't have to be yelling and screaming, but we are selling the house. You can either do it voluntarily or I'll have a judge make you sell the house. We are selling the house. So y'all get your heads around that, whatever flopping in the floor and foaming at the mouth you need to do. But get your heads around that. We are selling the house. It's not an option.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
The only other option is, brother, you buy me out. Or mom, you all buy me out. Get me off the mortgage and pay off all the credit cards. And you got to do that in 90 days. And you got to ready, set, go. And if you're not going to do that, we are selling the house. The best thing for mom, by the way, is sell the house. Put some money in her pocket. Tell her to get a freaking job.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Self-employed for her is code for I don't work much. That's what that is. That's code.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're going to die or something?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. This show is sponsored by BetterHelp.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Dave is with us and Dave is in Orlando. Hi Dave. How are you?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah. Well, obviously, the financial situation is, again, the symptom of all the things that have gone on in her life, okay? But maybe you can coach some of the things in her life by using the financial door to go through.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Having dealt with this a bunch of times over the years, the warning I would give you is I would tell you to be very, very clear up front because when you said financial conversation, you meant coaching. She might have heard money. You're going to have a conversation about how much money you're going to give me. Yes, I'll be happy to have that conversation.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It's very clear to her that you're not going to give her money because you're not. Um, that then, uh, because this is a messed up toxic situation. If you start that, um, then she may cut you loose. So you need to be ready for that emotionally. Okay.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And so I think, you know, what I would offer if I were in this situation with your wife present, I would just say in person over a cup of coffee, look, we love the little boy. And that means that we would love to help you. And our help to you would be that as a,
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Wow. Does it occur to him how hurtful it is when he says that?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
As your older brother and older sister here that are successful in a lot of areas of life that you're not yet, we can show you a better path in a bunch of these areas and help her get plugged into a good church. They can help her with the daycare get started. Let someone do that. But if she starts to see this baby as a ticket to get money out of you, this is going to get really ugly fast.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
She does. But the trick is, can you make a trip down there, sit down, be very clear, we love you, because we love this baby, we want to coach you and help you. But it's going to be we're going to show you how to get on your feet, not we're going to give you money to get on your feet.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And she may give you the middle finger. Let me, it's a better than a 50% probability based on my experience. But, but if she, she may have been just, it's sad, but sometimes folk in these situations will use a baby as a method of manipulation.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
If you said that's hurtful, you're a butt?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
But I think what she's got to have is she's got to have some mentors and some people in her life. That's why I said plug her into a good church. Let's get her started walking on a character path. Obviously, based on what you said, she's been struggling with that, and you're afraid she's going to fall back off of that.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And when she gets that character thing straightened out, then you can show her the mechanics of the money piece. but she's going to have to go to work, and she's got to feed three kids, and we're going to have to figure out a way to cause her to be able to do that with some community support, and that community will help her if she's heading in the right way.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And you can probably line that up, and I think you're a wonderful person for investing into this, but just be very careful that you're not being – manipulated. Because that sometimes is the only skill someone has. And they're very skillful in some cases. I'm not saying that's true about her 100%, but it's just something I would personally be careful with if I was walking into this.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I know, but that's what my wife would have said. I'm just thinking.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I'd want my eyes wide open. Open phones at 888-825-5225. Royce is in Dallas, Texas. Hi, Royce. How are you? Good.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Better than I deserve. What's up?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah, yeah, yeah. And Cinderella has to go. The stepchild has to go and mop the floors while the three other ones go to the ball. I lost you.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Well, back when you had common sense before you got your MBA, you would have never done that. Right.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
No, I do not borrow money, and I do not tell people to borrow money, especially for investment real estate. Pay cash for it or don't do it. Because you increase your risk, and what they don't teach you in the MBA program is to mathematically factor in the risk.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
They act like with the formulas they teach you, the formulas that I learned, the same ones in getting a finance degree, are fairly simplistic in that they do not address the risk issue. And the more you borrow, the more risk you have. We know that. And nowhere in anything you learned in that MBA program does it decrease the returns based on increased risk because of debt.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
There's not a formula that they have in that program that shows you that. And yet that is reality. So every time you borrow money, you increase risk. The more money you borrow, the more risk. The less money you borrow, the less risk. And risk does affect return over the scope of time. And so don't do it. Don't do it. The borrower is slave to the lender. God is smarter than your MBA professor.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
The Ramsey Show question of the day is brought to you by WhyRefi. If you've made student loan mistakes with zeros on the end, well, we're not judging you. We're here to help you, and we're saying you need to do something about it. Contact WhyRefi if you have a defaulted private student loan. They'll reset the whole thing. It's unbelievable what they can do for you.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So go to Yrefy, that's the letter Y, R-E-F-Y dot com slash Ramsey, might not be in all states.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah. You cut out. I don't know what happened. That's okay.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah, you can buy fun, but you can't buy happiness.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It's how much land is involved.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Exactly. Sidebar. What you stated there, I just saw an article the other day that the more hours you spend on social media, there's a direct correlation to the more credit card debt you have.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And the more overspending you do. Because I do it, and I have the money. But I'm looking at some gun thing, and I'm like, oh, I need one of those. But if I had stayed off of that, I wouldn't have even known it was there. And, you know, but so I know other people do it and I teach this crap. So, you know what I mean? It's like, golly, if I'm doing it, it's got to be. So, okay. Yeah.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Here's what happened, Brody. You guys need to reset your marriage relationship. This is not about a 1,400 square foot house and it's not about you being angry. You are acting like the daddy and she's acting like
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
daddy's little princess you know and daddy sold everything and did everything and sacrificed and worked his fingers to the bone and what do you get bony fingers and he got a house and he's real proud of the house and now she walks in and goes yeah but there's a wallpaper And so we need to reset this, and instead let's be two, like, grown-ups.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So the conversation I'm going to have is, and actually we had it at our house but in a little different way when we were about Cheryl's age probably. I'll tell you about ours in a second. But the conversation I'm going to have is, okay, we are going to get aligned on our –
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
goals yeah my goal is not to perpetually make an unhappy person happy i am not going to get on that treadmill we you're a grown woman i'm a grown man we're going to sit down together and here's one of mine okay i don't borrow money period here's another one of mine I like to provide nice things for my wife. Here's another one of mine. These are what you might say, Brody. Okay.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And she's saying, well, I want a house as nice as my friends. Okay. What can we do to get that? You don't work. You could work. You don't work much. You could work more. You could quit coach bagging it. And we might save that money towards a house. I mean, what are we going to do as two grown-up people to responsibly, because I'm all in. I put all my chips on the table.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I sold off everything I had to buy this house for us. And what you did, though, was you did that without her. She was not aligned to that. She was giving you lip service, but this was not her idea. It was yours. And now you're surprised that she's unhappy of your plan that did not include her. So this is like, I got to tell you, you know what?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
If we can, the what the remainder is, how much on top of the 33?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
About 10 years, I've been married 43 years, about 10 years into marriage, I don't buy Sharon jewelry anymore that she hasn't seen.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Because I picked out ugly crap.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
According to her. But I spent a lot of my beautiful money on her ugly crap. And then she didn't. She's like, oh, I wasn't about that. And I'm like, oh, geez. Well, let's just not do that again. So I don't mind if Sharon has. I mean, she's got earrings the size of a headlight, but she picked them out. And then she says they're heavy. They're that big, okay? And I'm like, that's ridiculous.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It's a good problem to have, Sharon. Okay, just get your little earlobes and do some earlobe lifts. Start doing some workouts there in the gym because you picked them out. So, see, that's the difference. This girl's not involved in this.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
What is your, what is your personal income and what is his income?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
But it's a paternal thing rather than an equal thing.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I think we got to reset and go, we're not going anywhere from here. We're not making any major decisions without both of us involved. And I learned that after I went broke because I made a lot of decisions that were stupid without talking to my wife. Proverbs 31 says, who can find a virtuous wife for her worth is far above rubies. The heart of her husband safely trusts her.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And here's my favorite part. He will have no lack of gain. And it's not in the Bible, but it might be in one version like second hesitations. Right after no lack of gain, she no longer says, I told you so.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
no i kind of like she can't say that anymore i like being able to say that i know but you can't say that when you're in on the decision all you can say is we together made a dumb butt decision that's all you can say from this point forward and that that's it you can't say you're an idiot you can't do that anymore because now you have to use plural let's change your pronouns we are idiots we did this right
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
and so that's what's going on here dude you've got to reset uh this idea you have put your little superman cape up of you're the papa and you're the provider and all this stuff and um she's just a little woman and you're gonna you're never gonna make scarlet o'hara happy it's not gonna happen so um she's gonna get on the same page and be like a grown woman and stuff and then she'll become happy
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It's a big deal, man. It's a big deal. This alignment in marriage is one of the things we find all the time in people's ability to get out of debt. They succeed in their careers at a greater rate and their ability to build wealth because they're aligned on sacrificing.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And they make decisions together. The first time we did that after going broke was we finally saved up a little bit of money. And I had $10,000. Sharon was driving a blue three-tone Astro van. You remember those?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Completely ugly. The carpet was covered in toddler goldfish from the third kid. And it was nasty. This was a bad car. It was an embarrassing vehicle.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
All right. Um, well, I don't know that our opinion really matters here. Uh, cause Bubba's made his mind up.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Well, this was not first come out. And she's like, I need a better car. We need to move up to a Suburban. And I had $10,000 or $15,000 saved at the company. I was getting ready to do this investment. We were going to buy this thing. And I was going to make $100,000 with this $15,000 down here. And she's like, we need to do a car. And you know what? We did both, but we did the car first.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And then we did the company. And it turns out now, all these years later, it was okay. But in the moment, aligning on that with two grown-ups was a big deal. It was a big deal. Daniel is in Kansas City. Hey, Daniel, how are you? I've been better, Dave. How are you? Better than I deserve, sir. What's up in your world?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I'm so sorry. So what is her illness?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So you've been married five years? Yes, sir. I'm so sorry. How old is she? She's 44. Oh, my goodness. How old are you? I'm 52. Okay. Oh, man. Okay, and you opened this with she's hidden debt from you during the five years that you were married. So she ran up debt in her name?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Um, so I just kind of wanted to know, you know, no, I, I think that, you know, probably what you've got is a situation where you need to sit down with your pastor or marriage counselor or somebody like that. Um, I, I just, uh, uh, It is a thing to require some thought, but after just listening to you... So here's what I've got, okay? You make half the money in the house, approximately.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And it's on what kind of debt? Student loan debt. Federally insured?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
All right. Well, let's talk through a couple of possibilities from a tactical standpoint. I'm sorry, Daniel. I know your heart's broken in about three different places. The deception, the loss, the illness, everything that's going on here that's just overwhelming. And all of that's just a tragedy. I'm so sorry. Student loan debt that is federally insured is forgiven when someone passes away.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So if this is a federal student loan debt, there's no issue. When she passes away, you will, or her parents for that matter, can send them a copy of the death certificate and the student loan just evaporates. It's that simple. And don't pay it. Okay. That's probably what we're dealing with. Okay, let's go another route in case that's not it.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Let's pretend this is private student loan debt that she borrowed it from the university rather than through FAFSA and all that, right? I'm sorry?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Well, this is a student. There's not an income limit on getting a federally insured student loan. Okay. I'm thinking this is a federally insured student loan. If it's not, let's discuss that. So do you own anything jointly with her in both of your names on it?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
There's a mountain of deception here. Okay. All right, let's pretend that this is not federally insured. If it's not a federally insured student loan that is forgiven upon death, then I would have you contact an attorney there in Kansas City on probate law in Kansas City. Kansas, in most states, when someone passes away, what they own stands good for what they owe, and nothing else does.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Just because you're married to her in most states does not mean you're liable for her debts that have her name on it. And so the car is hers, a portion of it, And if the car has any value above what is owed, that might be sold and paid towards this debt. But other than that, you don't have anything that is, she doesn't own anything, it doesn't sound like. No, sir, she does not.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Okay, so let's pretend that she were single, and she had a car, and that was all, and she owed more on the car than it was worth, and you pass away with credit card debt and student loan debt. There's no assets to pay the debts. Those creditors get nothing when that person passes away with nothing.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You guys are going to be married and living there probably 40 years, so more than three-quarters of your life, his life, is going to be spent doing things together here, including your daughter. And so... I'm just calling BS.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Your kids aren't responsible, your parents aren't responsible, and in most states, your husband is not responsible, especially in a situation like this where the debt occurred prior to the marriage.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So I'm not an attorney in Kansas. I'm not an attorney, but I'm not an attorney in Kansas for sure. So I'd want you to check that out. You won't have to bother and do that if you can discover that these student loans are federally insured, and I'm giving you a high probability they are. If they're federally insured, it's no issue at all. You've got no issue. You're not liable, period.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
No one's liable. No one pays anything. If someone becomes permanently disabled or passes away with a federally insured student loan, it's forgiven. It's gone. So you're okay, other than your broken heart. and your broken heart from losing your wife, and to liver cirrhosis, cirrhosis of the liver, and your broken heart from all the deception that's gone on. And both are legitimate pain, brother.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I'm sorry you're facing all this.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Um, and so obviously she had a pattern of this in her life and, and now it's coming to a tragic conclusion. So tough. Wow. Ouch.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer service. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I think these four kids should be treated equally because your connection to it, because he's wanting you to use your income and help him buy a house on land he doesn't want to leave to your daughter after 40 years.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
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The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
That's ramseysolutions.com slash giveaway. Emily is in Washington, D.C. Hi, Emily. How are you?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yes. And who's telling you you're selfish?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
How much of it were they covering?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Gratitude turned into entitlement. And so the issue is this, what you're discovering, and it's sad, and I've run into this, everybody's run into this. Henry Cloud talks about this in his classic book, Boundaries, that when someone doesn't respect your boundaries, it means they feel entitled to walk in your yard, to take your money, they feel entitled to your money.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah. And that's thing one. Thing two is people and relationships trump stuff. This kid is more important than this piece of land. And he's her daddy now. And she lives with y'all, right?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And then when you set a boundary with a boundaryless person, roughly 100% of the time it pisses them off. Almost every time, right? And so once you say you can't play in the yard, it's my yard, and you can't come over here. There's a fence here. You should stay on your side of the fence. You know, that's a boundary, in other words.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Then the people who have gotten used to treating your yard like it's their yard. Yes. And they go, oh, but we like playing in your yard. Yeah. And so, no, you can't play in my checkbook anymore. There's not room for both of us. And so I'm going to declare it mine, and I'm going to close the gate. The gate was open, and now the gate's closed.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And since you're bitching about it, I'm going to leave the gate closed forever. That kind of goes there, too. So that's the way. I mean, and as far as the other siblings whining about it, it falls under the category of nunya.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah, choices. And so you chose not to be able to afford to go on this international vacation with your five children. Which, by the way, most people, you know, I never even saw the ocean until I was a teenager. So, I mean, I grew up in Tennessee. So, I mean, come on. I mean, it's like that's what people that don't have money do.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You know, so you don't get to do stuff that people with money get to do. It's how that works. And so, gosh, I'm sorry, though. I'm sorry it's bringing a pain to y'all. And I wish I had something other than smart aleck things to say that would actually make this go away. because it won't go away. And so you're just going to have to smile and say, gosh, I'm so sorry y'all feel that way.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I love y'all, but this is our decision. And I would not justify it. I wouldn't talk about the decisions they need to make different. I wouldn't talk about enabling. I wouldn't talk about... or boundaries.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I would just say this is our decision. We love y'all. And gosh, I hope it doesn't... I hope you don't permanently cut us off. But if you do, then that's what you'll have to do. And gosh, I sure hope not. But we love y'all. And no.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
That's the only way. And you already prefaced it with he's going to handle his own family. Bless his heart. So, yeah. It's a thing, man. It's a thing. So...
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I've had some of these conversations. I mean, when we went broke and lost everything. So Sharon has five brothers and sisters and there's 13 grandkids. Okay. Of which Daniel is the youngest. Okay. So Rachel's one of the youngest, in other words. And so that family, they've all done very well and they're wonderful people. And everybody gave everybody something at Christmas.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Well, I completely screwed that up because I went broke. And I didn't have the money to give everybody, everybody something. And so we were there at Thanksgiving and they're talking about Christmas. And I said, guys, I'm, I'm sorry. I got bad news. I, I, we, we just can't do that. We, we just went bankrupt. We don't have any money. And so we're going to have to draw names.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And my suggestion also is the children under 12 get gifts from other people, but everybody else is treated as an adult and gets one gift from another adult, and we all just draw names. And no, to their credit, I'm bragging on my wife's family. They all said... That's a really good idea because I think this other one sucked. It was getting out of control. And I'm glad you brought it up.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
But I was kind of – Sharon's like, they're not going to like that. And I said, I know they're generous, sweet people. They're not going to like it. But we don't have any money.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah. You know, his relationship to her is more important than 33 freaking acres in Texas. Okay. I just don't, you know, I would give him about a 20% part of the right answer here and about 80% wrong, so he loses. Okay.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So we can't play anymore. We don't have the – we can't pay the ticket to play in this – Yeah. We can't get into this place anymore. We can't pay the ticket. And so this is the only thing we can do. And so we love y'all. But and they were instead they were all like, well, thank God somebody else, you know. And so that that family that was 30 years ago. We've drawn names ever since for 30 years now.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So sometimes it's a good result. But but it wasn't someone that felt entitled. That's right. In that conversation instead of a mature person. good, solid people who respected the pain that we were in at the time and how embarrassing it was for us to have to say that out loud and all of that. I mean, can you imagine sitting at your in-laws' Thanksgiving dinner and announcing?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You caused trouble with the in-laws, did you, Jade?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Who knew, Sam? Maybe we draw names. I didn't know she was that way. I wouldn't have known it.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It's okay. It's a good thing. It's all good now. It's a good thing.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I heard Rachel and George talking about you the other day on their show, saying that. I like that. So there we go.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
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The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
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The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And right now, you can download the CFO's guide to AI and machine learning at netsuite.com slash Ramsey. That's free at netsuite.com slash Ramsey. Hayden is in Nashville. Hi, Hayden. Welcome to The Ramsey Show.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Because the one thing that changes the whole discussion is the marriage date. When are they getting married?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
If you quit your job and move in with somebody and sell your house that's rich, that's called a sugar daddy.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
He might be a nice one, but that's what he is. No, you don't do that, mom. How did you get to be mom and not know that?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
If you ask your mom's dad, he's probably gone, right?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah, but if we were to ask him.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
They didn't, no. That's probably not a good example. If we were to ask her uncle, he would have said, no, I'll bonk him on the head. No.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
She would smell that one out. I don't, you know, your question is how to convince her. Of what all three of us know that this is a bad idea. Okay. Yeah. So I guess the thing is this. Okay. Here's the thing. Anytime mom, you're making a great huge decision and there's a series of great huge decisions you're making here. You have to play out the decision. Is it a happy, happy decision?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Now, the way that works is this. You're happy if this works, right? And you're still happy. If this doesn't work, if it all works and you just play house and the sugar daddy takes care of you, it worked. You're happy. That's your plan. But what happens if he dumps you in the street?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Jade is a Ramsey Personality and best-selling author of the book Money's Not a Math Problem. It's one of our Ramsey Quick Reads, which means it is 74 pages long. Is that right? Yeah, look at that. Pretty close. That's pretty good. 70 close. It is 74 pages long. Look at that. My memory is impeccable. Steel trap. That's it. That's it. Hey, thanks for being with us, guys. We're glad we can serve you.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
for a 10-year younger version, trade you in on a new model, Mom, because he can do that pretty easily here by waving the exact same carrot he waved in front of you and be sugar daddy to somebody else. So when he puts you in the street with no house, no car, and no job, where are you going to be?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You know, the vast majority, you're contributing half with the sale of the house and the building of the house and your income for 40 years from age 35 to age 75, right? You're contributing half all the way through there. And so how your daughter doesn't get into that half is ridiculous. Okay. From a math standpoint, from a philosophical or spiritual standpoint, it's just a stupid piece of dirt.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Exactly. So you don't make big decisions like this, Mom, when one of the possible outcomes is devastation.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Bad risk management. Lack of wisdom. Lack of wisdom.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
That doesn't enter into how stupid this is. Whether you give her money or not doesn't mean this is smart.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Is there anyone in her life that's wise that she trusts?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Have him call her and scream at her.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
If he's wise, he doesn't think this is a good idea. I'm not saying the guy's a horrible guy. I'm saying this is a horrible deal for your mom. Put a ring on it, buddy.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
The problem is she's not looked at the downside. Anytime you're making a big decision, you have to look at the downside. What's the possible negative outcome from this? And it'll keep you from doing some stupid butt stuff if you don't only consider sunshine, rainbows, and skittles. You know, it doesn't always turn out sunshine, rainbows, and skittles.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Especially when the deal is set up poorly from the start, you're kind of asking for it.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You're asking to have your butt kicked. Life's going to come along and go, you was stupid, here's your butt kicking. Ready? Here you go. And we all get to pay some stupid tax. We've all done some stupid butt stuff, and she's signing up for one here. This is a trip that's going to be harsh. Please don't do this, lady. Please don't do this. Put a ring on it or don't do it. It's pretty simple.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Because I got to tell you, it changes the chemistry.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
We need to bring back some of the vernacular from bygone eras. Let me hear it. A kept woman. Oh. You ever heard that one? Yes.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
that's that's ancient yeah that's um a kept woman she's being kept yeah for use yes oh yeah i'm gonna give you a little chill gives me a little chill i don't like it my dad's stuff my grandpa's stuff gets angry right then so i just can't put a ring on it michael is in charlotte hey michael what's up hey i'm good how are you doing better than i deserve how can i help um i had a question um
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Well, her thing is that borrowed money has no risk, so borrow all you can. Okay. My thing is I've met people who are up to their eyeballs in a mortgage and can't get out. They're stuck because of some idiot loan officer like this. By the way, she gets paid on what? What's her percentage on the loan amount?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I don't really care where it came from. I mean, I've got some dirt that I own that I really love, and I'd like to see my kids and grandkids playing on it.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
conflict of interest in this advice hello hey you need more money if you don't put down so much he needs to go to our real estate hub and find some folks who are going to actually help him go to ramsey solutions.com slash real estate there it is that's easy a whole bunch of stuff there that'll help you michael yeah but she's getting paid on that you do need a loan officer this woman's not smart
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. All right, let's cut to the chase.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It's easy to get discouraged about crazy house prices and interest rates. But when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions. Ramsey Trusted Agents aren't just experts who guide you through buying or selling. They're people you can trust to have your back from the first call to closing day.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Find a Ramsey-trusted agent near you at RamseySolutions.com slash agent. That's RamseySolutions.com slash agent. So let's do some Finance 101. All right. A couple of things. The first thing they teach you in finance class, one of the first things they teach you, is what's called risk-return ratio. The more risk you take... the higher return you should get.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
My great-grandkids, my great-great-great-grandkids, when I'm looking at them from heaven, I'd love to see them playing on that and enjoying that dirt, but I don't want it to form their life, and I don't want them to value that dirt over relationships.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So when you put your money in an FDIC-insured bank, no risk virtually, but they pay you almost nothing.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Right? If you move it around a little bit, mess with it a little bit, you could put it in a good high-yield savings account. Which we'll sidebar on that for a second. We were talking about this off air a little bit. We'll come back to my risk-return ratio in a minute. But we'll just turn left for a second and park there. A high-yield savings account is exactly what it says it is.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It is a savings account at a bank that pays a better rate.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
That's it. Okay. A CD, a certificate of deposit, is a savings account at a bank.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And they give you a certificate.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Like perfect attendance. You remember that one?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
But you can touch it, but you won't get all of the high yield. Okay. The high yield savings accounts, fully liquid, pays more than CDs do right now. CDs have just about been run out of town by the sheriff. Okay. Ten years ago, we didn't call them high-yield savings accounts at the bank. We had a savings account at the bank that the bank labeled wrong, but they did it for marketing reasons.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
The bank called it a money market account at the bank. It was a savings account at the bank that paid a higher rate like a high-yield savings account does. Same exact thing. It's a savings account that paid a better rate that mimicked real money markets. But the bank did not sell money markets.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
They had a savings account called a money market account that had an interest rate that was similar to a real money market account. A real money market account was only available through and still is only available through something like a mutual fund company. So you could go to Fidelity or American Funds or whatever and open an actual money market account.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yes, sir. So I don't buy off on the sentimental crap. I got some hand tools from my dad, okay? That's sentimental, okay? They're ancient antique hand tools, right? And so those are sentimental, but I'm certainly not going to let a wrench and a hammer stand between me and a kid that I'm raising.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Now you can have money market accounts with those that have check writing privileges, even a debit card attached to them and those kinds of things. But the high-yield savings account has, as a marketing methodology, it's a better marketing, actually, than money market. Because it says, I'm going to give you more money. Yeah, you hear it. It says, I'm going to hire interest savings account.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
That's what it says. It is what it says it is, actually. And the money market account was just a misnomer.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
But it was all for marketing. It's all banks selling their wares. So high-yield savings account, simple savings account. Little better interest rate, but almost no risk. So back to the risk-return ratio. If you want to double your money... You know, you're pretty much going to leave investing and go to gambling or speculating. Now, some people call speculating investing, but it's really not.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Speculating is where I want a short, quick return on my money. That's speculating. Day trading stocks is not investing. That's buying and selling stocks on a daily basis or a weekly basis. That is speculating. When a builder, a home builder, builds a home that does not have a buyer, they're called spec houses. Speculating. They're speculating.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
They're building an unsold piece of inventory they hope to sell now. They're not investing for 10 years when they build that house. They pray they're not investing for 10 years. They hope you're going to buy the house. So that's why they're called spec houses. They're speculating. The builders are speculating. That's not investing. It's right next to gambling.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And you can make a lot better money speculating, but you're taking the ultimate high risk. It's kind of an all or nothing play usually. It's why I don't buy commodities like gold and... wheat futures or whatever, because it's all speculating. It's short term plays with a gain. It's why we don't do Bitcoin. It's a short term play with a potential gain. And it's got a no track record.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
The only track record it has is filled with fraud and go to jail, do not pass go. Right. And so it's just a mess. So the whole the whole marketplace is high, ultra high risk speculating. It's not even investing. But along the spectrum of investing, the more risk you take, the more money you ought to make. So if you put money in mutual funds, I've got a mutual fund that opened in 1934.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It has had like in that 80 or 90 years, it's had like, I don't know, 10 years it lost money out of 80 or 90 years or something like that.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Not consecutive years, but in the entire time.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Ten different individual times, individual years. Right. Never back-to-back, not a single back-to-back.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Something crazy. Since 1934. Yeah. Okay. And it's averaged 12.2% since 1934. Okay. Now, if I can make that investment by simply pushing enter on my computer, that's all I got to do, push a button. There's no, I don't have any effort to go with it. Then if you're going to do, if you're going to flip houses, that's speculating. All right. You're hoping to make a quick buck.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You dadgum better well make more than 12% on your money. You ought to make 20% at least. Ought to be your margin. It ought to be more, but at least a minimum of 20%. Otherwise, you're taking too much risk versus the 12 you could make with no... With a 1934 historical track record. Okay? Yeah. You got to... The risk ratio on that is way different.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah, and effort. And the effort plays into it. And the worry. Because all speculating involves jumping in and out and involves a level of fretting over it and wringing your hands over it.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Mental calories burning. investing even in high-risk things doesn't involve the same level of calorie burn that speculating does. But where you guys mess up sometimes out there in the TikTok land of finance is they confuse speculating with investing. Investing is always long term. Speculating is a quick gain, but a much higher risk gain at best. And then past that is actual gambling.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
i just you know that that's how i put this that's the bucket i put this in i agree i agree wholeheartedly so if the if the step kid wants the hammer it's okay that's fine you know give the other one the wrench it's just stuff yeah and i just i i don't want him so i gotta i gotta i don't think he's thinking this through i don't think he's a butt he's acting but but but uh it was kind of fun to say that but i kind of do yeah in this moment
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I mean, when you're speccing on a house, flipping a house, or you're speculating even on Bitcoin, it is not the same as playing the roulette wheel. It's less risk than the roulette wheel because, you know, you're going to walk away from Vegas, the house wins 100%, okay? House wins. Bellagio did not put those light fixtures in there.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You know, they did not put those $10 million light fixtures in there with anybody's money but yours if you were in Bellagio, okay? I mean, Vegas is built on the back of losers, right?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
um people who lose money that's what i mean and that's that's how it's how the math works so i'm not saying you physically personally are a loser i'm saying you lost your money there right you're a loser so yeah you lost your money so that's it so that but that's the spectrum okay you go all the way from savings account with no risk no effort no calorie burn to the roulette all the way to the roulette wheel and the more risk you take you should make more money if you're not
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
You're missing on the very basic tenet of Finance 101, risk-return ratio. More risk should always equal more return. If it doesn't, well, that's dumb. Don't do that. So our last caller doing the flips, she needs to be making 20%.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
She don't know. She might be. She might have made 30%. She didn't know.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
She didn't even know. But you got to know, number one. And then number two, you need to be making that. I mean, a good residential builder is going to make 20 plus percent most of the time, depending on what type of property they're doing, if they're doing specs.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And if you're not, you're setting yourself up for problems because you're going to hit these slow times when it takes a little while to sell a speculative piece of real estate. You are speculating. You are a speculator. Look it up in the dictionary.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah, I might go on the same rant. I might put it in there. Or investing live stream. Investment event. Yeah, I'm going to do that. What is it? May 21, 22. I'm doing two hours each night. Two hours of it will be on real estate. I'm going to go a whole lot deeper into real estate for sure. But I'll probably put this rant in there because I've kind of been noodling on it lately. That was good.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I think it's a problem that people misidentify these things and they call speculating investing when it's not. This is The Ramsey Show.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah, I don't think he's a hurtful person. Like, you know, I think that's what he's doing, okay? He's not thought of it from all angles. But I just don't think he's thinking through the message he's sending to this teenage girl. And I don't like that message. Javier is with us in Salt Lake City. Hi, Javier. How are you? I'm doing well. How are you? Better than I deserve. What's up?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I'm 27. When did all this happen, hon?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Oh, so you agreed to her doing this?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
We want you to be here and, gosh, help you move to the next level in whatever you're doing. All right. Rochelle is in Houston, Texas. Hi, Rochelle. Welcome to the Ramsey Show. Hi.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And then she took out credit card loans in your name, all with your permission.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yes. Rent-free. And the house, the property is titled to you as well, correct? Correct. She's paying the mortgage.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And what does your mom make a year? um she's self-employed she won't really give me a straight answer if you had to guess what would you what would you say not much she doesn't work much she sucks blood off of her sons okay um she's a parasite it's a horrible thing to say about your mother i'm so sorry uh just an observation what's your living situation
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
I am currently living in an apartment in Utah, and the house is in another state.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Ballpark. Yeah, okay. And what is the house worth that she's living in?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yes, my brother's on the mortgage as well. And on the deed as well, yeah, okay. What's your brother saying about all this?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Yeah. So, um, what would I do if I woke up in your shoes? This is going to be what is called a difficult conversation. My friend, your mom has gotten away with this misbehavior underproducing and, um, uh, un, uh, believable asks of her grown sons rather than taking care of herself. A 55 year old woman ought to be able to build a sustainable life. without sucking the blood off of her children.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Okay. Or man for that matter. Okay. So this is not positive. Your mom is not in a good situation mentally and spiritually because otherwise she wouldn't have done this to her own kids. And of course you all aren't because you allowed it to happen. Oh no, you'd straight up endorsed it. So what, what I would do if I woke up in your shoes is I would go, how long ago did you get married?
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Okay. This is going to come down on your wife if you're not real careful from your mother. Your mother's going to blame her because she's the new thing on the scene, and about that time, you evict your mom. So she's going to end up blaming your wife if you're not real careful. So your wife does not need to be anywhere near this conversation. nor do you quote her, nor do you even bring her up.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
She's not physically in the room. She's nowhere around because it's not her fault, okay? So you need to travel with your brother and sit down with your mom and say, guys, I can't do this anymore. I'm looking at the future, 10 years into the future, and all I see is pain and trouble. There's a problem here. You're ruining my credit. I'm waiting for the phone call when you don't pay the mortgage.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
And so what we're going to do is we're going to sell the house. We're going to pay all the debt off, and we're going to pay the taxes associated with selling the house if there are any. There shouldn't. No, there will be because it's not a personal residence. You may have some capital gains on this.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
So you pay your taxes, and then you say, as for my half of what is left over equity, Mom, I'm going to give that to you as a parting gift. And you can go set yourself up a life with that. And I'm not going to do anything anymore in the future. That's it. Brother, you can do with your half whatever you choose to do. If you want to help mom get a house with that, that's fine. I'm done.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
We're selling the house. We're paying off the credit cards. And I'll give you my half of what's left over after that, after taxes.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
It has nothing to do with Ramsey. It's got to do with your mother screwing her own kids over.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
He can buy you out. That's another option. But, honey, we're selling the house. If he doesn't want to sell the house, then it's going to be a civil court action and the judge is going to demand that the partnership be dissolved by the selling of the house. We're selling the house. I'm not asking. We're telling you. This is what we're doing. Now, if you want to buy me out, that's okay.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
Mom, I love you, and I've done more for you than I should have, and I put myself and my future family in jeopardy because of you. And you continue to misbehave with this. My bills are not being paid. You're destroying my credit and my future. We're selling the house. Little brother, if you don't want to sell it, you can buy me out. You got 10 minutes. Ready, set, go. You're on the clock.
The Ramsey Show
The Most Loving Thing You Can Do Is Be Honest About Money
okay because your little brother's codependent like you were until something woke you up and again this has got nothing to do with ramsey don't you blame it on your ex don't you blame it on your new wife and don't you blame it on ramsey it's not ramsey this is you stood up i'm a 27 year old freaking man with a backbone and this is madness and the madness ends it's not a sign of love to continue in codependency this is not an act of love there's no love in this discussion
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Stacking cash, man. So much smarter than renting. Paying all that money in rent. Tyler's in Louisville. Hi, Tyler. What's up?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
If it's consolidated, it's now one amount. Okay. Okay. It used to be little loans. If it is one loan, I mean, if it's a bunch of little, will you be paying a bunch of little payments or one payment? No.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah, but that doesn't matter. The purpose of the debt snowball is you want to, what you want to have happen in the debt snowball is you want to clear a debt and that payment on that debt to go away. When you clear one of these little debts, it doesn't change your payment.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
So I would just put the total in your debt snowball.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Amen. Thank you, sir. Get after it. That's really smart because, you know, the data is now coming out now that we're actually finding that you're going to have to pay your student loans, which we've kind of been telling you for three freaking years. But now that we found out that we were right, again, yes, I just said I told you so. Live with it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
But now that we found out you have to pay your student loans, There's going to be a lot of questions about student loans. One of the things we're finding, Jade and I were talking about this earlier, is that people basically took the money that they would have been paying on student loans and spent it. Yes, they did. On vacations, alcohol, drugs. This is the actual surveys. They're coming back.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I went on a party with the money. that the taxpayers told me I didn't have to pay right now because you were in a COVID crisis. Anybody remember what COVID was? Yeah, it was just a minute ago. But it was a crisis, if y'all didn't remember. And it was such a crisis that nobody could pay their student loans.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
But they were able to use the money that they would have been paying on their student loans and go buy drugs and alcohol and vacations. So apparently it wasn't too big a freaking crisis. What do I know? Just going with the data here.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Well, or someone from the medical community that's trying to do math.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Which is proof that we've proven that, you know, once America got Fauci'd, we figured out what happened. This is The Ramsey Show.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Ken Coleman, Ramsey Personality, number one best-selling author of the book From Paycheck to Purpose, is my co-host today. Open phones at 888-825-5225. Thank you for joining us, America. In the lobby of Ramsey Solutions, on the debt-free stage, Jared and Christina are with us. Hey, guys, how are you? Doing well, thank you. Welcome. Where do you guys live?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Woodstock, Georgia, about 40 miles north of Atlanta. Yeah, I know it well. Well, welcome to Nashville. Not a bad drive up here.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Ah, okay. And what was your range of income during that seven years?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Awesome. Yeah. All right. You got a little bit of a commute down there.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
actually it's only nine nine miles for me oh okay all right not bad all right i missed i messed up all right so uh 136 seven years sound like you paid off your house yes all right look at it weird people way to go you guys what's this house worth 345 now i'm sorry 345 345 awesome very cool so how much do you guys have in your retirement savings already
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah. Okay. So you're going to be about a half million dollar net worth already. So you're on your way to be a millionaire in no time. Way to go. That's fun. I just said that out loud. Did you hear that? Wow. That's pretty stinking cool, guys. So what starts you on this journey seven years ago?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
a teach yes see i'd only got out of the bad townhome bad hoa that had been upside down but you were able to put 20 down on the new deal on the new deal yes and then seven years later you paid it off and now it's worth 345 yes you got to feel like a genius we bought two cars cash during this time while we were paying this house off yeah wow
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And Christina, you really, I mean, you upped your game on your whole career. That's a nice move.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
14 yeah but you know the previous year I went to senior accountant which that was about 15 she goes and gets the goes and gets the education that is that she can afford in her budget and then goes to work for a college and they give her free to finish her bachelor's so there's there's a path here called common free consents way to go I'm so proud of you heroes excellent job what do you tell people the key to getting out of debt is stick together talk it through be in agreement um
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah. And you got a happy birthday. Thank you. And you got a paid for $350,000 house. And I'm 44. Yeah. And, you know, you're on your way to being millionaires in no time. Congratulations. We're so proud of you, heroes. Thank you. Well done, heroes. All right, bring the kiddos up. Give us their names and ages.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And while they're coming up, we've got a Baby Steps Millionaires book for you, a Total Money Makeover book for you, and a Financial Peace University membership for you. You can use them or give them away. That's the Live and Give box. We'll have that for you. Thanks for coming up to do your debt-free screen. So what are their names and ages?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
All right. They have no idea yet what their parents have done to change their family tree. Pretty incredible, guys. You guys are awesome. All right. Jared and Christina, Greg and Kara from Woodstock, Georgia. $136,000 paid off in seven years. House and everything! Making $60,000 to $145,000. Count it down. Let's hear a debt-free scream.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
This is how it's done. I love it. She goes back to school at the community college, ups her game, goes and finishes her bachelor's, ups her game. Well done, guys. And he works overtime like crazy. That's right. This is The Ramsey Show. What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You've done a great job, Clayton. I mean, your numbers are amazing for your age. Way to go. You make $160,000 a year. You have no debt except your house. Everything's on track. You're killing it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
AI will help us work or it will replace us all. But there's no such thing as a crystal ball. That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too.
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Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities. With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data.
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And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next. And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey. Ken Coleman, Ramsey personality, is my co-host today. Thank you for joining us, America.
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How The Baby Steps Protect You From Financial Uncertainty
Open phones at 888-825-5225. Shiloh's with us in Billings, Montana. Hi, Shiloh. Welcome to the Ramsey Show.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
It depends on the probability of the strike, and let's talk that through for a second. Okay?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
How long has he worked for that company?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Have they ever been on strike while he worked there?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
When was the last time they were on strike?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
No, you do not hunker down.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Now, if it gets up closer and it heats up and it heats up and it heats up and you feel like the probability, the actual facts, not the emotions, the facts of what's going on indicate that you've got a 70% or an 80% chance they are going to go out, then stop everything and pile up cash. But right now, what you've got is a bunch of saber rattling. You know what I mean by that?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah, the sounds of war, but there's not going to be war.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And what I'm trying to help you do, and I have to do this myself, and, you know, Ken works with people on careers and does the same thing, is we have to separate. Dr. John Deloney talks about this. Anytime we're facing an anxiety situation, a trauma situation, We have to separate facts from fears. Facts are our friends. What you are doing is worrying. That's what you just told me.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And I do that, too. I do that, too. But when the facts are that there's been two meetings and there was a meltdown and the guy stormed out and the last time that happened, there was a strike. Well, that's a fact. we're probably going into a strike. But in the meantime, what it is, it's like, I don't like this. They could just put us out and we got no idea. I don't know what's going on.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I feel out of control. Well, that's just worrying. Okay. Both are normal, but we just have to make good decisions based on all of that.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And one of the things you want to look at, okay, go ahead, go ahead.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You won't have any of those payments if you go on strike. That'd be great. That's right.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I mean, if you save 15% of $160,000, that's going to be a million dollars in 10 years, dude. Right, right. And that's with no match. Have you got a match?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay, then wait a minute. I may change my answer. So tell me what's going on.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
The market share that UPS would lose to FedEx in three months, it'll never recover from.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay, I didn't know. I didn't have this other information. That's all right. That's very good. But now I'm even more sure.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Pay off your debt. Work your system. I'm not saying there's never going to be a strike. I would just say there's a very little problem.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Let me just tell you, UPS cannot afford it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah, they'll be gone. This is posture. They would lose. The business aspect of that is just mind-boggling. So, yeah. No, no. You're good. You're good.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I'm going to read on this. I'm really ignorant. Okay. Fine.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And I truly don't like being ignorant. I don't mind you being smarter than me.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Morgan's with us. Morgan's in Louisiana. Hi, Morgan. How are you?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
No. Yes, sir, I did, yes. Okay, then did you see 10 years you're going to be a millionaire at 37 years old?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
How long ago were you divorced?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And, uh, what was money? Money problems are contributing factor.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Well, how long ago was he divorced?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
More money problems a contributing factor?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah, okay. So at some point in your new marriages, you have to be married to the person you are married to now, not the one you used to be married to, meaning he can't hold her misbehavior with money against you and use that as a reason to not combine finances. That's why I ask those questions. This is typically what causes people to not combine their finances who have been married once.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
They got trashed the last time. Thank you. Thank you. Thank you.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
So why was that discouraging?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Comparison to what? If anything you compare to, you should be ahead of.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay, I'm trying to understand. It's okay. I'm trying to understand why you're discouraged. There's no reason to be. I'm really confused with that. Because, dude, you're in the top 2% of America. You're killing it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
P P P P P P Gplplplplplplplplplplplpl P P P P P P P P P P P P P P P P P P P P co gi bo cad gi co gi co gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi gi a ,G a'pl over a in in in in in in in in in in in in in in in in in in in in in in a. P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P P
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
It is a long process. Ten years is a lot longer than ten minutes. And most people have the attention span of a gnat. That's why they're not able to build wealth.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Well, about eight years ago, I looked up on Twitter, back when I looked at Twitter, and there were some guys on there poking fun at all kinds of people. And then the next thing I knew, they were making fun of me, and they're funny as crud. And some of my favorite follows on social media, the B, the Babylon B. Kyle Mann, one of the founders of the Babylon B.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
along with his friend Adam, who's gone on to do other things now. But they started this thing over in California and a satirical look at church, for one thing, and making fun of us church people by church people because you're a pastor's kid. Or no, you were a pastor, actually.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
no it's not a joke you know not everything i say is right right well i'm just checking i didn't know if you're pulling all right so all right kyle man is the editor-in-chief of the b the babylon b uh around here all the ramsey folk are big fans of the b and uh we recommend you guys check it out if you want to have a good snicker a good laugh uh a couple times a day and you ought to get something positive out of social media so there's a way you can do it so welcome kyle good to have you we're big fans man good to be here thanks thanks for having me
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
So fake news you can trust. All right, did Trump steal that from you or did you steal it from Trump?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You can trust the Babylon Bee. Great, great play. Great satire. I mean, you've got a sense of humor. Sarcasm is my love language, so I love the whole thing. You guys have come at me a bunch of times, and I've loved every bit of it. We always get good response because you're not too hard on me, but you get a good use out of it. Do you want us to be? No, I appreciate it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I'm trying not to make you mad. I don't need anybody else picking on me out there. But satire is tough. I mean, is it harder to create satire? when real life things are so over the top. I mean, it's so weird out there that it's like reality is satire.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
But if I look at CNN's website, Fox's website, look at the local newspaper here in Nashville, it more resembles the National Enquirer when I was a kid than it did. I mean, even their look, tone, feel, their fonts and everything. It's just so salacious, so bizarre.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
it's aliens you know that was always reserved for that was reserved for the national inquirer in the line when you're buying groceries you know yeah but it has all shifted that way to where you know it you guys probably get confused for real stuff sometimes don't you oh absolutely yeah we've been fact-checked dozens of times our jokes get fact-checked by snopes usa today of course all different kinds of outlets fact-check our jokes because people think they're real
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
you know heavy topic like abortion or something along those lines then our jokes are going to be that much more serious you know we don't want to make people think that we're making light of those things sure right so that's kind of one of the one of the guidelines that we use yeah so but you are an equal opportunity offender i mean you go after just about everybody in one way or another i mean you make fun of fox or cnn you yeah right or left issues or uh you know uh you know conservatives do this or or uh you know lefties do this or whatever i mean you you you get on there it's fun
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I remember him telling a story when I was interviewing him about strategery. Yeah. He actually thought, he said, I thought I did say that. and he was talking to the writer at Saturday Night Live, Lauren, whatever, or the preacher, and Lauren said, no, George, I said that. I said you said that, but you never really said that. And he owned it. He said, I thought I said it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
It was the funniest thing ever. And so, yeah, but you've got to be able to laugh at yourself in the process. You've got to be able to enjoy that ride, no question about it. How do you determine – you guys put content on almost all the major platforms from podcasts to posts on Facebook. I guess you're banned from Facebook now?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You do need to quit watching the news.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay. All right. But are you banned from anything right now?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
So how do you guys with all those different platforms determine which piece of content works?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Babylon B, Kyle Mann, thanks for stopping by, brother. We love your work. It's a lot of fun. You guys, if you haven't followed it, jump in and follow. You'll get a laugh, and you might get offended, and that'll be good for you, too. Just laugh your way through it. You've got to love it. The Babylon B, check it out. This is The Ramsey Show.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
If you're a small business owner and you feel burned out, then you've got to join us at Entree Leadership Summit this May 18 through 21. This leadership conference will refuel you with fresh vision and connect you to like-minded leaders so you can take your business to the next level. But you better hurry because we're running out of seats. We've got less than 200 seats left.
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If you want to join us in Denver, Colorado, go to ramseysolutions.com slash summit right now. Or if you're listening on YouTube or podcast, just click the link in the description. Ken Coleman, Ramsey personality, is my co-host today. Today's Ramsey Show question of the day is sponsored by WhyRefi. When you're trapped in a maze of defaulted private student loan debt, it's hard to find your way out.
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But WhyRefi can offer you a lifeline with custom refinancing based on your ability to pay and a lump sum payoff option you could qualify for after 24 months. Go to yrefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey.
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How The Baby Steps Protect You From Financial Uncertainty
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, number one best-selling author of the book Paycheck to Purpose, host of The Ken Coleman Show, Ramsey Personality, is my co-host today. Thank you for joining us, America. The phone number is 888-825-5225.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah, your income is not going to be stagnant for the next 10 years. Absolutely.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And or here's the thing. The secret to happiness is low expectations, and I'm a little bit afraid you thought when you made $160,000 you were going to be rich. That's a very good point. And you're not rich at $160,000 with two kids. There's no, it's no cake. You thought it was going to be on easy street. Like everything's going to, like you're going to be flying in a private jet or something.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
The other thing I want you to ask yourself is who is ambitious here, you or your husband? Because A, he didn't raise his hand for this position. B, his wife wrote us an email. Mm-hmm. Not him. Two indicators he ain't real fired up and so are not as fired up as you are.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
So I don't want you to want something for him more than he wants it for himself because that's going to come through when he sits down in his review. He needs to be confident, competent. How can I add value to this organization? What do I need to do to make myself more valuable so that I can grow here?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Grow, meaning grow in responsibility and in value that I'm adding and hopefully in compensation someday. And that requires a body language, a little swagger.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And, you know, I think that's a discussion. Maybe your husband doesn't want any of that. Maybe you want it. I think it's very possible. So you need to talk that through before you send him into the lion's cage. Open phones at 888-825-5225. Matthew is in Houston, Texas. Hi, Matthew. How are you?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Send it to Dave's Bahama Fund. P.O. Box. No, I'm kidding. Okay. All right, so you're going to make an extra $80,000? Yeah. Sweet! Very nice.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Where are you on the baby steps, bro?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And you know, it's 160 grand. You're not. So you got a lot more, you got double the household income of the average American. You're in the top one or 2% of the average Americans, your age with where you are with no debt and already having a positive net worth of a couple hundred thousand dollars. You are killing it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
First thing you need to do, save $1,000. I bet you've already done that.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
How much money do you have in savings?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay, good for you. And how much debt do you have not counting your home?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Good. Okay. Baby step one is save $1,000. Baby step two is to become debt-free, everything but the house. Ding, ding. Check those two boxes. Three is to have an emergency fund of three to six months of expenses. If we call that $50,000, that emergency fund, you're there. Three. Baby step four is start putting 15% of your income towards retirement, not more, not less, in 401ks and Roth IRAs.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Baby step five is kids' college. Do you have kids?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Well, that's easy. We skipped that one. Baby step six is pay off your house early. How much do you owe on your home?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay. And what do you make? What's your total income, sir?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay. And you're single and you have no debt payments. If I woke up in your shoes, what would I do following those steps I just gave you that I've taught 10 million people? I would tell you to reduce your 401k to 15%, not maxed out, and I want you to take everything you can squeeze out of your monthly budget, including this bonuses that are coming in, and throw it at the mortgage.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Let's pay this house off in two years.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
After the house is paid off.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Here's why. I don't want it hanging over my head. There's actual data. We did the largest study of millionaires in North America ever done, 10,167 of them. Two primary things caused them to have the first $1 to $10 million of net worth, investing steadily into their 401K and paying their home off. And paying the home off is a big part of it, by the way. So a paid-for household are you?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And the house is worth what?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay. So when the house gets paid off, by the time it's paid off...
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
somewhere around 34 years old 33 years old you're going to have a net worth of over a million dollars at the track you're on right now so way to go dude you're killing it proud of you hang on i'm going to send you a copy of the book baby steps millionaires it's my latest number one bestseller and uh it'll show you exactly the stuff i'm talking about why when and where and it'll help you dial this in you are a stud keep it up man this is the ramsey show
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And you actually are paying attention, which puts you way above almost everyone who walk around with their heads stuck in the fog. That was kind.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Ken Coleman, Ramsey Personality, is my co-host today. Thank you for joining us, America. We're so glad you're here. Open phones at 888-825-5225. Janet is in Boise, Idaho. Hi, Janet. Welcome to The Ramsey Show.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Ours, too. How can we help?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Did you hear that? Yeah, I mean, you're incredible. You're doing great. You're doing great. Calm down. Enjoy the ride, buddy. Really, I can't tell you enough to do this over and over and over again. Enjoy the ride.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay. What's your household income?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And how much debt do you have, not counting your house? $39,000. On what?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
On a trailer. Okay. And you make 75 K a year.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay. All right. Um, all right. So where do you think your money's going?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay, so if I sat down with you and your husband with a yellow pad at the kitchen table and I said, okay, this is what you have coming in this week. Let's map out where every one of those dollars is going. This is what you have coming in the next week. Let's map out where every one of those dollars is going. Let's map out. You should have enough with the numbers you gave me.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
But you're not doing that.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
There it is. Okay. So you need, you need to sit down and you can jump on every dollar, but the number one, the first thing is the two of you have to do this together, not turn it over to him. Cause he, cause he can do it and you can't do it. That's not true. Okay.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Both of you together need to do this because what's going to have to happen is you're going to have to decide not to do a bunch of stuff you're doing now that does that doesn't matter as much as getting in control matters. I want to get in control more than I want to go out to eat. I want to get out of debt and have a life more than I want to go on vacation.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I want to get in control more than I like this travel trailer. I want to get in control more than, and I'm sick and tired of living stress to stress to stress to stress to stress with no hope, feeling like a rat in a freaking wheel.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And when both of you are saying that, and then you put numbers to that, and you say, okay, this week on Friday, we get a check for X. The following Thursday, we get a check for Y. The following Saturday, we get a check for Z. And you write that down, and you plan out every one of those dollars and where every one of them are going. Because the water bill is due on the second week.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
The house payment is due on the first week. The student loan payment is due in the third week. And we're going to figure out what's coming out. We're going to take this much for food, this much for food, this much for food in the four different weeks. And we're going to allocate every one of those bills to a certain week.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And some of them are cross weeks so that we have enough money to take care of them. And every dollar has an assignment on paper, on purpose, before the month begins. We agree on it and spit, shake, and pinky swear. And then we don't do anything else with money except what we freaking wrote down.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
So you write it all down and you don't have enough.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Now, if you wrote it down to have enough, and then you did something else other than what you wrote down.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
They're not all written down. Right.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Every one of them on paper, on purpose, in a certain week. This is a week one bill. This is a week four bill. This is a week two bill. Different bills have different weeks, and they all go within the income of that week. And then when the check comes in, the check is already spent. So you can't do anything except what you wrote down. You are not managing to the budget.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You're writing it out as a hypothetical and then going and doing what you used to do.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And you're not focusing on it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
But listen, Jan, I'll tell you how. You've got to actually.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah. You won't write down not getting ahead. You'll get ahead as soon as you do that. You've got room in this budget.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You're disorganized and chaotic. Yeah. And when you give every single, if I paid you a hundred thousand dollars a year to pay these bills exactly on time and you had no emotional tie to them whatsoever, and you would look at this family, this distant family over in Boise, Idaho, and tell them to quit going to freaking restaurants. I don't care how tired you are. No whining allowed.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You're going to pay the freaking bill on time. If I told you to do that, you could do it for someone else.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
right it's because it's not right it's sixth grade math you can do this so you have got to get very detailed very intentional and then live the detail don't write it all down and then go do what you used to do and so well i just i i didn't feel like cooking tonight i don't give a crap go home and get some leftovers out of the dadgum refrigerator That's how you do it. You can.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I mean, we all have that. You just got to talk to your whiny self and say, no whiny self. I've done that myself. I mean, Sharon, I've done it to each other. We know what it feels like, but you have to go. I want control more than I feel tired tonight. You know, and that's the biggest thing.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
That's the phrase that comes out of everybody's mouth, by the way, before they go out to eat or before they hit the fast food and get dog food at Taco Bell, you know, or whatever. And so it's just, it's horrible. It's horrible value. It's horrible nutrition and it's out of control spending. And so it's just, yeah. So you got to write it down and get on every dollar, download the app,
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And I'll tell you what, I'll give you the upgrade. I'll give you the premium every dollar where it ties to your bank. And we'll get you started on that, Janet, because what you all desperately need is a detailed budget. And here's how you do a budget, folks. You give every single penny a name. Every bill has a week allocated. In every dollar, it's called paycheck planning.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And you plan out each paycheck for the month. And you and your spouse both look at it. Every dollar is assigned to saving, to giving, or to a bill. Period. Every single dollar. There is no, well, 50% of my budget is non-allocated. Bull crap. Allocate every dime. In every dollar on the paycheck planning, every dollar has a name before the month begins. August is coming.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Where's your August money going to be? It's going to freaking disappear. If you don't tell it what to do, it will leave and go to people's houses who tell it what to do. And then you'll say stuff like the poor get poorer and the rich get richer. Yes, they do. Because the rich tell their money what to do. That's how this works. And so you got to get on top of this stuff and lean into it.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Every dollar has an assignment. You stick to it. You agree on it with your spouse. And you do not spend a dime unless it's on that page, on that EveryDollar app. If it's not on there and it comes up and it's a surprise and you forgot it, you got to take something else off because if you put something on there and you're already spent it all, now you're in overdraft.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And now it doesn't work and I can't seem to get caught up. Well, you're not getting caught up because you're not living your plan. do the plan, live the plan, write the plan, live the plan, do the plan, live the plan, live the plan. And it's your plan, by the way, you decide where it's going to go, but I'm telling you what I'm doing. I'm not going out to eat. I'm not going on vacation.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I'm selling a stupid travel trailer. Everything else is for sale. So much. The kids think they're next. We're going to take extra jobs and we're getting control because I'm tired of being stressed out. That's what I'm doing. If I'm in your shoes and I did it, by the way, this is the Ramsey show.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
It doesn't matter how – That's what it is. Isn't that true? Here's the thing. When you make $100,000 a year, you thought it was going to be easy. And when you make a million dollars a year, you thought it was going to be easy. It don't get easy. It just gets better than if you don't pay attention. That's all it does. This is the Ramsey Show.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. This is the Ramsey Show. Thank you for being with us, America. Tanner is with us in Washington, D.C. Hi, Tanner. How are you?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Better than I deserve. What's up?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Clayton is in Little Rock, Arkansas. Hey, Clayton, welcome to The Ramsey Show.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Okay. Well, we tell folks to put 25% of their take-home pay aside for housing. And, no, math works in every city and in every state. You don't get a pass on math because you're in Washington, D.C., even though Congress thinks you do.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah, a lot of people in D.C. think you do, but you don't. And the purpose behind it is not that 25% is magic, Tanner. The purpose behind it is don't be house poor. If you find yourself able to save and able to invest because you keep all other parts of your lifestyle so low, then you're okay.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Better than we deserve, brother. What's up?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
But what happens to most people is when they've got a high cost of housing in their budget, it squeezes their budget and there's not room to save up to buy the next car, so the And there's not room to save up for Christmas, and Christmas becomes debt. And there's not room to save up for a couch, and the couch becomes debt because it's all going out in house payment.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And so, in effect, what you did is you didn't, you know, by squeezing yourself, you did that. Now, you're telling me you've made room in your budget and you're doing okay. Then, you know, whatever you want to do, brother. But here's the thing. Whatever you spend on rent is gone. I mean, you're setting fire to $100 bills in the middle of the floor.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
And so the more $100 bills you burn in the middle of the floor, the fewer less money you got, man. I mean, it's a pretty simple equation.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah, because you're giving it to them in rent. And so I don't know how you fix that exactly necessarily in your situation. Maybe your commute is longer, maybe there's a roommate involved, or maybe you just say, it's going to cost me this and it's my...
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
choice and i'm an adult well yeah you're allowed to do all that but our reason is to give you giving you the 25 guideline it's not a rule it's a guideline is so that you don't become house poor because if you're for instance going to get a mortgage folks in america um the stupid mortgage company will approve you for almost double that
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
I mean, they'll approve you close to 50 percent of your take home pay, 36 percent of your ratio, you know. And so and that's not based on take home pay, the 36 that you can get a house payment up close to half of your dadgum take home pay. And there's just no way that budget works, people. And well, I'm in California.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Well, California, they got to do math, too, even though your governor doesn't think so. You got to do math. You know, it's not it's not an option. Math is math, and it's not a moral construct. It's a math thing.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Well, thank you, sir. How can we help you today?
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Yeah. You know, I will tell you this, Ken, I did it worse than he's doing it. Sure. Worse. Yeah. He's in good shape. My wife and I get out of college and here's how stupid we were. We go and rent a, we have two dogs. We're just out of college. We got two little jobs. We go and rent a three-bedroom townhouse. Sure. Luxury. Right. Sure.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
That's like five times what we needed because we thought it was cool. Do you remember what were in the extra rooms? Nothing. Sure. Because by the time we finished paying the freaking rent, we had no money. Yeah. Yeah, so what we ended up doing was moving into a little one-bedroom apartment in a questionable – I don't know what those ladies down the hall were doing – in a questionable situation.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You were hoping you weren't on a Vice episode. Man, I'm telling you. And we lived there for a year, but it was one-third the rent that we were paying before. One-third. And so that'd be like you had an $1,800 rent, and we moved down to a $600 rent.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
You know, kind of thing today. In today's dollars, it was a lot less than that back when the dinosaurs roamed the earth. But, yeah. But, oh, my gosh. Wow. I did the exact same crap.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
Because I wanted something nice, and I had a job. Yeah. And I'd gotten out of college, and I deserved it.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
Hey guys, I've got a big announcement. George Campbell and I are bringing back Investing Essentials, our two-night virtual event deep diving into investing and real estate. Learn step-by-step how to get the most out of your 401k, mutual funds, and real estate investments because there's no better time to get the clarity you need to invest with confidence. Watch live on March 4th and 5th.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Get tickets today at ramsaysolutions.com slash events.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And that's the end of the discussion, and then just go hire a lawyer and do it. And it'll take a dadgum year. And it'll be $10,000 out of your pocket in legal fees.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Call one of our real estate endorsed local providers. Jump on the line at Ramsey and find the real estate endorsed local providers. Tell them you need a good real estate attorney. Okay. And they'll give you a recommendation. Okay. And that's the only way. I mean, you've got to have somebody that you trust. And these are high-octane real estate agents that we endorse.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And they'll know somebody that's a quality attorney that can litigate this. But I really wouldn't, you know... It may be that when you hire the attorney and you spend $500 and he decides to send a letter to the brother, that that wakes the brother up and then the brother does it. Because the brother's probably, he's been living this way a long time.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
He's probably not going to take the first, he's not going to believe your husband that he's going to do anything because he's never done anything. So he's suddenly a man of action. That's going to be shocking to the brother. This is The Ramsey Show. Rachel Cruz, Ramsey Personality. My daughter is my co-host today. Open phones at 888-825-5225. Ashley is with us in Charlotte, North Carolina.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You too. What's up, kiddo?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Um, Victor, you've been married three years, you said?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I would not decide my business model based on either one of those things or based on a CPA's advice.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You need to decide your business model on what your dream is. What do you want to operate? Do you want to operate a food truck? Do you want to operate a brick and mortar? And then let's figure out how to pay for it and how to make the money, how to make it profitable. And is there another in-between step, like start catering as a start and start to build up your customer base from catering?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I know several excellent chefs that have big operations now that started as catering.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay. All right. So you're in your mid twenties, I assume.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I think the only reason you're considering a food truck is it's not, doesn't sound congruent with this dream.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
The cafe sounds congruent with the dream.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Yeah. It just feels like it the way you say it out loud. And here's the thing. Your CPA is right about one thing. Restaurants have a higher failure rate than almost any other business category. Really? Yeah. And so you've got to really lean in on the business operations part, not just the food quality.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, if you make the best and healthiest food on the planet and no one is there, this isn't going to work.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And so there's the marketing and the operations of this. And what I would do is I probably would start as a catering operation and build a customer base and then look for a place to lease, don't buy a piece of real estate, and build you out a little restaurant, and your leasehold improvements that you put in there will be a depreciating asset too.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Not necessarily. I mean, if you found a location that the building was there and someone else had had something in there, some of the commercial kitchen items are in there, you go in and renovate, you might spend less than a food truck to renovate it. It's possible. And, you know, to upgrade it, get the fresh coat of paint, and, you know, that'll work.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You could start with a food truck if you want to. But the question is just what you want to do for the next five years of your life. And I think you want to cook, and I think he wants to run a restaurant. And that doesn't sound like a food truck to me. That's a different gig. It's a different field.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Well, I have to give you full disclosure here, okay? I have been trashing whole life policies and people who sell them for 30 years as being one of the biggest possible ripoffs in the financial world. So if you say Dave Ramsey to your father-in-law, his face is going to melt off.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You can drop $100,000 in a truck, and you can drop $100,000 into your leasehold improvements, either one, real quickly. Yeah. Make sure you've got the cash, and that way then the only overhead you've got is your lease and your payroll and your food cost.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
opened up a restaurant because of that so i'm just wondering is that a is that a that's not a stair stepping it can be but then you got you still got you either continue to operate both or you've got this extra truck left over yeah yeah so yeah i i just i the question is what she wants to do i mean i'm with you on the idea of starting some chefing in home stuff um we were at a high end
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
uh charity event your mom and i the other day and um the food was incredible she collects the chef's card and um he's helping us with the family reunion that's coming up so i mean you know that's so that's how that's how you get the business out and so it's it's but you can build a clientele based on that and then if like we have friends that are chefs that have do in-home stuff and if they ever open something we'd be a customer right you know so uh because we're a
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Same kind of thing with this guy. And that's a process there that you can go through and pick up the book, The E-Myth by Gerber and read that. He talks a lot about learning to work on your business, not just in your business. Because being a chef is one of the pieces you have to do to operate a successful restaurant. The other pieces are business orientation that your husband has, apparently.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And I would lean into all of that. I really, really would. Open phones at 888-825-5225. Thank you for listening out there, America. We appreciate you. If you are new to the Ramsey Show and you're trying to figure out what in the world are we talking about? That's snowballs, baby steps. What does all these words, all this vernacular mean? Well, you can go to RamseySolutions.com and click on the...
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
get started button the get started button it is a free process to help you figure out what you're looking for in this ramsey journey and how we can best serve you on this ramsey journey where you are now and what your next steps are all those kinds of things so click get started at RamseySolutions.com, and we'll get you moving.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You become acquainted with the baby steps and the debt snowball and all those kinds of things if you just keep listening to the show. We'll keep talking about it, and you'll start to understand what we're dealing with, and you'll look it up, and you'll watch a YouTube video, or some people go through.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
If you want to do the best thing you can do, go through Financial Peace University, and that'll line you up and get you on the fast track to doing everything and getting control of your money and changing everything. So all of that to say that we're here to help you. So check it out at RamseySolutions.com. Student loan debt is an epidemic. A pandemic.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I would not suggest you do that. Uncle Dave would suggest you don't do that to yourself with your father-in-law. I don't think there's anything to be gained by that. So basically, you have a guy in your life that loves you. Right. Right. To keep them happy. I would not do that. Okay? But I would also not recommend that you damage your relationship with your wife's father.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
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 that you couldn't get anywhere else. Go to YRefi.com today slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Might not be in all states.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I don't think they have a money problem. I think they have a marriage problem.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Yeah, and I'm the one that's wrong. She gets mad. You know, if you just change out the subject and it wasn't money and you were talking about something else and she acted that way or you acted that way, you overanalyzed everything, which is what you're doing for sure.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And on the other hand, then she's acting like a princess and stomping her foot with her little red face out until I get what I want. And if you don't let me have what I want, then you're wrong. This is a marriage problem. You guys desperately need to sit down with someone because here's the problem. Okay.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
The probability that you have a high quality marriage going forward using this system is close to zero. You may or may not get divorced later, but you're definitely not having fun in your relationship. And the probability that you build wealth with both of you pulling at each other the whole time instead of pulling the wagon? No, almost zero.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
One of the things we found when we studied wealthy people is the data tells us that they work together with their spouse. They're unified in their goals. They're aiming at the same target and pulling the trigger together. That's what we're doing. You can't drag along a princess.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
She can't drag along someone who overanalyzes everything and has no fun left anywhere in life because you squeeze every dollar until George Washington screams. And, no, you've got to have something in here. We've got to have some flow to this, some relationship to this that's not in here. And so, yeah, this desperately screams of a need for marriage counseling to me.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Open phones at 888-825-5225. Bo's with us in Las Vegas. Hi, Bo. How are you?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
It's really expensive either way, dude. You're out the money either way, right?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, and so you use your cash, and then you get your cash right back.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You're going to sell your financial soul for $300? Well, it's... I never met a millionaire who said, you know, Dave, I made all my money on my airline miles.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
$300 has never created a millionaire.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Well, then, if $300 is a lot of money, then that's a different problem, isn't it? You have an income problem, then.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
They're different. You don't like intelligence. You've carried on a very clear conversation in a high pressure situation. You don't like and lack intelligence. You've, you've done a good job in this banter that we've had here, which was kind of fun. So you're not lacking in intelligence. You might not have education. That doesn't mean you're not able to make a living. What do you do?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
42, okay. So here's the deal. What I would do if I were you is I would say, hey, I can be anything I want to be. What are the steps to being one of those?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
and i could make twice as much money being one of those and i want to go start working towards being one of those and it could be an apprentice program it could be a certification program it could be a couple of classes at the local community college i don't know but you're capable of doing all of those things And so your issue is that you need to increase your income and have some career goals.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
We'll help you with that. I'm going to give you Ken Coleman's book, Find the Work You're Wired to Do. I want to get the title right, so I turned around and looked at it. Um, and it's got in it, the get clear assessment. I don't have to look at it because we've had over a hundred thousand people take this assessment and it'll help you get clear on what your skills are.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And I want you to go work on that boat where $300 to where you're no longer in a place where you think $300 changes your life. Don't be in a place where you think $300 changes your life. You want to be in a better place than that.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And then you don't fall into the traps of these stinking banks and these stinking credit card companies, and you get sucked in thinking they're actually there to help you. They're not. So, problem solved. Hang on. We'll give that to you as our gift. This is The Ramsey Show. Live from the headquarters of Ramsey Solutions, it's The Ramsey Show, where we help people...
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
build wealth, do work that they love, and create actual amazing relationships. The phone number here is 888-825-5225. Rachel Cruz, multiple number one best-selling author, Ramsey personality, co-host of the Smart Money Happy Hour, and my daughter is my co-host today. Open phones at 888-825-5225. Nicole is in Salt Lake City. Hey, Nicole, how are you?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Better than I deserve. What's up?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I would want you to be kind and honoring and really avoid an argument if I were you. Okay? I have family members, for instance, that I've been married for 41 years, Victor. I have family members that vote the wrong way. Oh, my gosh. They don't know how to vote. They picked the wrong party, and they're just dumb about it. And I love them anyway. I love them anyway.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
So you're going to cut your income by 60, 65%. Yes. Okay.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
To offset the student loans that are there because of law school. Right. So let's use the law degree to clean up the law degree mess. But does your life have to look like it? Maybe not in a traditional attorney setting, what Rachel's saying. And Rachel says she pulled back. She pulled back. But she's not out of the saddle either. Her social footprint has grown. She's still doing appearances.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
She's still on this show. Still launched a number one bestselling kids book a few months ago. And did all of that on... you know, less than a full-time hour slate.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And I don't create at Thanksgiving a political argument with people who aren't going to change their minds.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
In the office. And so, you know, but we just shifted around what we're doing with her brand and how we're doing that for a season here while the little one is there.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And harm is not the right word. Rachel's right. That's an overstated word, a mom guilt word.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
in this because you the you guys can't win okay you get mom guilt if you're at home because you feel like you should be at work and if you're at work you get mom guilt because you feel like you should be at home i mean it's a no-win and there's always some more on on either side of the coin telling you you should be doing the other one right and so um and so we're not going to be either one of those but probably some kind of a uh a change a hybrid approach because i i there's a part of me that says okay that the
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
That I love. Or a financial argument. I don't give financial advice to people who don't ask for it, and that includes everyone, family included. People who ask, I will tell you.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You went to all the trouble and the expense and the debt to be a lawyer to go cold turkey doing nothing with that. While you've still got $80,000 of it outstanding, that doesn't feel right either. Okay, but also not addressing this need that you've got, this desire you've got to be at home doesn't feel right. And so I think somewhere in there along Rachel's suggestion is the proper answer.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
But I want to take the, I'm with Rachel, I want to take the guilt thing of are you doing irreparable harm? No, you're not doing irreparable harm. You just kind of got to think through. I spent a lot of who I am. Mm-hmm. in money, time, debt, effort, brainpower to be a lawyer. And to cut that off completely? even for just two years, feels pretty extreme.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You're going to be okay. You're going to do good. You're asking the right questions. Rachel Cruz, Ramsey Personality, is my co-host today. I'm Dave Ramsey, your host. This is common sense for your dollars and cents. A concept Congress can't grasp. It's called The Ramsey Show. Thank you for being with us. The number is 888-825-5225. Aaron is with us in Las Vegas. Hi, Aaron. How are you?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Good, guys. Thanks so much for having me. I really appreciate it. Sure. Our pleasure. How can we help?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
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. Open phones this hour at 888-825-5225. Multiple number one bestselling author and Ramsey personality, Rachel Cruz, my daughter, is my co-host today. Open phones here. You jump in. We'll talk about your life and your money.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Well, he knows. He already knows why I don't like it, don't you?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Life insurance? Yes. Yes, you're too late to the party. Okay, all right. Sorry. And then how you plan for it would be based on, I don't know anything about muscular dystrophy in this millennial. I mean, I remember the telethon when I was a kid or something, and I was one of the dinosaurs around the earth, and I don't know what this prognosis means for you. Do you? What do you understand so far?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Oh, wow. Thank you. And then following that stage, it probably doesn't end well, I'm guessing. It's very possible, yes. It continues to deteriorate, or does it plateau off with the breathing device?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
How old are you? I'm 46. Okay. All right. So we're talking about 60 years old, give or take. Exactly. Okay. All right. I'm sorry, man. It's hard to face something like that. Do you guys have kids? No, we do not.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Yeah, it is. And when you die, the money that you have in there is gone. They only pay the face amount. And there is no such thing as a whole life policy that is tax-free if it actually got a rate of return. It is tax-free because the only way you can get your money out is to borrow your own money. And, honey, if you go over at the bank and borrow money, they don't charge you taxes on that either.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Very, very, very awesome. Yeah, she's great. Well, I think one of the things I'll tell you from working with families, I don't know anything about the medical world except that they call it practicing medicine for a reason. They're practicing.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And so in other words, things change and extra opinions and continuing to study and continuing to argue with the what's in front of you is good, not in a denial way, but just not accept things. That one guy says, okay, you're going to be gone in six months. And you go, well, maybe not. Maybe I'm going to try this. And, you know, so on.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
So, you know, you're going to become an expert on this, dad, blame it, you know, to be an advocate for yourself. So I'm going to tell you to continue to do that and don't just accept one thing and walk away. I don't think you were going to anyway. But second, third, fourth, and later on, eight opinions, just keep working the problem. Now, while you're doing that,
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
there is, I have perceived in others, not myself, I've not experienced this. Okay. So just like someone calls me up and says, I've got a stage four cancer diagnosis and they're giving me four months to live. Okay. That call has come in here over the years several times, or I've actually sat with people in a room where they were telling me this stuff and they're,
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
They already have processed the emotions and now are going, okay, what the flip do I do kind of thing. All right, so that's why you're calling. So in that case, what I found is that facts are your friends. And so there is a tremendous piece that comes – from having your spiritual house in order, number one, but then number two, getting your house in order financially.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And you say, okay, if this unfolds, I got about this many years, and we're talking wheelchair, and then I got about this many years on a breathing device, and if it doesn't stop deteriorating, I've got this many years. And so, okay, based on that, I'm going to lay out a plan. And then if I get a different plan, I'll change the plan. But if you go ahead and make sure, okay, I got a will in place.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I'm going to investigate and find out and make sure Dave's right about life insurance. I'm going to say, this is our wealth building plan. We're going to continue to pay off the house. We're going to do this and this and this. And you, you know, you, you, the more detail, it sounds ridiculous, but the more detail you say, given this diagnosis, this is the exact plan that,
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Once that detail's in place, it gives you just like a release, you know, a sense of peace. But having the medical be chaotic and the financial future being chaotic simultaneously is almost more than some folk can bear.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
So I'm going to encourage you to continue the journey you started with this phone call, and that is really detail out exactly what is your version of the baby steps facing this rare form of muscular dystrophy, because it's almost chronic in that it's not a one-year or two-year diagnosis. It's a 15-year or 20-year diagnosis, right? Today it is anyway. It may change next week.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
and it may change for the better next week. So facts are your friends. Details in the financial arena are not you being cold. They're giving your wife peace and you peace, and then you can turn back around and concentrate on being well. Does that make any sense at all?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Yeah, and it's a different future than it was in March. And truthfully, there may be a treatment that comes.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
So, of course, it's tax-free. But it is not a good tax dodge. It is not a good investment. It is not a good product. But now you can research a bazillion things that we have said about that, and then you've still got this deep, horrible relational problem. And I would recommend that you just be kind.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Yeah. Well, I can tell you this, you know, continuing a big old pile of money in your 401k and a paid for house is still going to help the situation. So that part didn't really change, right? Right. I mean, if you live with this deterioration and disability, or you don't, and you leave her with the situation, either way, a big old pile of money and a paid-for house ain't going to be bad, right?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
True. So, you know, we could keep working four and six, right? You know, the only question is in between, like Rachel saying, do we need to pile up some cash for interim treatments or treat? You know, we're going to fly to Czechoslovakia because there's a treatment there that's not covered by insurance. Heck, I'm going, man. Heck, we're paying off the house. Get on an airplane. Let's go.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You know, and we'll redistribute that cash in a different way out of the budget.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
and of course you're going to anticipate your income changing potentially as well as you go along and so all of that goes with it but just you know uh keep adjusting the plan but the more detail the plan is the more peace she's going to have you're going to have and then you can turn in your energy around to fighting the disease instead of fighting the money
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And that's what people that are with a cancer diagnosis are doing as well. So, man, I'm so sorry. And Aaron, we're here for you. We're not going anywhere. If you need something, you call anytime. And tell your wife to call. If you, for some reason, aren't able to get on the phone, we'll help any way we can. Thanks for calling, man. I'm sorry.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Rachel Cruz, Ramsey personality, number one best-selling author, is my co-host today in the lobby of Ramsey Solutions on the debt-free stage. Stephanie is with us. Hi, Stephanie. How are you?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
We're honored to have you. Where do you live?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
How much debt have you paid off?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Wow. And your range of income during that time?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Good for you. Okay, cool. And what kind of debt was the $105,000?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, very cool. Okay, tell us your story. What happened three years and eight months ago that put you on this journey?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
If you decide to not use this product, which of course is my recommendation, I would recommend you don't get into an argument with your father-in-law about it.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I would just say, you know, we've looked at it, and for us, we've decided to go another direction, and we sure hope, adult to adult, that you'll just respect our decision, even though you think I'm wrong, and I want you to respect my decision. And so, you know, I have a friend who's so stupid that the other day he leased a car, and he's even dumber than that.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Wow. Congratulations. That's a very proud of you.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Absolutely incredible. Beautiful. What do you tell people the secret to getting out of debt is? It sounds like seven extra jobs.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Amen. Amen. Well done. Very, very, very well done. Who are your biggest cheerleaders?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And you don't have any payments. That's the beauty of making $1,500, $1,500 a year and the ability to pick up and do whatever you need to do because you're proving that to yourself. Absolutely. And to your kids. So your kids got to witness a warrior princess. That's beautiful. Amen. You got after it, kiddo. You really got after it. Well done. Amen. Very, very well done.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
We've got a copy of Baby Steps Millionaires for you. That is definitely the next chapter in your story. You are on your way. Thank you. And a copy of the Total Money Makeover for you to give away to someone who was inspired by your story that you run into, because I'm sure you've talked about it some. And, of course, Financial Peace University. We want you to go through the class.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
We just launched the new videos, the best class we've ever had at Financial Peace right now available. So a one-year membership will give you that as well.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
If you've been through it and you want to give it away, that's fine. We're happy to have you pass it on however you want to do it. It's very, very good. All right, bring the kiddos up and tell us their names and ages.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
He drove the car to my house to show it to me. But I didn't talk to him about car leases. I just went, hey, my friend has a nice car. I'm going to be happy for him, and he's happy about his car, and he didn't ask my opinion, and so I'm not going to just go adult to adult. I'm going to celebrate his adult decision, even though he did a nice thing in a dumb way. You know, right.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Love it. Beautiful. Very, very, very well done. All right, Stephanie from Boston, Mass. Three years and eight months to pay off 105,063 jobs. I'm exaggerating a tiny bit, but not much. And some help from the teenage daughter. That's just beautiful. 60,000 to 115,000 income during that time. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free! Yeah! Well done! Oh, man.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
She gets it, and she pushed it through. That's beautiful. Very, very well done. That lady's a force of nature right there, man. That's what you have to do. She said it beautifully. What's it take? It takes a mindset change.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I'm going to live like no one else so that later I can live and give like no one else. This is The Ramsey Show. The best way to make the most of your money is to make your money do what you want it to do instead of wondering where it went. Tell your money what to do instead of wondering where it went. Most people in this life live reactively.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
But people who are proactive, who happen to things intentionally, are the ones that we call successful people. In the wealth building world, if you're going to happen to your money, you do that with a budget. and every dollar is the budget that will help you do it. It's the app that's free in the App Store and Google Play. Download every dollar.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Get the premium version while you're at it, and start working with your spouse, working the baby steps, working paycheck planning. There's all kinds of tools inside this thing that are going to help you do the Ramsey system more efficiently, and it really sets it up to win. Go to EveryDollar.com or download the EveryDollar app for free in the App Store or Google Play today.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Dorothy is with us in Fort Myers, Florida. Hi, Dorothy. How are you?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, cool. How can we help today?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Have you heard of that term? How much is in the IRA?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I mean, I can still be friends with a guy.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
What is the most pressing thing you have today that we can help you with?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
So I want you to be kind to your father-in-law.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Do you have any cash other than this $40,000?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay. How are you paying light bill and food bill and all that?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And how much is your house payment?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And how long does the pension last?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, good. So we've got a really good plan here. You can survive monthly. You can survive and have been monthly on the 55 with the every dollar budget. That's very possible. We may or may not use the 40. We'll see. Prefer to wait until after 59 if we can. Okay. And you're going to get rid of the truck payments by getting rid of the trucks and getting you a car you can afford.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And you're going to start the next chapter of your life. You're a wee 57-year-old. You have a lot left. A lot left. This is your chapter two. This is act two. After the curtain comes back up, we took a bow. It's an encore. Didn't turn out like we thought it was going to. The story takes a twist, a rather tragic turn, and the heroine steps forward with her shield and her sword. Okay? Okay.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
That's you. That's where you're going. And so what's going to happen is three years from today, you're going to be booming as the biggest real estate agent in Naples or whatever it is you choose to do. Okay? And you're going to be laughing about this little tiny pension, but it survived you. It sustained you when it should have, and that was good. But it's certainly not your future.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You are your future. Okay. Right? Mathematically, you are. Emotionally, you are. Spiritually, you are. Yes. financially, you definitely are. So you're the secret sauce to the equation, and you're up to it. You can do it. I can tell by talking to you. I mean, you're hurting, but any normal human would be hurting with what you've gone through, honey.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
But I think there's a lot going on inside Dorothy.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
So the trucks and the RV are gone and get you a reasonable car.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And then we're going to plow through the credit cards. Is there anything else?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
All right. Here's what we're going to do, okay? I'm going to load you up with homework. Are you ready to go to school?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You can if you want, but that's not your problem. Your problem is getting the income up and having your future lined out. And once you see that, then you can turn up the heat and just get rid of them. And the interest rate doesn't matter when you're paying aggressively on them. So if you want to, it's okay. But it's not really the answer to your situation at all. So hold on.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Christian's going to pick up. We're going to put you into Financial Peace University. We're going to provide you with a financial coach. All is our gift, okay? We're people of the book, and the book instructs us to take care of widows and orphans, and we will do that today, okay? So you're going to get that. I'm also going to send you Ken Coleman's book, Find the Work You're Wired to Do.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
It has in it an assessment. I want you to take the assessment, and I want you to start the process of of dreaming about what the new future looks like for Dorothy. What is it you want to be when you grow up? You're just a wee 57-year-old, just a tiny little one. You can do it. You can do it.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
She's really got to be in this.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And you're smart. I'm sorry. If you want to hear the next 40 minutes of the show, it's on the Ramsey app, the Ramsey Network app. So you can download that for free in the App Store or Google Play. Make sure you jump over and get it there. If you want to listen to all three hours or watch all three hours, you can always do that on the Ramsey Network app. It's completely free.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Doesn't cost you a thing. So the last 40 minutes of the show now, if you're on talk radio, it's still there, right where it always has been. But if you're on podcast or YouTube, it's on the Ramsey Network app in the App Store or Google Play. It's completely free. This is The Ramsey Show.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Your wife has to be able to just look at her dad and smile.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And smile and say, I love you, and we're going a different direction.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You know? Dave, I love you. And we're going a different direction.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You've got to learn to do this anyway.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Because, you know, otherwise, you know, they're going to interfere when you get ready to name your first child. They're going to interfere when you get ready to buy your first house.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And no, they do it out of love. They do it out of love. Don't pet me. I don't interfere in your kids' names. No, you don't. That would be Mimi that does that.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Because you'll get a Mimi eye roll.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
This is... It's all I request. No hippie names. It's all I request. This is The Ramsey Show. Rachel Cruz, Ramsey personality, is my co-host today. Linda's in Pittsburgh. Hi, Linda. Welcome to The Ramsey Show.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Better than I deserve. What's up?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, and so the stepdad had nothing to do with the house and the will, right?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Victor is with us in Irvine, California. Hi, Victor. How are you?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
The brother? Or the stepdad?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, so he had a life estate, and the will left the property to your husband, his brother, and whatever other siblings.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, was the property retitled at that time? Did Pennsylvania probate require you all to retitle it and put everybody's name on it?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, so you each own a third, undivided interest it's called, okay? Right? Uh-huh. Okay, is sister still alive?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
I'm sorry, I'm sorry. Yes. And did she have heirs?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, so I would suppose that your husband and his brother are now equal owners then. You would have to seek an attorney's advice to be 100% sure, but let's play this through. That's what it sounds like. It sounds like they're now equal owners, okay? And he doesn't have to do anything to acquire it. It already has his name on it.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Better than I deserve. What's up?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
The death of his sister left half of hers to him and half of it to his brother, and so now the two of them are 50-50. Okay. His name's on the title. If the property were sold, he would get 50%.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay. So now what are you all wanting to do?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay. So he's living there for free.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
If you want to stir it up and cause this to come to an end, because this is not a fair situation. This is unjust. Agreed?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay. Then your husband, does he have any relationship left with his brother at all?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Well, it depends on how much your husband wants to invest in this. But if we want to try to save the relationship, you get on an airplane and he flies out there and he sits down with his brother and he says, okay, you living here for free is done. Okay. I'm a 50% owner in this and you can't live here for free anymore. You have to move out. I'm demanding that.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Or we have to sell the house or you have to buy me out. Now you decide which one you want to do. You want to move out and we rent it and we split the rents that we collect or do you want to buy me out or whatever? I'll give you a deal if you want to buy me out. But you sitting here and me getting nothing and you living here for free ends. I'm done. I love you. I hate what you're doing to me.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
It's nasty and it's wrong and it's unjust. And he says that to him in person to his face. Okay. And then if the brother goes, well, I'm not going to do that. You say, yes, you are. Because if you do not, I'm going to hire an attorney and I'm going to sue in circuit court to have this partnership disbanded. And the court is going to force the sale of the house to give me my half.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And it's going to cost me five or $10,000. And you're probably never going to speak to me again, but I'm at the point that I'm tired of you screwing me over. This is how you have to handle it. If you're going to handle it, otherwise you just got to accept it and go on. And then you have to hire an attorney and the judge will demand that you sell the house to liquidate the estate.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
And they'll sell the house and the brother will get half the money and you'll get half the money. Do what?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay. Sell the house and you get your half. Now, or we can have the house appraised and at 80%, 80 cents on the dollar of the appraisal, I'll take my half. I'll give you a 20% discount if you want to buy me out.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Yeah. This is just wrong. And your brother-in-law's a leech. He's a parasite. And you're tired of it. That's why you called. Is your husband as tired of it as you are, or is he just going to let this go on?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay. If he wants to try to be super kind to his brother, he can fly out there and try to do this very calmly and just say, this is over.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Okay, you're going to buy me out or the judge is going to force the sale of the house because when I leave this conversation, if we're not in agreement, I'm going to contact an attorney and we're going to court and the house is going to be sold because you living here for free is not right. It's not fair.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
You've been taking advantage of me and I can't let you do that anymore, even though I love you. That's wrong. And if you want to buy me out, I'll give you a discount. on the appraisal, but I own 50%, you own 50%, and you can't live here free anymore. That's over. Take a plane ticket, invest a plane ticket into the relationship, try to do it nice, and see if you can get him to move off.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
He may just think that my brother's a nice guy, he's never going to do anything. And he might be right. Talking about your husband, right?
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
He sees your husband as a target, and he's using it. He thinks your husband's not going to do anything. And so if your husband doesn't want to do anything, it's okay. I don't care. If you want to just let this go on, I'm not mad about it. It doesn't matter. But if you're going to do it, that's how you do it. I would sell it to him at a discount.
The Ramsey Show
Stop Letting Money Conflicts Tear Your Relationships Apart
Because if you sell it, you're going to pay expenses anyway, right? Right. And so if it's worth $400,000, I'll sell you my $200,000 at 80%, which is $160,000. That's a great deal. You have 30 days to get me my money. If you do not get me my money in 30 days, I am going to begin a court proceeding that's going to force the sale of the house.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
No, I'm talking about right now. You're in the middle of the soup. So here's what I think I heard, and you can tell me I didn't hear it, and I'll be just fine with that, okay? As I heard your whole story... I think I heard someone who has been hurt somewhere in the past, and that hurt has stolen some of your confidence.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. All right. And I don't want to go into that on a broadcast. That's not fair to you, nor is Dr. John here, who's the only one qualified to go into it, not me. But I just could smell that in the way you told your story because you've had so many different things come at you in a fairly short period of time. So I want you to sit down and unpack some of that hurt with your pastor.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Why don't you call them today and set up a counseling appointment if they've got a counseling department or they've got pastoral counseling that they provide. And it may just be a good listening ear, but it may be someone that is more trained, too. I don't know.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
But I think if you unpack that while you jump on a headset and work 40 or 50 or 60 hours a week sitting at a computer or walking around, whatever you're able to do with the limitations you've got from home. But $2,000 a month keeps you alive right now. That's not your long-term goal. It's not your career aspiration. But until you can get your health back and – sit down with your pastor.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
And you don't have any money.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
You know, I just want you to have some eating money and some shelter money coming in, food, shelter, clothing, transportation. That's all I'm worried about right now. And so, yeah, our assignment would be to jump online, check Arise, and their competitors, other people that do what they do. We're not endorsing them.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
And find something you can plug into the computer and sit there without driving and without. And you can check in and check out on those type of things if you're hurting. And also jump on the phone and get the pastor. And let's sit down and start to unpack some of that pain, kiddo. And we can go from there. And we appreciate you being in our audience. I think you're going to have a good year.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
You need to get some of this in your rearview mirror to do it, though. I understand what you're facing. It's scary. This is The Ramsey Show.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
So what's in your retirement accounts?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Folks, if you want to help us out, we can use your help. We would appreciate it. How would you do that? Well, you would subscribe to the show. Click the subscribe button, the follow button. If you have a share button on what you're watching or listening on, click the share button or just cut the link and send it to a friend by email and go, hey, check this out.
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If you're listening on talk radio, tell somebody to listen the time of day you listen when the Ramsey show's on. We'd appreciate that. That five-star review is helpful, too.
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All of that stuff moves the needle in the old algorithms on the Internet, and it causes people to learn about this show that might not otherwise learn about it because it moves us to the front of the line when you do all of those things. So subscribe and follow, all that stuff. It's a big deal, and we really appreciate it. Jordan is in Spokane, Washington. Hi, Jordan. How are you? Good.
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How are you doing, sir? Better than I deserve. What's up?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah. So what do you make, Jordan?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. That's a fair answer.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So why do you have no investments if you've been debt-free house and everything since 2019?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Mm-hmm. Okay. Well, let's go back to the beginning and then I'll answer your question. Okay. The beginning sounds like this. I want you to make a list of everything you're going to put on your budget, and I'm going to give you the order by which you attack it because you've been disorganized. Now we're going to go the other extreme. We're going to get extremely detailed, extremely organized.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Like this is the detailed blueprint of the building you're building over there at the construction site. Okay. You with me?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. All right. So the first rule is you take care of your own household first. Now, what that means is the number one thing in your budget before you buy anything else is food at the grocery store. No food in restaurants when you're in collections. You're broke. You don't get to go to a restaurant. A restaurant is a luxury. Mama be at home. You're a sole income provider, so mama be cookin'.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Mama B, home economist, coupon clipping. She's going to be carrying all the economic weight she can carry while she's got those babies, okay?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
All right. She going to sign up for that? You okay with that? She okay with that?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
All right. No eating out, no vacations. You're broke people. Until you're not broke people, you don't do this anymore. Food is first. Before you buy anything else, you feed your little kids. Before we talk about any idiot at the repo company, he's way down on my list of things to worry about for you. Big deal that you get these priorities straight.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
I thought that's what you said.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Second thing is you take care of water, lights, gas. You have the ability to operate your household with the utilities. Are you behind with any of them?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
You have a new plan. You're going to catch it up in the next check before you do anything else other than food.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
It's the most important thing other than food. Lights, water, basic utilities. I don't give a crap about the cable bill. You can cut that junk off. You can live without Netflix. I'm not talking about that. I'm talking about electricity, lights, water, gas, however you're heating your house, right?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
So your family is now warm, and they have lights and water, and Mama's stove works so she can cook, and you've got food. This is a big deal. Because this emotionally sets the table for you to fight these goobers that you've got on the other end of this thing. The next thing you do is you pay your rent or your mortgage. How much is that?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay, until you do that, I don't care if Repo Man ever gets another dime. You keep your house, Repo Man can jump in the freaking creek.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Tell him I said to bite me.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Just get in line, buddy. Right now I'm getting my mortgage current where my babies live. You get to be at the back of that line. Bite me. No. You don't get any money until my babies are fed and they have a place to live and the lights are on. That's your first job, man. Yes, sir.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Because you're not going to make it emotionally if you keep putting these idiots at the front of the line because they threaten you. If he wants to sue you, tell him to have at it. We'll just file Chapter 7 bankruptcy. He'll get nothing. Bite me. I'm serious. Okay. All right. This is how you got to talk to him and you got to get it straight in your head. What's most important.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
He makes his job is to make you angry or afraid. And that moves him to the front of the line. I want you angry and afraid of nothing because your kids are fed. Your house is current and your lights are on and mama's got food in the pantry. Then, then you live to be, you can throw back your shoulders and now we can fight like a man.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Really? I'm shocked. Good. One down, baby. All right. We keep it current then. Okay, so if you've got a car to drive and gas in your car, you're not going out to eat, you've got food and you've got a place to live, do you feel emotionally more stable?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
That's where you've got to get to. We call that building the four walls. Then and only then do we negotiate with other collectors. Okay. Now, when was the car repoed that Repo Man's bothering you about?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
And who is the money owed to?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
So here's what you tell the guy. You call him back. You can call him if you want to, or you can not call him. I don't care. But I want you to call him, and I want you to say, hey, I talked to my financial coach, and he just told me to file bankruptcy. So here's what you're going to get. It's nothing. Bite me. You get nothing, not a zero. That's what you got. Okay?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
So what kind of debt did you have?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Or you can shut the crap up and stand over on the sidelines until I get my family caught up, and then I'll come over and make you a cash offer. But these days of you telling me how my household runs are over, Bubba. And hang up right after you say that. Don't even negotiate with him. Just hang up.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
What you're doing is you're resetting the emotional table here to where we now know who's in charge of your money, and it's you, not him. You following me?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
These guys are specialists at emotional terrorism. It's what they do for a living. Okay. Because if he comes and sues you and takes your paycheck, you can file chapter seven bankruptcy. He'll get zero. I'm not recommending that because I think you can settle for this idiot to this idiot for probably four grand and he'll go away. You remember what the deficit was on the repo?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
The total, the total owed to them after the sale of the car is what?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. But he wants $5,000 up front and then $800 a month, right? So it must have been $10,000 or $15,000.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. So they'll settle for a quarter on the dollar. So he'll probably take about $4,000 for this whole thing and walk away once you get him back on his seat. But now he's standing over the top of you. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards. They all store your info online, making them ripe for a cyber attack or data breach.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
That's why I've been telling people for almost 25 years, they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Visit Zander.com or call 800-356-4282. All right, Jade, it's worth unpacking a little bit this idea of dealing with collectors, okay? Let's do it. Number one, if you have the money laying around to pay a bill, you owe the bill legitimately. Pretty simple. Pay the bill. Pay what you owe.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah. Why? And so I have a friend who's going through cancer treatments and they've got $5,000 worth of bills laying there already early in the process and asked me, should I pay these bills? And I went, well, you've got like a half a million dollars in your investment account. Yes, you should pay the bill. Well, but what should I, should I put them on pay?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
No, you don't need to put them on payments. You have the money pay the bill. Yeah. It's not, well, I don't know. I'm worried. Well, don't worry. It's $5,000. You have 500,000. You're okay. Pay the bill.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
You know, or if you've got $10,000 and it's $5,000 pay the bill.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
That's right. It's a thing. It's a, it's a debt you owe. Okay. That's thing one. Um, Thing two, then, is once you don't have the money, most companies would rather have something than nothing.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
I have a company, oddly enough, that has the word integrity in their company title. that owes me $45,000 from 25 years ago. I'm not bitter or anything, but I do remember it. Just because of the irony, the company was called Integrity, and they didn't pay me.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
And so if they call me up today, and given the fact I'm probably never going to see that money ever, but if they call me up today and offer me $5,000 as settlement for that 25, I'm going to take it so fast it's going to be unbelievable. Just because I'm going to be happy I just found $5,000 on the sidewalk. You know, that's the way companies look at this.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And so if you've got a credit card bill that you haven't paid for three years, they probably have sold that to a debt buyer for pennies on the dollar, usually around a nickel on the dollar. And you can probably settle that for around 20 cents on the dollar. If you're broke and you don't have the money to pay your bills, you can settle.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. Well, I mean, the answer to the question is this is a horrible situation. I'm sorry you've been through it. And you're either going to build a $230,000 house or you're going to take out a mortgage for whatever over that you choose to spend. That's your options.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Now, collections agencies, there are several situations with those. The best of the bunch are the local hometown collection agency. They're people that your kids play ball with. They're kids. They live there, and they're just trying to collect a bill that is legitimately owed, and they're calling you. And most of them, they'll put pressure on you. They'll say, you need to pay your bill.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You need to be honest. They'll challenge you. But most of them are pretty decent folks at the core. all the way on the other end of the spectrum, and it goes downhill from there, is a credit card collector. Credit card collectors 100% are scum. If your child is a credit card collector, you should call them and tell them to stop.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
and get a different job cleaning out septic tanks is noble credit card collectors there's nothing they lie they cheat they steal they break federal law every single day they're the worst of the worst and their job or a repo guy like this other guy calling this other guy their job is to get the person on the phone.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And if you are owed money, most people have some sense of honor, some sense of integrity that if I owe this money, I feel bad because I've not paid it. 99% of the people walking around that aren't psychopaths have a sense of, I owe this money and a little bit of shame that I haven't paid it. And their job is to use that and get you emotional.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Now, they have two possible emotions they can evoke from you, fear or anger. If they can get you doing either one, your brain, your critical thinking skills in your brain quit working because you're pissed off or you're afraid. You're in fight or flight.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
and your brain coats, and you go into lizard brain mode, and then you will move them from their correct position of priority in your budget, and you'll move them ahead of your children's food. A logical person with good critical thinking skills would never deny their family food or lights or water while paying the repo man. It's not logical.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
The only way you get there is if you become afraid because they're going to sue me. Oh, no. No, they're not. They're lying. You can tell they're lying if their mouth is moving. They're lying. They're lying. They make up stuff. They can sue you, but they never do because if they sue you, they have a 98% probability you're going to file Chapter 7. They're going to get zero.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
But making $180,000, you should be able to reduce that and pay it off very quickly if you'll build some discipline that you haven't had before.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
No, what they're going to do is harass you. to God's green earth to the end of it. They're going to harass you and harass you to make you angry or afraid so that they can reprioritize your budget and put you at the front. It's so absurd that they even use bizarre names. I had a lady call me. Her name was Mrs. Savage.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
That's not her name. Another one called me, called me. Her name was Mrs. Baskerville, as in the hounds of Baskerville. I mean, they make up crap. And they sit around in their little cubicle land laughing about all of this like it's some kind of bad movie.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And meanwhile, I got a guy trying to feed two kids that's working construction over here who's worried more about the repo man than he is the fact that he's behind on his light bill. The only way that happens is you become emotional. So I'm trying to teach you right now. Once I got this, I'll tell you when it happened. American Express called. I owed him $1,164.
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It was 40 years ago, and I still remember the amount. Here's why I remember it. The guy calls me, and he pissed me off. I hung up on him. My wife calls about two hours later, and she's crying. My wife never cries. I mean, she's got the constitution of a Navy SEAL. She does not cry. It's a hillbilly woman. If she cries, somebody died. I mean, you know, it doesn't, she's not a crier. She's crying.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And she goes, he said, he said, he said, why would I stay with a man that wouldn't pay his bills? And I was kind of thinking the same thing.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
The guy was in Jacksonville, Florida. I called him. I threatened to drive down there and whip his butt. And I got so mad. I couldn't breathe. And I paid him. Who won? He did. Except the fact that now 40 years later, I have trashed American Express regularly on the air for 40 years.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So maybe he didn't win after all, or at least that company didn't win for having people like that working there because they have one of the worst, most egregious collections departments of anybody. If you do business with American Express, God help you. That's awful. You're asking for it. They're a pitiful company.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
I still believe that, not just because of that one event, but I've dealt with them so many times over the years since then on behalf of clients, and they're horrible. But that's just one example. There's many, many examples. But I figured it out then, and then I went, oh, wait, this is a game. And I'm losing the game. And so I just started turning it back on them. Yeah.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
When they would call, I would just start laughing at them and just start messing with them and go, dude, I'm like, Mrs. Baskerville, you're like a well-read collector. Who knew that? I mean, you like read books and stuff. You can do sentences that string together. That's pretty amazing. I'm so proud of you.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So here's what you're going to get, Mrs. Baskerville. Nothing. Nothing, honey. Nothing, honey. You get nothing. Good try, though. Call back someday. Hang up. And you just start having fun with it because you realize it's a game for them, and for you it's life or death, and you can't let them make it life or death or you're going to lose the game.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah, well, they got you mad.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
There's a pretty simple formula here. And they will settle car repo deficits for somewhere around a quarter on a dollar all day long, every day, lump sum, no payments. Never pay a collector payments, ever. That's how they get the most out of you. Pay them a lump sum, settle it for a dime, a quarter on the dollar, And get it in writing that that's a settlement in full or don't give them any money.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And do not, for God's sakes, give them electronic access to your checking account because, again, they lie. They will clean you out. So there's your credit sharks in suits. We used to have a lesson in Financial Peace University a thousand years ago.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Credit sharks in suits. That was the lesson. And there was a lot of stuff in that little rant there that was in that lesson. But it's what we used to do. I mean, I used to sit personally when I was doing financial counseling, call these people on behalf of the clients and rip them to shreds and get the deals done. But now we teach you how to do it, and that's fine too.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So this, this go round, I mean, because you did everything bass backwards before, so you've got no money.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So that way you'll never have to do it again. And you never have to do business with companies like American Express again. I've never even accidentally done business with American Express. Ever. Again. Ever. Ever. Again. This is the Ramsey Show.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer accounts. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
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. Jade Walsh, our number one best-selling author, Ramsey personality, is my co-host today. Hannah's in Los Angeles. Hi, Hannah. How are you?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So if you did this on a 15-year fixed where the payment's no more than a fourth of your take-home pay, it fits our guidelines.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
It's a shame you're having to start over, but you're not really starting over because you really never started because you were still using debt, even though that nice thing you said at the beginning about Dave Ramsey or whatever, that was just bull crap because you were still doing the stuff. Okay, you're still in debt.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Why did you go into debt after you were out of debt? Because we...
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
I thought you said you were debt-free 100% earlier.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So you have Social Security income. How old are you guys?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay, so you have a $3,100 income, and you have a mobile home in Los Angeles.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You have $46,000 in debt, and you have a paid-for mobile home.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You live in the mobile home still?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. Do you own the land under the mobile home?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You're carrying around two car payments and car payments and trailer payments and other payments and payments and payments. You had the house paid off, but the other stuff's still hanging around. So you can't go back to that world again. You don't have that option. So now no more borrowing ever again. You take out a 15-year fix. It's no more than a fourth of your take-home pay.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And I'm still confused. This is not in Los Angeles. It's where?
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Don’t Throw Away Your Long-Term Security for Quick Fixes
Oh, it's debt relief. Yeah. Oh, it's not a loan.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You're still borrowing money. You're still borrowing money. You call me about borrowing $29,000.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You have to have a new commitment to have an income that's large enough that you live on less than it.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And you've got $3,100, but you can't even pay the payments on what you've got, $3,100 and eat and buy gas to run back and forth to see grandkids that you're describing. So I don't know what your husband is making on top of the $3,100 as a handyman, but he needs to be making at least double that. I mean, living in L.A. County on $3,000,
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is pretty tough and i don't know how long they've been retired from not working job jobs you know what i'm saying 69 71 but yeah uh i don't know i don't know uh but hannah the situation is you don't have what we keep hearing what jade's saying is we don't have math that is sustainable here because the pattern keeps you spending more than you have coming in
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And that's not a pattern that's sustainable.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And I don't know how we did. Like, it's a miracle. You know, that's not a miracle. It's just you paid the stinking credit cards before you did anything else, and that's how you did it. And then you barely ate, and then you barely bought a little gas money, and your husband swung a hammer enough to get it done or turned a wrench or whatever he was doing.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
But still, I mean, that's – so, yeah, I think what we need to do is consider – The trailer and the land, I don't know if that's sustainable. I don't know what the cost is on all of that. Where you're living is one of the most expensive areas in America to live. And it's near your grandbabies. I heard that part. I get that. But you cannot borrow your way out of debt.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
You build your emergency fund of three to six months of expenses. You start putting 15% of your income away in retirement, and then you throw extra money above that out of your every-dollar budget and pay off the mortgage in hopefully seven or ten years. How old are you?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So, no, do not take the $29,000 loan. Yes. Increase your income, get on a detailed budget where every dollar has a name before the month begins. And the two of you find enough work to do on top of your social security to get this 46,000 cleaned up. So an example would be if you did $2,000 a month, you would be done in 23 months. Towards the debt.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And that's an example. If you did twice that, you'd be done in 10 months. So, you know, that's the kind of thing I'm looking at. What kind of a sprint can I do with odd jobs, part time jobs, full time jobs, whatever, for a short period of time to get this in the rearview mirror? And then you've got to keep this in your rearview mirror. And you can't say, well, we had an emergency.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You have an emergency, you got to figure out a way to pay for it because you can't borrow money. No more credit cards. You have to stop it because you're going to wake up at 81 in the same situation and then 91 in the same situation. Because the math you keep and the excuses that you're using to get into debt, those are not sustainable. That's exactly what Jade's pointing out to you. So...
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You can still do it, but you've got some tough choices ahead of you, kiddo. This is The Ramsey Show.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay. Yeah, so at 48, you'll be back to a paid-for property. And you'll never lack insurance again. I bet you don't make that mistake again. And no more car payments. No more car payments.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
What if one night could change your future? You don't have to stay trapped in the same old patterns that have left you stuck in your money, relationships, and your life. You can break the cycles that have kept you from moving forward. Dr. John Deloney and I will show you how live the Money and Relationships Tour is starting this week.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Join us in Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City. It's down to the wire, so grab your tickets at ramseysolutions.com slash tour. That's ramseysolutions.com slash tour. Folks, if you didn't know, we have the Ramsey Network app that you can download and watch and listen to all of our shows that the Ramsey Network puts on for free. It's completely free.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And the third episode of the daily show that we do here is only on the app or on talk radio. So you can get that always by listening and watching on the Ramsey app. And a lot of other things that are available there, you can search different questions there, and you can leave us a question. Today's Ramsey Network app question is from Richard.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Mama needs help. You can't borrow to help her.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So, honey, your mom and I aren't married for a reason. Yeah. Because your mom's not a very smart woman. And I'm not going to participate in her stupidity. And so I would love to teach you a better way to live and a better way to get your education. And I'll be happy to put some money towards your education, really as much as you need, as long as you're doing it in a way that is wise.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
No more. It's over. Because you got this start now, but you're starting in the hole again. And so we don't like to repeat this process. Okay. All right. That's a big deal.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
When you're borrowing money and dropping classes on a whim, none of that is wise. And I'm not going to participate in that. And if you feel like a schmuck because your ex-wife is a travel agent for guilt trips, she doesn't get a vote anymore. That's why we call her the ex.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
No, he said he's not co-signing.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah, because she's not wise. Yeah, that's what I'm saying. She's under the direction of not a very smart woman known as her mother. Yeah. So, yeah, I mean, it's... No, I have no idea why the guy feels like a schmuck. There's a lot of possibilities. I'd also love to know how long the daughter's been in school. Your ex-wife doesn't get a vote.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And as long as your daughter is like a little puppet, hand puppet for your ex-wife, and she's opening her mouth and your ex-wife is coming through, being channeled through your daughter's lips, she still doesn't get a vote either then. And so if I can sit down with her and separate her from this stupidity and have a clean conversation as an adult, I'll help her. But I'm fine not helping this kid.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
I'd also... I don't feel like a schmuck at all. Just no. I'm not going to participate. You're doing cocaine. I'm not giving you the money for cocaine.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And she's not even, you know... Without a degree. Without a degree. She's run up all this debt. Yeah. And she drops classes on a whim. College may not be for her. Does not associate tuition costs with cash. And this kid's a, you know. And that's why this woman's ax. So X means you don't get to vote anymore.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You lost your vote. It's like a felon. You don't get to vote anymore. It's X. That's what you call it, that.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
She's over there drinking. She didn't worry about class. Yeah, she's going to have to. Beer pong. Beer pong and dates. That's what she's doing. Am I wrong?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
It wasn't invented back then. I've come into that knowledge since college, but oh my gosh. All right, Randy's with us. Randy's going to help us, I hope. Randy's in Springfield, Missouri. Hey, Randy, what's up?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
No, there is no debt snowball. You're starting the baby steps over because there's not a debt snowball because there's no debt except the house. The house is baby step six.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Because single stocks are too volatile for those things. There's no single stock on the planet I would put my emergency fund in.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
No, very seldom. Here's the deal, because what happens if you pull up your company stock, they give you a 15% discount. That's regulation, right? Right. Yeah, that's standard. Everybody gets that. So if you pull up the company stock and look at the 52-week high and 52-week low, it generally is greater than a 15% swing back and forth.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So you could lose the money as easily as you could make money on it. It's just not – it's too volatile. It's not a game I want to play. And if you find a stock that goes up every single week for 52 weeks, you found a very unusual stock that you happen to work for that company. But the 15% discount is not enough for the volatility for the risk
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
that you get if you had a 50 yeah you probably make some money on that and you could roll in and out of it in 90 days or 30 days or whatever the window is you have a certain hold time on it when you get it you can't just sell it the next instant but um most of the time anyway but um so yeah no i don't i just don't play with a single stock game i don't play the single stock game even if it's the company you work for i agree
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So you're going to build your emergency fund of three to six months of expenses, and you're going to do that out of the 230 when you get off the phone. Then you're going to start saving 15% of your household income into retirement. And you're going, well, you could even save everything towards the house until you close on the house. When you close on the house, put it on.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Too much risk. Too much risk, particularly for your emergency fund or sinking funds. Particularly. Those ought to be just high-yield savings accounts. Kelsey's in Amarillo, Texas. Hi, Kelsey. How are you?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Better than I deserve. How can I help?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah. You need a bigger house. Why?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
But that would be like a decade from now.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
It does. If you want a bigger house at Baby Steps 4, 5, and 6, and it's still 15% of your take-home pay or 25% of your take-home pay on a 15-year fixed, and you still have a game plan to get it paid off, that's fine. But I don't think you use the reason that you were using to go get a bigger house because you don't really need a bigger house today.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
But if you want one, you could go do it mathematically, and it still would be inside the Baby Steps. But the fact that you might get another person in the next 10 years, no, we don't need a bigger house for that.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah. Everything you can. Let's, let's reduce the debt as much as possible. Get on a very tight budget on the building. Don't let the building budget get out of control. No scope creep here. Like, oh, I need 1,000. I need 1,000. No, just chill. Just get the house back up. You can add stuff to the house later. Don't let the scope creep hit you on the building budget.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Jade Washaw, Ramsey Personality, is my co-host today. Raquel is with us in Los Angeles. Hi, Raquel. How are you?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Better than we deserve. What's up?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So you're brand new to the show.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So you kind of expect me to tell you to sell the Bitcoin.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
That would be fairly predictable if you've been listening at all.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
It's speculation at best. It's not an investment.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Let's reframe it for a second, Raquel. Here's an interesting way to look at it. If you didn't have a Bitcoin, would you go and borrow $110,000 from your in-laws to buy a Bitcoin?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
By not selling it and instead borrowing to do the other thing is the exact same movement. You just skipped a step and acted like it didn't happen. But in essence, you have borrowed the money to buy the Bitcoin since you could have sold it and not borrowed the money. You see what I'm saying?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
From a decision framework perspective. Yeah. And so, yeah, that reveals how much risk is involved here. So a couple of things we've discovered is there's a difference between investing and speculating. Investing is when you have a five-year or 10-year time horizon with an investment that has a track record, a history of 10 years or so or 30 years or whatever.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
For instance, if you're buying a rental property, you would say, okay, I can look at properties in that general area and say over the last 20 years or 30 years they've done this. And I have a holding period of 5 or 10 or 20 years on a rental property. That's an investment, a mutual fund that's been open 10 or 15, 20 years.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And you can say the track record is X. And based on that, I'm going to buy it not for a short hold but for a long hold. When you buy something for a short hold, to flip it, that's called speculation. It's not called investing. It's not called domestic. And so you're giving the wrong names to these things. And that tells us that you put the wrong weight on it.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Then let's get in the thing and then put it on a 15-year fixed and then pay it off as early as you can. And then that'll move you back into a position of strength. Always carry insurance folks.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And the fact that the only money that you have is a high-risk speculative investment. See, I almost did it. A high-risk speculative item. is very dangerous for you. That's point number one. Point number two is the borrower is slave to the lender. When you borrow money from someone, you by nature change the quality and the texture of the relationship with them.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Your Thanksgiving dinner tastes different when you owe your in-laws 110 grand. They look at you going on a cruise differently when you owe them $110,000 than if you don't owe them $110,000. And even if they don't say anything, you can feel the eyes bearing into the back of your soul. You know what I'm talking about? And so don't change the quality of that relationship, number one, like Jade said.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Number two, don't have your nest egg in something that's built for speculation. If you want to speculate on Bitcoin, it would be a small percentage of your portfolio because you're trying to make quick money on it. It's not a long-term investment horizon.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So if you want to speculate on it, I'm not going to yell about it, but where I get upset about Bitcoin is when you've got everything you own in it. And you're counting on that. And if you go back and look at what short track record we do have on Bitcoin, it's extremely volatile. Right. So, I mean, you like went to Vegas with your nest egg.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Okay, so how much do you have in your real nest egg? You called this your nest egg.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And how much is the Bitcoin? The Bitcoin is $100,000.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
That would be a really good move.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You've done ultra high risk things that are extremely volatile in all three categories compared to more standard investments. And the tortoise wins the race every time I read the book, the tortoise and the hare. And you've got everything over in the hare bucket instead of in the tortoise bucket. and the people that build wealth are not the ones that take as much risk as you all are taking.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So if I could talk you into it, and I doubt I can because I've got the wrong person on the phone, and the other guy's the one doing it. But if I could talk you into it, Jade and I both instantly said sell it all.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And pay a huge down payment on this house and get you something that's stable. I mean, owning a home in Los Angeles, freaking great investment, a great investment. And that's the direction we would go if we woke up in your shoes. I don't know if I can get you there in one phone call.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah, he's the administrator. Yeah. And so that's yeah, he's the one that's doing all this stuff. So he's not going to let go of it as quick as she did. But I.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Look. Because, again, if you chart gold, silver, and Bitcoin, and you look at the peaks and the valleys, that jump up and jump down, that represents risk. And you put an overlay on that, like with real estate. Real estate would look seriously boring.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
That's everybody. That's everybody. You need to be looking, you need to be looking at what your coverage is every year, especially with values increasing the way they've been increasing.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
If you put an overlay on that with a good growth stock mutual fund, compared to the peaks and the valleys, you'd see these huge mountains and huge valleys. On Bitcoin, gold and silver. And you would see mutual funds going, but it's real steady over like a 10 year period of time.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And you would just be you'd be dizzy with the craziness of gold and the craziness of Bitcoin. Yeah. And so it's just a high risk speculative thing. It's not a good investment for that reason.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
If you want to play roulette, if you want to play Texas Hold'em, if you want to speculate, if you want to do house flips, if you want to do day trading of single stocks, those are all things that fall under the heading of speculation. But speculation is not gambling, but it's more akin to gambling than it is investing. We use the Vegas metaphor, but it is closer to a Vegas...
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
roulette wheel than, in terms of risk profile, than standard investing. And that's why we would always take you there. So it's an interesting call. Thank you, Raquel. Good call. Yeah, and thanks for clarifying with us where you were. But yeah, I don't own any Bitcoin. I don't own any gold except one watch. That's it. And I own real estate that's worth probably $600, $700 million worth.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And so, um, and the cost of construction increasing like cost of construction, which is one of the elements of value of market values, cost of construction. So yeah, you've got to always update, update, update, update, and make sure you've got the proper amount of coverage to do full replacement. Um, In the old days, you could buy a replacement policy.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
um and i don't buy gold and i don't buy bitcoin and i don't speculate i don't day trade stocks and i don't do i don't do quick flips i'm just a long-term boring tortoise it's worked really really well this is the ramsey show
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Our question of the day is brought to you by WhyRefi. If you've got defaulted student loans that don't let you gain any momentum, we get it. No judgment, but also nobody's going to come bail you out. So take charge if you've got a defaulted private loan.
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Don’t Throw Away Your Long-Term Security for Quick Fixes
student loan get in touch with the people at y refi they offer refinancing at a low fixed rate help you get current and then get out of debt that's the letter y r e f y dot com slash ramsey might not be in all states
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Well, I don't know that she's asking about investing. Does the suggested four different mutual fund strategy apply when a couple's older? She wants to maybe put it in something else, the million and a half.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
That's what I get from that. Because, of course, the asset allocation model says that as you get older, you should move towards bonds and money markets, which I disagree with the asset allocation model. I think it's a bad theory. So here's the reality, Meredith. These people are not really running this million and a half investment portfolio for themselves.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah. And it would automatically, whatever the value of the house was, it did that. That's what it is, yeah. State Farm was the first one to do away with that because they were getting cleaned up. And State Farm's really interested in State Farm.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
They're running it for the next generation.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
They're never going to touch it except for the RMDs that they have. They're required minimum distributions that they're taking off. They're living on that and on the seventy five hundred. And so they're actually at 75 and 72 investing it for the next generation. So they have a long investment horizon for you. She said it's her grandparents, right? No, her parents. Her parents.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
They're investing it for you. And so I'm 64. I will not move anything out of those four before I die. I'll be in those four categories all the way to death because I likely will never touch it. And so I'm actually investing it for Rachel, Denise and Daniel, my kids. And so, um, they will get that, uh, upon my death or upon mine and Sharon's death anyway. So, um,
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You know, that's what that million and a half is doing. So it's going to grow better across those four than if you start dumbing it down using this stupid asset allocation thing. And that's what she's heard about, I'm sure, is to change the mix of the portfolio.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
I don't know. Yeah. I don't know.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
I'd have that 1.5 across the four mutual funds. I do have that 1.5 across the four mutual funds. And I'm slightly younger than them by about 10 years. But still, same theories apply in that situation because they're not going to draw this all out in the next five years. I promise you, they're not going to draw it all out in the next five years. They're multimillionaires. They're in great shape.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
They can do anything they want to do without even touching it. I mean, they already have $150,000 a year income. And so they're fine. They're fine. And that's what I would do. But I think that's the essence of the question. I could be wrong. So good question. Thank you for writing that in. Luke is in Harrisburg, Pennsylvania. Hi, Luke. How are you?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And so they were getting their clock cleaned with this stuff, and so they changed it, and they have a large enough footprint in the homeowner's insurance business that it started changing the whole business. And for a few years there, you could get some of the independence to write replacement costs, but hardly anybody will do it anymore.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Brought to you by the EveryDollar app. Start budgeting for free today. 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. Jade Walsh, our number one best-selling author. Ramsey Personality is my co-host today. Open phones here at 888-825-5225. Jamie is in Dallas, Texas.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah, what did you buy? What kind of truck?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So $60,000? Yeah. Oh, okay. Sell it. Okay. The guys in the construction business that make real money drive $5,000 trucks.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Their hands are gnarled. They can build anything. They can see stuff in their head that nobody else can see, and then they can make it come to life. You know those guys? Yeah.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Yeah, I do too. I grew up in the business. And they're incredible human beings. But they drive all junk trucks because they don't give a crap what you think about your truck. Yeah, right, right. You get rid of the truck. What else did you buy?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You're broke. You don't need an investment property.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
What else? I'm feeling so much lighter already. I was heavy for a minute, but now you're getting lighter.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
It's pretty much stated value now, and you've got to go back and just revisit it every year and make sure you raise it. You'd think they'd come in and raise it once you raise it because it raises the premiums. That's true. But they don't follow up, whoever it is. None of the insurance companies do. So make sure you get a review with your insurance broker every year and raise them.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
No, if you can sell it to another investor, sell it. What do you owe on it?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
See if you can get somebody to buy it. Maybe somebody wants a renter until next January.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Or you could pay the renter to leave. if you put 60 grand in your pocket or 40 grand in your pocket and pay the rent, pay the rent or 5,000 bucks to go away. Yep. I'll do that. Cause you, man, you've been buying crap instead of working.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
I would give, I would give yourself six months of new zeal and enthusiasm to learn how to run a business. And during that six months, if I can't get my act together on running the business properly, then I'm going to go to work for somebody that knows how to run one. Cause I know several people doing what you're doing that have a net taxable income of in excess of 300,000 a year.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You have the ability to make a lot of money, but you've got to learn how to run the business. Yeah. And that involves like you're estimating has to be on your times. How long is it going to take to do the job? And you're estimating on the cost to do the job, the cost of the materials, the cost of the labor to do the job has got to get so dialed in that it's almost perfect.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Then you're delivering the job to the customer on time and on budget, and they're going to love you, and they're going to send you so much business you won't be able to beat people off with a stick, and you'll make so much money.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
But you need to learn to run what's called a job cost, which is a P&L on each job, a profit and loss on each job, so that you learn your estimates and where you're off on your other estimate, and then you can correct and get your estimates dialed in. If you could push that button for six months, I think you could get this moving. If you can't, then it's okay to go to work for somebody.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
There's no shame in that. And go watch them learn and learn from them on how to do it. And do this on the side. But yeah, you went in business and then you went and bought a bunch of stuff. And you need to sell all that stuff to get your life back.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
There we go. This is The Ramsey Show. No matter what you want.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And that's what Jamie faced there. That's so sad, Jamie. I'm so sorry y'all are facing that. This is The Ramsey Show.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Thanks for hanging out with us, America. We're glad you're here. Open phones at 888-825-5225. Well, guys, listen up. The new book, Build a Business You Love, is officially here. Launch week was awesome. We've been doing the rounds on all the podcasts and the shows. We've been getting the book in the hands of small business owners, tens of thousands of you.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
And as a way to celebrate the launch of the book, our friends at Amazon Music have a Build the Business You Love featured billboard in Times Square in New York.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
It is, and it's a little much. But it's huge. I mean, massive. So there you go. Thank you to Amazon Music. We appreciate it. You guys heard me say this over and over. Small business owners are the backbone of the American economy. This book is the exact system we've used to teach people to grow their businesses. Like we grew this one from a card table in my living room to where it is now.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You can listen to this book and The Ramsey Show on Amazon Music Unlimited, which now includes Audible. Go start listening today. Abigail is with us in Baltimore, Maryland. Hey, Abigail, welcome to The Ramsey Show.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Well, thank you. How can we help today?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Why do you have no income coming in?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
How much is your house payment?
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So it doesn't take a lot for you to stay afloat.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
couple of grand a month and you're afloat yes yes but that's the problem it's just getting that that money so no it's not it's not really a problem i mean she just told you what to do there's online work you can sign up for with a headset by the end of the day and you can make you can make two grand a month yeah you make 100 you can okay yeah that that's what you've got to do so um you said you said you were praying about this so are you involved in a good church
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Have you contacted them about sitting down with you and coaching you and counseling you?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Okay. So yeah, that's when you mentioned the house, my brain always goes to that because a lot of times a couple will go buy a house based on the two of their incomes. And it's like, okay, this is great. It's 25% of our salary. Then suddenly one of those salaries dips and it's like, oh, crap. This mortgage is suddenly very expensive.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So that's kind of the equation that I am looking at is that if that's what you foresee happening, then maybe what you were talking about comes back on the table. But I don't know. I'd have to know more about your mortgage and what you guys' plans are. But that's something you do need to be thinking about and talking about because –
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
We would say here that once that mortgage creeps up above 25% of your take home, that's when you're really going to start to feel it. Especially when it's greater than 30, you're really going to start to feel it. So that's just something to keep in mind as you guys plan going forward.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
eight nine yeah so you're good now but you're good now hey by the way i could just tell by the way you were searching for those numbers before you get off we're going to make sure you have every dollar so that you can plan for every dollar yeah no every dollar that's coming in and out the budget really will help you guys john i mean honestly do a really really detailed budget and start cutting stuff because when you're living when you're dinks making 120 yeah you're
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Okay. What are you going back, like what's the end goal here?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Yeah, you could do that. Yeah. What's your wife saying about it?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
What's the worst that happens? You start the program, you realize I'm very busy, like too busy, and then you cut back on some of your work hours. Would that be possible?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Yeah, do it now while you're still just a couple before kids come involved and all these other things. How are you paying for it? Are you working your way through? Is that...
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Now, when you say that's the idea, I just want to know that that's actually the plan. You've really put thought around the numbers and everything. It sounds like you're kind of guessing at it.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Yeah. I think it's worth it. Short-term sacrifice, long-term gain. That's the way we'd say it over here. So, yeah.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So but what would be the other option? I mean, we didn't really ask you if you didn't do this one year thing. What's the other option?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
I will say, I mean, when you first said it, I was more along the lines of, yeah, just do it. Yeah. Is it something you could feasibly do? I mean, working a full time job and being in school full time is no, like, that's not a cakewalk. Would you be able to meet the requirements fully of both?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
I think you guys put some guardrails in place. Right. And, and because here's the thing, if you start this program and, Let's say you get the first semester in, and then you get – can you reevaluate after the first semester? Absolutely, yeah. Yeah, so you do the first semester. You guys kind of have that check in. How do we think this is going? Can we do another one?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And if everybody feels good, you green light forward.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Right. It sounds like two things, or one of two things. A, something happened in the past, and she or someone she knows lost money in the stock market, meaning they took money out when it was at its lowest point.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
OK, that's where it is. So that's where it's originating from. And then that lack of knowledge is continuing till today. So first off, I think what she's not understanding is that when her dad pulled that money out, he's the one he locked in his losses when he pulled the money out. But had he have left it in, he would probably have time. What's the story with the dad? What happened?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So somebody needs to play out the scenario. I'm just trying to put myself in your shoes. If this were my husband, I'd say, well, okay, we know what happened when he pulled the money out. He lost a bunch. Has anybody ever played out what would have happened if he didn't pull the money out? And then I'd look at that scenario because I think that'd be eye-opening to say, here's the thing.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
If that money had never come out today, here's what it would be worth. And that kind of shows the truth of how the stock market works. So I think this is a really delicate situation because, like you said, it's touchy because money was, quote, lost. But you don't it's hard to say, hey, the mistake was on you. You're the one who pulled it out. Right.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
But even though that's kind of the truth, you've got to be looking in the mirror.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Well, let me ask you this. What areas specifically do you feel like you were missing? And what are those areas that you want to pass along? Was it, like Rachel said, was it budgeting specifically? Was it the dangers of debt? What was it that you feel like, man, if only I'd known that, that would have really, really helped me. And that's the thing that I want to make sure I hone in on.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And being willing to learn something new outside of a previous experience. That's the hard part.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Well, I think, I think the best thing you can do, I mean, I'm, I'll speak to it from one area. I'm sure Rachel will speak to it from another. So my kids are young, five and seven. And right now, the most important thing that I can teach them is like the value of a dollar, right? Money comes from hard work and there's a value on that. And the value is not unlimited.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
The value is to the extent at which you work, right? So that's the most important thing I can teach them right now. If you work hard, you get money. The more you work, the more money you get, but it's not infinite. You go to the store, there's a price tag, right? So I'm teaching them that, hey, one thing really equates to the other.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Buy it outright. What do you think it would cost for you guys to get what you want, you know, in Indianapolis? Yeah.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Wow. Okay. That's a lot less than I was thinking when I look at the median home price in the United States.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
I'd probably sit with a smart investor pro and figure out how to invest a good portion of it.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
It is like that sometimes, although it's not always financial. So keep that in mind. But yeah, I, what Rachel said, I'd probably, I'd upgrade the cars. I take my time on this. Right. I think that's the big thing. Like if you just go out and it's kind of like shopping spree and you buy a house and buy two cars and it's like, I feel like that's probably where you could get into no man's land there.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
But yeah, take your time buying this house, take your time doing your research, just as though this money were never there. How would you take your time to do your research on these things? Right. And then, yeah, I would set aside three to six months of expenses. I throw that in a high yield savings. You guys come up with some things that might be important to you on the giving side. Yeah.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And then that investing, if you invest a good chunk of this and let it grow and just set it and forget it, that's going to be really, really great for your legacy.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And what comes along with that is they realize, oh gosh, I got $5 from doing this work. And the thing I want might cost $7. So now I have to now wait. So there's the delayed gratification that I'm teaching them. So I feel like at a younger age, those are things that they can pick up on and truly I do feel like that's one of those things that you do have to teach. It doesn't really just pop up.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
in conversation, you have to teach them that. And you can do that through chores and through commission and that sort of thing. And then as they get older, yeah, there's other principles like budgeting that you start to teach. And then as they get older, then you start teaching them about debt. And honestly, my son has already kind of asked me about debt and like, what does it mean?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
All right. Today's question of the day comes from Patrick in Connecticut. He says our current mortgage balance is $850,000 and we also have an $8,000 car loan as our only other debt. My wife wants to get a $1.5 million loan for a second larger home and cash out our single stocks for the down payment. We earn $350,000 a year. I'm
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
I am losing sleep over this idea and it feels like we're going backwards. I want to invest more in retirement and save for our kids education. She wants to sell our first home later on to pay for college costs. What would you recommend that we focus on? Okay.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So just to clarify, she wants to keep the current house that's $850,000 and then cash out stocks to put a down payment on a second home that would be worth $1.5 million. And she's like, hey, it's all good because in the future when it's time to pay for college, we can just sell the $850,000 house that'll likely be worth more. Yeah, I don't like this. I think that what you're feeling is correct.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Yeah. You're just having a lot of skin in the debt game. Yes, a lot of risk. It's a lot happening. I wonder why she wouldn't just... I mean, he's not on the line, but I wonder, in my mind, it's like, okay, if you want the $1.5 million house, sell the previous house, take the proceeds, and roll it to the $1.5 million house.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And yeah, you can start to say it means you borrow money from someone and you have to give it back to them within a certain period of time. And this is the way it makes you feel. So all of that, I think, Obviously, they do learn by watching you. But there is a deeper level that when you can explain things further, they're going to understand it on a deeper level.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
You're going to be carrying two mortgage payments. Think about the... So really what we're saying is think about the opportunity cost on it and what that's going to cost you long term. Clearly... She's not interested in thinking that way today. But you have your work cut out for you, Patrick, but you are correct. Don't do this.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
We are. I don't know why I'm totally reading too much into this question, but I feel like she's just out here trying to live that life. I'm like, you guys are in Connecticut. It's super expensive. I always think about sometimes when you're in an area that's super expensive and you see how other people are living. you kind of feel like I have to be doing that as well. Yes. Yes.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
But that's not, that's not the reality. I always think about basketball teams. Right. And it's like the, the, the Jimmy Butler's, they get paid the big dollars, but like the seventh and the eighth man, they, they don't make what Jimmy Butler makes. So if you go out with Jimmy Butler, you can't get what he gets. You know what I mean? Like you can't live that life.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So anyway, I don't know why I feel like she's just trying to live the life that she's seeing other people live.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Are you allowed to sell the house that your parents got you and use that money to put towards living expenses in the more expensive area?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
But the way you set it up, I mean. To be honest, the way you set it up, it sounds like they're in this they're in the doctor field and they've been so supportive. It feels like based off of what you said, that they would understand what you just explained to us that, hey, my residency really matter. I mean, have you talked to them about it and what do they say?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Yeah, I'm also I also have questions about the vocabulary you're using about they bought the house for you. It's it's in their name. So I yeah, it brings up other questions, which is, is this really my house? Does this mean we can sell it when I'm ready? Or is this a is this something that they're viewing as just a rental? And for now you're the one living there.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And when you move on someone else, like it just brings up a lot of other questions that I have.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Well, I mean, you don't – I mean, it's a – don't get me wrong. When somebody offers that, like, on face value, it's a great gift. But at the same time, you don't want it to be, you know, golden handcuffs that keeps you chained to an area.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Can I ask how stringent this prenup is, like how strict it is? Because when I've heard calls about this before, my question is always, is there a way... that this can be more progressive, that maybe over time and over years, some of the restrictions fall off?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Does that make sense to where it's like the longer we're together and the more that this feels right, some of this starts to fall off and now we start to become one. And after a while, it's all gone and we are one. Is there anything built in like that?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
I think I would be wondering about that if I were entering in that marriage, like how how can we protect what you've already created? But how can I be a player and how that grows from here on out? Like, how can I be a part of that? I think I might be wondering about that. That's tough, man. Yeah.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Yeah. This one's hard for me. I see.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
No, I'm not. I would not go that far. I think it's just it's. It is a very tough way to start out a marriage, clearly, because we're dividing yours versus mine. And everything else in the marriage is we say we, us, our. So it is tough. And if you're a person, let's, you know, I'll put myself in the shoes. Me, I've always viewed, oh, when you enter a marriage, it's like this. Yes.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
you don't know who you're going to fall in love with. And that person happens to be loaded. And now suddenly you're like, oh, this picture I had of it being ours is not possible. That's just tough.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So when you did the when you did the inspection to purchase the home, it didn't come up on the inspection, but now it is. Can you clarify that for me?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Is that how many? OK, so let's keep I think for for now we keep the mold separate from the basement not being to code and find out. Because here's the thing. If you get the mold out of the house and you're ready to sell the property, then you can say you can sell it. You can feel good about it. There's no mold here. The other question. But I did have the question.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So you're telling me your inspector missed the mold and missed the fact that the basement wasn't to code.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And there's nothing on him. He's completely... There's no liability towards whoever did the inspection. And that's what the lawyers are saying?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
What's the point of the DACOM inspection? What's the point of it?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Why can't you just put it on the market? You've purchased it. Can't you just put it back on the market for sale? Why does it have to go into foreclosure? I guess is what I'm saying.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So what if we said this? What if we said, let's get a couple of opinions on what it's really going to cost to get this remediated? And then do you have any money anywhere? No.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
What do you get for the disability per month? About five.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Okay. And then what do you take home from your actual job? Take home? Per month. I would say about five. So we've got 10K a month. How many kids? Two. And how much is this mortgage out of your take home? $1,500. $1,500? Uh-huh.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And we'll give you every dollar so you can really plan this ten thousand dollars a month to make that happen.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
And can you kind of list through the different types of debt that the $130,000 consists of?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Okay. How do you feel about the house? I would not look at this and go, immediately we're selling our house. I kind of feel like that's a last ditch effort, unless there was some other reason around this. Maybe if you were thinking about moving anyway, or this was something that was coming up kind of naturally, I might consider it. But in this case...
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
You know, you're in debt to the tune of how much you earn, which is sadly very normal. I think we come across that a lot. So in this case, I'd be thinking, OK, how quickly do we want to get this done? And what's our plan to do that? How are we going to increase our income for us to make this happen? Right.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
So the cars, I'm looking at them. I'm guessing that you're probably going to keep them. You can tell me more about them. You can tell me what they're worth and what you owe them.
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
Oh, congratulations. Okay, okay. That's great. Yeah, I mean, it's great that you're right side up on these. You could consider downsizing them. I don't know that I would. What are the payments on both of them?
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
uh 400 for the suv and then 415 for my sedan wow it is a lot in payments i mean it's 800 a month there i just don't know i mean maybe you keep one and do the other that's a beater you could consider that um and then go ahead do y'all have any money saved john
The Ramsey Show
You Won't Win With Money If You're Not Aligned With A Plan
There's also the other conversation that I think of whenever somebody calls and the wife's having a baby and that's kind of sparking things. Do you think that she's going to want to stay home? Is that what you're –
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. 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.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah. I mean, you're going to buy at 70% of value minus repairs, and you can expect to net 13% on that formula. Okay. Because when you list a property at 100% of value, it never brings that. It always brings 96% of value or thereabouts or less. And then you're going to give up closing costs. You're going to give up some points to commissions.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And you're going to net walking away about 88% if you're lucky, okay? And so that means you're making 13% to 18% on your money. But if you do that three or four times a year, that starts to sound like 40% or 50% on your money, right? Right.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay, so you're like me. You're the nerd in the house, and she's the free spirit.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And so it's that that's per deal. That's not per annum per annual. So, uh, but that's the kind of, you know, and what are you looking for? Needle in a haystack. But that's the formula that flips really work on. That's what I've done 2,000 of them. So that actually does work.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, you're not going to get to 300K off of 600K. He's looking at more like a few grand a month. I'm trying to figure out a way he gets in the real estate business and makes two or 300,000 bucks a year doing something in the real estate business. So it's probably going to move into that gradually while taking the $250,000 job.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And go ahead and start doing them as your side job. You know, start going, okay, I'm going to do flips as a side. I mean, you can do three or four flips as a side job without a trouble in a year, and you make some money and learn the business, and then you're not just throwing 600K against the wall and hope it sticks, which is what these people on the social media crap do. Yeah.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But I'm talking about people that actually really do this. Now, I will tell you, folks, I'll remind you, okay? We looked at, on average, I kept our averages real close. It was close to 200 properties we looked at to buy one.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Most people aren't willing to put in that level of work. Well, and that's why they lose money. Because your money on a flip is made when you buy it. You've got instant equity. You've just got to play it through. You've got to get the paint job done and the roof changed and the kitchen gutted and then put the thing back on the market as quickly as possible so the money turns as fast as possible.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And then you've got to hold to your price and you pay cash for it so you've not got some banker looking...
The Ramsey Show
Hope Is the Difference Between Victim and Victor
in your ear hole and telling you what to do because bankers are idiots so um that's the last person you want running your business um believe me and so you know all of that you're paying cash for it so you buy a two hundred thousand dollar property you're buying it at 140 and he's 20 repairs which means i'm buying it in 120 put the 20 in it and i got 140 in it i'm going to make 10 to 18 percent on that on average when i roll that money over
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Sure, but if we were to ask you who the detail organized person is in your house that actually kind of has a love affair with spreadsheets, it would not be her. No, it would be you. OK, that's my point. OK, so, you know, we used to do this long riff in Financial Peace University about nerds and free spirits.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But you're looking forever to find that deal.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's a full-time. I mean, this is going to be a lot of work. It's going to be a lot of work. But I think you can do some on the side and begin to get your foot in the water. In the meantime, go back to making some good money. You're only 40 years old. This is The Ramsey Show. Hey, listen up. Everyone is at risk of identity theft.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio. All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards. They all store your info online, making them ripe for a cyber attack or data breach.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Visit Zander.com or call 800-356-4282. In the lobby of Ramsey Solutions on the debt-free stage, Keegan and Yvonne are with us. Hey, guys, how are you? Good. Great. Where do you all live? Lexington, Kentucky. Awesome. Beautiful area. Yeah.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Nice job. Yep. What do you all do for a living?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Uh-huh. And I work in sales and pools. Okay. Very good. So business is good, huh? Yeah. In both cases. Yep. Because your incomes have gone way up. Yep. Yeah. Excellent. What kind of debt was the $149,000? It was actually our house.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
44 both yeah wow what's his house worth yeah i say 800 he says 650 yeah probably 650 in reality yeah probably 750 i think she's right yeah all right she wouldn't sell it for 650 i can tell you that no
The Ramsey Show
Hope Is the Difference Between Victim and Victor
good way to go how much money in your old nest eggs your retirement accounts and so forth um about 240 000 okay so we're gonna call you 44 year old baby steps millionaires then huh yeah getting close wow i love it way to go guys i'm proud of you so a lot of what the world that's so cool man yeah a lot of what helped too i did a side hustle uh-huh what was that
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And one of the things we would teach the nerds is once you lay the budget out, slide it across the table to her. And rule number one is shut up. You're not allowed to talk. You're only allowed to force her to talk. Rule number two is the free spirit must change some things in your perfect little budget. Otherwise, it's not our budget, it's your budget, and that's what she's griping about.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So no competition to the boss. That's good. No. Very good, man. Very cool.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Probably what you have discovered in the pool space is that if you actually show up. Yeah. If you just do that, you don't have any competition. There's no competition because they just don't even show up, much less, you know, and you charge almost anything you want because you actually showed up. It's crazy.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
They don't know what they're doing and they don't show up. Can you tell this has happened? So anyway, very cool, man. I'm so proud of y'all. So what happened? Three years ago, they got you on this whole thing and this Ramsey thing. Because you all have been married a while, right?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah. Celebrate. We're glad you're here. We're proud of you guys. Yeah, thank you. I'm sure your mom's proud of you. She made the trip with you to cheer you on, right? How does it feel to be 44 years old, have no payments in the world, and already be millionaires?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Nico. All right, well done. Good stuff. All right, it's Keegan, Yvonne, and Nico. Lexington, Kentucky, $149,000 paid off in 36 months, making $136,270. House and everything. That asset added with their other assets makes them baby steps millionaires. They followed the baby steps, and they did it at age 44. You're looking at real people that did it, boys and girls. This is how it's done.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It can be done in America, but you have to take the bull by the horns, and they did. They did it. They took the pool equipment out and used it all evening after work and used it to get out of debt. Well done. Good stuff. Keegan, Yvonne, and Nico, count it down. Let's hear a debt-free scream. All right.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Oh, I love that. That's incredible. I love it. Very well done, you guys. Fabulous. Hey, the point is it can be done. And the point is it's not easy, but 100% of the time it's worth it. I've never had ever have I talked to someone that I talked them into sacrificing to get out of debt. I always ask, was it worth it? 100% have said yes. No one said, oh, Dave, it was awful.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I wish I had stayed in debt. I would have been better off. No one has ever said that to me in 35 years of doing this. 100% of them feel better. Free. Financial peace. Two words that don't go together like airline service. This is the Ramsey Shot.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, that's just an immature pouting.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
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The Ramsey Show
Hope Is the Difference Between Victim and Victor
That's immature pouting. She's having a little girl fit. Why is she doing that? I can't say anything. You know, you told me to say something. I can't say anything. Did you smack her down every time she made a suggestion?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
That's the letter Y-R-E-F-Y.com slash Ramsey. Might not be in all states.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, Justin, you would be correct. This is a great philosophical... The pie theory is someone that is ignorant of basic economics. The size of the economy shrinks. That's called recession. Grows. Grows too fast and too much. It's called inflation. The economy is constantly growing in size. The number of dollars moving around the economy today is way different than it was in 1776, darling.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So this idea that we've simply been swapping the slices of the pie around since 1776, we would all still be living in log cabins shooting muskets. That's dumb, okay? Obviously, the economy, the size of it changes. Someone that believes that by getting money that someone else is being taken from automatically is a fixed pie theory, and it just shows ignorance of economics. It's that simple.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
A good way to explain, I love Rabbi Lappin's picture. It's one of my favorites of all times on this. He said, the economy, and he's an Orthodox Jewish rabbi, wrote a wonderful book called Thou Shall Prosper about prosperity. And he addresses this exact issue. He says, the economy is not a pie where if you get a bigger slice, someone else gets a smaller slice. The economy is more like a candle.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
When you light it, it doesn't take away from yours. It just adds light. And so the economy, because money moves just exactly like that, you can show several examples on how money actually grows. So, Justin, you're right. Innovation isn't a good example of that. And so money is literally created. And no one is the lesser for it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Now, if there were only two people on the planet, when George took some of my money, I would have less, he would have more.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
because they sold more of those little iphone thingies hello and that's where why apple has um you know more money than egypt literally and so um it's pretty crazy yeah but that's it and so it's economies are created and you can also another place to look at that i'm Egypt made it come to mind, but I'm not picking on Egypt. That's just a joke, but it also happens to be statistically true.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But if you go to a country that is underdeveloped, that has a weak economy, what is the difference in that and what we call a developed country where it has a strong and booming economy? It's not that one of them was issued a larger pie by God. It's that the booming economy grew
The Ramsey Show
Hope Is the Difference Between Victim and Victor
by innovation, by industriousness, by service, by whatever it is they're doing, and it causes the dollars or the currency. And the GDP will expand. The GDP, the gross domestic product, which is the total of all goods and services sold in an economy.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Right. Where do you want to do that? Because this has to balance when we're done. So which account, honey, if you want to raise the grocery budget by $75, which account do you want to take $75 out of?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And that's why some of these comparisons by some of these wealthy quality people are the people like they're arguing back during Obamacare, they're arguing about, well, Norway has free health care. Well, Norway's economy is the size of Atlanta's. It's not even in the same ballpark. It's like tricycles go slower than motorcycles too, honey. So, I mean, it's like no kidding. It's a different thing.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
They don't even belong in the same sentence. Again, just shows the sheer freaking ignorance of people on basic economic stuff. Well, Norway has free health care. Well, so does Murfreesboro, Tennessee. I mean, no, it doesn't. But I mean, good God, that doesn't even show up, y'all. I mean, come on. So it's the same kind of thing that goes on. But it always comes back to.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
The underlying emotion is hope versus hopelessness, is scarcity mentality versus abundance mentality. The people that, Justin, that are coming at you with this, they have Eeyore as their spirit animal. It's like, oh, it's bad. It's always going to be bad.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And there's perpetual freaking whining. It's unbelievable. Instead of getting up, throwing your shoulders back, leave the cave, kill something, drag it home.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, because I refuse to actually look at the real problem, which is the guy in my mirror. You know, it's like I'm going to blame Dunkin' Donuts because I have a belly because I can't stay away from their donuts. It's not Dunkin' Donuts' fault. It's Dave's fault. He eats too many freaking donuts. That's Dave's fault. You know, there's a reason I don't look like Mr. Universe.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And it's not Dunkin' Donuts' fault. Depends what universe. Well, that's true. But Krispy Kreme either, by the way. So we'll just be a multiple.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's their fault. They made an addictive product. All that sugar just made me want to stand over there every time the hot light comes on. Oh, my God. Am I a victim of this? No. Okay. So me too, boys and girls. Me too. But you need to decide who you're going to blame in this because it's the difference between scarcity mentality and abundance mentality.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's the difference between fixed pie and candles. It's the difference between hopelessness and hope. It's the difference between victor and victim. And all of these things line up, and those things are the things that are going to make you successful or not successful, not the fact that someone got yours so you can't get it out of the little fixed pie. I think I need a cheesecake now.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Oh, there's a lot of food in this, all these analogies.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
48. Why is she acting like she's 14? Unless you're really being abrasive or something in this, and I don't hear that in your voice, this pouting doesn't make sense.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I thought it was millionaire. I mean, I've heard everything. It's like wealth is evil. No, it's not. People are stupid. Wealth is not evil. Money is just like a brick. You can build a hospital with it or you can throw it through a window. The brick doesn't care. But when you put it in the hands of a human being, you discover whether that human being is a moron or not.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You discover whether they're a jerk or not. You discover whether they're a sweet, giving, generous person or not. When you hand people money, it doesn't cause them to become something. It reveals who they already are. Well, money ruined my children. No, darling, your children were already idiots. You handed them money and proved it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
That's not it. That's just ridiculous. So this idea that somehow wealth is evil. Well, I mean, the Bible says that money is the root of all evil. See, that's what happens if you get your theology off a TikTok. The Bible does not say that. It says the love... of money is the root of all evil, which is an indication not of anything about money or amounts of money.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's an indication of the character of the individual that touched it. So if you're going to practice dadgum Christian doctrine, actually learn it before you open your mouth. God, this stuff is so aggravating to me. And so this idea that somehow someone has done something wrong in America because they went and helped a lot of people and made a lot of money in the process.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
No one was pissed off when I sold a $12 book called Financial Peace out of the back of my car and I sold 10 of them and I was starving to death. When I sold 10 million of them, somehow people got pissed off. Now you're greedy, Dave. Now I'm greedy and I take advantage of poor people. Oh, my God. See, this is the problem.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If you ever read comments, if you read the comments after articles, you know why some species kill their young. So, oh, my gosh. Open phones here. That wraps that little rant up. Sorry to wind you up. I just wound him up and I let him loose. You shouldn't have given me caffeine and a good subject. And a good subject. There we go. I'll get you a donut for the next hour. Oh, I'll feel so much better.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
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 Camel, Ramsey personality, number one best-selling author, and host of the George Camel YouTube show that's a big hit on the Ramsey Network. Be sure you check that out. He's my co-host today.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Ah, Emanuel is in Raleigh, North Carolina. Hi, Emanuel. How are you? Good afternoon, Dave Ramsey. How are you doing? Better than I deserve. How can we help?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
All right. Well, to start with convincing, how old are you?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
When you're 22, convincing your mom and dad to do anything is very hard. Period. Yeah. Because you're facing what we call the powdered butt syndrome. Oh, PBS. Once someone has powdered your butt, they don't want your opinion, particularly on money or sex. So giving your parents advice on either one is very awkward, weird, and most of the time doesn't work. Right. Agreed?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
yeah if you want to throw in one more we can throw in religion that'll piss them off too and let's say you want to go completely sideways let's go on politics okay that'll get them really going and uh you know and we could talk about vaccines if you really want to get them going too but anyway yeah there's something to argue about all the time and you're not going to win an argument with your parents usually even when you're grown they have to get to be about 90 and senile before they actually listen to you
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay, so that's very hard. It can be done, but it's very hard. And if you are going to do it, you're early in the process. And the thing I've taught people, if you want to talk to someone about a difficult subject, don't talk to them about them. Talk to them about you. Tell your story. Right. Um, I, I, all I know is what happened to me, dad. I had $25,000 in debt.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I started working this 18 months ago. The $25,000 in debt is gone. I am so happy. I feel so empowered. I, I, and you just keep talking about how great your life is. Cause you did this and what you did tell your story in detail in nuance until he finally says, well, I wish I could do that. Well, I think you can dad. Could I show you? And then he kind of opened the door then. Right. Right.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But if you just talk to him about dad, you need to get your crap together. I paid off a whole thousand dollars and I'm 22. He's not going to listen.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, I had a buddy of mine when I was in my 20s that was a wild animal. He was out of control, drinking like crazy, doing drugs, rage, rage, rage, all this stuff. And he started going to this church and he met God. And it changed all that. And he completely, it was like a different human being. And I'm like...
The Ramsey Show
Hope Is the Difference Between Victim and Victor
dude what happened well once i asked you know he was happy to tell me about jesus okay but a guy from that church earlier in my life had come over and tried to tell me about jesus and i didn't care anything about listening to him because he's telling me about everything's wrong in my life and i don't didn't really want to talk to him about that and it was an unsolicited
The Ramsey Show
Hope Is the Difference Between Victim and Victor
opinions coming into my life but this other guy observed his life change and i wanted what he had and it's one of the things that caused me to meet god was that guy's life change you know and so uh that the same thing's true with you man and so you go you go get your crap together get yourself out of debt start making some money look like a different version of you a better version of you and they're gonna start asking you how you did that
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But the last people to come around are those that are the closest to you, particularly family. They're the last ones to come around. There are people in my family that still don't do this stuff. And I'm like world renowned. Like I'm freaking Dave Ramsey. Okay. And they don't. And the people in my family don't do it. Okay. So there's no, no, you cannot make people do stuff.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You just got to go, here's what it is, and you can do it or not do it. And here's what will happen if you do it. It's awesome stuff. But, man, you can't make people do anything. So it's a great question. And a lot of people have asked that question over the years. And I'm really glad you asked it again today.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Don't tell people about Jesus until Jesus has changed your life, okay? They don't want to hear it. They don't want to hear it. And don't tell people about the baby steps until you've actually done it. And you go, this is what it is. And don't tell them all the things they're doing wrong. Talk about what happened to you.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You know, and my pastor used to say, a man with an experience is not at the mercy of a man with an opinion. And so all of a sudden, when you talk about this is what happened to me, this is my experience. This is real. This changed my life. It changed my destiny. It changed my spiritual walk, changed my being a good husband. My spiritual walk changed.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And so then people want to know about your spiritual walk. They want to know what caused that. But you can't do it otherwise. So it's good stuff. I love it. Nathaniel is in Ashland, Kentucky. Hi, Nathaniel. Hi, how are you? Better than I deserve. What's up?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Why would a company need credit? Why do you need credit? What are you doing? You already started it. It's already running, isn't it? Yeah. I'm a hundred percent debt free. You know, what are you making?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You can rent equipment with cash. You don't have to have a line of credit or company credit to rent. You can go down to a freaking rental and rent stuff, like rent a backhoe or something.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, that's a shock. Asking a banker if you need to be in debt is like asking a dog if it's hungry. Yeah. Of course the banker told you you needed to be in debt. No, man. Listen, you're making more money in a month than your brother makes in a year. Probably. Yeah. Don't be listening to him. He needs to get in the backhoe business and get out of the banking business.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
That's probably what he needs to do. But anyway, leave him out of this. No, that's funny. That's real fun.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
A guy that happens to be his brother was giving an opinion about something that no one asked about. We were just talking about that. Very similar situation. Unsolicited. Yeah. No. Run your business debt-free. Use the cash and pour back into it. I started this on a card table in my living room. We'll do $300 million top line this year. Zero debt ever. I'm sitting in a building worth $650 million.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And I'm sure a banker still would say, Dave, you need a line of credit, man. Zero debt ever. You know why I've got that money? Because I didn't borrow it and give it all to the bank. We used it to buy other stuff that caused the business to grow. Cash, organic growth. That's what you do, Nathaniel. This is The Ramsey Show.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
dave is a guest i absolutely apologize to your wife for calling her a whiner in stage four cancer and i've discovered that now you are the whiner and she won't work for me and she won't do what i want her to do and she goes with her sister oh my god son did you hear yourself seriously i'm not
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You spend hours researching before making a major purchase like a home or car, but it's also a good idea to put in the work searching for the right insurance coverage. To protect your biggest assets, I recommend using Ramsey Trusted Pros. Whether you're looking for car, home, or any other type of insurance, Ramsey-trusted providers have been coached and vetted to serve you like we would.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Find what you need at ramseysolutions.com slash insurance. George Campbell, Ramsey Personalities, my co-host. Jeremiah is in Indianapolis, Indiana. Hi, Jeremiah. How are you?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Better than I deserve. How can we help?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Good for you. Thank you for your service. Thank you for your support. Which branch did you serve in? I was in the Army. Okay. Thank you again. Yeah. What are you studying in college? Computer IT. Good. And obviously the military benefits are paying for that, correct?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And you get a small stipend monthly also, right? Yes. Okay. So you have enough to eat on, but the debt is bearing down. Now, how much are you earning any income? Are you working at all?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
What's the nature of your disability?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
No. Okay. All right. Are you able to work?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay, so how are you going to college doing that? All online.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, you do. She would, she had been working for me in the budget. Instead, she went and helped her sister and now she's too exhausted with her stage four cancer. Bless her heart. Oh my God, man. No wonder she doesn't want to talk to you. I'm serious.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, I mean, you've had some bad stuff happen to you. You go through a divorce. You're coming out of the military on disability. I mean, you've got some things that have kind of knocked some of the confidence out of you. Would that be fair to say? Yeah. Okay. Because I can kind of hear it in your voice a little bit. I think you're probably better than you think you are.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I think I hear stuff down inside of you right there that's pretty incredible, and I think you need to tap back into that and dream again and smile again and get past some of these things that are in your rearview mirror and quit living those over and over and over in your brain. Does that make any sense? Yeah. Yeah. I mean, that's just a guy talking to another guy.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Dr. John, the therapist, is not here, so me and George are stuck with it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You got all the debt and the divorce?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I'm saying that you reconsolidated her debts and put them on your truck. You said, didn't you? Uh, yeah. So both of our vehicles got used as collateral. Um, Oh, okay. So there was some of it on her, some of it, but I mean, you ended up paying her debt when you pay this truck off is my point. So, okay. Yeah. All right. So here's the good, good news. It's only 27,000.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So if you go get a side hustle while you're going to school and taking care of your kid, in addition to your stipend, let's add 2000 bucks a month to the budget and we'll be done in 14 months.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So now, really, you guys need to sit down with someone and start working on your relational skills, the two of you, as you navigate through getting out of debt and, more importantly, continuing to beat stage four cancer. Man, bless her heart. She's really, I can't think of anything more devastating to try to work your way through than that. And that's thing one, beat cancer.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
$500 a week, man. I mean, that's not even a good part-time job.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You can make $500 during that time when she's not there. Or you can do something with IT while she's taking a nap. How long has the divorce been final?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah. Well, that's you, that you got to impact the budget, make the budget behave, but dude, a normal human being one month after divorce is not functioning at full capacity. A normal human being is still grieving, hurting, you know, playing the tapes over in your head, wondering. That's a normal person. If you were functioning at A-plus level right now, I would call you weird. You following me?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah. You're in low power mode right now. I'm going to give you permission to cry a little, be mad a little. I'm going to give you permission to hurt a little. But I'm also going to say the way you fix this is create some income.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It doesn't fix the emotional stuff, but you're in the midst of this emotional turmoil. Go make some money, and you can at least get rid of the stress that the debt is providing. And so let's figure out a way to bring in $500 or $1,000 a week, and then let's get out of debt as fast as we possibly can.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And the weird thing is that when you're working and you're tired from working, you don't spend as much time – going over and over and over and over all the crap in your mind. But when you're bored, you go over and over and over and over all the crap in your mind. And you spend. When you're too tired to even go spend money because you've been working, that helps too. You're right. You're right.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
People that work all the time don't spend as much as those that sit at home and look at Amazon. When you're bored, that's when the scrolling starts happening.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
That just happened. That just happened.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Get off social media, get off Amazon, go work a lot.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, for sure. Mike's in Hartford, Connecticut. Hey, Mike, welcome to the Ramsey Show.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. What's the other 130? About 70 in credit cards.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. So the credit cards are where you're spending more than you make. Why?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Get out of debt is way down the list after beat cancer.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay, so if you had $300,000 in the middle of the table and you didn't have this house, would you go buy this house again? No. Sell it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, sell it and pay off your debt. You got $150,000 left over because you're going to put $300,000 in your pocket, and you got $150,000 start towards the next property, and you're going to buy a much better property next go-round because you are smarter from the pain.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Bad thing about pain is... It hurts. Good thing is it's a freaking thorough teacher. You won't do it again. This is The Ramsey Show.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It is fair for you to do a better job of drawing her in and getting agreement on the budget. It is no wonder she doesn't want to do that when you throw Uber Eats at a stage four cancer woman as the way to fix the budget. No wonder she doesn't want to vote in this thing because the situation's unreasonable.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I talk to people every day who want to know how to do better in two areas, money and relationships. That's why I'm pumped to bring the Money and Relationships Tour to a city near you. Join me and Dr. John Deloney for a night that will challenge the way you think about this stuff and possibly change how you live forever.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Starting April 21st, we'll be in Louisville, then on to Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Grab your tickets at ramseysolutions.com slash tour before they're gone. In the lobby of Ramsey Solutions on the debt-free stage, Eric and Kelsey are with us. Hey, guys, how are you?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Awesome. How are you guys today? Better than we deserve. Where do you guys live?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
About an hour south of Wichita, Kansas. Oh, okay, fine. Welcome to Nashville. How much debt have you paid off? Around $165,000. Good for you. And how long did that take you? About 48 months. Good for you. Your range of income during that time? Anywhere from $65,000 to $85,000.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Wow. Good for you guys. Well done. How does it feel to be free? It's awesome. First time in seven years. Yeah, absolutely. For her. First time in more than seven years for you.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
How often does this subject come up in middle school math now?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So you need to just say, all right, honey, I want to make sure more than anything we take care of you. And given that, this is how much money we have.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And I'm 36. Wow. That's so weird. It is. Wow. That's awesome, man. You guys are amazing weirdos.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
As you enter your 30s. That's incredible. What do you tell people the key to getting out of debt is?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, the app puts it down where you see it, too.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, and it makes his brain actually do that that way. It's a powerful thing.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's like taking a thought and writing it down. It's way different once you write it down. It communicates it, which makes for a better marriage. Less surprises. Yes, 100%.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Maybe not. They might. That could happen. I don't know anybody like that. Good job, you guys. What do you tell people the key is? The budget? Is that it?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
because you're not able to do a lot of stuff right now and i understand that so this is how much money we have how do you want to spend the money that's us agreeing on the budget not you cracking the whip on her and making sure she goes out earns some money to in the middle of this medical situation so oh man yeah wow if you want to create more i miss them occasionally george i missed that one that one well i mean don't drove past me i never saw it coming you would never assume that we did
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You better. You're in Nashville. You ought to do the Grand Ole Opry, man.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You can make a decision like that while you're on the road. I like it. It's good stuff. Wow.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Good job. All right. And you brought the kiddos with you.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Are some of them going to join you for the scream?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
All right. What are their names and ages? Let's have them come on up.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
She'll decide. Okay. We'll let her make that call. Okay. Very good. We have a four-month-old, too, that's not going to be able to come on.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yes, we do. You are a busy mom. I like it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Way to go, you two. Proud of you. Good work. Eric and Kelsey, $165,000 paid off in 48 months. House and everything, Wichita, Kansas area, making $65,000 to $85,000 a year. Count it down.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I'm Dave Ramsey, your host, George Camel, Ramsey personality, number one best-selling author, host of the George Camel YouTube hit. He's my co-host today. Open phones here at 888-825-5225. The call is free, and some say the advice is worth exactly what you pay for it. Adam starts off this segment in Knoxville, Tennessee. Hey, Adam, what's up?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, and what keeps running through my head is how modestly they have lived in a low cost of living area, $165,000 house, making 65 to 85, and have become 100% debt-free house and everything. Now, they're in Kansas in a small town, and there's absolutely nothing wrong with that. But my point is, some of you call in and act like this stuff is not possible.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, I mean, sometimes geography has something to do with what's possible. Those numbers don't work in some areas. They're not even a reality, and they haven't been a reality in 20 years in some areas. But they're a reality there. That is their reality, and that's the choices that they made that fit that. So a middle school math teacher is now 100% debt-free.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And some of you make serious money, and all you do is walk around acting like George and Dave don't have a clue. It can't be done.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
They just don't understand. They don't really know the real numbers out here in the real world. Yeah, we do. We talk to more people than you do, Bubba. So you're the one that's wrong. And you need to sit down and look at yourself and go, it's time for me to do this stuff.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If those people can do this, if those people can do this on $65,000, $85,000 a year and pay off $165,000 in 48 months and have a paid-for house at 30 and 36 years old, then by God, you can do it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, I mean, unless something really screws up, they'll be millionaires. Don't go backwards. They're heading that way. I mean, there's very little that's going to slow them down or keep them from getting there, especially at their age.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Pretty incredible. I love it. Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Admittedly, the lead was buried. Yes. We had no idea, but oh my gosh. Wow. Okay, so here's the deal. Let's kind of recoup for just a second away from Adam's situation. In general, my wife is the free spirit, and it is not her nature to do conflict. She does not want to enter into discussion about where the money goes or whatever.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So if you're going to start winning with money, you have to get on a budget. The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download Every Dollar in the App Store or Google Play today.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
George Campbell Ramsey personality is my co-host today. Thank you for joining us, America. Tamima and Ophir, I think I got close on that. Is that close, guys, or on the line from Trenton, New Jersey? Did I get even close on those names?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. And you have now moved to the States permanently?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. Are you dual citizens or green card?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Right. Now that you're married. Okay.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. Okay. But you've been living in Israel.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. And what brings you to the States?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Excellent. Okay, cool. Well, welcome. We're glad you're here.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
All right. So I think it's fair to say that living in Israel would give you a different perspective on emergencies than living in Trenton, New Jersey. Would that be fair?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I've been blessed to visit Israel several times, and depending on where you're walking around, you feel absolute peace or sometimes absolute tension in the air.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah. And so, I mean, I've had that experience as a tourist. And so as a resident of the land, I'm sure you did too. Yeah. So I think if I'm in your shoes, I'm going to say out loud that that affects my view of these things.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
of these questions you're asking were you living in uh uh you know trenton new jersey you would have all this time uh the last 10 years you probably would have a different view of what an emergency is right we're going to say that or what the need of a credit card is or the role of debt is okay because there's almost no credit card debt in israel but everyone lives in overdraft correct
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's easy for her to say whatever you want to do, honey, which is a cop-out. And so we've learned over the 30 years of doing this that we say no, that's not an okay answer. You have to give input, you have to take ownership, and you have to change some things in the budget so that you are in agreement with this wholeheartedly, not with your lips stuck out.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, which is a similar version of a credit card, but it sucks even worse. Yeah.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So since that was not a blessing, let me tell you, the credit card won't be a blessing either. So little item number one, you can rent a car with a debit card. You just can't rent it from everyone every time. And so you have to be selective, and you have to prearrange, and you have to do a little bit of work. I haven't had a credit card in 30 years, and I rented a car last week.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
OK, so it can be done, but there's a process and you can't just walk up to the airline counter like you did and just go, oh, and they go, no, you just got here from Israel. We're not giving you a rental car. No, not happening. OK, so, you know, there's a process there. So that's, again, part of the idea of no. OK, the second thing is the last thing you want to do.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Oh, fear, because you're the one brought this up in the middle of an emergency is go deeper into debt. Okay. Right? I mean, what's this do? It causes the emergency to be worse.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If someone sues you for $700,000, there's not a financial plan that covers that. The only financial plan that covers that is getting good insurance for, like, your car, your home, in case someone in that situation sued you. But just people walking around don't get sued for $70,000.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Just walking around in America, it doesn't happen unless you do something that causes that to happen, and you're not going to, okay? So that's a random fear. I don't know where that came from, maybe too much television or something, but it's a random fear.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
They do a lot more than they should, and they do a lot more than they do in Israel, but not enough that that is something that's going to cause you guys to go broke.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Right. You need good medical insurance. You need good car insurance. You need whatever.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I understand that. If you hit someone else and you have liability insurance, they cover that, okay? And so, you know, you buy basic insurance policies for those things, and that takes care of it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I'm not worried about you getting sued riding a bike.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. I have zero concern about that.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. It's just not, it's not, it's not the thing that's going, that doesn't happen. Okay. It's not like you bump into somebody with a bike and they go, oh, this guy's got money. I'm going to get some. No, he's got a bike. He's not exactly a target. Okay. There's a much higher chance someone would hit you on the bike than you hitting them. Yeah, that's true.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
No, no, no, no, no. We're not going to do that. It's not how you get rich. Okay. So anyway, I think what is happening is that you're just going to settle into a different culture. And what you're seeing immediately is all the negative things, the higher prices, the potential for getting sued. And both of those things are things that can be navigated is what I'm saying.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And having $100,000 in your bank account will not keep that from happening. So goal one is stay out of debt.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Goal two is let's start building some savings for a good emergency fund, three to six months of expenses. And I've taught that in America for 30 years. I have had almost no one tell me that that was not enough. millions and millions and millions of people listen to this show every day.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And very few times does somebody call me up and go, you know, three to six months, if I'd had seven months, I'd have been okay. They don't bring that up. Okay. Because usually your emergencies are way under that. If you actually have one or you have insurance to pick it up or you have something else. And so that you're going to be okay. If you do that,
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And I've got to, as the nerd, I've got to back off and give her lots of emotional and conversational room to be comfortable and safe in making those changes. But if every time she suggests a change, I sigh loudly and roll my eyes. that probably is not going to invite change and honest input.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
None. So it just doesn't happen. So you're going to be fine on that. And so you don't want to build credit. It's the same as going into overdraft in your home country. And it's not a prosperity method. It doesn't cause prosperousness. Debt will not protect you. It will just expose you. It just makes it worse. And so, yeah, so we're going to stay out of debt. We're going to build an emergency fund.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And the main goal here is go ahead and keep your immigration papers moving, keep your green card stuff moving, and let's get the incomes going. And, you know, let's enjoy the land of the free, enjoy the peace that you're in, you know, and that you may not have been able to experience there. depending on where in Israel you were and how it operated. So you're not looking over your shoulders.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
There's no one lobbing rockets into Trenton, New Jersey. And so let's just enjoy that part of it and use that relative safety.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
to uh to to go accentuate your careers and go make a bunch of money yeah and that's what i want you to do and i'll send you guys a copy of my book breaking free from broke read the credit score chapter i walk you through exactly how to rent a car without a score with every caveat available so that will really give you guys some peace well and it'll give you a lot of the other traps to watch for so that because the last thing you want to do is get americanized in a negative way do not be following all the do not follow the trends you will fall for the traps
The Ramsey Show
Hope Is the Difference Between Victim and Victor
All the stuff in George's book I'll outline and help you avoid that. That's The Ramsey Show.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Are we still doing that? X or whatever the flip they call it, but pre-Elon, I don't know. Yeah, so anyway, never going to get to unity through apathy.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's a directed at the free spirit right there in general. Plus or minus stage four cancer. This is the Ramsey Show.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If you're a business owner or you know someone is, that is, you know one thing. Running a business is freaking hard. You open your own business, you will find out soon enough that your boss is a jerk. He will work you to death. He will grind you up like powder. Working for yourself will do that, man, because you're living the dream. Yeah, baby, it's hard. And the challenges pile up.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
The fear can creep in. The loneliness can be real. I know I've run a business most of my life, and we coached over 10,000 businesses through our Entree Leadership Program. That's why we wrote the new book, Build a Business You Love, to unpack how we took Ramsey Solutions from a card table in my living room. to a $300 million business today. How did we do that?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, this is the baby steps for business. There are five stages to business, and the five stages, you work your way through those by pushing through the six drivers that drive you through the five stages. We outline every bit of that system that we've studied in other companies and that we have experienced in our company. It is the baby steps for small business. You can preorder the book.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It comes out April 15th in just a few weeks. Right now, it's $29.99, and you get over... $350 in free bonus items with instant access to the Entree Leadership Hiring Playbook. Hiring and firing is the toughest thing we do in small business. Early access to the e-book, the enhanced audio book, all of this. Pre-order at RamseySolutions.com. Don't miss it. Brandon's in Indianapolis.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Easy, right? Yeah. Okay. So the thing you want to measure against is, okay, if I do real estate and I make a hundred thousand, I've lost 150. Okay. So if we're going to do real estate, we got to make a quarter million, or we got to see a way to do that fairly quickly. I don't mind taking a step back as long as I can get back to where we are.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But if you think, okay, I'm going to do flips and I can make a hundred thousand a year and that's all I'll ever make. I wouldn't do that. No, I'd do flips and go get a job. Because there's a quarter million dollars on the table.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I mean, what are you worth is what it amounts to. And so how can we get the most value out of you without you losing your soul, of course, in the process? We're not doing that. But point being, if you can do something you like with a good, strong company, make a quarter million. But if you could do real estate and make 300, let's talk about doing that instead. Can you?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
No, I mean, it wouldn't be immediately. What are you talking about doing, investing and flipping, or what are you talking about?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
But, I mean, if you bought two rentals, they're not going to throw off on $600,000. I mean, you're going to throw off $6,000 or $8,000 a month. Yeah.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Did you have an idea that you might want to do flips? Because you can make more on that than you can. The rentals are slow burn. They're a great investment, but they're a slow burn.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Okay. Because I could take the 600 and see making 300 with it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, but you'd have to know what you're doing. You could also lose 300.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, you're not ready to retire. You're not ready to do nothing.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah, I mean, and managing two rentals is far from a full-time job. You know, you buy two $300,000 rentals, you put two tenants in there, and then what are you going to do? Go play golf every day? I mean, not a bad idea, I guess, but you can afford to do it. But I'm just thinking, what would I do if I was you? I would want to maximize my earning potential while heading towards the self-employment.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So maybe you take the new job with the idea we're going to take three years of working on flips on the side and learn the flip business.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
to where I can make really good money in the real estate business, and I'm going to move that way with some of this cash gradually with getting contractors lined up, getting some people lined up that are in my corner that can mentor me on this, find some people that are actually successful that aren't doing it on TikTok, for God's sakes, but they're actually doing it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
They're not just selling a weekend course to somebody for $3,000. That's not what I'm talking about. But you get in there and find somebody actually doing this stuff and learn how to do it. You can make a transition in the real estate business. There's real estate agents that sell real estate that make more than $300,000. Yeah. And you could go that way.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And when the preacher said, and now you are one, when you are unified and have an agreed –
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
future that we are both pulling towards the probability of you hitting it goes up like like 10x yeah that's right you're probably going to be wealthy and the number the inverse of that is the number of times we talked to millionaires we studied 10,000 of them and said how many of you did this in spite of your spouse being an idiot In spite of your spouse being out of control.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
In spite of your spouse. My husband's an out-of-control spender. My wife's a princess. How many of you did that in spite of the fact that you had a child attached to your hip? You know? Almost none. They almost all said in the 80 percentile, which is statistically mind-blowing, said one of the reasons we're here is we're both adults and we both agreed that we wanted to be here.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And that's how you become a millionaire. The chances of you marrying some moron and then becoming a millionaire are almost zero. So be careful. You people dating, oh Lord, be careful.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
There's one with Charlie Munger on that. Is that the guy?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
If we did that, I might not be able to find Sharon, but I could find her phone.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So here's the thing. All the data that we have from 40 years of doing what we do says not only can you avoid people's misbehavior in a marriage, addiction being one of them, affairs being another, a little difficult to have a budget line item that says honey.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
That doesn't work. Side honey. That doesn't work, right? So you can't have a budget line item that has that. That one won't pass. That won't fly. Right. So, um, you know, all, not only do you avoid all that, but you also are almost guaranteeing your ability to build wealth because you're working together and you're aiming and you're agreeing on our fears. We're agreeing on what we're going to do.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And it gets rid of, I told you so too, which is a neat thing to get out of a marriage. This is the Ramsey show.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Thank you for joining us, America. Jade Warshaw, Ramsey Personality is my co-host today. Arabella is with us in Springfield, Missouri. Hi, Arabella. How are you?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
How long have you guys been married?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You know what the other projected amount is, right? The other projected amount is zero that they go to. Do you have a recent memory about crypto?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You are invested in crypto. Do you have a recent memory, like in the last 36 months, of what that category of investing has done? It's one of the most volatile, high-risk investments on the planet. And it's not technically an investment. It's actually called speculation.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And so approximately half the time you've been married, she's been lying to you. Yes. Because she has a gambling problem. Yes. Okay. Well, you described to me how you're going to try to fix and get out of this. What about stopping the problem? What are we doing about our gambling problem?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Interesting. And so what happens when Trump burps again? you're screwed okay okay so okay listen stop a second you're acting like this is some kind of steady predictable investment because it has a long track record the only track record that crypto has is extreme volatility that's the facts
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You sound like... Somebody's in denial.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
week two weeks ago you don't know it's speculation it's the roll of the dice you're in vegas and your car payments on the line so the answer to your question is what jade said cash it out today and pay it off and but then another way to help you analyze this from a decision making paradigm is to do a sunk cost analysis pretend in your mind before you called us and asked this question pretend in your mind if you said okay i have no credit card debt and no car debt
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Should I go borrow on my car and on a credit card to buy $60,000 worth of crypto?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
If you don't sell it today, you borrowed it again tomorrow. It's the same thing. It says if you borrowed it. You understand that?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
This is really, really bad theology, Arabella. Really bad. Okay. because there are no instances in the Bible, zero, where speculation, which is what this is. It's not gambling, but it's speculation. The difference in investing and in speculation is speculation is you're buying something you hope is going to go up that has no track record. That's speculation. You're looking for a short-term gain.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Investing is a long-term gain. Investing over a long period of time is scriptural. Playing short-term games with money that you don't have because you're broke. You have a car payment. You're broke people. and you're borrowed on your card on your credit card effectively to play a short-term game please don't blame that on the holy spirit it might have been a spirit but it wasn't the holy
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
that's nuts okay so sorry now i've insulted you completely but oh well uh just that's for the rest of the audience is at a vacation that's all i can say because i don't think i'm going to help you at all oh my gosh yeah clear the air okay let's go and matthew gets to follow that in chicago hey matthew how are you hey mr randy what's up not much uh in the parking lot um
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
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. I'm Dave Ramsey, your host. Jade Walshaw, Ramsey personality, number one best-selling author, is my co-host today. You jump in, we'll talk about your life and your money. We'll talk about you right in front of you.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And it turns out this is not all it was cracked up to be. You're not having fun, are you, buddy? Pardon me? This is not fun, is it? Why did you call us?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Good for you. Get rid of the $35,000 car then.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You already knew that. That's before you called, didn't you?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You just wanted somebody else to say it instead of your own brain.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Is he paying the payments? No. And he doesn't get a vote?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You're like a grown man and stuff. I know. You get to decide this.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Your family believes that they're going to be in debt their whole lives. They've lost hope. I haven't lost hope in you. I think you can make it, because I think you've got a good brain. I want you to learn to trust your own brain. Your brain is telling you before you call that this is a stupid situation and to get out of it.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And I agree with your brain. I think you've got a good brain. You can trust it. Not your dad's. Yours. Your dad's not a bad guy. He just doesn't have any money. And you should never take financial advice from broke people.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
It's like taking diet advice from fat people. It's a dumb idea. This is The Ramsey Show. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. Jade Walsh, our Ramsey personality, is my co-host today. Open phones at 888-825-5225. We started pre-sale on my brand new book. It comes out April 15th, and we started selling it yesterday.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Thousands of you have already bought it. Thank you very much. We appreciate the endorsement of you. The book is called Build a Business You Love. It is the system, the Entree Leadership System that we have developed.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
We know from counseling 10,000 businesses plus over the last many years, plus what we've done at Ramsey, growing it from a card table in my living room, that business goes through five stages, and there are six things that drive success. the business through those five stages. And that is essentially the baby steps for small business. That's the way it works.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
This is what you're going to experience in small business just like you do with the Total Money Makeover with baby steps. So that's what this book is about. It's the detailed unpacking of the five stages and the six drivers. Build a business you love, mastering the five stages of business. It'll come out April 15th, and it's on sale today at RamseySolutions.com in the store.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
If you pre-order, you get $350 in free bonus items. Nice. Sal is in Philadelphia. Hi, Sal. How are you? Hey, guys. Thanks for taking my call.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yes. That's where it came from. Most of it.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And these are house pets. They're not service animals or anything.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Some are protection dogs. We work with a large range. You're doing protection dogs for eight grand. Wow. That's low. Okay. All right. So you spent money renovating someone else's building that you rent? Yeah. So we did like walking kennels. But you don't own the building?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So you spent $300,000 on someone else's building?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Right. Now, these cards, I assume they're in both of your names.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
No. Okay. You need to make some money with all this money you've spent. Like, you need to double your revenues with your existing facilities and your stupid $30,000 van that you did not need. Okay? You have never seen anything you wanted that you didn't go buy it. Stop it. You're going to run yourself out of business so fast, it's unbelievable. You need to learn to organically grow the business.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Ramsey invest Ramsey investments. Ramsey solutions has grown from a card table in my living room to a $300 million business. And we've never borrowed a dime. 100% of our growth has been funded by profits. Little bit and a little bit and a little bit and a little bit and a little bit and a little bit. And so now you've invested leasehold improvements in someone else's building.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
How what's the length of the lease you have?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And you don't have any money saved in retirement?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, that's a goal. That's a wish. That's a hope. That's not how you run a business. Okay. So as a young entrepreneur, what I would have you to do is I want you to concentrate on getting revenues up without spending any more money. Stop, quote, expanding. No, work.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Okay. It's just me. I work completely by myself. I thought you said you spent some of this on salaries. Where the heck did the 200 grand go? All I got is 30 in improvements or 40 in improvements and a $30,000 van. Where'd the rest of it go?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So your job is to make it an $80,000 a year job that you own. And then a $100,000 a year job that you own. You need to find out the most profitable areas of your business and grow those areas. And yes, you need to do it. As far as you being at home with the baby, fathers, since time has begun, have gotten up and gone to work and babies have survived. And you're going to work, my son.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Do you have any money saved in your nest egg?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You have $300,000 in debt. You've made a mess and you need a shovel. And you is the shovel.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
That's why you brought in 300 K and you're only, and you're only making 12% margin on a service oriented business because you've used it all up. Your margins ought to be double, triple what they are in a service business. You don't have any cost of goods sold except dog food for God's sakes.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And so, um, yeah, uh, I'm going to send you a copy of the entree leadership book, but, um, and, um, Jump in on the Entree Leadership Podcast and start listening to it that I do on small business and so forth because we've coached people exactly like you for 20 years, and I love small business people.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
But the disease that you have is the idea that if I spend more, I'm always going to make more, and that is a disease that doesn't work in business. Spending does not equal income. And so you've bought everything fresh and shiny and new, and now you need to go make some money. And you probably ought to dump the $30,000 van and get rid of it and get some of the money back towards your dad.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Anything you can get rid of and still operate the business and get money back towards your dad. I want you to concentrate on making money, not spending money. And quit telling yourself you just need one more marketing plan or you need one more purchase for this to break through. In business, if you are not the secret sauce, you're screwed.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
The other stuff around the dog training is window dressing. Your ability to look at an animal and teach it to behave is the secret sauce. And your ability to teach other people to do that that work for you is the secret sauce. It is not whether you have a van, and it's not whether you have a rental property with a kennel in it. It's your ability to do your job.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And so if you'll go do that and make a bunch of money, you're going to be a great dad financially, and you're going to be fine. But you've got a lot of work to do, and it's not unusual for a young dad to be working. It's not a bad thing. This is The Ramsey Show.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Didn't you say that was how much is on the credit cards?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
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. I'm Dave Ramsey, your host, Jade Warshaw, Ramsey personality, number one best-selling author, is my co-host today. Thank you for joining us and for hanging out. It's a free call at 888-825-5225. That's 888-825-5225.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Mark is in Portland, Oregon. Hey, Mark, welcome to the Ramsey Show. Something's not working, guys. Let me try again. Put everything on hold. And three. There we go. Mark, are you there?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I think I see a plan evolving here.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
But she's not put it down in a will.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Okay. If I were in your shoes, have you sat down in person and talked to your aunt and asked her to do a will?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Are the two houses that you have, are they in your name or your aunt's name?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You're going to lose those. Okay. If your aunt does not leave them to you or deed them to you prior to your death, you're going to lose them because you do not have any standing in this family anymore. She has confiscated all the assets into her name. Her assets, if there is no will, will go to her children. You're going to lose these houses. Okay.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I mean, it's not a question if you don't get this done. This is a $400,000 problem for you and your brother and your sister. So if I'm you and your brother and your sister, I'm going to grab my cousins and put them in a headlock and go, all right, you twerps, we need to get this straightened out because I'm not letting you take these houses.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Y'all need to get over there with your mama and get this written down.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I mean, just sit down with them and go, okay, do you think it's fair that I lose these properties because you won't sit down with your mom and get this other stuff worked out? I don't think that's fair. And the other thing you could do is you could go to your aunt and ask her to quit claim deed the properties to you.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Oh, yeah. She'll have a gift tax on them. Well, she could actually, but she could avoid it by doing a unified estate tax planning document, but it's easier to just do a will. Okay. But I can, you know, there's a thing, write this down, unified estate tax. Okay. If the estate tax is still in place and Trump, the GOP is currently looking at doing away with it on the federal level.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Why would you borrow $30,000 more than you need? You said you were going to borrow 80.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
But if that's still in place, you can use up some of her estate tax exemptions by against her gift tax. So she would not have gift tax if she files that document. But I've got a feeling this bunch of people doesn't file documents. They just kind of make up whatever they want to do and think it works.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, that's their problem, though. They have the gift tax, not you. So I'm going to go over there and say, Auntie, here's two quick claim deeds. I need you to sign these so the properties are in my name. Okay. That's the easiest, cleanest thing you can do here. And your brothers and sisters do the same thing.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Because I'm afraid, because otherwise this is going to go to your kids, and that's not fair. I need you to sign them right now. I'm not getting up from this table until you sign these. Because they were supposed to go to my dad, and they're supposed to go to me, and you know that. And I need you to sign these and put these properties in my name. That's a one-page document, a quit claim deed.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Go see an attorney, have that drawn up for each property, and then have a notary notarize them, and then you file them at the courthouse, and the property is then in your name. It's over. Now, she technically would be due gift tax on that, and she can avoid that within 12 months of her signing that over to you if she files under the Unified Estate Tax Credit Program.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
But I got a feeling this lady's not doing any of that. Mm-hmm.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
she doesn't this is a lady she's never even i never had a job yeah i know i can tell me she i mean she's raised she's raised kids i mean that's work too i mean no i don't mean that she's not got any level of financial um sophistication not at all yeah and so i'm like yeah and so you got it you got to roll over there and you're otherwise you're going to lose four hundred thousand dollars
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
That's the problem here. Folks in America, everybody needs a will. Hello? Everybody needs a will. If you've got a simple estate, go to MamaBearLegalForms.com. It's very inexpensive. You can have it done by morning. If you've got a complicated estate, sit down with an estate planning attorney. But everybody needs a will. It's not fair to the people.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Look at what his dad and his grandmother have done to him by screwing around and not writing his stuff down. That's wrong, y'all. You need to take care of your family better than that.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Hey guys, our two-night virtual event, Investing Essentials, is almost here. There's a lot of confusion out there about building wealth, so George Campbell and I are breaking it down and teaching you how to invest with confidence. You'll learn how to maximize your 401k and mutual funds, plus I'll be sharing my personal playbook for real estate. But hurry, time's running out.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Investing Essentials is March 4th and 5th. Tickets start at $199. Grab yours today at ramseysolutions.com slash events.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
jade walsh all ramsey personality is my co-host when we start talking about it the word investing most people's eyes roll back in their head going and now i don't understand now you've gotten complicated this is weird i don't like math i don't want to talk about investing you bunch of nerd people and i don't have a master's degree in finance and i don't know i don't know i don't know i don't know if you're unsure where to start
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
or you're afraid to make a mistake, our Investing Essentials virtual event is going to teach you everything you need to know about how to get started and how to maximize your investments. It's happening March 4th and 5th, two nights, two hours each night. It's George Camel and Dave Ramsey, me, March 4th and 5th. Tickets are $199. That's what they start at.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Plus, we're going to go into detail, Nerdville. For those of you super nerds that want to go into the detail, I'm going to open up my playbook. I've only done it one other time, and that was about this time last year. I did one of these events where I go into all of the real estate. I own several hundred million dollars worth of real estate.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I love real estate and all of the proper analysis and the nerd analysis that we do when we're doing a real estate deal and how to properly unlock all of that and look at it. And it's two hours each night. One night will be almost all real estate.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
It's live. Me and George live, Investing Essentials, March 4th and 5th. You can get your tickets at RamseySolutions.com slash events or click the link in the show notes and get signed up. There's usually a couple hundred thousand people on something like this watching us. And by the way, we're going to take questions live by email at the same time, so we stop in the middle of it.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
It's not just a straight teaching. George and I will have conversations. We're going to answer your questions live, some of them. Obviously, we can't answer 100,000 of them, but we're going to weave in what is a regularly occurring question and make sure it shows up in there. And we really dig into this stuff. So it's not only going to have the basics –
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
which we've been teaching for years, but it's going to have stuff you've never seen me teach before. And George is really, really good at the nerd stuff. So we're going to dig deep into this stuff. Our question of the day is brought to you by YRefi. If you're struggling with defaulted private student loans, YRefi offers a great solution to get you back on track.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
For a low fixed rate or more flexibility, go to YRefi.com slash Ramsey today. That's the letter Y, R-E-F-Y.com slash Ramsey. Might not be in all states.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Okay, so what I'm going to do in this situation is how do you eat an elephant a bite at a time? Priority number one is establishing what's going to happen with your relationship. And for your relationship to be brought back together, trust has to be reestablished because there's been a lot of deception. And so there's a path forward with you and the counselors where everybody comes clean.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So, Bobby, if you're 48, think back to when you were 28 in 2005. What was that house worth then? What did it sell for then? Don't you wish you owned that now? That's the same thing you're going to have when you're 68 from 48. It's the same 20-year period of time. And so houses go up in value over time unless you buy in an area that is a neighborhood in decline of some kind.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
In general, good, reasonably purchased, reasonable neighborhood, single-family homes over a 20-year period of time are a goldmine. They go up in value, period. The other thing we can be 100% sure of, during the next 20 years, your rent is going to go up every year or almost every year. 100% of the time, your rent is going to go up. It does not go up when you own the house.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
The only thing that does go up is HOA fees and insurance and taxes, but that's not going to keep up with rent escalation.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, but that's got to be invested at 10% to 12% to even keep up with what that house is going to grow to, and it's probably not.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So I'm going to go buy that house 100% of the time in this situation. Because 20 years from today, not because two years from today, but because 20 years from today, it's going to go way up in value. And 20 years from today, your rent is going to have gone up in value. And as Jade says, you're stabilizing the largest line item in your budget. She's exactly right.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Brenda is in Greenville, South Carolina. Hi, Brenda. Welcome to the Ramsey Show.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Better than we deserve. What's up?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Oh, you're ancient. I can't believe old people like you ask questions. How'd you even dial the phone as old as you are?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
She comes clean as being a gambling addict, which she obviously is and gets help for that. And a part of a normal restoration plan in this situation. would be that she does not control money again for the next three or four years, that you control all of it if you're together. Now, obviously, if you divorce, then that's a whole other thing.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And how much other debt have you got, hon?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
That's not debt. You rent a house, right? Right. That's your monthly, okay? It's not debt. Do you have any other debt?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Okay. So the big issue is you just bought a car that's way more than you can afford, right?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You can't. So where's the car loan? Who's got the car loan?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Oh, it's a subprime. Oh, God, it's even worse. Okay. It is. Do you have a credit union?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah. What I want you to do is I want you to go down there, and I want you to get them to loan you the money for the hole you're in. Loan you $8,000.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And then you sell the car and get you a $1,000 car. Okay. And then you got no car payment, and then you plow through that $8,000. Then you got no credit card debt, no car payment. Now we can start talking about saving up and buying a house.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You're not afraid of work. You just bought something you couldn't afford. That's all.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You're okay. We're going to show you how to do all that. I'm going to put you into Financial Peace University and show you how to handle money because you're not too old, honey.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
If you're still sucking wind, you got a shot, folks. So, yeah, we'll put you into Financial Peace University and every dollar. We'll pay for all of it, honey, because I've been where you are where I'm scared and don't know what to do and people help me. So we're going to help you. You hang on. This is The Ramsey Show. What does the future hold for business?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball. That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
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The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next. And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today. Jade Walsh, our Ramsey personality, is my co-host. If you don't know, we do this show three hours a day, Monday through Friday, on the glass in the lobby of Ramsey Solutions. And you're welcome to come by anytime.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
If you divorce, if you come back together, we're going to find out what's in this IRA, and we're going to use it. Her $50,000 IRA or whatever's left in it is going to go towards this $50,000. And then we're going to cash flow through the credit card debt, like Jade said, whatever that doesn't cover.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Homemade chocolate chip cookies and coffee are on us. And sometimes there's two people out watching the show live, and sometimes there's 200. So just come by. If you're making plans south of Nashville in Franklin, Tennessee, beautiful little town.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
that's where we are right off the interstate very easy to come by in that lobby is a little stage we built called the debt free scream stage and that's what happens there almost all the time that someone's on it and that includes uh uh davin and or davin and terry who are here with us hey guys how are you we're good we're good how are you where do you guys live uh kansas city missouri all right very cool sorry about your chiefs we're sorry too
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Oh, man. Too soon. Too soon. Oh, my gosh. Wow. Well, congratulations. You're debt-free. How much have you paid off?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Exactly. All right. And how long did this take? 28 months. Good for you. Wow.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
um i'm in social work field okay wow good for you guys so what kind of debt was the 125. it's a little bit of everything credit cards student loans a car well two cars actually yeah we're normal yeah we were yeah yeah normal sucks yeah a lot of medical bills and collections and now you're weird good for you man what got your attention what caused you to go on this journey a little more than two years ago
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
A lot of student loan debt. Your degree for social work.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I love you. See you on Thursday. Man. So two years of that. That's hard. It was tough. Was it worth it?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You have the rest of your life with no debt, right? Yes. Because you're not going back, right? Oh, never. No. Yeah.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
The phone number is 888-825-5225. The call is free, and some say the advice is worth exactly what you pay for it. Tommy starts off this hour in Reno, Nevada. Hi, Tommy. Welcome to The Ramsey Show.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And then we're going to pay out of pocket to finish up the repairs on the house because you've almost got the house done. Right. And you weren't planning to borrow money before all this blew up. You just said, oh, I'll just add that while I'm cleaning up this other mess. And now you've got a massive debt, $80,000, but you don't need that around your neck. That's 75 years old.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Good for you. Change your family tree. For sure. That's a big why. Yes, sir. If you have a big enough why, you can plow through some hard stuff. Because it's not forever. It's for two years. Two years sounds like a long time, but when you look back, you're like, no, we're done. Mic drop. We're out of here.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Good for you. Good for you guys. Well done. What do you tell people the key to getting out of debt is? Go to work.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah. That's good. Good for you. Well, a man with an experience is not at the mercy of a man with an opinion.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So that's where you are. Congratulations. Very good stuff. Thank you. Nobody can argue with your success because it's your success. Right. That's where you are. Right. If you want to go over there and live that way, you can go over there and live that way. But as for me and my house, that's what we're doing. Now, how did you run into the Ramsey stuff about the same time you get married?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Good for y'all. Well done. I'm so proud of y'all. Thank you. I bet you had to have some cheerleaders.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I mean, your dad's the one told you to listen to the radio. Yeah.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, we did. Well, that's necessary. Because you're going to have the haters, too. So you've got to have the angels and the devils both right there. Yes. Good stuff. Well, congratulations, you guys. Thank you so much. We're very, very proud of you. Thank you. Very, very well done. Thanks for making the trip from Kansas City. I hope you enjoy your time here in Nashville. Oh, we did.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yes, thank you. We don't owe anybody, so.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
All right, Davin and Terry, Kansas City, Missouri, $125,000 paid off in 28 months, making $89,000 to $52,000 to $107,000. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
They did it. They did it right. Well done, you two. Jade, you know what occurs to me watching those two that, I mean, they're young. I didn't ask them how old they are, but they're young. And really, you probably even fall into the same category. My daughter does for sure. Y'all have all grown up with a magic wand in your hand. And if you want something, you push a button. It's at the doorstep.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So the first thing is establish if we can reestablish trust and what the boundaries are going to be in our relationship. If it goes the other way and you end up divorcing, then you're still going to go the same route. And that is, I'm going to find out how much is in this IRA, and we're going to use all of her assets to clean up her mess.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And you get it. There's an app for it. There's something, an easy button. It's a magic wand. Everything's easy. And it's not all easy, but, I mean, it's ridiculous how quickly we can access information or things or, you know, even solutions to problems.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
That are valid in a digital world. That's all good. The problem is... none of that does what those people just did you know what they got grit and grit is not a digital thing there's nothing easy about what they just did i mean they passed each other on the highway and sent a text i love you i'll see you thursday did you hear what they said i heard it newlyweds
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
you know well what about life balance well they didn't give a crap they wanted out of debt that was their life balance the life balance is they wanted to be out of balance so they're in balance the rest of their life that's right you know what they can do now anything you by god want when you don't have any payments you're set up to do whatever you want to do now don't talk to me about balance those people got grit man that's right getting it i mean those people are heroes right there yeah
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And if you want to teach someone something that you love, your kids, your grandkids, teach them grit. Teach them the ability to roll up their sleeves and do what those two got. I don't know where they got that, grandparents, parents, but those two are studs right there, man. They're amazing. Absolutely incredible. This is The Ramsey Show.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
These days, the Internet is chock full of so-called investing advice from random goobs with zero qualifications. Listen, folks, you deserve guidance from someone who knows what the flip they're talking about. That's why I recommend the SmartVestor program. SmartVestors can help you find a professional financial advisor who can teach you to make your own best decisions with your own money.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Get connected at RamseySolutions.com slash SmartVestor. Again, RamseySolutions.com slash SmartVestor. Ramsey Solutions is a paid, non-client promoter of participating pros. Learn more at RamseySolutions.com slash SmartVestor.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
jade washall ramsey personality is my co-host today this is the last segment for all of you unless you're on the ramsey network app and then you can get the rest of the show on the ramsey network app you can get the whole show on the ramsey network app and it's completely free video or audio however you choose to view it and a lot of other features including you can email us from the app uh you get all kinds of searchable tools it's it's a great app
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
for managing this show, and it's completely free, and there's not a paywall, and there's not going to be a paywall. So go check it out, Ramsey Network app. Download it and start using it, and you'll get the entire show every day and be able to watch it there. Randy's in Dallas, Texas. Hi, Randy. Welcome to The Ramsey Show.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Whatever's left, you'll have to negotiate on the balance of the credit card debt. But anything she owns in this divorce settlement negotiation, if I'm in your seat, she's going to use to clean up the deception and the lies and the gambling addiction. I'm not using my money, and I'm not borrowing money to pay off your stuff.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Your sister-in-law was in the van?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
She set it up. Okay, how is she kin then? I'm a little bit confused. Sister-in-law, your aunt.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So this is your brother's wife, right? Correct. Your brother's wife put his aunt against her will or against the family's will into a nursing home. Why?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Well, she will pass away. Everybody does. So what is all this property worth?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So when you call your brother and say you're a crook, what are you doing? What does your brother say?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
So why don't you get someone whose specialty it is?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
No, he has to go to the court, and the court has to appoint a guardian ad litem for this lady and take all the power away from the thieves that is his brother and sister-in-law. There you go. The judge will do that in 30 seconds once he understands what's going on. You just got to get in front of the judge.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
The one you hired is working with the other attorney?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
No, that's not how it works, dude. You can file suit on behalf of your aunt as a guardian at Lightham and have a judge review this situation because you think a scam's going on and a judge will look at it. You need a new attorney. I think your attorney's an idiot.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You're paying off every bit of this, especially the cards that have my name on them. And that's your divorce negotiation. But you've got to decide first which direction you're going to go. And obviously, she's got a say in that. And so getting with the counselor and establishing some boundaries. But addicts don't get to handle money for the next three to five years.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Wait a minute, let's just stop. You've been at this story for a while, and I'm not sure we know how to help you. Everything I've told you to do, it sounds like you already are doing. So you're in court, you've got a judge looking at it. That's where I was taking you immediately. You were already there before I got to you. So how can we help you?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I mean, I don't know how we're supposed to help you. This is a convoluted mess. But what you've got to do is you've got to get good counsel on your side and start making a solid case before the judge that what has occurred is that your brother and your sister-in-law have stolen a half million dollars from a 90-year-old lady and put her in a nursing home against her will.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And that the judge needs to see that, and then you've got to present evidence that that's what exactly occurred.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
and he will undo all that if he believes that or she the judge whatever it is and if the lady is lucid like he said she is bring her up bring her up put her on the stand well you know let's make an assessment right in front of everybody god but anyway uh we're not experts in any of this the only thing we're experts in stirring up trouble and it sounds like you're already doing that so that that's the thing to do
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
How far do you want to take this? How much do you want to invest in this? And then relationally, how are you going to treat the crooks that are in your family from this point forward?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Because that's the devastating part is that you've lost a brother in this process because you can't have any dealings with someone that acts that way. And he's not confused. I don't care how he acts. He's not confused. As Dr. John Delaney says, behavior is a language. And he has spoken very loudly.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And you can try to blame it on his wife if you want, but he's a wuss, so it's his fault if his wife's running over him. So, you know, that's just ridiculous. And they put everything in their names. Now, possibly a 90-year-old lady does need some care. Right, right, right. That's possible. But, you know, and no one else was looking after her.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Someone's coming off of alcohol, off of cocaine, off of sports betting, off of casino gambling, off of pornography. When they're coming off of this stuff, addicts all are manipulative. They all lie. And so they can't be allowed to handle the family money. And she's that. This is The Ramsey Show.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Yeah, I don't know who our heirs are, but whoever they are, if he's one of the heirs, should be upset about the theft that has occurred. So there's that part of it. But it is also possible that in a situation like that, that someone is in declining mental state and someone did care enough to get them some care when no one else did.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And then you go, well, my sister-in-law threw my aunt in the nursing home. Well, I mean, no, maybe she needed the care.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I don't know that about this case. I can't tell one way or the other. The only thing I've got to go on is what Randy's saying, which is that's not what's going on here. But you do have that separate piece you're saying, which is the theft of a half million dollars.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And so that's not caring for someone.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
That's not taking care of them. That's sad. Yeah, it's a sad mess. It's horrible. Some people's children. Wow. That puts us out of the Ramsey show in the books.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
jade walsh all ramsey personality my co-host today open phones at 888-825-5225 i'm dave ramsey your host so um It is normal, Jade, in most marriages for one of the people to be more, we call them the nerd, laughingly around here, to be more detail-oriented, money-oriented, the one that likes spreadsheets, right? The sicko, that's me, right?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And it's normal for the other one to, we call them the free spirit.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
to um you know just whatever you want to do honey and uh that that's a normal process however i will tell you that when the person that is handling the money unquote quote unquote does not have a good clear stream of communication where everybody where in my case sharon knows exactly what's going on because i'm the one doing the budget um which one are you doing sam are you
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
He's like, looks good. Yeah, because Rachel doesn't touch it. I mean, it's Winston. I mean, Winston lays it out. And so either way, it doesn't matter who it is, that the other person is involved enough in the budget to A, have input on where our money's going, and B, have agreement that this is where our money's going.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And so if you have agreement before the month begins of where every dollar is going, you One of you is the nerd, and you did all the details, and the other one looked at it and changed a few things and then agreed to it. There is no room in that because we've agreed to where every dollar is going. That's why we call the budgeting app EveryDollar. We've agreed where every dollar is going.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Now, again, if you're the free spirit, the I don't care whatever you want to do, honey, I'm not asking you to become a nerd, but I am demanding that you do be an adult because and not ask the other person to be the only adult in the family. Well, my husband don't give me any money. My wife won't give me any money. Well, what are you, a child? I mean, you don't get a vote in the House?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
It's your responsibility to have a vote. You go, no, I mean, we decided what we were going to do with our money. The nerd will execute the plan. The nerd will probably develop 90% of the plan, right? Yeah. But you're in agreement. The neat thing about that is it creates a real clear...
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
combining unified marriage where we're unified, we're agreeing on our dreams, we're agreeing on our fears because these are two grown-ups both speaking into where the money that we work so hard for goes. Where does it go? Two grown-ups. When you do that, I don't get the call that says my wife was hiding credit card debt. It's almost impossible to do.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Because you know where the money's going. That's right. Even if you're the free spirit and not the nerd, right? It's almost impossible to do. So you alleviate that. Or my husband went and bought a bass boat without my permission. That stuff doesn't happen.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I know every one of Sharon's passwords to everything. She knows every one of my passwords to everything. There's no chance I'm doing porn on my computer because she can open it up anytime she wants and look at it.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
If you're doing crap that you're ashamed of... You try to hide it. Then you hide it. If you're not doing things that you're ashamed of, then you don't have anything to hide. That's right. So it's a pretty simple thing, right? And so, you know, it's a little difficult. I ran into a guy the other day, he's $300,000 in debt on credit cards.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
His wife just found out and it's all sports betting, which is probably the fastest growing addictive problem that we're running into in the money world right now. That's right. Out of control sports betting. So the dirty little secret of FanDuel, right? The dirty little secret of all these ads. You know why they're buying ads on the Super Bowl? Because they can afford to.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
They're making so much money off of you guys. Because you can bet on whether they're going to dance backwards or forwards after a touchdown. You can bet on anything, right? And they are betting on everything. And it's out of control. Some of you are losing your entire futures to betting on watching someone else earn a living. And it's stupid.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
But that doesn't happen if husband and wife are both on the same page. You don't have an ability to pay the bill on that without it showing up. And so it's like, you know, it just doesn't work. And here's the thing. There's this huge – not only is it a preventive medicine for things like misbehavior in a marriage, but more importantly, it combines you guys.
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
A Burna is effective self-defense when you need it. It also helps protect your assets from lawsuits if you have no choice but to use force, because a Burna pistol immobilizes attackers without fatal harm. I have several Burna pistols, and I love them. In fact, I had a Burna before they started advertising with us. They're easy to use with no recoil and no noise reduction needed.
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
You know, I love when I get to talk about this each year during the holidays. As in years past, this December, Zander is donating 25% of all ID theft protection sales to Team Rubicon, an amazing veteran-led disaster relief organization that brings assistance across the country after major disasters and storms.
The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
These guys do incredible work on the ground helping those in immediate need and have a huge impact in helping people get on the road to recovery. Zander has contributed over a half a million dollars to worthy causes like this every December. Listen, ID theft is a reality and being protected has just become a necessity, even for our kids.
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.
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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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You Can’t Win With Money if You Keep Ignoring the Real Problem
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You Can’t Win With Money if You Keep Ignoring the Real Problem
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You Can’t Win With Money if You Keep Ignoring the Real Problem
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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.
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You Can’t Win With Money if You Keep Ignoring the Real Problem
We make it easy with a free tool that helps you find out if you have all of your bases covered. To check it out, go to ramseysolutions.com slash checkup. That's ramseysolutions.com slash checkup.
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.
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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
It’s Not Too Late to Get Back on Financial Track
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. Brought to you by the EveryDollar app. Start budgeting for free today.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
and getting them right to where you have enough energy to live, but you're also not completely freaking manic, um, which you sound a little bit right now, like you are. Um, but, uh, I want you to work on healing Colin. And then as you do that, you'll be able to get and hold a job of some kind to create an income. And then,
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
you can settle this repossession deficit for somewhere around 25 cents on the dollar. So $5,000 will clean this particular mess up, but you will have seven other messes if Colin doesn't find healing.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so, man, we'll be praying for you, brother. Sounds like you've really been through it. And I want you to get, I want you to get stable and get, get straight, straight and narrow. And for your sake and just find, find some peace and find some ground. You can walk on this solid.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Perfect timing. We needed some good news today. Someone said, did you do that on purpose? And I went, absolutely not. But, you know, so anyway, we're doing it. And Amazon Music is now carrying the Ramsey show and have been in the podcast world now. So if you haven't checked out that, be sure and do. That's the way to go. And as a part of them celebrating that, they are –
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Wow. That's scary. Mike is in Connecticut. Hey, Mike, how are you?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's pretty well it if you want to exit. Uh, I mean, you can do 10 31 exchanges, but you would be trading these rental properties for other rental properties. Um, right. I guess that's not exiting.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You can't, it's not like kind. It has to be actively managed property, and you're not actively managing a REIT. A REIT is more of a mutual fund than it is a real estate investment.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But you're going to have the taxes on it. So 1031 tax-deferred does not work to a REIT. Not in my opinion. I mean, you have to get professional tax advice if you want. But if somebody told you that on TikTok, I would be questioning it. I don't think that'll work. Because it has to be income-producing to income-producing.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You can't trade your lake house for another lake house in a 1031 unless you rent it 181 days a year and call it a rental property over six months of the year. So you can't trade your personal residence in a 1031. It doesn't work. It's income-producing property for income-producing property. And so you've got to... you know, active, it's actively managed stuff. And so that's what you're looking at.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
What you can do if you want to do 10 31 is move from something that is like, if you've got a bunch of houses and you want to move out of the residential drama of tenants, move to a boring tenant, like a warehouse deal, warehouse tenants are boring. And a lot of those are triple net, meaning they pay the taxes, the insurance and the maintenance and pay you rent.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And you don't do anything except collect a check. Then now that's that you can do a 10 31 on for some houses. So you can look at doing some of that. But otherwise, you're going to pay some capital gains. And depending on how long you've held them and how far you've depreciated down your basis, your capital gains could be substantial.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Hey, technology has changed a lot in the last 30 years. Now the hot topic is AI, and I understand that it might seem intimidating. But if you use AI the right way, it's just another tool to help you work smarter and faster, like a calculator or a cordless drill. So if you run a business, you'd better get on board with it before you get left behind.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
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The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
putting us and this book on one of the big digital billboards in Times Square. Oh, that's cool. This week. So in a couple of days, if you happen to be walking through Times Square with the 8,000 different digital billboards that are there, you'll see our shining face up there as one of them this week. Thank you to Amazon Music for doing that for us and for carrying our show. We appreciate it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Then you can forecast better, scale more efficiently, and streamline those manual tasks that take too long. So join the more than 41,000 businesses, including Ramsey Solutions, that rely on NetSuite to help tackle some of their biggest challenges. And right now, you can download the CFO's guide to AI and machine learning at netsuite.com slash Ramsey. That's free at netsuite.com slash Ramsey.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Well, it's book launch day for build a business you love. If you're running a business, you know the truth. The truth is running a business is hard. Everybody thinks, oh, I'm going to be self-employed. It'll be so easy. No, you find out pretty quick you have a jerk for a boss. I mean, I work me like a rented mule. I crack the whip on me like nobody's business, right? Working for yourself is tough.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It's hard. It's fun. It's exhilarating, but easy is not one of the adjectives that you use. And I'll tell you what is harder is when you don't have a clear path, you don't know where you're going. Like we're going to Florida, but we don't know which way. So we're just going to drive around and hope we end up there.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
If you're running your business that way, that's man, that's really anxiety producing. I don't mind going uphill as long as I know when I get there that I'm at the destination. I don't want to go up the hill and then find out I'm on the wrong hill. It's a bad idea. So that's what this book's about. It's like the baby steps for your business.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It's the proven system we've used to grow Ramsey and coach thousands of business owners. And you can get it at ramseysolutions.com slash store. Build a business you love. And we'd love for you to get that book today. Today is the first day. It is the pub day. It's on the streets today. You'll find it in bookstores and Amazon and our website. And everybody else will ship it to you starting today.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Or you can walk into the... bookstore, and if you see it laying there, pick it up. It'll be there today. Our question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans. That's different than a federal student loan, and it means you can't even make the required payments. If that describes you, YRefi can help you.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
They will restructure the loan for you, get you where you're current, and then help you get out of debt. because they want to get their money back. That's pretty cool. And, you know, low fixed rate loan that's customized to you. Yrefy.com slash Ramsey. That's the letter Y-R-E-F-Y.com slash Ramsey might not be in all states.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Also, basically, this show is broadcast in podcast and video anywhere they'll let us. That's the rule. And so anybody that has it, anybody that does it, we put it out there. So obviously a lot of you are on Spotify. A lot of you are on YouTube. A lot of you are on Apple podcast and talk radio. And thank you for all of that. Spotify this week has gone to a video as well.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah. So the thing is this term is one 20th. It's 20 times less expensive. And if you invest the other 95 cents on the dollar that you're not spending on whole life into your retirement, you're going to have millions of dollars. And that beats what you would have had had you put the same amount of money in a whole life. So what you're comparing here is inaccurate.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You're saying that term, I'm going to get nothing and whole life. I put in the same amount and I'll get something. No, you put in 20 times more. And if you had taken that difference term and invest the difference somewhere else, you didn't spend the same money you spent on the whole life. You would end up with a lot more, whether you live or whether you die. And so that's the way to go.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But life insurance, all insurance is not an investment. No insurance is an investment is a better way of saying it. George is exactly right. If your house burns down, doesn't burn down, and you never got money for your homeowner's insurance, did you get ripped off? No, you transferred the risk that you could not afford to buy a new home
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
If your house burnt down without insurance, you transfer the risk. If someone dies with life insurance that you're depending on your income. And so if you're 32 years old, you got three little kids and no money and Papa dies, mama's got a mess. So you need to go to Zander Insurance and you need to get life insurance to transfer the risk because you can't afford to die.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You can't afford to have your house burned down without homeowner's insurance. And so you can't afford to die without life insurance to make sure your family is taken care of. So you're transferring the risk. It's not an investment. And so you've got all of this convoluted, Allison, which tells me that you've been talking to and stop it. A whole life agent. Stop talking to them.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Because the words you're using and the way you're bringing this up is straight out of their little playbook. It's out of their little script on how they sell this crap.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Jade is in Sacramento. Hi, Jade. How are you?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Well, we tell folks until you're through baby step three. Do you know what that is?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I have my notes. I'll tell you. It's okay. Dave memorized it. Um, um, the baby step three is a fully funded emergency fund and you're out of debt. You should not go on vacation until you have those done. If you've got your, in other words, if you've got your emergency fund, you're to baby step four, which means you should be putting 15% of your income away for retirement. Um,
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And you should be putting something for your kids, college, and putting a little extra on your mortgage. If in that budget you can pay cash for a vacation, a couch, or an upgrade in a car, or whatever other spending you want to do, that's the time you would do it. And it sounds like that might be where you are.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Good. Okay. And what are we talking about spending on a vacation?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay. And what's your household income?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And you would pay cash for this vacation?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay. All right. Yeah, that's when we would tell you to do it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So you can now watch the show on video. We're one of their first video products as well. And so if you don't want to watch it on YouTube for whatever reason and you're a Spotify person, you'll like that. We appreciate that. So you can find us there. So just a lot of things happening, a lot of things going on. This show has exploded.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Wonderful. Wait a minute. Your savings, is that your emergency fund?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You need to take all of your savings and give it a name. How much of the $27,000 is the emergency fund? How much of it is the vacation fund? How much of it is the Christmas fund? How much of it is whatever? And so I'll just make up a number just to give you an example. I've got $27,000 in my savings account. But $20,000 of that is the emergency fund. We never touch that.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I've got $4,000 of the $27,000 is my vacation fund, and $3,000 of my $27,000 is saving up for a better car or Christmas next winter or whatever. I don't care. But you should give your dollars a name because if you just call it savings, then you can emotionally justify taking any of it out and get too far down into your emergency fund, which you don't want to do.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay. So you and your husband decide how much of this is your emergency fund. And I actually, George and I, we generally would recommend you put your emergency fund portion in a separate account.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So you don't touch it for anything. And then you could have a miscellaneous savings where we're saving up for different things and we itemize those. But I like having it separate so I don't get all excited about the vacation and or the car purchase or whatever. And, you know,
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
all of a sudden i'm down into that emergency fund and then i have an emergency and oh my now we got a mess again so but it sounds like you're ready to go jade enjoy your vacation kiddo this is the ramsey show
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
let's be honest shopping for health insurance can be confusing with high costs complicated terms and customer service that doesn't really serve you most folks just pick a plan and hope for the best see insurance companies don't work for you they work for themselves meaning they love it when you overpay so you need a guide on your team to help you make the best choices health trust financial works for you
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
They're not salespeople. They help you find the health insurance option that makes sense and saves you money. The fact is health insurance is one of the biggest expenses in your budget. But most people who work with Health Trust Financial end up saving $500 a month. Imagine putting that kind of money toward the baby steps.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
The numbers are astronomical, and you guys out there are the reason. So we wanted to just take a second and update you and tell you thank you for all of that. And several of my friends that live in this area and other areas, I have been on their podcasts in the last year. Tucker Carlson, I flew up to Maine and did his, and he's been a friend for years.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
My team has worked with them for over 20 years, and they've served thousands of people just like you. They're the only health insurance broker that's Ramsey Trusted to help you. So stop throwing money away and get the health insurance that's right for you at healthtrustfinancial.com. That's healthtrustfinancial.com. Thanks for being with us, America. We're so glad you are here.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Connor is in Toronto, Ontario. Hey, Connor, what's up?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Better than I deserve. How can I help?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So she couldn't afford to go on 18 months' worth of leave but did it anyway?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
No, you don't get it at full. You get it at $500 a month and starve to death. So you guys could not afford for her to go out for 18 months, but she did anyway. Yeah, she was on maternity leave for that time, yeah.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
At the time, you couldn't afford for her to take that much time off, and she did anyway. Yes. Okay, I want you all to hear that. Cause you can't, you can't go into these things and fall backward into them again. You can do that once, but you need to learn what the mistake was. And the mistake was you can't look up and go, well, I don't want to work. Yeah. That's not an option when you're broke.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
All right. So, um, what do you make now?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And this is the first time I'd ever been on his podcast. That was a lot of fun. Theo Vaughn came over. That was a good one. And we had a lot of fun with that. Theo's a new friend, but he lives here in the neighborhood. And we've been hanging out a little bit, and I'm really liking this young guy. He's a neat young guy. And we set up his studio in our studio.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
How long has she been back to work?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay. Because you should have easily been making it with both of you working. And making progress. I mean, good God, what does it take for you to live? I mean, you should be putting $5,000, $6,000, $8,000, $10,000 a month on these debts.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Oh, yeah, you're in Canada. I forgot you guys get your butts taxed off. We whine about taxes in the U.S., and you make us look like champions.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah. You need to stop investing temporarily and work what we call the baby steps. Have you ever heard of that?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
The principals do. I'll send you a copy of the Total Money Makeover book, and George, then he would work the baby steps.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
No eating out, no vacations, no investing, no over-taxation. Don't over-withhold. Make sure your withholding is the only what you have to pay in taxes no more. You don't want to get tax refunds like we do in the U.S. It's a bad idea. And you guys got to live on beans and rice, rice and beans, because you have made a freaking mess at 25 years old with babies. And that's not unusual.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You're not a horrible person. Most people live like you're living. But as you described it when you opened the call, when I picked up the phone, it's no freaking fun. Normal sucks. I don't want to be normal. So you got to get mad and pay.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And if you got any savings at all, that's not retirement savings, start throwing it at these debts tonight, knock out that thousand dollar credit card, cut it up, knock out that $5,000 credit card, cut it up, knock out that little $14,000 personal loan and be done with it, man. That's only that right. There's only 20 grand. You should be done with that just a few months.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And then that gets you down to the home equity line and the house. And then I want you to plow through that home equity line as fast as you possibly can or refinance the house and roll the home equity line into it, either one. But no more borrowing ever. You need to have plastic surgery, chop up the credit cards, a plasectomy.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
He does do his podcast from here in Franklin, Tennessee, where we do. But he came over and we did that. I guess that was almost six or eight months ago now. And then another guy that lives in the neighborhood that is a new friend. In the last, I guess, six months ago or eight months ago, I met him for the first time and really like this guy.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You need to decide I'm not living like this anymore so that you can get clear of this because you've spent more than you make your entire married life. And it's reached the end mathematically. You don't have that option to do that anymore. And it's stressful and it makes you feel shamed and it puts a strain on your relationship.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And you guys, as a couple, as two grownups have to live on less than you make period, no exceptions. And by the way, Connor, that's all of us. We, all of you people listening, all of you people watching, you have to live on less than you make. And I was the master at spending money and borrowing to cover up my disorganization, my impulsive spending, my entitled mentality.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I had all of that in my 20s. And it's one of the things that led me to build a business that caused me to go bankrupt. And that's how I learned all this stuff, was the hard way. So I've done it worse than you.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Or sooner. Yeah. You heard Dave. Get to work. Yeah. I mean, I want you guys. 18 months? Beans and rice. No freaking life. And I don't care if your broke friends are making fun of you. If your broke friends are making fun of your financial plan, that means you're right on track. It's like fat people making fun of your diet. You don't care. I don't care. I'm trying to stay alive.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I'm trying to build a future here. And you don't have any credibility to make fun of me. So you don't get a vote in my life. You know, and when you reach that kind of stuff, that's when everything changes. And so you and your wife tonight need to have a come to Jesus meeting. And the two of us say, all right, we are not doing this anymore.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
brand new life to children having children no more we're two adults now and we're going to make adult decisions and we're going to get after this and adults devise a plan and follow it children do what feels good and i gotta tell you i don't care if you're 55 or you're 25 if you just do what feels good i work so hard i deserve it you don't deserve nothing shut up you whiner
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You deserve it when you saved up the money and paid for it because you worked your butt off. That's when you deserve it. Until then, you didn't deserve it. I work hard. Like, we all don't work hard. You want some cheese with that wine? Shut up. Dave just served up a charcuterie board right there. I'm serious, man. I work hard to serve. You don't deserve it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You deserve to get off your butt and straighten things up. That's what you deserve. That's it. I'm not yelling at you, Connor. I'm yelling at everybody. This is the Ramsey Show.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And he's a young podcaster that's exploded, become a big deal. And he's about literally a mile from here where he does his show, maybe two miles where he does his show. And that's Sean Ryan. And I did a long episode. He does long form stuff. So we were sitting there for over three hours, a long episode with him. And it dropped this week, today, yesterday afternoon, whenever it was.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
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. I'm Dave Ramsey, your host, George Campbell, Ramsey personality, number one best-selling author, co-host of Smart Money Happy Hour with our own Rachel Cruz. He's my co-host today. Open phones at 888-825-5225.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Jeff's in Kansas City. Hi, Jeff. How are you? Great, Dave. How are you? Better than I deserve, sir. How can I help?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So the insurance agency that you're a part of is going to go public?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay, and you don't have any control over any of that? No. Okay, and why are you, after all these years of building... a book of business, why are you still living paycheck to paycheck? That makes no sense.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Why did you have to surrender your book of business for health reasons? Because you couldn't service it?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So the Sean Ryan podcast with me and him hanging out, talking life and kids and marriage and Christ. and money, of course, and leadership, and business, and Trump tariffs, and anything else he wanted to talk about, we just sat there and talked. And classic Sean Ryan. But I'm not his normal. I'm not a SEAL Team 6 guy or a former CIA assassin or anything, so I'm not his normal fare.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay, and that's the passive side. Are you actively working again? Are you able to work?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Why aren't you working like a maniac if you're broke?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I assume you make the most money in your craft. You should make a lot more than $20 an hour if you start making sales calls again.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But you need the money. You need the short-term money until the thing goes public. Correct. Okay, so go work your butt off until it goes public. When it goes public, you can quit.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
If you get a 600 to 1.2, I think you can invest that at 67 years old and you'll be able to quit.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
If you can live off of 8% and you invest it at 12%, that's a good number. Okay. So if you got a million dollars, you'd be living off 80K. If you invest it in good mutual funds and it makes an average of 12, which the market has averaged 11.8 since it began. The last two years, 24 and 23, it averaged over 25%. Now, that's not normal, though.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But in those two years, if you'd taken off eight, your portfolio would have grown substantially. So if you take off eight, as long as it's making more than eight, the thing will run perpetually. and that's invested in good growth stock mutual funds.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But I think you're sitting around whining about all this stuff in the rearview mirror, and you don't feel like you want to go get it again, and you don't really have a choice. You've got to go get it. You've got an IRS bill.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You've got all this stuff stacking up around you, and it all reflects back on this time that you took off, and it cost you half your book of business, cost you your overrides, and now you've got to go back and rebuild your short-term income. All I want you to do is go make $100,000, $150,000 a year.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
for the next three years while you're waiting on to put a little money in the bank, put a little money while you're waiting on the other thing, your ship to come in, for God's sake.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You can't live on 60K and pay off 70,000 to the IRS while you're waiting, and you don't know when it's coming. So you've got to go make some money. And $20 an hour, that's a false offer. You're not going to go do that. Because that'd be dumb to go do that when you can go make 60 or 80 or 100 bucks an hour out there selling. So you're not going to go work at Target. Shut up.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
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. I'm Dave Ramsey, George Camel, number one bestselling author, host of The George Camel Show, co-host of Smart Money Happy Hour, and Ramsey personality. He is my co-host today. Open phones here at 888-825-5225.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Don't even make that offer. You know, go do the thing that you don't want to do. Oh, well, it goes with the choices you've made. And so that's what you got to do, man. So, you know, I've been in those same exact situations. So I'm not fussing at you. I'm coaching you. I'm your coach at halftime and we're behind. And you need to go out there in the third quarter and catch us back up.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
but, uh, but, but I really liked the guy and enjoy hanging out with him and sharp young dad, a young husband. And, uh, man, he's a great, great interviewer. So Sean Ryan, if you want to see that long form interview, you can pick it up. Of course, on his podcast, we're on there. So lots of things happening around here, joy, busy week. And, um, You know what, 150 teenagers came in a while ago.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And I'm saying, go hit somebody, dude. Roll up your sleeves and get it. Suck it up, buttercup. Here we go.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
He's going to have a lot of money when the story ends. There's a silver lining here. But you've got to get to that IPO. You've got to get to that public offering. And, um, that's when you get there, you're going to get six to 600 to 1.2. You said out of your share of the stock at that point. And nothing bad is going to happen by you increasing the book of business and increasing your income.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
In the meantime, nothing bad happens, except you're not going to get to sit on your butt. That's the only bad thing that happens.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I'm lazy. That's really it. I don't want to do it. But you put yourself in a position where you don't have that option. When you owe the KGB money, I mean the IRS money, you've got to go do stuff to get the wolf away from the door because that wolf's got teeth, man. You don't want those people in your life.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, it's pretty rowdy. And, yeah, they're scary people. They scare me. In honor of Tax Day. I'm not afraid of many things, but on April the 15th, I'm afraid of the IRS. And here's what's interesting. I heard this. I was on Fox Business this morning.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
The IRS has issued all these guns, and they've had more accidental discharges, the gun going off accidentally, than they have them actually ever firing the guns at a bad guy. Oh, boy. Well, it's an IRS agent with a gun. Come on. That was a bad idea. Not a highly trained individual. It's not SEAL Team 6. This is the Ramsey Show.
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It’s Not Too Late to Get Back on Financial Track
Big news, business owners. It's here. My brand new book, Build a Business You Love, is officially available to start reading now. Look, running a business is tough. Some days it feels like you're just duct taping the whole thing together. I get it.
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That's why I put 30 years of hard-earned lessons into this book to help you grow faster, make smarter decisions, and stop learning everything the hard way. Don't wing it. Get your copy at ramseysolutions.com slash store and start reading today. This is it, the last day to file your taxes before you get penalties and interest. If you're due a refund, it's time to ask Uncle Sam to pay up.
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If you owe taxes, it's your last chance to avoid getting stuck with a new IRS pen pal. If you're worried you'll owe more than you can pay today, well, don't panic. The IRS offers payment plans, but you've got to file. Not filing is criminal. Not paying is not. And if you don't file because you can't pay today, that doesn't help a thing. So file on time even if you can't pay.
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It’s Not Too Late to Get Back on Financial Track
Yeah. And I thought they were protesters. Walking through the, they're not protesting, not in here. That was like a TikTok band protest or something. We wouldn't do that. But no, I mean, I'm walking through the lunchroom down there and I hear this cheer come up like Rory McIlroy walked up on the green or something. And it's George walking in to talk to the teenagers.
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There's no hidden fees if you go with RamseySolutions.com slash SmartTax, our trusted tax software. It's extremely accurate. It's very inexpensive, and it's quick. So you can get your taxes filed by the deadline at midnight tonight. There are no hidden fees, no sneaky upcharges. You'll get everything you need to file your taxes with upfront, transparent pricing. RamseySolutions.com slash SmartTax.
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We're going to make it easy for you, boys and girls. Randy's in Greensboro, North Carolina. Hi, Randy. Welcome to the Ramsey Show.
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Well, there's no magic reason for it. In general, it's supply and demand. There's a shortage of real estate all the time. You've heard the saying, they're not making any more land. And traditionally, in most of the last, say, 100 years or so in America, there's been more buyers of houses than there were houses.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so anytime there's a shortage on anything that is a commodity, it causes the cost to go up. Even something as stupid as, you remember a few years ago, Beanie Babies. People were going after, you remember Cabbage Patch Kids at Christmas or something like that, where there's a shortage on a toy.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
or Xboxes, there's a temporary shortage, a created shortage, because they just don't make enough to make them uber popular. And so there's more people to buy them than there are items in any commodity, whatever it is that there's a shortage of, the price goes up. That's the main reason. And cars, they make more of them every year.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so they spit off cars like, you know, thousands and thousands and thousands a day, right? And so, you know.
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It’s Not Too Late to Get Back on Financial Track
Yeah, that's the second reason is it's exactly right, George. The technology on cars has changed way faster than the technology in homes. Now, homes are much more technically savvy than they were in the 1960s for sure, but the actual studs that go on the wall are still two-by-fours. And the actual roofing, it still has false shingles on most people's houses.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And the actual siding, it's still the same brick. And so there's not been a lot of change in the basic structure of a house, and cars have changed dramatically. So cars are more akin to computers than they are houses. They make eight bazillion of them new every year, and they're making computers faster than we make people.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so when you unbox a computer, it goes down in value because the next one is going to be a lot faster, a lot more technically savvy. And there's no shortage of them. No. I mean, everybody and his brother's got six of them. You know, I mean, it's like, is there a shortage of phones? Oh, my God. You can get a phone, you know, the smartphone anywhere, anytime. Same thing.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And I think they thought the Beatles were here.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so they've gone up in cost. but mainly because their technology has gone way up. But a used one doesn't go up in cost. Only the new one. Same as with a car. So cars and computers are more akin than cars and houses. In this philosophical discussion we're having on appreciation of assets. And so that's what you're looking at.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
The other thing is houses can actually, if you rent them out, create an income. Cars... hypothetically, I guess you could rent them out, but they don't last long enough to be rental property, so to speak. And so you can rent them out by Uber driving, but that's a temporary thing. And you're, you know, you run the wheels off the thing. So, um,
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
that's probably the best answer is the technology shift in the short it's mainly a commodity anytime you're dealing with a commodity you're dealing with um the price is not controlled by the value that the thing creates the price is controlled by the shortage or the scarcity or the overabundance the glut in the market and that's why things like gold gold doesn't create money
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
The only thing that drives gold prices is a shortage, you know, coming up with more or less gold, people chasing the gold. And so when there's fear or greed, gold goes up. Which is happening right now.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, when everything's real calm and everybody thinks we're prosperous, gold goes way down. Now, the gold people don't talk about that, but it drops like way down. And so, but if everybody's afraid or everybody's greedy, they're going, oh, look at the price of gold. Oh, oh, oh. And they start hyping it up and call Dave Ramsey crazy because he says don't put money in gold.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But I don't have any, I can't judge the value of gold because there is no inherent value in gold. Gold doesn't have value. It's just a gold rock. Silver doesn't have value. Diamonds don't have value. Gemstones don't have value. It's just a rock. The only thing that gives it value is there's more people chasing it than there is supply. People willing to pay for it. Yeah.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so the other thing that comes into my mind, and it's an interesting question. Thanks for letting us riff on that a little bit, Randy. The other thing that comes to mind is I remember going through appraisal class when I was getting my real estate license at 18 years old.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
One of the things they teach you to pass your real estate test, it's one of the questions back then, was what's the definition of market value? In other words, what drives price, right? And the definition of market value of a house, a piece of real estate in general, is what a willing buyer will pay to a willing seller where neither is under duress.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so if you're getting foreclosed on, you're under duress. So that's not a market value. When you buy a foreclosure, you don't establish market value.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Because one of them is under duress. And if there's a shortage of housing and there's 83 offers coming in on the weekend – That's really not established. Remember the post-COVID stuff when people lost their dadgum minds on houses, right? But that didn't establish real market value because there was duress on the part of the buyer. because we're like, oh, I've got to up it, I've got to up it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It's like an auction. It's like eBay. You keep holding your paddle up like an auction, and you kept running the price up all weekend, and you're paying considerably more than asking price. You're getting a bidding war for a house. That's not market value because one of the parties is under duress.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so the definition of market value in real estate is what – and it really should be probably for anything – is what would a willing buyer give a willing seller – where there is no – where neither party is under duress. And, you know, I think about, like, I bought the Raptor R, okay, which is the one with the 700-horsepower monster engine in it. That's a beast. It's a beastie.
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Yeah. Well, no, teenagers would never have snark. Not those teenagers. They're good kids. But it was funny. I'm walking through the dadgum cafe, the Ramsey Cafe downstairs where our team all eats, and I hear this cheer go up. You got excited. And I'm like, wow, who's here? And I asked Ken Coleman. I saw him. I said, Ken, who's here? And he said, George.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And it's a serious upgrade on the Raptor package. And they didn't make many of them. Scarcity. And so the dealer price was X, but the dealers were selling them for X plus $25,000.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Because there was just a handful of them being made, and more than a handful of people wanting them. So again, a shortage of the good drove the price up, and the car's not worth more because there's a shortage. Just the shortage drove the price up. That's all it is. And so you can do that with other cars.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I mean, the Corvette, when they come out with some of the specialty editions and different things, there's not many of them. And so the car guys, gals run down there to get one. And as long as there's an abundance of the thing, though, the price goes down. And ultimately, the price goes down on all of them that have wheels and motors. And so that's what we're looking at.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's a cool question, Randy. Interesting. Really made you think there, Dave. Yeah. Stretched your brain a little bit. Yeah, made me scratch the back of my skull. This is The Ramsey Show.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
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It’s Not Too Late to Get Back on Financial Track
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. We have a debt-free stage in the lobby of Ramsey Solutions.
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You're welcome to come sit in the lobby of Ramsey Solutions. Watch us do this show Monday through Friday from 1 to 4 Central Time. There's free homemade cookies and coffee, and there's usually 50 to a couple hundred people sitting out here. At this moment, there's several hundred out here because on that debt-free stage is a very special event.
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debt-free scream one of our own from ramsey solutions rick prall is here with his wife helen or helene helene helene thank you i knew that but i wanted to make sure i got it right so uh hey welcome guys congratulations i'm so proud of y'all hey dave hey george hey now we can't ask you what your income is because all your co-workers are standing around hashtag awkward yeah yeah but uh but we will ask you everything else how much debt have you paid off
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
In nine years. And I assume that means you people are weird and you paid off your house. We are weird. That's right. That's the house. Congratulations. Well done. I'm so proud of you. Now, do you want to go further in this or you want me to leave it alone? Because you told me some stuff the other day in the hall, if I remember.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Give up on the $1.50 hot dog. George is here. George is here. Now it's fun.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Then you came to work here 11 years ago.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So Rick is one of our product writers. He's been doing content here and helping with ad copy and other things and writing the product scripts and so forth for 11 years, right? That's right. working with all you guys on all the books that come out.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Some of his fingerprints are on this one that came out today, Build a Business You Love. You got involved in that and helped us with that as well. You're an incredible, incredible team member. Thank you. It feels like you've been here longer than 11 years. I don't know.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It's an eternity, Dave. I don't mean it that way. I mean, it just feels like you've been with us forever.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You're part of this place. You're part of who we are. So we love you all. I'm so proud of you.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
How does it feel to have your house paid off?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Wow, baby steps millionaires. That's right. That's what you were telling me at the elevator, but I wasn't going to bring that up unless you did. That's right. Good for you, man.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
so proud of you baby steps millionaires and content and uh product principal product writer is his technical title but it's helping us with all kinds of content now for over a decade and yeah it's hard to write about this stuff and not go do it exactly yes yep we've uh we just finished another fpu class three weeks ago um i think i've taught 14 15 now that we've been here um and uh
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Well, and you're the primary feature in the curriculum. I'm in it a little bit. Rachel's in it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You're a good man. Well, thanks, sir. We're honored to have you on the team, and I'm so proud that this stuff has worked to change your whole complete family tree. Baby steps, millionaires, house, and everything paid for. And you brought the grandkids.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
All right. Well, let's get them up here. I want to hear some grandkids. This is a family tree that's been changed in so many ways. Oh, they're so cute. They are adorable.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And we've got Lincoln, who's one over here. Okay, so Lincoln's going to stay off to the side. That'll work. Good stuff. Just an innocent bystander.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So they're working on it. You have changed your family tree. Yep.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I just cut the different pieces I knew that we put in. And it used to be all me. God help the poor teenagers. They like you. Well, they sort of did. They don't love you, but they like you. Oh, there we go. Okay. They love you. All right. That's it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah. I love it. That's right. Well, congratulations, y'all. We love you. We're so proud of you. And the Ramsey team is out here gathered around because they love you as well and proud of you too. So you set a pretty high bar for the rest of the bunch. Oh, yeah.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I love seeing our team members be millionaires. That's pretty stinking cool right there, man. That's right. That's awesome. So cool stuff. All right, Rick and Helene from Lebanon, Tennessee, Ramsey team member for 11 years, house and everything, paid off $326,000 in the last nine years, and that makes them Baby Steps millionaires, among other things. Great job, you guys.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Count it down. Girls, are you ready? Ready? Three. One, two, three.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's how it's done. I love it. We don't get many cuteness in the grandkids. Oh, yeah. That's good. I like cute grandkids.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
See the grandkids in there. Bring cute grandkids. That's good. I like that. And, yeah, that's great, man. How fun. I like seeing good people win. I got to tell you, as the owner of this place, to have people on our team being able to become wealthy while they work here, doing the stuff that we teach, it makes me weepy, man.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
This guy, he's hardcore. That's rare.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, when he writes something, we don't have to worry about what was written. We know exactly what was written because it's right online with all the things you teach, I teach, and the personalities are just the mouthpieces of it out here, and it's guys like that that make this place work.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, very, very cool stuff. Good job, you guys. You're heroes, man. We're so proud of you. Proud to have you here, proud to have you on the stage, and proud to look at those cute kids.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
There's no explanation in him looking at them. None whatsoever.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I love it. That's fun, fun, guys. This is The Ramsey Show. Real change in your money and relationships is possible. You can break the cycles that have kept you from moving forward. You can build a better future for yourself, and it starts here. Hang out with Dr. John Deloney and I live in a city near you for the Money and Relationships Tour.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Six million high school students have been through our high school curriculum now. So when you think, man, they should teach this stuff in schools, we're doing it. We've been doing it. And if your school's not, then you ought to have a little FOMO here and get your school going. And some of y'all ought to maybe sponsor it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Starting next week, we'll be in Louisville, Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Time is running out, so grab your tickets while you can at ramsaysolutions.com slash tour. Welcome back to The Ramsey Show. I'm Dave Ramsey, your host. George Camel, Ramsey personality, number one best-selling author, is my co-host today. Troy is in Tampa, Florida.
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It’s Not Too Late to Get Back on Financial Track
Hey, Troy, welcome to The Ramsey Show.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
What do you owe on your consumer debt that's going to take two and a half years?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so you have, again, how much in total debt?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I talked to a guy in Birmingham this week on the air here yesterday that one of the teachers and one of the local home builders sponsored it. That's cool. For his school. And his school is Title I school, so it's almost 100% free lunch. So it's an area that's lower socioeconomic. And he goes, I can teach these kids how they never have to live like their parents have lived. Wow.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay. You don't need to panic. You just need to do this. And it shouldn't take you two and a half years. If it's going to take you two and a half years, you need to sell the car. I would pick up extra income somewhere, and I would look at what I can sell. and get this cleared off, and I'm going to live on nothing, beans and rice, rice and beans, no eating out, no vacations, no nothing.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You've got to get busy because you've got to clear this so that you can lean in hard on the 15% because if you start at 58 and you go to 68 with 15% of your income, you're going to be okay. Okay. And in the meantime, get your house paid off too during that same decade. So you go into your early 70s still investing and with a paid-for house, your math is going to be fine.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You're not going to be eating dog food. I mean, you're going to be – You're not going to be a multimillionaire, but you can make it with this. And the fastest way mathematically to make it is to not screw around with this debt, is to pour everything on it, not change the baby steps. It gets you there faster.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And the power of focus and the little bit of fear or desperation that makes you say, I want to change the steps, I would use that as my motivation to even sacrifice deeper and work more. Okay. Yeah, let's just clear this stuff. And if you're going to keep the car, you're going to work like a maniac because you need to be done in about 18 months here.
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It’s Not Too Late to Get Back on Financial Track
Yeah, it's a fair question, and I don't hear – in the way you're asking the question, any dysfunction. I think it's just an intellectual exercise and said, okay, I'm game on. What's the best way to play the game at this way? And that's a fair question, but I still think the best way to play is just straight through.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's with no match and no raises.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I was wrong. I said you weren't going to make it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Well, the thing is, with match and with raises, he might get there by 68. I might be wrong. Yeah. I didn't think of that.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
They're going to become wealthy. They're not going to live in poverty. And this math teacher, and he was on fire. And the home builder paid for the local home builder paid for it for all the kids to go through. And so they're teaching it at that high school because of him. I love it. Well, we don't usually take a segment and give you updates on us, but there's a lot of us happening this week.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But the goal is to have a good-sized nest egg, no debt, including the house, and that's when you can afford to quit looking over your shoulder. And the fastest way to get there is to work the baby steps. But baby step two, man, it's just unbelievable intensity, unbelievable sacrifice. And truthfully... That getting completely strange and weird is a lot easier at 26 than it is at 56.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I mean, I'm 64. If I had to do that right this second, it would be very, very unpleasant.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
We should do that like an undercover.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Do it as a gag. Undercover baby step tour? I want to get one of those visor hats that has hair sticking out of it. You know, those hats. That would be a great undercover boss. Oh, man. That's my disguise. That would actually be a great disguise. My alter ego, Bubba.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Bubba Ramsey is going to show up here.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Oh, my goodness. He's my brother. All right. Anyway, Sasha's in Manchester, New Hampshire. Save us from ourselves, Sasha.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
How can we help? How are you doing today, Dave? Better than I deserve. How are you?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yes. They have to be paid, or if they're written off, you can settle with them for them a lower amount. If you do that, two things. Get it in writing before you give them any money, and do not give them electronic access to your checking account.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So, uh, you cut them up, you send them a money order, you send them a wire, you give them a prepaid debit card, something like that, and you get it in writing. And so let's say one of them is $1,500 and you haven't, it's been written off. Then, um, then you got to do that. Um, so, you know, the, uh, um, you know, you, you settle it, you got to get that done. And, um,
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So you settle it for pennies on the dollar. If it's 1500 bucks, you need to, um, you know, offer them 500 bucks settlement in full. Yeah. Wow. Yeah, okay. All right, yeah, so anyway, get it in writing, no electronic access to your checking account under any circumstances. Thank you for calling, darling. I hope that helps you.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're going to die or something?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. George Campbell, Ramsey personality, is my co-host today. Colin is in Fort Myers, Florida. Hi, Colin.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Big day, a lot of happenings around this show today, and give you a couple of heads up on that. We don't usually do that first thing off the block, but I'm going to do it today. It is launch day for my brand new book, Build a Business You Love, teaching small businesses the clear path through the five stages of business. We've worked with 10,000 small businesses across America, and we are one.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Welcome to the Ramsey Show. Hey, how are you? Better than we deserve. What's up?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay, well, I need to help you reframe your story, okay? The tow company didn't do anything wrong. Yeah, they didn't. They sold a car that had been sitting on their lot for 83 days in order to cover the tow bill and the storage bill. And so Honda, you owed Honda $41,000?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Okay, but I'm trying to just get the—hold on, hold on. I'm just trying to get the numbers straight, honey. Okay. So you have $41,000 owed on the car. The tow company sold it for $21,000. How did they give clear title to it if the loan hadn't been paid off? That's interesting.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I don't know how far the loan works. I can't imagine that if the car didn't at least pay off the lien... Anyway, I don't know how they got title, but that's a different issue. So bottom line is that they put $20,000 towards the debt, and you still owe $20,000 on a car that was in a weird way sort of repoed, right?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, you're going to have to clear the debt. It is a valid debt, and typically a repo debt you can clear for somewhere around a quarter on the dollar. And so the $20,000 balance, you probably can clear it for around five. Eight was their first offer. You could probably get them down to five, but you don't have five today. So you can't really make them a counteroffer today.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
What you could do is just ignore them and let them get a little bit more sweaty before you have to deal with them. That's not a bad thing. Eventually, they're going to get around to suing you for that. Are you working?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And we have survived 2008. We've survived tariff wars. We've survived everything. And you have, too, if you're fighting and scratching out there running a business, it's hard. But we're going to give you the clear path on how to get there. Build a Business You Love is launching officially today. Thank you for that. Congrats on the launch, Dave. Well, thank you.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And only $700 in Tampa Hospital. Colin, the first thing before we worry about healing your numbers, healing your math and your finances, is for Colin to get healing. Okay? Yeah.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so whatever work you just did at the hospital and whatever work you've got to do to finish stabilizing your meds to get there, that keeps you, if you can get there and stay there, it keeps you from falling into the traps of buying things, of getting things stored, getting in jail. It keeps you out of all those traps because all those things set all your financial numbers back on.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
makes it real tough and so uh almost everything you're having to clean up is the result of you being sideways right and so if we can if we can help if you can focus on colin focus on what your therapist is saying get those drugs balanced and getting them balanced is a trick you know that
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah. And I'll throw out there, if it hasn't got, it may not have to do with your situation, Natalie, but there are two major purchases that we've lied to you folks in America about. Home ownership and a college degree. And the lie is that no matter what it costs, you've got to go get one to be successful. No matter if I can afford it or not, I've got to go get one to be successful.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And those are both lies. Okay, there's only one way to go to college and do higher education, and that's a smart way. Pay cash for a degree that's actually usable. Don't get a degree in left-handed puppetry from some name university and go $250,000 in debt and end up a barista. That's thing number one, because all college degrees are not worth the money.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Some are worth a lot more than you pay, not the degree itself, but the knowledge that you get. Home ownership, when you buy a house you can't afford, you get broker and broker. Broke people shouldn't buy houses. Makes you broker and broker. That's why they call them brokers. No, you should not be buying a house when you're broke. You ought to get your butt out of debt.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You ought to have some savings, have a good emergency fund, a good strong down payment, have control of your money like an adult. And only then is a home a blessing. But buying real estate just because, oh, real estate. So everybody's got to buy a house. You got to buy a house. You got to buy a house. You got to know they don't. If you're dumb and broke, don't buy a house.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
It's going to make your life worse. It's, you know, and so it's the same apple we're biting on with the education crap.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And it's like we've told people no matter what it costs, no matter how dumb it is, no matter how out of control it is, go do it because it'll work itself out because these two things are so valuable, a college degree and homeownership, that you can't make it in America without them.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Well, by God, you can make it in America without either one of them, and you sure can't make it in America if you do either one of those wrongs.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah, that's a good point. There's a difference between cost of lifestyle and cost of living.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Living is food, shelter, clothing, and transportation. Lifestyle is all the goodies. Around food, shelter, clothing, and transportation. To live like we want to live. Lifestyle's eating out. Lifestyle's a car that everybody looks at at the stoplight for all the right reasons. That's a lifestyle.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I mean, obviously you mathematically have to build a life that doesn't include child support is the answer to your question, right?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
If you're getting out of debt, you buy a car that everybody looks at at the stoplight for all the wrong reasons. They think you're in the wrong neighborhood. This is The Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies and there's too little life insurance or none at all.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet. I also discovered that there are a lot of ripoffs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income, which is the smartest, most affordable way to protect your family.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So what have you got to do? What's your income?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. I'm Dave Ramsey, your host. Ken Coleman's here. Damon is in San Jose, California. Hi, Damon. Welcome to The Ramsey Show.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Are you from another culture, or did you grow up in America?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. How old are you? So you were raised by, obviously, Korean parents that immigrated here.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Because in Anglo-America, what you just described, as you probably realize, is pretty whacked. Right? I understand. That's why I immediately said there's some kind of a cultural reason for this, because it's very unusual.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah. Well, she's probably going to react poorly because she's married to a guy who's deceived her unless she's a doormat. I mean, was she raised in a cultural situation where she's a doormat? No, she's not.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
She's probably going to light you up then. Don't you think?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I'm talking about the fact that you've been married to her for five years and sleeping with her for five years, but she didn't know you got any money. That's deception.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Honey, you're not listening. You keep deflecting every time I bring this at you. You have deceived your wife actively. She's not going to be cool with that. You hear that?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Which is the reason you lied to her in the first place.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
No, he doesn't exhibit any signs of it. It all goes into savings.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
All right, Damon. Here's the thing, okay? I value a quality marriage and relationship going into my old age because we've now been married almost 43 years. I value that more than money. You don't. So I'm having trouble connecting with you on this. I can't imagine a world where I would deceive my wife actively about any major thing for five years, about anything, not even a major thing.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I don't deceive her about anything. except if she asks if these jeans make her look fat. I might lie then.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Although she's not fat, so that's an easy play. That's not lying, it's wisdom. But I'm not lying about $750,000 worth of income and millions of dollars worth of of net worth that she doesn't know about. I do quite the contrary because she can't grasp where we live today, but she's the saver. So to your point, Damon, how do you do this? I'm not sure I know how to answer your question.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I will tell you this. I'm just the older guy sitting over here going, okay, you brought some culture into this where the guy's in charge and And the lady doesn't have any say or any vote, especially if she's the spender. And so all of that combined with your nerd-like paranoia has led you to this deception.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And so I'm giving you a little bit of grace here, but I'm telling you, this is not going to end well. The longer you put this off, the worse this is going to get. And there's two things here that you can't put off anymore, I think. You called and asked, so, son, you're always going to get an answer here because we love you and we want you to win.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So thing number one that's not going to last and go well is your disrespect of your wife. So she and you need to talk about her spending and you all get on the same page. You probably need to lighten up about 25 notches and she probably needs to tighten up about five notches. And the two of you get on grownup pages on how we are going to live our life.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Um, or you're not going to be able to go forward because you don't respect her. You think she's a child and you're treating her as such. And that is the second point is your marriage is not going to end well. It's not going to last because this stuff blows up. And the longer you wait and the bigger these numbers are, the bigger the explosion is going to be.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
That's credit. That's progress. Good.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So deal with the relational breakdown between you and her on you not communicating clearly with her and that it terrifies me that you spend out of control. It terrifies me that you think you're in Congress. It terrifies me. We've got to get on the same page, honey. We've got to get on the same page. And you've got to get to the point that you respect her competency as an adult.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And then and also sooner rather than later, you've got to stop this deception because those two things are going to end your marriage.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
No, you just need to talk about this.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
They both need to spend their money. Nobody that's a spouse gets an allowance.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So, Damon, Ken and I are saying you're the problem, not her. That's what we're saying. and you need to go work on your buddy. This is a weird thing you've done and you need to own that.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Today's question of the day is brought to you by WhyRefi. When life happens and those private student loans go into default, WhyRefi offers real possibilities, not judgment, not like me. YRefi will help you explore a low fixed rate loan based on your unique circumstances. Go to YRefi.com slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
They're mutual fund companies. They manage mutual funds. They don't own the shares. I do. and Ken does, and any of you that have a 401K does. State Street and Vanguard and BlackRock are three of the largest mutual fund families. Each mutual fund has 90 to 200 stocks in it and millions of customers. So I own shares of Vanguard because I buy Vanguard mutual funds sometimes.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I own shares of State Street because I buy fund families that are State Street run and operated. So these are not BlackRock and Vanguard and State Street do not have the ability to tell any of these companies what to do. because they own shares in them, because they don't really own the shares. Their customers own the shares.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
A mutual fund is where you put money in, I put money in, somebody else puts money in, 40,000 other people put money in in their 401ks. It's mutually funded. Then that money is used to buy good, for instance, growth stocks, if it's a growth stock mutual fund. Vanguard manages funds like that. State Street manages funds like that, but they're not the owner of the stocks.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So wherever you read this was some kind of conspiracy theory bull crap, okay? Three companies own 85% of America, and it's the trilateral commission. Oh, crap. Stay off of that stuff. Get off the Internet if that's the only garbage you can read, okay? So I don't know if the 88% number is correct. I doubt it's that high, but it's very high.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay, so you only got child support on one for just a couple of years.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Blackstreet, State Street, and Vanguard, if you put Fidelity in there, you're getting pretty close to most of the – see, most shares on the stock market are not owned by individual investors. They are owned by mutual funds that individual investors invest in. And so when I buy shares of Vanguard Fund, I am buying into 80 to 200 companies that they bought into.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
But they're not controlling these companies. I am. I'm the owner. as an owner of the mutual fund. So it's not like if an individual person owned each of these companies and they all owned the stock, yeah, that would be concerning that three people controlled 60% or 70% of the stock market. That would be very concerning. But it's not true, which is helpful. the fact that that's not a fact.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay, so the two grown ones aren't a problem, so we're just raising one kid that's a senior.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So even if these mutual fund companies do control north of 50%, which they may very well, if you put in, if you put in fidelity, you probably would get there. I mean, the only one that's ever been troublesome is black rock and they got all up in the woke stuff and started pushing some of the companies to do some of the woke stuff, which has now backfired on them. Um, and so, uh,
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
They were trying to say, we own so many shares of this, you should do so-and-so. A few of the companies caved to that. And then some of the other companies, some of the other mutual funds have come around and gone the other way now. So there's a bit of an offset in that junk. But it really didn't have much to do with money.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
On $50,000, and why can't you live on $50,000 in Huntsville, Alabama?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
It had more to do with cultural philosophy than it did actually affecting your share price or the value of your retirement accounts. So answer is, should this be concerning or affect how we invest? Answer is no. for all of those reasons. Make sense?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Greg's in Salt Lake. Hey, Greg, what's up?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Did you move from the Bay to Salt Lake? Yes, exactly.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay, so you owe money on your house in Salt Lake, right? Yes.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And how much do you have in your retirement accounts?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah, I would get this job up and moving, and then I'd start paying off your house out of that non-retirement accounts. But I wouldn't do it until you get this job up and moving. I think you're okay to get it up and moving. Obviously, you're not planning on making $50,000. You're planning on making $150,000, right?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
In Salt Lake, you're going to be just fine doing that versus cost of living in the Bay Area. So you're going to be just fine.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I wouldn't put any extra on your house right now. I would just sit on this nest egg. And then as soon as you get comfortable with the income steadiness, I'm taking the majority of that $200, not counting your emergency fund. I'm taking all of that stock, and I'm throwing it on this house. But you knew that. You've been listening for years. Yeah.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You keep on doing it. 15% of your household income, 7,500 bucks, 15% of 50,000, you know, that CPA. Yeah. Yeah. Fair enough. It's not that much money now, but you can, by the time you get up to 150, you're stabilized and you're going to start chunking on this house anyway. And the whole thing, all your concerns are going away by then. Yeah.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So what do you think the timeline is to go from 50 to 150?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
That's not fast enough. That's not fast enough. Get aggressive. Okay. You're a high-capacity dude. Act like it. You're not small potatoes, man. You're not used to playing at this level. Get back on this bike and kick it into gear. Drop it into overdrive and let's go. Let's go, baby. Let's go. Get her done. You got the ability to kick this in. Don't play Mr. Conservative CPA. Get her.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Get after her. You've been running supply chain. You know what these curves look like. You can go get this thing. Go build this business, man. Good for you. Good for you. I'm proud of you. You made a good choice, by the way. You chose life over working all the freaking time. Good for you.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
It's not a bad plan if you can't turn the corner on this. If you could get your income up and turn the corner and keep the house, I would work on doing that. I don't mind working an extra job for a short period of time to clear the car and clear the credit card. And then that gets you in balance without him.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
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. I'm Dave Ramsey, your host, Ken Coleman, number one bestselling author and host of the brand new hit on the Ramsey Network. It's called Front Row Seat. He's my co-host today. We appreciate you jumping in and joining us today.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
The phone number is 888-825-5225. Well, Ken, tis the season. Graduation comes along. Students are walking into the real world, sometimes out of college, sometimes out of high school, with no direction on what to do. I'm so proud of you and our team on what we've done with the Get Clear assessment. We've been using it as a Get Clear career assessment. Find the work you're wired to do.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
for several years. It's a huge seller at Ramsey, and a lot of you have taken it, and it's helped you as an adult get moving, and now the Student Edition is here.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Only $34.99. The assessment helps them identify their strengths. The book will help them understand the results and figure out what's next. Find the work you're wired to do. Get Clear Assessment Student Edition out today, today's launch day. So you can get a copy at ramsaysolutions.com. You can get 10 copies there, too.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You can get 25 copies there for all those graduation announcements that are coming in your mailbox. Just send them on right back. This is what you need. A lot of people give them total money makeover books, too. That's right.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
It's that kind of stuff. We want to help youngsters get started on a solid footing. Stepping out into the real world, the adult world, is a scary dadgum deal. Matt is with us in Ann Arbor, Michigan. Hey, Matt, how are you?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And he isn't going to be around but about 18 more months anyway as far as child support goes.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
What are the docs saying for the fixes?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay, buy another house for 500 and your debt does not increase.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Nobody spent any money. You moved your equity to the next house. You sell your house and you buy another house for $500. The only thing you're going to be out is your selling expenses. But you're not throwing any equity away.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Something's wrong. The only thing that's off is $45,000. You didn't tell me in the first round we were paying off student loans. But hypothetically, if you didn't pay off the student loan and you sold your house, what's your current interest rate?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. There's not much difference in that and what you can get out there now. You can get a five, five and a half right now. Okay. So the interest is not changing much and you pick your equity up on a $500,000 house and you buy another $500,000 house. The only thing you're out is your selling expenses. You have the same mortgage basically. So you're either trying to move up in house.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I think you're moving up in house. I think you looked at six and $700,000 houses. Didn't you?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I mean, the numbers that you gave me don't work. The numbers that you gave me aren't logical math. Okay. All right. Do you understand that your current mortgage balance is what?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So if you take $250,000 in equity and you buy another $500,000 house, you're going to have another $240,000 loan. And the interest rate is very similar, so the payment would be very similar. You follow me? Okay, so unless you're trying to move up in-house, not counting the fact you're paying off your student loans out of this, so your payment's going to go up some because you're taking on extra.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Instead of borrowing $250, you're going to borrow close to $300. Okay, so you're going to move up $60,000 in debt with your selling expenses and other things. But that's perfectly fine. That all works. Or you can move the 17-year-old's butt out of the little study and move him upstairs. Okay? And switch bedrooms with him.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Very simple. Very simple. Okay. So is there other aggravating situations to this? Is she obese?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. So that's affecting all of this mobility as well, because messed up hips and back when you're obese is like a nightmare. It's painful, but super painful because you're carrying around like an extra person, right?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Exactly, yeah. And so part of this is a weight loss process as well, to help her, to get her life back. Bless her heart. I'm so sorry, man. Yeah, I think your short-term fix is to dump the 17-year-old upstairs. I don't care if he likes it or not. His mom's ill. He needs to take care of the business. That's what we do.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And if it's inconvenient for him, well, whoop-dee, everything's inconvenient when you're 17. Deal with it.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
But just so your hours are irregular.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
All right, let's cut to the chase. It's easy to get discouraged about crazy house prices and interest rates. But when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions. Ramsey Trusted Agents aren't just experts who guide you through buying or selling.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
They're people you can trust to have your back from the first call to closing day. Find a Ramsey-trusted agent near you at ramseysolutions.com. That's ramseysolutions.com. If you're tired of living paycheck to paycheck and you want to know where your money's going, you have to tell your money what to do. It's called a budget. It's the dreaded B word.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And you could probably use that skill on the weekend.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You have to manage money like an adult, like it was your job to manage money. Tell your money what to do. We'll show you how. We have a free budgeting training going on right now with the EveryDollar team. You learn step-by-step how to make and stick to a budget using EveryDollar. It's completely free. Did I mention it's free?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Your biggest budgeting questions are answered on live Q&A, and we walk you through the whole process. Sign up for free at everydollar.com slash webinar. Joe is in Seattle. Hi, Joe. How are you? Good.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Oh, I'm sorry. How long you been married?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Doesn't matter. You get a divorce, you get half.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. Well, that can be factored into the equation. Are there other assets?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
He's got $600,000. He's not going to be homeless. If he does, it's his fault.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Well, he'd have more than $600,000, because you have $1.2 million in mutual funds or $1.2 million total?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah, so if you took the house, that's $360,000 of that, of your half. So you would only get like $250 then, and he'd get the rest of it. If you take the house as your part. You follow me? You take the total and divide it by two, then you start just dividing this up. So a friend of mine says that a divorce turns a marriage into a business transaction.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
This is like you just start going one for you, one for me. One for you, two for me.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Open phones here at 888-825-5225. Thanks for being with us. Anna is in Huntsville, Alabama. Hi, Anna. How are you?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Exactly. You've got to paint or get off the ladder. This is no fun.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. Then act like it and split this up. Sit down with an attorney, divvy this thing up. Everybody gets approximately $600,000 worth of something. And if you got 1.2, if that's the number, you got some cash to split up, you're going to take the house and that's going to take up a big chunk of yours. And then he's going to get some cash and he's going to have to find a lot to put the motor home on.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. You got to go to work. Yeah, you're going to have to do something to create some income because you're not going to have enough of a nest egg if you keep this house to live off of a nest egg.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So let's say you get $300,000. You can take about 8% off of that and be safe. And so it's not much. It's $25,000 a year. And then your little bit of Social Security and your little bit of pension and all that together is not enough in Seattle with a $360,000 house. You've got to pay property taxes and insurance, and you've got to eat. So how are you making it now?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I know. Does he have an income?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So he's supporting you right now. Okay.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So, um, I, I mean, and I think you're probably going to develop some kind of a career if you keep this house mathematically.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah, but if you keep this house and you're going to get about $250,000, give or take, and if we round it up to $300,000, you're going to have about $25,000 or $30,000 a year income off of that is all. So a couple thousand dollars a month plus $700 from the pension plus $600 from Social Security. I mean, you're going to be looking at $4,000 a month. I'm not positive you can make it on that.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
But if you can run a budget out and make it on that kind of an income, you're going to be fine. Otherwise, you're going to have to supplement this asset base or reconsider keeping the house.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Not the equivalent of $360,000 worth. So, no, that's not true. But, you know, you're just wanting rid of him, but you're not wanting the consequences of it. And that's what you're having to work through. I'm sorry. Wow. Wow. Wow. Yeah, I think you're probably going to gin up some income from some kind of a career.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
34 years. Now, what's up with him that he goes and, yeah, I'm not staying out there.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Hey, folks, how would winning $5,000 in cash change your life? This month, we're giving $5,000 to one grand prize winner, and we're giving away a $500 prize every week in May. It takes less than 15 seconds to enter, no purchase is necessary, and you can enter daily to increase your chances of winning. Enter the Ramsey Cash Giveaway until May 31st at ramseysolutions.com slash giveaway.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
That's ramseysolutions.com slash giveaway. Ken Coleman, Ramsey Personalities, my co-host. You can visit us here at Ramsey Solutions in the lobby. We do this show on the glass from 1 to 4 Central Time, Monday through Friday. It's completely free, so is the homemade chocolate chip cookies and the coffee, and it's all good, by the way.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So there's usually 50 to 200 folks sitting out here, and I'm hanging out with us. We appreciate you. Also in the middle of it is the debt-free stage where Trent and Becca are standing. Hey, guys, how are you? Hi, Dave. Good, Dave.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Better than I deserve. Welcome. Where do you all live?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I'm sorry. You're right. I'm still trying to catch up. Okay, yeah. The $535,000 worth of debt, what was it?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Gotcha. Okay. And the ex as well. The lump sum alimony goes away. This is a good move. Yeah, I like this. This is a clean break. Very good. Yes, sir. Very good. Okay, so what does that house bring?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
okay all right so oh and but that was part of the 235 yeah okay so that one stroke got got you down to 330 330 correct and uh then from there you got to do that in 18 months making 245 and then you get after it yes sir anything else big sold no she was gifted a luxury car from her grandparents that we sold and bought a 20 year old minivan and dumped that on the house there you go that's a good plan all right were they were they freaking out when you did that
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I'm sorry. Wow. Well, it's that wild new husband you got, I'm telling you. Pretty much. You're clearing up the debt, man. How's it feel to be 100% free? Oh, my God.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
How much is the child support a month?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
It's hard to explain financial peace until you experience it. Yeah, wow.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I mean, when you get rid of an alimony payment, that's even another type of free. On top of mortgage payment, free debt. I mean, all these other things are free. But, I mean, that's a sweet one to get rid of.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
No pun. Careful, careful. I think that pun was intended. All right, I'm in. I like it. Good for y'all. So what made you, as part of your new blended family, to go crazy like this and go down to the minivan, sell the house, throw everything, clean up, clean up, clean up? Because that's what you're doing. You're cleaning up a mess from both lives.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So there's $30,000 on the table there too. Listen, so I want you to be free of the need for that because that's going to add confidence. And I want you to be looking like Ken. I'm going to speak as your older brother. I think you're a whole lot better than you feel like you are.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
He wasn't bragging about it. He was whining about it.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Heading in the right direction anyway.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I bet. I bet with what you had been through, for sure. And you weren't going back. Yeah, I don't blame you. That's good. Very good, you guys. I like that story.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
falling in our laps for no real reason wow there's a reason it's called blessings yeah god's math it's funny how it works out it doesn't make sense wow good for y'all good for y'all uh i read a thing this morning coincidence is when god's trying to stay invisible or stay anonymous yeah good for y'all well done very well done i'm proud of you how's it feel to be completely free amazing
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Thank you. And I think that has added to the desperation and the flopping around with money stuff.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I'll guarantee you did with him and all the people watching today, too. Great story. I'm so proud of y'all. What do you tell people the key to getting out of debt is?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Very cool. Very cool. What do you all do for a living?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You probably mathematically could have tightened up and made it without going into credit card debt, but you were still healing from the toxic situation.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Love it. Well, congratulations, you two. We're very, very proud of you. Well done. All right, it's Trent and Becca, Orlando, Florida. 500, I did it again, $535,000 paid off. House and everything in 18 months. Quite a story. 245 to 345 income. Count it down. Let's hear a debt-free scream. Ready? Three, two, one. We're debt-free! That is how it's done. I love it. Very cool.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You know, I don't get many alimony lump sum payoffs, but that is a freedom. I'm telling you. The number of times I've sat down coaching someone, and they've got ongoing alimony and ongoing child support, and it's stuck in that budget. It's very difficult. So a lump sum was a great negotiation, a good payout. And selling off the other house, the two of them combining everything with a...
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And while you're in the middle of that, you know, everything's chaotic and out of control. And now you're going to get very dialed in, very in control on your income side of the equation. And we're also going to put you in the every dollar premium and walk you through getting rid of this debt.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
got a little test for you as of this moment the uh it appears that the trump administration has uh come to agreement with china on tariffs and as of this moment the stock market is shooting through the roof a huge rebound in the last two days um now y'all all remember that
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
We were all going to die about a month ago that the world was coming to an end, that Trump's tariffs negotiations and all that were going to ruin America and that the stock market, you were going to lose all your retirement and the stock market was crashing. We were all going to die. Don't you remember the news? It was just a month ago. Here's the test for you.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
While you're surfing around today and in the next 24, 48 hours, see if you find one positive news story about it going up. Cause it's about back where it was at the first year. Now we're about even from the first year. See if you find one story about all the losses have been completely recovered from January one. You won't find one because these people are, they really don't report the news.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
If you can't turn the corner on the income and get this debt moving away within 12 months, I do want you to look at selling the house. But I think you can do it without selling the house. Do you like the house?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
They're just in fear porn business. They just want you addicted to fear porn. And so if the tornado isn't going to kill you, you're going to lose all your retirement or there's going to be a hurricane or an earthquake. or all of the immigrants are gonna kill you, or somebody's gonna kill you, something's gonna kill you, you're gonna die. That's all they do, over and over and over and over again.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Find me one story where they report with glee on their face, as much as they did with glee on their face when it was going down, that the market has fully recovered as of today. You won't find it. I've been doing this for 30 plus years. After the terrorists hit the towers in New York City, Stock market was closed the first day because Wall Street is right there, literally, physically there.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Wall Street. It's a street called Wall Street, literally. It's right below the towers. So they're cleaning up to be able to get back to work, and they didn't want the markets to reopen in a panic. But stock market dove when it did reopen on the basis of America is under attack.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And the world's coming to an end, and we're all going to lose all our retirement, and the terrorist attacks are going to cause us to lose all wealth built. Not a single report when 54 days later it fully recovered.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Not one news outlet reported that America's economy is so vibrant, so strong, that 54 days after the worst attack in history other than possibly Pearl Harbor on our soil, that the stock market dove and fully recovered in 54 days. Not one. So what this gives you is perspective. of how things really work in the news business, okay? And a lot of these guys are friends of mine.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
We do a lot of stuff with Fox. We do stuff on, Ken was on CNN. I mean, different people, or George was, or somebody was the other day. We work with all of them from time to time. But I got to tell you, it's the business they're in. If it bleeds, it leads. And, you know, I'm telling you all the time, quit buying and selling your stock. Just get in your mutual funds to stay in and ride.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Is it where you want to live when you're an empty nester?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
This is how people build wealth. But instead, we get all freaked out with the fear porn of watching TV, watching TV news or hitting websites, even worse, because they're definitely clickbait headlines.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
about that try to trigger your emotion but you're not going to find a report if you do it's it's one in a bazillion because i always look just for fun of it because i don't generally scan the current events pages they drive me nuts anyway because i know the people writing a lot of them and um the uh but the you know i'll go look but i i'll be surprised if i find a single one anywhere but i mean front page headlines were that you're losing everything yeah that's right
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Well, I mean, and the stock market in general, you can just remember it's this. In a given week, it's a four-year-old having a temper tantrum. Yeah. Because everything's too good or too bad. That's right. It's always a drama queen in a given week. In a given decade, if you look over a decade, the stock market's a wiser woman.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
She's very smart because she does gauge what's going on. But in a given week, it's just a four-year-old having a temper tantrum in the cereal aisle because the Froot Loops aren't right there.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
That's all it is. It's just a bunch of drama queens, man. All right. That's right. Lisa's in Tampa. Hey, Lisa, what's up?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You're going to burn a lot of calories either way.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Oh, I'm all up in his. Me too. I'm all up in their stuff. I mean, the guy doesn't pay for his kid. I'm going to light his life up.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You're going to burn a lot of calories either way, because either you guys are going to do the strain, the hard choices of getting on the same page, or you're going to underperform. Because all the data that we have shows that couples that work together are those that win with money.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Brought to you by the EveryDollar app. Start budgeting for free today. 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. Ken Coleman, Ramsey personality, number one best-selling author and host of the new Ramsey Network's hit, Front Row Seat. He's my co-host today.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
80% of the millionaires that we interviewed were married, and 80% of them claimed one of the reasons they were able to build wealth was they were working together with a spouse, not in spite of a spouse. It's very clear data.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
How long has he been developing the business?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
He's not in the phase of developing the business. He doesn't have a business. He has a hobby. It doesn't take 10 years to develop a small business. It takes 10 months.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
What does he make? What costs his income?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
But I don't want her emotionally dependent on it. I just want her to go over there and stick a cattle prod on him.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Then you already knew what I said earlier there. Unless you do public accounting?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay, you know businesses don't take 10 years to take off then.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
It's just not true. So why is he underperforming? Does he not work much?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
What kind of business is he in?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Metaphorically speaking. Maybe. Yeah. This is The Ramsey Show. You guys, I get it. Inflation is hitting hard right now. Milk, bread, meat, the price of everything has gone up. So you can complain or you can do something about it, like shop somewhere, stuff costs less. I'm talking about Aldi, the newest sponsor of The Ramsey Show.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So is he good at what he does but not good at running a business?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Accidental entrepreneurs happen a lot.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
And we find that with entre leadership a lot. That's not a sin. It's just in recognition. So he needs to either learn how to run a business, not just learn how to do how to production. Yeah. Or he needs a different career. Yeah. Because he's got a woman he needs to keep. Right. And underperforming is not, no, you don't need to try to go to non-traditional.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
We're going to hold our nose and close our eyes and put our hands over our ears and go, la, la, la, la, la, and act like this isn't happening. This is happening. Y'all deal with what's happening. Deal with what's in front of you. You can build a beautiful, wonderful life on the basis of what you've told me, but not by being in denial. Either one of you, for that matter.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
The awkwardness of you making six times what he makes needs to be talked about with a pre-marriage counselor. You need to talk about his career and does he need to work on the business or does he need to go to work for somebody? I bet you he could make $100 working for somebody else. In the production world in freaking Orlando. Is that where she was? No, Tampa. Okay. Yeah, still. Still could.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
So let's pick up the book E-Myth by Gerber about working on your business, not just in your business. For him. I think he's got great potential. But no, I'm not going to act like this isn't happening.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Aldi gives you a no-nonsense approach to shopping and prices that won't bust your budget. Listen to this. Aldi shoppers can save up to 36% on a typical shopping trip, which adds up to about $4,000 a year for a family of four. So stop overpaying for groceries and start shopping smarter at Aldi, where you'll save with the lowest prices of any national grocery store.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Find a store near you today at Aldi.us. That's A-L-D-I dot U-S. Natalie is in New York. Hey, Natalie, welcome to The Ramsey Show.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Why is he not paying child support?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Defaulting is not a method of catching up.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
How much is your house payment?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah, my husband does $450 a week on child support.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
$450 a week. Well, that's only $1,800 a month. That's not killing you.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. And the house payment's not killing you. So where's the money going?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
How much of the debt do you have?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Do you make $200,000 or don't you?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay, right now you make $200,000. Okay, so you have home repairs that you did that you couldn't afford. How much are they?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay, so we owe $44,000 on home repairs. Okay, how much credit card, Dad?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. Maybe 25, 44 and 25. All right. And how much do you own your cars?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
All right. And, um, how much are you putting in your 401k every month?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Are you guys really making 200,000?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I don't know where the paper is that you're adding this up. That's what I can't figure out. You've got enough money to pay these bills if you're making $20,000 a month.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Okay. So bull crap, okay? If you make $200,000 a year, you can't afford not to pay the premium on that.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Oh, there's a detail. Okay. Any other details I left out?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Student loans? Wait a minute, what happened to your phone? Hey, speak into your phone.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
How far behind is he on his child support payments?
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
We'll try to keep your mouth near the phone when you're doing that looking thing. All right, so... All right, so yeah, sell your house.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah. And then you guys quit buying crap you can't afford because the home equity loan, the home improvement loans, and a bunch of the credit card debt are all associated with this house.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
Yeah, and the house will bring enough to pay a bunch of that off. It'll pay off the home equity loan for sure. Your cars are bad, but they're not out of control. But it's everything associated with this house. You guys look at something, and then you just go freaking buy it. Home Depot must love you people. So, yeah, this house is eating you alive.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
I mean, you've got like $160,000, $170,000 in non-mortgage house debt. Yeah. Yeah. Yeah. Cray cray. That's where that falls under. So sell the house. Yeah. Yeah. You got to clear the house and clear this mess. And then, yes, you guys have to get on a written, detailed budget. You can do it with the yellow pad or you can do it with our little app. It doesn't cost that much.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
That's not the point, though. I think the point is your husband's not involved and you guys have never said no to yourselves and you're disorganized and you've got to get up above this thing and start telling your money what to do instead of wondering where it went. You got on the call and you don't even know how much debt you have.
The Ramsey Show
Life Happens—But Your Plan Doesn’t Have to Fall Apart
You're having to turn and look at stuff off phone to figure out where you are. When you're this screwed, you need to know exactly where you are at all times until it goes away. And so dial it in, dial it in, dial it in. Yeah, you need to sell the house. Sure do. And I don't think you're going to, though.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
You know one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
If you need health insurance for yourself or your family, you might be lost in a maze of confusing terms, overwhelming options and questions about networks, not to mention high costs and bad service from insurance companies that don't care about what you want. Common concerns like those are why I'm proud to recommend Health Trust Financial.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
They've been working with Ramsey for over 20 years, and they're the only Ramsey-trusted health insurance broker. Health Trust Financial takes an unbiased approach to finding you the best health insurance for your situation. They listen to your needs, and because they work for you, not the insurance companies, their service is free with no obligations, and no pressure. Here's the best part.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Health Trust Financial customers typically save an average of $500 a month. Health Trust Financial is your one-stop shop for unbiased advice about health insurance options to make sure you don't overpay. So get out of the maze by going to We get tons of calls from listeners like you who ask really good questions about real estate.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So we built a single place on our website where you can find all the answers anytime. We call it our Real Estate Home Base. Everything you need to prepare to buy or sell a home with confidence. So if you're ready to take the next steps toward your home goals, visit our Real Estate Home Base at ramseysolutions.com slash realestate. ramseysolutions.com slash realestate.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
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Make Decisions Based on Guidelines, Not Headlines
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
If the employer sets the rules of the 401k in place, some do not have a Roth option.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yes, sir. Then it is not up to the employer's discretion. They're telling you they won't let you do it?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It's not their money. And they have the place to put the rules in place. And if they chose not to have a Roth option, they can do that for everyone. But they can't select, look at you and say, no, you can't do this. This is a small employer.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You need to get above this idiot's head. Somebody in HR is making a huge mistake. No, they do not have the right to deny you. If they're offering the plan to everyone, they're offering the plan to everyone. You can't say some employees can do this and some can't. That's not the way 401k rules work. So I think you've got to dig into this and learn a little bit more. There's something weird here.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
This is The Ramsey Show. No one wins at anything big by accident. Winning is not an accidental thing. You have a great marriage, it's not an accidental thing. It's not a random lightning strike. If you have a fabulous career, you build wealth, it's not random. You do a series of intentional acts. When you're handling money, the very basics matter.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
of handling money is to handle it instead of wondering where it went and that's telling it what to do that's why we developed the world's best budgeting app called every dollar Every dollar will help you give every dollar a name and make every dollar behave and do what it's supposed to do.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
My friend John Maxwell says, a budget is people telling their money what to do instead of wondering where it went. My friend Zig Ziglar used to say, if you aim at nothing, you'll hit it every time. Most mediocre people aim at nothing, and then they're shocked. that their life is mediocre in a category or in general. Winning is an intentional act. Aim at something. Do it on purpose.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You can download every dollar. The budgeting app I'm talking about, 50 million people have. That's a lot. I wish all of them were using it. But wow, pretty cool. But download it for free in the App Store or at Google Play. Alex is in Atlanta. Hi, Alex. Welcome to the Ramsey Show.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. Um, yeah. And you already took out the loan.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
All of us. Oh. Your parents' health will allow a Disneyland trip?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Disneyland or Disney World in Orlando?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I'm just trying to... So what's your household income, sir?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
So you don't have $1,000? You make $120,000 a year, you don't have $1,000? I have $2,000 in savings. Then take $1,000 and go to Florida. Okay.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
No, you were saying is it honorable to borrow money because my parents are sick and dying so I can spend some time with them before they leave this earth and I have to borrow money to do it. But you don't have to borrow money to do it.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
If you borrow $1,000, you're not borrowing it for your sick parents. You're borrowing it to put it in savings. Because it's the same thing. If you take $1,000 out of savings and you borrow $1,000 for this trip and put it back in savings, it's the same thing. So you're really not borrowing for the parent's trip. You've worked this whole drama thing up in your head.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You're really borrowing so you don't have to deplete your little savings account. See the difference?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Now, what this is, if I'm you, is my wake-up call. It's time to do some different stuff, Alex. Agreed. You make too much money to be this freaking broke. You work too hard to be this freaking broke, dude. Yeah. What's the depression from? You sound like you're walking around in a mud hole.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. All right. All right. Okay. So the first step to getting out of debt is quit borrowing more. That's why I was asking. So the baby steps are your order of attack. That's what they're for. So we start with number one. Do you know what number one is?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You have the energy of a hound dog in the sun. What's the deal, man? I mean, are you depressed?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I think you're emotionally exhausted. So here's the thing. You make $120,000 a year. The plan you've been working is not working. Can we agree with that?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
you work too hard you make too much money to be as broke as you are so take a thousand dollars out of the account is the answer to your question and go visit your mom and dad take them everybody to disneyland that's fine but when you get home man it's time to sell some cars it's time to cut up the credit cards it's time to put everybody on a budget And I don't care if the 14-year-old's happy.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
By definition, 14-year-olds are not happy anyway. And so I don't really care. That's true. That's the deal. So I don't know if you've got a 14-year-old. I just made that up. But you said you're taking kids to Disney. Maybe it's an 8-year-old that's not happy. The definition of happy when you're 8 is you have shelter and food and dry clothing that fits. That's it.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
After that, everything else is a spoiled freaking American. So, you know, it's okay to have some nice things. It's not okay to have some nice things when you can't afford them and you can't afford them. You guys have got to change your ways, man. This is your wake-up call.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
When you make $120,000 a year and you have to call some guy on the radio that you've never even met to ask permission in your mind or to ask insight in your mind to use $1,000 of your $2,000 savings account, that's signaling. That's flares going off. Time for a change. Time to do something different, dude.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Live from the headquarters of Ramsey Solutions, this is The Ramsey Show, where we help people build wealth. do work that they love, and create actual amazing relationships. I'm Dave Ramsey, your host, number one best-selling author, and Ramsey personality Ken Coleman is my co-host today. As we answer your questions about your life and your money, the phone number is 888-825-5225.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
All of us, Dave included, me included, rationalize our purchase. And one of the rationalization methodologies that we use is that we are doing this for someone else. And when you unpack it, most of the time that's just not true. Example, okay? Little family has a brand new little baby. We spend $26,000 redoing the nursery. Promise you, little baby has no freaking idea.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You did not do this for the baby. It does not change the baby's environment. It does not change their developmental skills. It does not increase their intelligence. All absolute hogwash. You did this for yourself. You did this so your friends could walk in and go, oh, it's so cute. And they're not talking about the baby. They're talking about the nursery. And so babies don't give a crap.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
A starter beginner emergency fund. Do you have $1,000? Yes, sir. Do you have more than $1,000?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
All they want is a dry diaper and some food. And a good hug. That's what a baby needs. That's it, man. It's simple. They don't need $26,000 worth of nursery equipment. Now, if you have $26,000 extra laying around and you want to spruce up your home and do something nice, do it. I can promise you Sharon Ramsey is doing that right now for Christmas for no apparent reason but that she has the money.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And that's okay. But that's different than I'm broke and I did this for my child. No, you didn't. Your child is three months old. They don't have a freaking clue. Hello, Christmas present purchasers. Who are you really buying for? Think about it. I don't mind your baby. I'm not the Grinch. But quit using the little children as my rationalization. This is the Ramsey Show.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Ken Coleman, Ramsey personality, is my co-host today. If you don't know, we have the Ramsey Network app that is free, 100%. There is no subscription anywhere around it. All you got to do is download it and start using it, and it carries the third segment of the show every day on video and audio that is not available on podcast or YouTube. And you can search Ramsey. by call subject.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You say, I want to talk about high-yield savings accounts. And you pull up four or five times what we've talked about on the air without having to listen to 26 hours of podcasting to get there. So if you're looking for a specific thing, you can do that. And you can communicate with us by email, which is exactly what Adam did.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Good. Okay. So we're going to take $600 of that and any other money we can squeeze out of the budget, and we're going to apply it to Baby Step 2, which is the debt snowball. Does that sound familiar? Yes.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Hmm. Well, we're talking about life insurance, and so the way you answer the question back into it is, if you die, can your wife survive? If you die this year, can your wife survive on the investments in the situation that she's in? Generally speaking, we would tell folks to be self-insured.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You would need to be 100% debt-free house and everything, and the kids are grown and gone, and there's a substantial investment, and she could live off of the income that the investments create. So if she made 10% on $250,000, that'd be $25,000 a year, and she's got two teenage daughters, no, I don't think you're self-insured.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Then you're self-insured, right? And so if your investments will replace your income, And or the fact that you're debt-free and or the kids are grown and gone, that puts you there. But, dude, you're not. I would not tell you to do this. Now, if you're getting ripped off on insurance, it's time to have some courage. and talk to Zander Insurance and get the proper amount of term insurance in place.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It's not that expensive, even at 47. If you're not overweight and you don't smoke, term life insurance is just cheap. And Zander Insurance can shop among a bunch of different companies, get you the right deal, get that in place. And I wouldn't even contact the relative. I would just contact the insurance company and cancel it. Your relative may not even be in the business anymore.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
If they are, they might not even notice the cancellation come through. And if they do, when they call up, just go, you know, I just want another different, I want a different direction. You're not required to get into a long explanation with someone that sold you something that you believe is overpriced, except goodbye. Yeah, I agree.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay, and the debt snowball is where you list all of your debts, smallest to largest, except your home, pay minimum payments on everything but the little one, and attack the little one with a vengeance.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah. Well, he said, I'm afraid to change brokers. He's afraid of the conflict with a relative. That's what it amounts to. Oh, okay. I didn't read that. I'm reading that anyway. That's what I get.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Well, and there's, you know, why would someone that loves me overcharge me? There's the other side of this. Who is it I'm disappointing here? The person who's supposed to be having my best interest at heart and yet overcharged me. So, yeah, gosh, sorry, I'm disappointing you. Right. Who cares? So, yeah, get your term insurance in place the proper amount. You're not self-insured yet, I don't think.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I don't think your wife wants to live on $25,000 a year. I could be wrong, but I don't think she does. Derek is in St. Louis. Hi, Derek. How are you?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay, so what is your income? What do you make a year on running the farm?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Oh, good. What's your income if she quits?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
That's right. 100,000 is 8,300. You don't have 3,000 in withholding.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. How much is going into 401K?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Are you in baby step four? You're out of debt except the house?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And how much do you have in savings other than your 401K?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Pay your car off today, Derek.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yes. No, you could. You need to now. Okay. Now you're out of debt on the car, and the answer to your question is $2,000 a month on $8,300, and you've got farm income. What is the net profit on the farm that you pay taxes on annually?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Honey, how long have you been doing this?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay, so what do you make a year on a stinking farm? It's not rocket science. You're making $30,000, $300,000.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay, in some years you make $20,000, so you're not making much money on the farm. Okay, I got it.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay, all right, so somewhere at least. Okay, now... All right, so you got $150,000, $140,000 household income. So the question is, run a budget in detail.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Then run your budget as if she's not working and bank her check.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Run a budget for the next three months as if she's not working and put her entire check in savings. If you can do that, she can come home. If you can't do that, what have we got to change so that she can come home? Is it Catholic school? Is it we move? What have we got to change? What's less important than her coming home?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Both of those other things, the farm and the Catholic school, sounds very important to you. But maybe, I mean, one of these things may need to give. I don't know.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
for her to be able to come home so but if you simply the math is if you'll just practice living on your income then uh gosh it's a no-brainer she can come home you don't have anything to be vaguely afraid about you actually have done an analysis and have proven what we call proof texting the concept but if you if you can't bank her check and make it
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Then you start asking yourself, what have we got to change for us to be able to bank our check and make it? And we've got to work that through.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay, good. So we're going to throw $600 out of savings at that and any other money we can throw at it and try to get that paid off in about a month here, right?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And then you put the things on the scale and go, that's not as important as her being home. Or that is more important than her being home. So she's not coming home, if that's how that works. I mean, it's just math. This is The Ramsey Show. Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
that they love, and create actual amazing relationships. Ken Coleman, Ramsey personality, number one best-selling author of the book Paycheck to Purpose. He's my co-host today. Open phones here at 888-825-5225. Tyler's in Charlotte, North Carolina. Hi, Tyler. How are you? I'm good. How are you? Better than I deserve. What's up?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Our rule is the only ship on sale is a partnership.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
So I find with the exception of medical practices and law practices, we coach tens of thousands of small businesses through entree leadership. And we find almost no partnerships of this type survive 10 years. They don't make it 10 years because of a lot of different things that you just described. Sometimes it's not negative things, even sometimes it's a positive thing.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
What's your household income?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
But why would your attorney want to buy 50% of your business?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I'm sorry, same thing. You're wanting to do something different?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah. Staying in your lane's a good thing. Yeah. Okay.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Excellent. And what's your next smallest debt?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You mean you don't have a brick-and-mortar for this other thing? You have one for your real estate office.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And Tennessee, the principal broker has to have a location.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Oh, you're not the principal broker.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I want both of those gone by the end of January.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Principal broker in most states has to have a physical location. Okay. Hey, hey. Okay. All that doesn't, to me, is simple. No, I would not go in partnership. I don't do partnerships. I don't mind doing a deal with someone, a singular deal, a one-off that has a set end to it. That's more of a joint venture. And I don't do hardly any of those, but I would do that.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
But something that is an ongoing thing that does not have a set calendar to its expiration, a term to it, I would not do that. Now, if he's got some investors and you all want to work out some deals, you know, where. you know, he gets a certain amount of legal work. If he keeps spoon feeding you investors and that kind of thing, a legal way to do the transfer on that, that's fine.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Uh, but no, I don't, you, you don't need a wife. I mean, that's, that's an attorney. No, no, no, I, you, I wouldn't, I wouldn't do it. No, I'm, I think you're, you guys are just bored. You need to back up and say, gosh, what can I do to make this thing exciting and go push something out there that's different and that gives you some energy again? But no, I...
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
including the $600 we're pulling out of savings. You see how we're doing this? Boom, just like that. And every dollar we can squeeze out of this wonderful income that you have, we're going to attack, attack, attack, attack, attack. Now, if you do not need but $7,000, then take three of that borrowed money and put it back on that loan. Okay.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It's a compliment that he came to you and said it'd be fun to do business with you. I think I like the way you do stuff, but that compliment does not substitute for good sense.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah. And one of the things that has happened to me over the years running Ramsey is people come in with ideas. Sure. Hey, I want to share this idea with you and see if you want to work on this idea. And, you know, I don't. I just don't. Um, you know, one guy was, you know, he's like, well, this is the best idea since sliced bread. You need to sign an NDA so I can tell you about it.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You sign a nondisclosure agreement so I can expose this wonderful idea to you. And I said, please don't tell me anymore because dude, I get ideas in here like shovel fulls every day. Ideas are a dime a dozen people who can actually get crap done. Those are hard to find. Ideas, not hard to find. They're everywhere.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
People that execute and follow through with excellence and energy and enthusiasm, and those are a rare gem. You bring me one of those, I'll sign an NDA. But please don't tell me your idea, because we might have already had the idea, and then you'll think I stole it from you. Because they're that easy. Ideas are just everywhere. When you're entrepreneurial, I mean, I'm somewhat ADD, I guess.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It's undiagnosed. When I was a child, they called it hyperactive. But, yeah, Dave talks too much on all my report cards. Now I make a living doing it, but there you go. So much to my grade school teacher's chagrin. Mm-hmm. So ideas are everywhere. Squirrel, there's another idea. Boom, they're everywhere.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
But people that can do them or not, and it's the same category here of the affirmation of, oh, I brought you an idea. Oh, thank you. I'm worthy of your idea. Thank you. But then I quickly figured out, no, no, I don't need to. No, no, that's a nightmare. So true. You know, it's because of the law. You know, I tell people to eat beans and rice, rice and beans.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Would you believe that to date we've had over 1,000 people propose that I co-author a book with them? Of course. Of beans and rice, rice and beans recipes. Yeah, it's a great idea. Because they didn't understand it was a metaphor. Yeah. It doesn't literally mean everyone should actually eat.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Uncle Ben's got the market. He's got the market. This is The Ramsey Show. Ken Coleman, Ramsey personality, number one bestselling author of the book Paycheck to Purpose on sale at the RamseySolutions.com store right now. One of the many books we have on sale that'll make a difference in someone's life. Check it out for Christmas. Hey, I love talking to you guys about money.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And you have a $7,000 loan for your debt snowball instead of a 10. Right. Okay. And it sounds like everything, the truck's already down there and this deal's already done. I might have challenged even how to fix the truck, but it sounds like we're already cows out of the barn on that one.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I also love talking about business and small business as well. Like we were just the last caller there. If you didn't know, I host a podcast called the Entree Leadership Podcast. It's been on the air for many years since podcasts first started. I took it over.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
We had other folks at Ramsey doing it, but I took it over about two years ago and started taking calls from small business people with questions about business and leadership and so on every day or not every day, but one day a week. And if you have a small business or leadership question, reach out to us. Leave us a voicemail at 844-944-1070. We'll set you up to be a caller, 844-944-1070.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Or you can go to entreleadership.com slash ask. Sterling in Austin, Texas. How are you, Sterling?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Better than I deserve. What's up?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
We call it 3B. After Baby Step 3 is in place, you're debt-free, and you have an emergency fund of three to six months of expenses, then start saving for your down payment in 3B. In other words, between 3 and 4, if you want to not start retirement savings for a short period of time and use that time to build up your down payment, that's when we would tell you to do it.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah, we want to get you in that. That's perfect. So how much debt you got left, Sterling?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah. What's your household income?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Cool. It sounds like you've got a good plan. If you want to speed up the house, you jet the truck.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
But good news is you have a fabulous income. What is the total of your debt?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah, if you could get 26, and you probably can, you probably get close to that for it, depending on what it is, it gets you out of a fourth of your debt and speeds the purchase of the home, which goes up in value, and the truck goes down in value. I'm not against having a nice truck. I'm just always trying to figure out a way to get to my goal faster.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Put yourself in a hoopty and run the numbers with that extra $700 on there, and you'll see what I'm talking about then. That's cool. Hey, man, you're doing great. I'm proud of you. Can't wait to hear you do your debt-free scream. Good job. Rick's in Columbia, South Carolina. Hi, Rick. Welcome to the Ramsey Show.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Oh, excellent. If you live on beans and rice, you'll be out of debt in a year. Okay. I love it. And no eating out and no vacations and no more borrowing money. And we're going to attack this to the tune of about 10,000 bucks a month. And we're going to be out of debt in one year. And that still leaves you a hundred and something thousand dollars to live on. Oh, darn. Wow.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Oh my goodness. Okay, cool. So how much debt have you got today?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You get that whether you have a car payment or not?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
So you have to systematically keep money moving that direction so you can upgrade the truck periodically.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
The program is independent of debt. It does not require debt. You just used it to justify debt. Correct. Okay, so we're going to clear that. Now, what's your nest egg looking like in your 401K?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It was a heart attack. They're trading a tax deduction for tax-free growth. This guy can't do math.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And change tax advisors, because I don't know what else he's doing that's dumb.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. Well, I mean, the beautiful thing about what you're doing is, is you're making all the right moves. I think the thing that'll help you is to, um, you know, just do some calculations. You can use some of the calculations on our calculators on our website. They'll help you. or in the EveryDollar app, either one, and start saying, okay, what will I have when I'm 55?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
What will I have when I'm 60 based on my current trend line with the lump sum I have now plus the payments I'm putting in now? And that'll start to tell you, you know, give you some comfort level as to where you're going to be. I don't think you're going to be mathematically able to live like anywhere near like you're living now at 55 years old with no work. So I think you're working a while.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
That's not a bad thing, though. You need to be doing something. I'm 64. I work. So it's not the other world.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It's a terrible thing to waste. Yeah, doing something. Having enough money to not have to work is different than just not working. That's what you're saying. 100%, yeah. But either way, you can start to run your numbers out, and it'll give you some insights onto where you are. You're doing pretty good, Rick. Sounds like it.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
That's a pretty cool plan. That's how you do it. That's your order of attack. And then once that's gone, we go back to the $1,000 account. Baby step three is we raise it up to three to six months of expenses, a fully funded proper emergency fund, because $1,000 is not enough. We all know that. And then once that's done, then you do baby steps four, five, and six simultaneously.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I'm going to get out of the truck debt, and I'm going to jack up on some of these other things on the investment side and get this thing moving. This is The Ramsey Show. Ken Coleman, Ramsey personality, is my co-host today. Today's Ramsey Show question of the day is sponsored by WhyRefi. When you're trapped in a maze of defaulted private student loan debt, it's hard to find your way out.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
But WhyRefi can offer you a lifeline with custom refinancing based on your ability to pay and a lump sum payoff option you could qualify for after 24 months. Go to yrefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Four is you start putting 15% of your income away in retirement. Five is you start funding your kid's college. Six is we throw everything else we can get our hands on at the house and get the house paid off. It usually takes about five or six years to knock it out.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
The other thing I want you to ask yourself is who is ambitious here, you or your husband? Because A, he didn't raise his hand for this position. B, his wife wrote us an email. Not him. two indicators he ain't real fired up and so are not as fired up as you are.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
So I don't want you to want something for him more than he wants it for himself because that's going to come through when he sits down in his review. He needs to be confident, competent, how can I add value to this organization? What do I need to do to make myself more valuable so that I can grow here?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Grow, meaning grow in responsibility and in value that I'm adding and hopefully in compensation someday. And that requires a body language, a little swagger.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And, you know, I think that's a discussion. Maybe your husband doesn't want any of that. Maybe you want it. I think it's very possible. So you need to talk that through before you send him into the lion's cage. Open phones at 888-825-5225. Matthew is in Houston, Texas. Hi, Matthew, how are you?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Send it to Dave's Bahama Fund. P.O. Box. No, I'm kidding. Okay. All right, so you're going to make an extra $80,000? Yeah. Sweet!
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Where are you on the baby steps, bro?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And then once you finish that up, you're at baby step seven, which there's nothing left to do then but become very wealthy and outrageously generous. And it just works, Ken.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
First thing you need to do is save $1,000. I bet you've already done that.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
How much money do you have in savings?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay, good for you. And how much debt do you have not counting your home?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Good. Okay. Baby step one is save $1,000. Baby step two is to become debt-free, everything but the house. Ding, ding. Check those two boxes. Three is to have an emergency fund of three to six months of expenses. If we call that $50,000, that emergency fund, you're there. Three. Baby step four is start putting 15% of your income towards retirement, not more, not less, in 401ks and Roth IRAs.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. Baby step five is kids' college. Do you have kids?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Well, that's easy. We skipped that one. Baby step six is pay off your house early. How much do you owe on your home?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. And what do you make? What's your total income, sir?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. And you're single and you have no debt payments. If I woke up in your shoes, what would I do following those steps I just gave you that I've taught 10 million people? I would tell you to reduce your 401k to 15%, not maxed out, and I want you to take everything you can squeeze out of your monthly budget, including this bonuses that are coming in, and throw it at the mortgage.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Let's pay this house off in two years.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
After the house is paid off.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Here's why. I don't want it hanging over my head. There's actual data. We did the largest study of millionaires in North America ever done, 10,167 of them. Two primary things caused them to have the first $1 to $10 million of net worth, investing steadily into their 401K and paying their home off. And paying the home off is a big part of it, by the way. So a paid-for household are you?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And the house is worth what?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. So when the house gets paid off, by the time it's paid off, somewhere around 34 years old, 33 years old, you're going to have a net worth of over a million dollars at the track you're on right now. So way to go, dude. You're killing it. Proud of you. Hang on, I'm going to send you a copy of the book Baby Steps Millionaires.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It's my latest number one bestseller, and it'll show you exactly the stuff I'm talking about, why, when, and where, and it'll help you dial this in. You are a stud. Keep it up, man. This is The Ramsey Show. Thanks for joining us, America. We're glad you're here. Open phones at 888-825-5225. Well, it snuck up on you again. Christmas is here. Are you ready?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Hey, whether you're shopping for yourself or you're looking for the perfect gift to help someone get their money in order, now is the time to shop and get up to 30% off our best-selling products, including Ken's book, Paycheck to Purpose, my book, The one I just mentioned, Baby Step Millionaires or Total Money Makeover. Non-Anxious Life by our own Dr. John Deloney.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Breaking Free from Broke on sale by George Camel. Questions for Humans decks of cards, $12. RamseySolutions.com. By the way, the reminder, this is the last segment of the show on podcast and YouTube. You can pick up the final segment of the show, the final episode, or the final portion of the episode, rather, at the Ramsey Network app. It's completely free.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You can download it right now at Apple or at Google Play, and you can always hear everything we're doing at Ramsey Network on their video and audio. So be sure and jump over to the Ramsey Network app and pick up everything you need to know. Tammy is in Nashville. Hi, Tammy. Welcome to the Ramsey Show. What's up?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Tell us how you really feel.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It is not a good thing. Your instinct is correct. You win the argument. Now, let's talk about why. Praise the Lord. Yeah, let's talk about why. You have a good nose for stupid. And so you're like my wife in that regard. But so a shared appreciation mortgage is what we're talking about. And what this is is the mortgage company in return for a lower interest rate.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
and in return usually for lesser down payment, you give up a portion of the increase in value. And so you buy a $300,000 house and it goes up to $500,000. The sum of that $200,000 increase goes back to the mortgage company when you refinance or when you sell. So you do not get all of the growth in value. The downside... is two things.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
One is it can trap you and make it very difficult to refinance if you were able to and get rid of them, okay? Get rid of that loss of growth. And it can also make it difficult to sell. And, of course, the third thing is you gave up some of your growth, and the tradeoff's not worth it is what it amounts to. I don't know why he's being pulled into that.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
That's very strange because the thing is very, very few mortgages, very, very few people do this. I thought the program was actually dead until a few months ago. I heard somebody bring it up. I think somebody's out there promoting it or something because I hadn't even heard of it in a long time. The first time I heard of it was back in the 90s and in a high interest rate environment.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You know, and so, you know, interest rates were really high and people were trying to get the rate down by giving up some of their future appreciation. So tell me, kind of think of it this way.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Have you heard these things with student, uh, some of the student loan things where, uh, you can go to a certain college and, uh, you don't pay as much to go to the college, but you give up some of your income to that college. No, I've never heard of that. Same deal, same kind of a thing here. You're selling off your future for a little better deal in the present, and that's never a good trade.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah, of the increase in value, yes. So if you bought a $300,000 house and it went up in value to $500,000 and you had a 20% shared appreciation as an example, then you would give up 20% of that $200,000 growth or about $40,000 when you refinance to get rid of that mortgage. By the way, if you wanted to just pay it off,
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
If you start making a lot of money and you were working the Ramsey plan, you wanted to pay it off, you got to pay off that appreciation that you owe them to, not just the loan balance.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Well, the bank did it because it's good for the bank. But your husband's wrong. You're right. Pay cash for your house. You have the money. You are exactly right.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Merry Christmas, America. We're so glad you're with us. Brittany is going to start this segment in Charlotte, North Carolina. Hi, Brittany. How are you?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It is. And well, here's the thing. Most Americans, that's a good point, solve their problems with a debt payment. They get a new debt to solve a problem. I want to go to college. I don't have any money. So now I'm a student loan. I don't have a car. I like that car. Now I have a car payment. And I want to go on vacation and I don't have any money. So now I have a vacation loan. Oh, wait a minute.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Let's try a couple things, okay? Number one, you can say this. Let's pay cash for the house. Okay. If two years from now, after we pay cash for it, you want to talk about getting a mortgage, we'll talk about it. You know how hard it is for somebody emotionally to put a mortgage on a paid-for house? He'll never do it. Okay. So, honey, try it my way.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Pay cash for it for two years, and then we'll talk about it. So that's thing number one. Thing number two, all right, we did the largest study of millionaires ever done in North America. I say this all the time because we did. We studied 10,000 plus millionaires.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
The number of millionaires out of 10,000 of them that said we became a millionaire by borrowing money on our home so that we could invest, what your husband's talking about, The number of millionaires that said they did that out of 10,000 was zero. Okay. So the data says the facts are that your husband's theory is wrong. Okay? Okay.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
One last thing, and I'm going to keep throwing stuff at him and at you too, but here's the thing. Good, good. When I went broke, I did whatever I wanted to do because I'm really smart with math, and I did some stupid butt stuff like he's trying to do. And I found in the Bible, Proverbs 31 says, Who can find a virtuous wife? For her worth is far above rubies.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
The heart of her husband safely trusts her. and he will have no lack of gain. Now that doesn't mean he can't argue with you about this, he should, and challenge your theory, he should. I do with Sharon, with my wife, but I trust my wife to have common sense and input. Ken trusts Stacy to have common sense and input.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Hang on, I'm going to give you a copy of the book Baby Steps Millionaires for you and your husband to look at. I think it'll help your husband with this. He's trying to do a good thing a bad way. It's a bad move. You smelled it out. Congratulations.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I don't think communication is a problem in there. No.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
You're awesome, Tammy. Very fun. You're amazing, lady. Well done. This is The Ramsey Show.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Christmas this year is in December. It caught me off guard. Oh, that's going to be some credit card debt. Anything that's a surprise, and everything seems to be a surprise, we solve our problems with a new debt payment. And you're going to be in debt the rest of your life, and that's what the banks have taught you to do. And it's a mindset that, Ken, you're exactly right.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It has to be broken where you say, I don't borrow money anymore, so now what am I going to do? Yeah.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
It's not even on the table.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
People that have a lack of resources get more creative. Always. Yep. Always. I have gotten very creative many times over the years once I drew a line in the sand and said, I don't borrow money. So that's part of her story going forward now. That's the plan. This is The Ramsey Show. Ken Coleman, Ramsey personality, number one best-selling author of the book Paycheck to Purpose.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
He's my co-host today. The phone number here is 888-825-5225. Ray in Houston, Texas. What's up, Ray?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Better than I deserve. How can I help?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Better than I deserve. What's up?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
I'm sorry. Wow. Are you working?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
So, uh, Ray, what happened? Why'd you file bankruptcy?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
They're a private student loans. Okay.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
All right, good. All right. So when I was 28, many years ago, I filed bankruptcy, Chapter 7. I lost everything and went through it. It was very painful and a lot of shame that I had failed because I had. And it took some of my confidence away. And so the way I chose to react to that was,
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
to do an autopsy on my stupidity and say what put me here what are the things i believed that were obvious lies that put me here you follow me in other words if you're going to go through that kind of crap at least learn the lessons right at least pass the test If this is a test, at least pass the test. So you never go back for those reasons.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
So you bought an education you couldn't afford, you bought a car you couldn't afford, and you had no savings. So when you went through a job loss and a divorce, everything came tumbling down because you had a lot of debt and no money. Does that sound right?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Yeah, that's the CSI on your deal. So how do we recover from that? Well, we do the opposite of that. We pile up cash and we have no debt. And that's what I've been doing now for 35 years. It worked, too, by the way. Good news. So next time you need a car, you pay cash for it or you don't buy it. The next time you need to take a class, you pay cash for it or you don't buy it.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
The next time you need to dot, dot, dot, fill in the blank, stupid American thing we do and don't do it unless you pay cash for it. And part of my written monthly budget for the rest of my life from age 30 to age 64 today has been the first line in my budget is giving. I'm a Christian and I tithe to my local church. That's the first thing that happens to money when it comes to us.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
The second thing that happens is savings. And then we eat. We're always going to give and we're always going to save and we're always going to eat. But we don't purchase crap while we've not been generous and while we've not saved money. These are basic principles and they're kind of common sense if you think about it. But no one does them, Ray, and that's why most people are broke.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
This is how you recover, kiddo. And you do what Ken's talking about, and you start, let's get your career in business. You're not tending bar because it's what was your goal when you were 16 years old. You're tending bar because that's where you're hiding while you're recovering from these wounds of a lost job, a bankruptcy, and a divorce. You've had three major blows emotionally.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
So I want you to come out of the cave and go be who Ray's supposed to be, which is a chemist making $100,000 a year, or whatever it is you want to do. I don't care.
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
But God made you to go do something, so let's get that figured out, because that's going to bring you in more money than you're making now, more satisfaction than you're making now, and then you can start saving and giving and avoiding debt going forward with a plan. Does all that make sense?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Okay. $10,000 worth of issues on a truck?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
And it worked. Amy is in Dallas. Hi, Amy. How are you?
The Ramsey Show
If You Want To Be a Millionaire, Do What Millionaires Do
Better than we deserve. What's up?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. 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.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I think right now what you would concentrate on is with a new baby in the house and cleaning up these bills. I think you want the quick money. So that's going to be a traditional something that just hands you money right now. Later on, we might try a business idea. But right now, I mean, you're eight months. Y'all aren't even sleeping great.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I sleep a lot better there are no babies in my house okay so I'm just saying oh yeah it's a hard time it's a it's a you know you're carrying a load right now of other things and it's probably the time just to make it some extra money and your first goal is not saving your first goal is clear these debts right I want you to get a thousand do you have any money saved now
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And so you could clean up these student loans today. I mean, these medical bills today. Yes.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, I want y'all to make a list of all of them tonight and pay them all tonight.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
No, I'm telling you, if you want to build wealth, the first step is to clear your debt. The second step is to build a fully funded emergency fund. And then your third step is to begin investing long term. And you're going to do that by getting on a detailed budget, making every dollar behave, and go create some extra income, which you were offering to do, and that's why you called.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And so it sounds like you're probably at their mercy. Is there anything in the documentation that dictates the price at which one of the other people buy you out at?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So we're going to add some income. We're not going to have any medical bills hanging over our head after tonight. We have a smaller savings, and then we need to knock a student loan out by Christmas.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Be done with it. And then when you've got no payments and you're doing a detailed budget and every dollar is behaving, then you're going to see some serious problems ability to stack cash and really start to build a good emergency fund. Because you guys probably ought to have a $25,000 or $30,000 emergency fund when you're done with this.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Then you start doing your investing for the kids' college, for your retirement, and you start to build some wealth. But so far, you've kind of just wandered along on the money thing. And what I'm telling you to do is get very serious and very detailed and very sacrificial. And like this matters because it does. You have an eight-month-old. This really matters. So hang on.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
We'll get you signed up for EveryDollar Premium, which is the world's best budgeting app. And it'll show you how to do everything in there. And that'll get you started and get you going. This is The Ramsey Show. Hey, when you're gazelle intense, you sell so much stuff the kids think they're next.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But when you've gotten rid of all you can, save money by switching your cell phone plan to Boost Mobile. It's just $25 a month for unlimited talk, text, and data forever. Boost is a major nationwide network that offers reliable 5G service, and here's my favorite part, transparent pricing. There's no hidden fees, no contracts, and there's a 30-day money-back guarantee, which means no risk.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Go to BoostMobile.com slash Ramsey to switch today. That's BoostMobile.com slash Ramsey.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
If you're running a business or you know someone is, that is, you know one thing for sure, like I do. It's hard. When you go to work for yourself, you'll find out that your boss is a jerk. He'll work you like a rented mule. I mean, you just work all the time because you got to get stuff done, man. You got to get started. You got to get the thing moving. If it's to be, it's up to me.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You got to do it. And one of the things we found at Ramsey over the years of building this company from a card table in my living room to where it is today over the last 35 years, and now coaching over 10,000 small businesses, we've discovered that there are five distinct stages that small business goes through. And there are six things that drive you through those five stages.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
This outlines the clear path, kind of the baby steps for small businesses. It's the Entree Leadership System, and we teach it to small businesses all the time. So we decided to put it into a book. It's called Build a Business You Love. The book will come out next week. It's $29.99. But if you buy it before next week in the pre-sale time, like right now,
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You'll get over $350 in free bonus items like instant access to the Entree Leadership Hiring Playbook, number one pain point of small business hiring and firing. The e-book, the enhanced audio book, the audio book for this is different. We really put a bunch of fun stuff in it, and it's more like listening to a podcast than an audio book. So check it all out.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Pre-order at RamseySolutions.com or YouTube or Podcasters. You can click the link in the description and get going. Carolyn's with us in Cleveland. Hi, Carolyn. How are you?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, that's how you got all that money in checking. Yeah. Okay.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
No, you're not. But I don't want you taking a bunch of risk with it. Like you said, the S&P, that's probably – I don't want that money to go down in value three weeks after you put it in there. That would scare me for you because you don't have a big pile of money. If you had $400,000 or something, we'd have a different conversation. But with $40,000, I would just use a high-yield savings.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And, George, what are you getting on high-yield savings these days?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
It's not making a ton. It's not exactly high yield. It's kind of a misnomer if it's only 3%. That's kind of like a low-yield savings account. It's going to be $1,500 a year.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
yeah you'll make a little bit on it but you could lose that much in one week if you had it invested say in an S&P or something along those lines or even a growth in income something calmer than an S&P but still could go I mean could go down and we've had that experience in the last um well the last week with the tariff stuff going on the stock market's gone bananas and so um you know you could have lost four thousand dollars of your 40 in the last week in value and um
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, so your one-fifth is one-fifth of the total package of four houses, right?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You don't have that margin. I don't want you losing $4,000 in a week because the president is playing tariff games. You can't do that. And so I can afford to take that hit, so I'll be in there. But, you know, that's not that big a huge nest egg, and so we don't want to lose 10% of your $40,000. So, no, I think high-yield savings and just hold your nose and you're not making much money on it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But such is life, and that's how it works, you know. So, ouch. Candace is in Cleveland, Ohio, as well. Hi, Candace. How are you?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
The total value of four houses you own one-fifth of.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay. A better car, I hope, not a brand-new car.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Cool. So you read Total Money Makeover. Okay, so $1,000 is Baby Step 1 being debt-free other than the houses. Baby Step 2, that's where you are. So you need to move to Baby Step 3 and fully fund your emergency fund, don't you?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay, so that's what we're going to use some of the $60,000 for. And what kind of car are you driving currently?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, that's probably equal to more than one house, yeah.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay, so you're going to trade cars. How much are we going to spend on a car above what this brings?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So what are you going to spend on a car?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Um, Oh no, I wouldn't. I think 20 is your max.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah. I put $20,000 on a car, and then I would do the emergency fund of three to six months of expenses. And so you probably need $25,000 in there. So we've about used up a big chunk of the money. Then that leaves you $15,000, and you can move some of that towards your son's college fund and some towards your Roth IRAs and start your retirement going, right?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
That's pretty cool. All I did was follow the baby steps. Did you hear it? Yeah.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, I mean, if you put $25,000 in the emergency fund, $20,000 on a car, that's $45,000 of $60,000, correct?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And $7,000 would max out a Roth IRA for the year.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
If you do it before you file your taxes. Have you filed your taxes yet?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay. And then you could do seven grand and you could do seven grand next year and so on. But yeah, you're right on track. Now, your mom and dad just gave you a $60,000 gift. They understand there's gift tax involved.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Um, I know, but there is no, but the max, there is a gift tax, anything over 19,000 as a gift tax. So your mom could give you 19,000. Your dad can give you 19,000, but that's only 38, which leaves them taxable above that. So they need to get some tax advice. because there's a way they can do this with the unified estate tax credit.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But if they just write you a check and then they get audited, they're going to get hammered for gift tax. So you need folks be aware of 19 thousands of max. Now, again, you could do four times that if it's couple to couple, but this is a couple to an individual. So double that mom gives her 19 dad gives her 19 is your max.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
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Money Stress Is Real, But So Is The Solution
treated fairly in the cell of it and the family has not been fair with anything else but they can't afford they're very wealthy they can afford to buy us out well you know i don't know what the documentation says that's the question is does the llc say that you have the right to call them to cause them to purchase to buy you out you have the right to demand that and um
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric
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Money Stress Is Real, But So Is The Solution
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
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Money Stress Is Real, But So Is The Solution
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
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The Ramsey Show question of the day is brought to you by YRefi. YRefi offers a different approach to paying off your defaulted private student loans with a low fixed rate, less stress. It's a deal. You can get the loan back moving again and you can get it paid off. Go to yrefy.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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Money Stress Is Real, But So Is The Solution
Yeah, that's what I would look at. What you can do is price that and say, all right, you don't have kids yet. So if he passed away today and you got 750, you probably are fine.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, you're probably fine. Now, if you wanted to replace the income and the lifestyle associated with his income for you and a couple of kids, then you're not fine. And so, you know, you're going to kick it up to about $2 million. But, you know, price another million if you wanted to, and look at how expensive it is. It's not very expensive.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I'm a little shocked, as controlling as they've been on everything else, that they would have that in the documentation. But if it's that simple, it says you can send a certified letter. Do you have copies of the LLC?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
If you're, you know, it sounds like I'm going to guess and say... Healthy 35-year-old? I'm going to guess and say they're in their 20s. Oh, no, he's 35.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You know, if you're not overweight and you don't smoke and you're 35 years old, it just doesn't cost that much. But those are the two. Those are the obesity and smoking are the two biggest factors. They'll blow your life insurance through the roof.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And you've got 100,000 you're trying to pay off. So you might say, I'm going to price it. And then based on what the price is, if it's really cheap, I'll go ahead and do it. If it feels an ouchie while I'm trying to get out of debt, I might wait a year to do it. It's not the end of the world. You're going to be fine either way.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But, yeah, you're really wise to be staying up on it and asking the question. And George is right. The ideal amount is about 12 times your income. So somewhere around $2 million in this situation, which would be adding $1.25 million. If you if we said if we want to be real ticky tacky about it, but and if you were out of debt and in your emergency fund, I'd say do it right now.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But you don't want to pick up that extra hundred bucks. Maybe not right now. You may want to use that towards the debt. So price it out with Xander and Xander insurance to see where you land. And that'll kind of tell you if you kind of flinch a little, then just wait a little bit. Thank you.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, you need to take a copy of the LLC to an attorney, and they can tell you what your rights are. But if it states, and I don't know because I haven't read it, and you haven't either, but if it does state that you can just send them a certified letter, and in so many days, 30 days, 60 days, or whatever, they have to buy you out of your one-fifth of the whole thing,
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Thank you. Thank you. Thank you. Thank you.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
then that's what it, you know, the evaluation will have to be placed on all four of the houses. And, you know, one-fifth of that, 20% of that comes to you and your sister. They buy you out. And then you've got to decide, you know, your mother and father are divorced?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
No, that's not the question. I'm just wondering why she's not already in the mix. But okay. All right. So she doesn't live there, and you want to give her all of this money?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
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The Ramsey Show
Money Stress Is Real, But So Is The Solution
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The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay. All right. So what do you think the four houses are worth?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
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The Ramsey Show
Money Stress Is Real, But So Is The Solution
maybe right at what it's worth maybe 40 if you like it you can pay it off in a year but if you're not willing to sacrifice and cut your budget and your wife's not and you all get down and get this start being grown-ups and clean up this freaking mess then you need to sell the truck but if you're willing to do what i'm telling you to do and be done in a year with a whole stinking thing debt-free everything in one year yes sir
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And you get your withholding to be the proper amount, throw everything at the IRS, then throw everything at the vacuum, which is one month, and then throw everything at the truck. Then you keep the truck if you're going to do it that way. But if you're going to drag this out for the next three or four years, then we really can't help you, number one.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But number two, you should sell the truck in that case. But Tanner, you know, two and a quarter minus eighty five is still over one hundred thousand dollars for you to live on. And your rent to own is only eight hundred eight hundred bucks. And so you can you can live on one hundred thousand dollars and still be debt free in a year. Oh, you're killing me. Wah.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You know, so let's do this and let's roll up our sleeves and punch this in the nose. But y'all are going to get on tight budget. You know, hold on. We'll set you up with the every dollar premium budgeting app and the whole thing and help you build all this out. But that's the math is two and a quarter minus eighty five. And you're living on one hundred way. I think you can do this.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
If it's $2 million, it's $400,000 coming to you.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
This is not like we cut you to 30 and you got debt free in a year. So you really ought to be done faster than a year. And when you don't have this IRS shame hanging over you and you don't have a stupid vacuum payment, which is really shaming, that's like stupid on steroids. Who gets a vacuum payment?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, I mean, when you get that stuff out of your life, you're going to feel so much better about you. You're going to feel like clean, you know, because you just look at that stuff and you go, I don't like me right now. I didn't pay my taxes and I bought a vacuum on payments. You know, and when you get rid of that, man, I'm telling you, you're going to love it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You're going to feel so much better. But you're going to have to bust your butt for a whole year here, like going crazy. You can do this. Man, I've looked at stuff I've done. I go, Dave, you are an idiot. And I want that stuff that reminds me and I'm an idiot. I want it out of my life because I don't like being reminded. You don't want to do it twice. That's for sure. I don't like it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
It's not fun. This is The Ramsey Show. Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night. Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck.
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It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today. Statistics show that half of Americans don't have enough life insurance, or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I know, but I know you're in New York. Okay, I'm just making sure. Oh, yes. So you also need to get tax advice because you can't just write somebody a $400,000 check without creating a gift tax problem. OK, so you give this if they if they buy you out and you are the lawful owner, then that money is yours and you just give it to your mom. You're going to create a big tax problem.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly the two options. It's saying I love you to your family. Term Life Insurance.
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Money Stress Is Real, But So Is The Solution
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. Tax day is only a week away. Don't put yourself through the stress of waiting until the last minute. Or worse than that, wait three years like that guy a minute ago. Don't do that stuff.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Get your taxes filed on time. None of us like taxes, but it makes your life worse when you don't take care of stuff. So... You're going to be fined big time, and you're going to see all kinds of late charges and interest like you've never seen. So you don't go to jail for not paying your taxes, but you can go to jail for not filing your taxes. Failure to file is criminal. Failure to pay is not.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
technically speaking, and 2,578 people did go to jail last year for failure to file. So it's very real. So I'm not trying to scare you. I'm just saying it is the law, and you need to file your taxes. And if you want some help doing that, go to ramseysolutions.com slash smart tax. Get everything you need to file your taxes.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
It doesn't cost for hardly anything, especially if you've got a simple return. Our current price offer expires on April 11th. So if you'll go ahead and do it like this week before waiting to the last minute, you can get the best possible deal on the Ramsey SmartTax software. And it's very, very accurate, and it will help you get this done in a quick and easy manner.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Do not put this stuff off, boys and girls. Do not put this stuff off. Jackie's in Denver. Hi, Jackie. How are you?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I'm sorry, whose understanding? What do you mean?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Well, too late, because the $20,000 debt is a personal debt.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
No, I promise you, that's what the law will tell you. They didn't loan this broke business money. They loaned you money.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I guess you should have decided that before you took out the loan.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But that was mythology. You don't have the power to do that. You understand that if you don't pay this bill, that they're going to come take the stuff you're talking about. They're going to sue you.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So you need to there's a way to do that called the Unified Estate Tax Credit. But you need to seek good estate planning tax advice in this whole thing as well. So two things. One is get the get the LLC to an attorney. If your dad's in ill health, go ahead and do it right now.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You've already made that commitment when you all took out the loan. I think you're already resentful. You have some kind of mythology that you somehow kept this separate. It's not separate at all, hon. You're on the hook for it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay, and you didn't want him to open the business?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, I think those two deal – those are the two problems, not the inheritance. It's he didn't follow through on what he promised as a part of this process.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Like the moment it happened, you should have addressed it. No, we're not putting money back into this. We're going to pay off the debt. Yes, you are going to get off your butt in the off season and work. This is what we said we were going to do. Now you can be a little less mean than that, but you still need to have that conversation, right?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I think what you're thinking about those two things is absolutely correct. I think you didn't address it when it happened. And so now it's lingering and that's where the resentment's coming from. And I, and I kind of don't blame you by the way. I think you're right. I'd be a little pissed too about that.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Um, so I think we got to reset our expectations on the operations of this business and the paying back of this loan. And then let's let that run a little bit. And then I'm going to write a check and pay off the loan. But he's going to have to, I mean, he's going to, number one, a lawn care business should be making more than that in one year. Okay. He's not working much.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, it wasn't making much money. $20,000 and you run the mower yourself, you own a bad job. You don't even own a good business.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
How did he end up in the lawn care business making $20,000 a year at 56 years old? What happened to his career?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You have some business or accounting acumen, it sounds like.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I tell you, let's reset this whole thing then, okay? Because I think I hear a guy who knows how to work hard but doesn't know anything about business.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay. And he's a sweet guy, and he's not afraid of hard work, but he's clueless on what he's doing here. And so he went and bought a bunch of equipment because he's a gadget boy when he actually thought he made some money, but he wasn't sure he made some money because he doesn't even know how to do accounting.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So I think the two of you need to be running this together, and you need to run the office, and he needs to run the mower.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Not given that they also live there. I mean, if you had, like I've got 17 properties that will be left to the three Ramseys, the next generation, and then there's eight following them that it would be left to. Okay. Called grandkids. So eight of them could be easily managing or owning a whole portfolio of real estate, but they're not living in any of it. They're individual homes or their homes.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And then the budget will be followed, and we make decisions together about when we're working, where we're working, and what we're buying, and we're going to get this stinking thing profitable.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And if you're willing to help him and he's willing to let you, then, yeah, I'm going to write a check and pay off the loan because all this resentment is going to go away because now we're going to be both horses in the harness pulling. You're going to pull the front office stuff because you're good at that. I can hear it talking to you. You already know what is supposed to happen here.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
and you're just standing back and watching him and he doesn't have that skill and this but yet this guy is not afraid of hard work he'll go out there and work himself to death if you point him at the right thing he ain't afraid of hard work no he's not and that actually was one of the reasons i married him yeah one of the one of the attractions i had to him yeah so looking at this way he liked marrying a smart woman so that was your his attraction to you so let's use both these things
The Ramsey Show
Money Stress Is Real, But So Is The Solution
It's a really good discussion. And the way you approached the discussion was very healthy, Jackie. Thank you. I like that. That was a good... It was a good analysis. Can we send them your new book? Yes.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yes, we are. Build a Business You Love. We will ship it to you on April the 15th next week when it goes public. Read it together. Hang on, and Christian will get your name and address and all. We'll send you Build a Business You Love. It actually does address some of this. That's a good point. Perfect. Ta-da. Who knew? Two in a row. The treadmill stage.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah, you're two for two and one line zingers. There we go, man. Yeah, man, George is pretty valuable today. This is The Ramsey Show. All right, business owners, last call. The pre-sale for the brand-new book, Build a Business You Love, ends April 15. Pre-order now and get over $350 worth of free bonus items to help you hire smarter, lead stronger, and grow faster. This is not theory.
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It's the system I use to grow my company from nothing and the same framework we've coached thousands of business owners through. You can only get the bonuses at ramseysolutions.com. So don't wait. Pre-order now. In the lobby of Ramsey Solutions on the debt-free stage, Aaron and Jenna are with us. Hey, guys. How are you? Very good. Welcome. Where do y'all live?
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Money Stress Is Real, But So Is The Solution
George Campbell, Ramsey personality, number one best-selling author, is my co-host today. Thanks for hanging out with us, America. Lucy is in New York. Hi, Lucy. Welcome to the Ramsey Show. What's up in your world?
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Money Stress Is Real, But So Is The Solution
That's okay. You're doing it together. We know you're united anyway. That's good. So what do you guys do for a living?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Oh, I love it. Okay. And your range of income during that time?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Excellent. Cool. Good for you guys. What kind of debt was the $75K?
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Money Stress Is Real, But So Is The Solution
all student loans oh wow okay all right cool and uh how long y'all been married so three years yeah we paid it off on our third anniversary so we've been married three and a half years okay so you got married and looked up and said are probably in the pre-marriage you're looking at it going we're gonna attack this tell us the story what happened
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So, but that's different than a family compound situation, which is, Sweet idea until it's not. Yeah, it's a problem. So, wow.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Oh, my goodness. You guys are incredible. So it is worth noting for the casual listener that they followed exactly what we say to do. I mean, they didn't deviate even a little bit. They stopped cash flow to wedding, came back, stopped. When the baby's on and baby mama come home from the hospital, everybody's healthy. Boom. Push play.
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Money Stress Is Real, But So Is The Solution
And the money was in there and it paid off everything on the third anniversary. So everything they did, they followed exactly. It wasn't an ish. It wasn't Ramsey ish. They were listening to way too much YouTube of us and completely did it exactly the way we teach. And guys, I got to tell you, that matters because it changes the speed at which these things happen.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And it also lowers your stress level all the way through the whole process.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And if it's not, she may be out of luck. I don't know. I mean, you've got to ask an attorney what your options are. But it doesn't sound like you've got a lot of power here. And that sounds like that was the intent. Yeah. They like it that way. They like it where they have the power and not you. Yeah. So be careful what you sign up for.
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Money Stress Is Real, But So Is The Solution
wow congratulations how's it feel now that you're free great amazing yeah and what's her name Eloise Ellie she goes by Ellie yeah Ellie okay all right perfect because we can't hear her do you want to I don't care it doesn't bother me a bit I've got grandbabies she's already doing the debt-free screen do you want to bring her in or do you want to let her stay it's up to you
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Money Stress Is Real, But So Is The Solution
What do you want the picture to look like?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay, guys, let's bring the crying baby in for the debt-free scream.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
That's fabulous. Hey, she's why you did the whole thing. I mean, come on. This is changing your family tree. And if she wants to scream about it, we'll let her. I don't care. That's good. It's all good. Oh, what a cutie.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You did it, Ellie. You did it. I love it. She elevated that dead free scream. She calmed right down.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
That's all she needed. Oh, my goodness. That's fun. How fun. Hey, guys. That's pretty random. We show up because the YouTube numbers are ridiculous for the show. They're wonderful because so many of you watch and listen there. Thank you. We appreciate that. But that drove it up to pop up on the landing page, right? They went to their podcast page or whatever and went, oh, there's Dave's face.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And I remember him laughing about some Pokemon thing or something, which I vaguely remember. Saw an old clip on YouTube. I vaguely remember some kid doing a Pokemon thing or something.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
There you go. It's a rare moment. It led people. to the full show, which has nothing to do with social media. But yeah, if it's a feeder, I'll take it, right? And so they get somewhat randomly, we'll call God's finger dialing that in there. And we were good enough to engage them for nine hours. And something we were doing was That would give me a headache, but yeah, that's a lot.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And see, this is one of those things that when all of these people sat down together, her dad and mom were together. They sat with his mom and dad. They sat with his brother and whoever else, right? There's three other houses.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I thought only Joe Rogan could hold you for three hours. That's a lot. He can. He can. Joe's the king. He does a good job. But yeah, I mean, yeah, I guess that's true. I guess I have listened to, I haven't binged. Well, we can hold a millennial attention span. That's something to celebrate today.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Well, and they won. Congratulations. What heroes, man. They're invincible now. They took control, man. And they can do anything. It's pretty amazing. This is The Ramsey Show.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Hey guys, if you want to help us out, you can subscribe to this show. Click the follow button. Click the share button or cut out the link and send it to somebody to share. Let people know this is happening. When you do that, it changes everything and more people learn about this information and it helps them change their lives. That last couple was pretty impressive. Very, very well done.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Preston's in St. Louis. Hi, Preston. How are you?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So you're like 10 years old or something listening. Okay. Wow.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So two siblings and mom and dad, they all sat down and said, hey, let's go buy this lake property, and we'll just do a compound, and mom and dad will pay for it and get it going, and then they'll give us the land and all be in the LLC, and we all love each other. And that's how it started.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You remember that part where you were listening to me before? Yeah. And if you've, if you, you met, you might've been too young to hear it. Okay. But this is not the first time the stock market has gone down.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And there's nothing to indicate that this is a crash. Nothing. Okay? Nothing. The U.S. economy is not imploding and falling in. Not even close. Got you. Stock market's having a bit of a temper tantrum over tariffs. Because the stock market does not like... An unpredictable environment. And this is unpredictable as crud right now.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Cause people don't know what's going to happen exactly because I think Trump makes it up every morning. So who knows what he's going to do next? Right. And so, and he kind of likes it that way. He's messing with the stock market and he's messing with these countries beyond belief. No question about it. It's almost entertaining to watch, but it's not a crash Preston. Would you, you understand that?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay. So in 2023, you were 24 years old. Yeah. The S and P went up 23% or 26% in 2024 last year, it went up 23%. So the stock market has gone up 50 plus percent in two years. In the last seven days, it's down 6% or 8%. Not exactly a crisis, dude. Mathematically. I got you. Mathematically. No.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So what you can't do is you can't listen to the news to give you input for investing decisions because the news is full of drama queens. Their job is to make your heart rate change, your eyes dilate, and sweat to appear in your palms. That's their job. Then you get addicted to the fear porn that they pedal, and then they pedal more fear porn.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But it really wasn't very well thought out because the long-term unintended consequences of here now we sit and there's no exit strategy for people not getting along. Do you have to think through all of the what ifs? Yeah, and if you do, it'll lead you to not do this is what it'd be. So the only one that this worked for was the grandparents. No one else has had fun in this deal.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
That's why 73 apps go off when a tornado is 60 miles away. That's fear porn. A tornado that's 60 miles away is not going to hit you. But your app is going off and waking you up in the middle of the night, and your heart rate spikes, adrenaline is released in your body, and you're in freak-out mode. And that's the exact same crap that's happening right now in the stock market.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
It's false evidence appearing real. It's not real. And so you're fine. And let me tell you what I'm doing. I'm scratching around for some extra money to throw it in right now because I think the stock market's on sale. I think it's a great time to buy. How's that sound?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So for you, those of you listening out there, I've got one particular account that I've got sitting up waiting to buy some real estate with, and I've got about $5 million in an S and P and is actually just right at $5 million. And, um, so I clicked on it, just see what this did to it. And I think it lost like it's down like 200 grand, something like that. Okay.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So, uh, which is a lot of money, but you've lost $200,000. I haven't lost anything. I didn't sell. If you sell, you take the loss. You lock it in. I didn't lose anything. I'm just sitting here watching with great amusement, the roller coaster ride. And I'm going to try to throw some in while it's down because it's going to ride up as soon as some of this bizarre crap clears the air.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And I don't know whether that's a month or six months. And I don't really care because I don't have to do anything with that money. I'm just going to let it sit there and ride it out. Ride it out. You're not desperate. Wave up, wave down, wave up. And you don't lose anything until you sell. It's a paper loss. I mean, it's a chart is all it is right now.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And that same account, by the way, has gone up freaking 23% and 26% in the last two years. Now, that's not normal up either. It shouldn't be that much. Your average on the S&P since it began is 11.8%. And so that's about what the stock market has averaged since it began. And so, you know, 11, 12, somewhere in there is the average annual rate of return. So 23 and 26 aren't normal.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Those are unusually, like, double of normal. Like twice as good as normal. And back to back. But did you hear anyone, when you had two consecutive years twice as good as normal, did you hear a single person on Fox News or CNN go – Look how great the market is! Wow! Not one. Not a one. But are they all screaming like there's blood in the streets and there's a crisis and the entire U.S.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
economy has collapsed and we're going to have an upheaval and a revolution? Good Lord, you would think that these people... But nope. So I'll get to be on there again tonight. I'll be on one of them tonight. Tell them, everybody, calm down. Calm your butt down. Calm your butt down. Um... What did you say that was? Zoom in, zoom out? When in doubt, zoom out. I'll try to quote that.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And the grandkids now resent their grandparents. That didn't work out.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You were sitting here at the same desk you and I were when the Fauci pandemic hit and the market went down like 50% or something, 57. We dove, right? We had this two-month chart that just dove off the cliff for two months. And everybody's like, oh, the pandemic's ruined the economy. The economy will never. Do y'all, I mean, is the economy ruined? No. Hello? We were back to record highs.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Does anybody remember predicting the end of the world? I remember people predicting the end of the world. The U.S. will never recover from Fauci. We'll never make it. He killed it. No. Not even Fauci could kill it. So there you go. It's too strong. Can't hold us down.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I mean, it was disappointing for those of you that wanted the end of the world to come and it didn't happen for you.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
That's true. 54% of the gross domestic product is small business. It has absolutely nothing to do with stock market.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Thank God. That's how Dave likes it. We're going to invest, and we're going to invest. When it's up, we're going to invest. When it's down, we're going to invest, and we're going to invest. We're going to invest, and then we're going to look up, and we're going to be worth millions of dollars. Hello. This is how you do it, boys and girls. Don't jump off the roller coaster.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Why? Because we screwed around with stuff and it got all mixed up in relationships. Instead of just keeping stuff real clean, basic boundaries. Love you. You have a nice life over there. Come over here and eat dinner with us. You got your life over there. Yeah, that's a good idea. Yeah, when it's your personal residence, it's very, very, very sticky. This is The Ramsey Show.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Please, not in the middle of the ride. Oh, my goodness. This is The Ramsey Show.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Anna is with us in New Delhi, India. Hi, Anna. Welcome to the Ramsey Show.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
The only caveat is I have no idea what part of Indian culture I just stepped in.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But I mean, well, I mean, I've not got him on the phone. He's Indian. You're obviously American. Okay.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So he's very open to this idea. You're just trying to figure it out. Okay. So what I found out was I was investing in real estate like crazy. I was really good at it. and um i've owned we sharon and i have owned real estate she never saw so like you're saying she said whatever you want to do honey i trust you yeah well it turns out i was an idiot
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So it would have been better had she actually been helping me by looking at that and saying, you know, it just doesn't feel right. I got a bad feeling about that. And that's how she would have phrased it. And that would have given me pause. Well, it wouldn't have given me pause in those days because I didn't listen to anybody.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
but now I understand that who can find a virtuous wife her worth is far above rubies the heart of her husband safely trust her and he will have no lack of gain so it turns out that when you're married you need to use all of your brain which is both of you okay and it's it's just you make better decisions it's just better wisdom And I'm not saying he's probably a lot smarter than I was.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
That would be a low bar. But he's probably doing good stuff. I mean, he's probably, you know, and he's open to letting you see it. There's no hiding and there's no arrogance or anything like that in the way you've described this, which is a really good sign. But I think if something happened to him, I would want you to know what you had.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
and vice versa, and that when you work together, you make better decisions. Now, George, you and Whitney have been married how long? Seven years now. Okay. So that's different than an old dog like me being married almost 43, all right? But you guys have used that same principle because we teach that principle, and George is the nerd by far. I mean, he's deep down in the investments.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Oh, brother. Yeah. Yeah, and humble. If you're watching on YouTube, you'll know that was a joke. Anyway, Whitney would be, she's sweet, and she would be someone that would normally say, I trust you, George, whatever you want to do.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Why did you go to that trouble? Exactly. Because that's what we teach, I guess. Yeah.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Good job, Anna. Very cool. Interesting question. Shelby's in Jacksonville, Florida. Hi, Shelby. How are you?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You didn't have $10,000 over insurance on delivery of medical bills?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay. So yeah. And it's probably not 10. It's probably more like five when you get into it, but okay.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah. Well, you have no control. They've structured this to where they have the control.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, no, I mean, really. I mean, like, by the end of the week, I want you in an apartment. You need to get out of your mother's living room. You're 26 years old. You got $5 million. What the flip are you doing at home? Go be a man.
The Ramsey Show
Don't Chase Money, Chase Freedom
Go get an apartment. I didn't say you had to move into that.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, but when you get that, it's going to have the same exact feeling. It's just a stupid house. Every time you get a nice thing, there's a better one. And some goober on the Internet will show it to you.
The Ramsey Show
Don't Chase Money, Chase Freedom
I want you to save up for that house, too. I don't mind that. But, dude, I don't know what the flip you're doing to make money, but you're doing a great job of handling the money. But what you're telling me is that all of your effort and energy and psychology and spirituality has been aimed at one target, and that's money. And that's a pretty stupid target.
The Ramsey Show
Don't Chase Money, Chase Freedom
It's a good target, but it's not the all-encompassing target. So go have a life, too. I mean, I want you to go enjoy some meals with a beautiful woman called a date and go get you an apartment and like a life. Have you got a car?
The Ramsey Show
Don't Chase Money, Chase Freedom
I love you, man. You're awesome. You are a great guy. You're amazing. Thank you so much for calling. Hey, man, really, go invest some of this in having a quality life, not just in investments.
The Ramsey Show
Don't Chase Money, Chase Freedom
I was just a little bit younger than you when I landed in a good church. Changed my life. Taught me how to serve. And there's more joy in serving and giving than there is in taking and adding and stacking cash. Go stack you some cash, but go have a life too, my man. It's time. Today's the day. Move out now. Like this week, Friday. Friday. That's your deadline. This is the Ramsey Show.
The Ramsey Show
Don't Chase Money, Chase Freedom
George Campbell Ramsey personality is my co-host today. Thank you for joining us, America, in the lobby of Ramsey Solutions on the debt-free stage. David is with us. Hi, David. How are you? I'm doing real well. Good, man. Where do you live?
The Ramsey Show
Don't Chase Money, Chase Freedom
How do you do an internal rate of return on a piece of real estate? It's too nerdy. But I do it all because I also am a super nerd. So a couple super nerds tagging up tonight, Investing Essentials virtual event. My pastor used to say, a man with an experience – is not at the mercy of a man with an opinion. I own about $600 million worth of real estate. I'm 64 years old.
The Ramsey Show
Don't Chase Money, Chase Freedom
Cool. Welcome to Nashville. Thank you. And all the way on the other side of the United States to do a debt-free scream, baby. Of course. I love it. How much did you pay off?
The Ramsey Show
Don't Chase Money, Chase Freedom
How long did this take you? Six years and four months. Wow. Good for you. Good for you. And what was your range of income during that time?
The Ramsey Show
Don't Chase Money, Chase Freedom
Yes. No less. Well done, sir. Thank you. Boom, boom, boom. I'm looking at weird people. A paid-for house just south of Los Angeles. What's this house worth?
The Ramsey Show
Don't Chase Money, Chase Freedom
So what inspired you to try to do this six years ago at what, 58 years old? You said, I'm going to pay off my house fast.
The Ramsey Show
Don't Chase Money, Chase Freedom
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. I'm Dave Ramsey, your host. George Campbell, Ramsey personality. Number one best-selling author is my co-host today. You jump in. We'll talk about your life and your money.
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. And just decided I'm going to knock this house out. Absolutely. Man, that's so cool.
The Ramsey Show
Don't Chase Money, Chase Freedom
So you were finding deals out of estates that were good bargains and flipping them?
The Ramsey Show
Don't Chase Money, Chase Freedom
Good for you. Well, it is a good example. They can look over there and go, look, he saved money. He paid off his house. He got a couple million dollars. He's 64 years old. He's not going to be calling us for food.
The Ramsey Show
Don't Chase Money, Chase Freedom
That's great. Yeah. Well done, sir. I'm very proud of you. Thank you, Dave. Very good. Very well done. I appreciate you making the trip over here. Of course. So what made you decide I'm going all the way to Nashville to do this? Why did that mean something?
The Ramsey Show
Don't Chase Money, Chase Freedom
I've got a lot of money in other investments as well. This is not something I wish I knew something about. I can't fix your car, but I can tell you how to do this. Because I have done this a lot.
The Ramsey Show
Don't Chase Money, Chase Freedom
That's for sure. Well, good, man. Very cool. We're honored that we would be what you'd look forward to. This stage is what you'd look forward to. That's pretty neat.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah. You weren't scared of work. It propelled you. That's for sure. Yes. Excellent job, David. Good stuff. All right. And what was the town called again? Wildomar. Wildomar. Wildomar, California. Yes. South of Los Angeles. I'm learning my geography right now. $230,000 paid off in six years and four months. That's house and everything. House is worth about $600,000.
The Ramsey Show
Don't Chase Money, Chase Freedom
Got about a million in the old retirement. So bumping up towards $2 million net worth at 64 years old. Congratulations, David. You did it. We're proud of you, hero. Count it down. Let's hear a debt-free scream. Debt-free! Woo! Woo! Got right to the chase. That's six years worth of waiting.
The Ramsey Show
Don't Chase Money, Chase Freedom
It is. It is. But you know what? So few people do it. I mean, he's one of... the rare people out there called millionaires, baby steps, millionaires, they follow the baby steps.
The Ramsey Show
Don't Chase Money, Chase Freedom
They got out of debt, paid off their house, built their retirement, built their kids college in some cases, not his, but, um, you know, you do all those things and then you look over there and there's a stinking pile of money and you're okay. Everything's going to be okay.
The Ramsey Show
Don't Chase Money, Chase Freedom
And mainly because of the habits you built during that time, the character you built during that time, uh, you get transformed in the process.
The Ramsey Show
Don't Chase Money, Chase Freedom
Not theory. This is not a think tank. This is not your broke financial professor with an opinion. So tonight, March 4th and 5th, we're going to be doing this. It's a two-hour each night. It's standalone. So it's four, four and a half hours worth of virtual event. Go to RamseySolutions.com. Get your tickets. We'll come into the top of the hour here bragging about that because it is great.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, I mean, last week we took calls from a 71-year-old who had no money and didn't know how she was going to eat. A guy who was in his mid-70s, had no money, didn't know how he was going to eat, counting on social insecurity. You work your whole life, and I'm going to count on the government, which is well-known for its ability to handle money to take care of me. That's a dumb plan.
The Ramsey Show
Don't Chase Money, Chase Freedom
But not David. David doesn't have a house payment. He's sitting on a lot. A million bucks in retirement. Sitting on plenty of income and still, you know, enjoying his work and even enjoying the side hustle, which is pretty lucrative, obviously. So very cool. Very well done. That's how you do it, folks. I mean, it doesn't happen accidentally, this winning thing.
The Ramsey Show
Don't Chase Money, Chase Freedom
It is impressive because no one else does it, but it's not superhuman. Yeah. It's not out of reach. You can just decide, I'm going to do that. And that's all he did. He was just a very decisive person. He said, I'm very low key. I'm just going to do it. Yeah. Unassuming. I'm just going to go win. I'm going to go win the Super Bowl.
The Ramsey Show
Don't Chase Money, Chase Freedom
And then I can scream, I'm debt free on the Ramsey Solutions debt free stage.
The Ramsey Show
Don't Chase Money, Chase Freedom
Got those kids in their 30s. Hand that stuff off right there. Keep it going. Keep it going. He said he wanted to be an example for them. That's how this works. This is The Ramsey Show.
The Ramsey Show
Don't Chase Money, Chase Freedom
Our question of the day is brought to you by Y-Refi. Are defaulted private student loan payments dragging you down? Y-Refi could help you save thousands of dollars. Visit Y-Refi.com slash Ramsey to see how they can help. That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Don't Chase Money, Chase Freedom
Um, there was no, uh, if I give you bone marrow, you give me money contract here, nor was there any implied thing like that. Um, uh, what you do want to do is help someone you love, uh, anytime you can help someone you love, but not, but no, he's not, he's not obligated to give her money to rearrange the deck chairs on the Titanic. Cause she's going down.
The Ramsey Show
Don't Chase Money, Chase Freedom
And if you give her $10,000, it doesn't help. She has bigger problems than $10,000. If you give her $1,000, it doesn't help. You're rearranging the deck chairs on the Titanic. So what you've got to do is say, okay, she helped me. Now I'm going to help her. Now let's define what help is. What does sister really need?
The Ramsey Show
Don't Chase Money, Chase Freedom
Well, she needs to stop doing this stupid butt stuff she's doing that's killing her. Not you throw money into her LSD financial trip here. This is nuts. And so real help, real love is to sit down and say, sister, you gave me the gift of life and I'm going to give you a gift in return. The financial plan that you are on is going to bankrupt you. And I don't want to see you hurt.
The Ramsey Show
Don't Chase Money, Chase Freedom
You need to stop this. You need to confront her stupidity. That is an act of courage. That is an act of love. That is helping. Giving money, giving a drunk a drink, giving money to a cocaine addict so they can buy their cocaine is not love. And this is financial cocaine this woman's on. I'm deeply leveraged. I'm losing money on Airbnb. Oh, shoot me.
The Ramsey Show
Don't Chase Money, Chase Freedom
You got all your dadgum real estate advice off of TikTok. Oh, my God. Of course it's failing.
The Ramsey Show
Don't Chase Money, Chase Freedom
Unless you've got a million dollars, you want to bail her out completely of all these mortgages. You can't save her because the track she's on is a bankruptcy track.
The Ramsey Show
Don't Chase Money, Chase Freedom
The only thing you can do is step in front of the train and say, I love you, stop the train. Because I love you, I'm going to tell you the truth. No one's telling you the truth. The emperor has no clothes. What you are doing is straight up stupid. You're going to bankrupt. And most people won't tell somebody that they supposedly love the truth.
The Ramsey Show
Don't Chase Money, Chase Freedom
They'll do anything to keep from telling, because it sounds like conflict. But that's real love. That's real help. Real love is when my children were little, I made them brush their teeth so they have some later, even if they don't want to. Real love is you did some uncomfortable things if you were a Ramsey child growing up because we were not trying to raise great kids.
The Ramsey Show
Don't Chase Money, Chase Freedom
We were trying to raise kids who became great adults. And so real love involved some things that were uncomfortable for their short term and comfortable for their long term, like get your freaking homework done. In today's world, it means when you're at Papa Dave's, we're not big on screens. So grandpa and grandma, we want to like talk to you and look at your freaking little eyes.
The Ramsey Show
Don't Chase Money, Chase Freedom
After taxes and lump sum, the $3 million is the total payout if you take it over 83 bazillion years and not count taxes. So you took it all lump sum. So you got a million bucks. Way to go. That's fun. I'm happy for you.
The Ramsey Show
Don't Chase Money, Chase Freedom
Put that crap down, you know? Oh my God. And so, I mean, yeah, that's real love. Does a four-year-old love that? No, they hate it. And I want to go to Papa Dave's. He won't let me play games for 73 hours on my iPad. Well, then keep your little butt home because when you come to my house, Squeeze her down. Papa Dave's rules at Papa Dave's house. Sorry, that's the way that works.
The Ramsey Show
Don't Chase Money, Chase Freedom
You've now entered my domain, little person. That's how it works. So we love you so much. We're going to do all kinds of wonderful things for your good, including hurt your little feelings. And that's what you need to do for your sister, buddy. not give her money and support her stupidity in the name of you help me with my bone marrow.
The Ramsey Show
Don't Chase Money, Chase Freedom
I'm it's wonderful that you all have this kind of relationship that she was willing to do that because that's a painful operation and it's a hard process, but it doesn't mean you support her destroying herself. You do quite the opposite. If you really love her, let's tough love. No darling. It's real love. It's not tough love. Tough love, I mean, what's the opposite of tough love? Enabling?
The Ramsey Show
Don't Chase Money, Chase Freedom
entitlement no now you've got a choice you got to choose healthy no more money for the failed program we're not putting fuel in the titanic we need to we need to pull up alongside the dock and get some fuel because we're going to go sink this thing let's get the dinghies out not with my not with papa dave's money not doing it nope nope nope and not with your money stop it it's not real love guys
The Ramsey Show
Don't Chase Money, Chase Freedom
You just love somebody. You have to be kind and courageous and very clear that they have to stop doing the thing that is hurting them, and you will support them in that process. But you will not support them in the process of self-destruction because I love you, because you did something sacrificial for me. That's the very reason I will not participate in this delusional bull crap.
The Ramsey Show
Don't Chase Money, Chase Freedom
I mean, people don't talk like that anymore. but we need them to that's real freaking love. Dave is in grand Rapids, Michigan. Hi Dave. Welcome to the Ramsey show. Hey, thanks for taking my call. Sure. What's up?
The Ramsey Show
Don't Chase Money, Chase Freedom
So, so my wife and I are living in a house. We're written from her parents and we're thinking of buying the place from them. Um, but my wife is very nervous about the idea of getting into any sort of debt. And I'm not sure that we've actually saved up enough to do it.
The Ramsey Show
Don't Chase Money, Chase Freedom
Well, we have our six-month emergency fund, and then on top of that, we have about $12,000. Okay.
The Ramsey Show
Don't Chase Money, Chase Freedom
We're actually in the process of trying to determine that. Oh, come on.
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. Honestly, it could be anything from $90,000 to $145,000. Okay. We don't know.
The Ramsey Show
Don't Chase Money, Chase Freedom
It's not super expensive, and $12,000 will get you into it.
The Ramsey Show
Don't Chase Money, Chase Freedom
I have been bringing home consistently about $64,000 a year, and I'm hoping to have that up above $80,000 this year.
The Ramsey Show
Don't Chase Money, Chase Freedom
Cool. Okay, she works, but just not outside the home. Okay. She does a lot of work, yeah. I can imagine. Oh, my gosh. The numbers all work. You could buy the house with $12,000 down on a 15-year fix, no problemo. Okay. No reason not to do it. The only question I've got for you is if you were living in a one-bedroom apartment and this house came on the market, would you be interested in it?
The Ramsey Show
Don't Chase Money, Chase Freedom
Or are you just ending up here because it happens to be all in the family?
The Ramsey Show
Don't Chase Money, Chase Freedom
No, I would be interested in it. The only thing about it is that we're outgrowing the house.
The Ramsey Show
Don't Chase Money, Chase Freedom
Well, if you're in a one-bedroom apartment or two-bedroom apartment, you've got two little kids or three-bedroom, whatever, if you're renting somewhere you weren't emotionally attached to and had no relatives tied to it, would you come buy this house? Right. If the answer is yes, then buy it. You're financially ready. What do you think, George?
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. I hope there's a market crash right before you put this money in.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, the numbers work on this. You can do this. On a 15-year fixed, you're fine. But just don't buy something because it's handy and the in-laws said do it. That's never a good reason. Buy it because it's something you would have bought anyway. And if that's the case, then game on, baby. You're ready. You've done a good job. Man, that's cool. This is The Ramsey Show.
The Ramsey Show
Don't Chase Money, Chase Freedom
Because it's going to go straight up after that. So I don't think there's going to be a market crash, in other words. Let me tell you how much of my money I pulled out of the market in fear of a market crash. Precisely zero.
The Ramsey Show
Don't Chase Money, Chase Freedom
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 Camel, Ramsey personality, number one best-selling author, is my co-host today. Open phones here at 888-825-5225. He's also the co-host of Smart Money Happy Hour.
The Ramsey Show
Don't Chase Money, Chase Freedom
with Rachel Cruz, one of our top shows here on the Ramsey Network. So if you've not checked that out on YouTube or podcast, you should. They are way more fun than they should be allowed. And we even pay them for having that much fun. I can't believe I get paid to do this. You two goof-offs, get on there and make yourselves really popular, and I pay you for the opportunity.
The Ramsey Show
Don't Chase Money, Chase Freedom
I'm telling you, I actually did attend it finally. Yeah, it was great and had a lot of fun with you all.
The Ramsey Show
Don't Chase Money, Chase Freedom
I don't think you beat Sharon Ramsey's episode. Nobody beats Sharon. You can't touch that. If you do, you don't tell her. So I'm just saying. She gets to win all the time. That's the rule at our house. All right. Carly is in Washington, D.C. Hey, Carly, what's up?
The Ramsey Show
Don't Chase Money, Chase Freedom
Matter of fact, I'm steadily investing. Real estate and stock market both.
The Ramsey Show
Don't Chase Money, Chase Freedom
No, I think she just, I mean, my grandmother and my wife are the same way, that whatever one of them gets, the other one gets. I mean, no guilt, it's just all, I accuse her of being a socialist, but, you know, I don't think everything ought to be fair. I think fair is where the cotton candy and the tilt-a-whirl is, but my grandmother and my wife are exactly the same way.
The Ramsey Show
Don't Chase Money, Chase Freedom
There's a boom coming, baby. Ride the wave. All right, now here's the thing. When you're meeting with those investors, how intimidated are you?
The Ramsey Show
Don't Chase Money, Chase Freedom
They would definitely have done this, and no guilt at all. It's just like, that's what you're supposed to do. You do it for one, you do it for the other. It's real simple in their minds.
The Ramsey Show
Don't Chase Money, Chase Freedom
You're not needy. You're not begging. She has a million dollars or whatever, and if she gives away $140 of it at this age of life, it doesn't affect her, right?
The Ramsey Show
Don't Chase Money, Chase Freedom
Any of that, yeah. As long as she's not going to come over and start managing your business after this, okay? No strings attached. She's good at boundaries and you are too, right?
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah. You're a good person. You are. Yeah. Good. Good. I agree. I agree. Now, the last thing is there's a little technical issue here. That's more than you can give an individual from an individual without getting into gift tax. So she needs to investigate with her tax preparer or her estate planning attorney. Write this down, the unified estate tax credit.
The Ramsey Show
Don't Chase Money, Chase Freedom
She needs to use up some of her federal exemption on these two gifts to keep from getting gift taxed at 55%.
The Ramsey Show
Don't Chase Money, Chase Freedom
So I've got a bunch of Gen Zs in their 20s that work here. We've got a whole bunch of digital products at Ramsey. I know nothing about it. They work for me, but they're smarter than me, and I have no idea what they're talking about. You know what I'm talking about?
The Ramsey Show
Don't Chase Money, Chase Freedom
now so you got to file all the right forms with the irs mom's got a little paperwork to do her mom is going to get spanked by the irs and you don't want that there's no need one simple piece of paper will keep that from happening all right you you can uh i mean an individual cannot give an individual seventy thousand dollars
The Ramsey Show
Don't Chase Money, Chase Freedom
without gift tax and without utilizing something like the Unified Estate Tax Credit, using some of your federal estate tax exemption towards the gift. That's what it amounts to. So please make sure because mom may never file it, but someday they might audit her, and then, oh, my goodness, we're going to have a $40,000 or a $50,000 tax bill on these things, and you just don't want that.
The Ramsey Show
Don't Chase Money, Chase Freedom
It's not a good idea. open phones here at triple eight, eight, two, five, five, two, two, five. You jump in. We'll talk about your life and your money. You know, that's, um, uh, last hour we had the, uh, question, uh, about the bone marrow. And do I have to take care of, do I have to take care of my sisters? Do I have to give her money for misbehaving with money?
The Ramsey Show
Don't Chase Money, Chase Freedom
Now brothers misbehaving with money, mom bails him out. And so there's a, um, I think a lot of the questions that people have and a lot of questions we get around here are around this idea of how, how do I be kind to, um,
The Ramsey Show
Don't Chase Money, Chase Freedom
ridiculous extended family behaviors regarding money asking for money expecting money being entitled to money mom you know taking care of basically enabling a brother probably is what she's saying she's a little bit bitter about that i don't blame her um and then how do i how do i respond to her wanting to give me money so she feels better about herself which is kind of what she's doing probably.
The Ramsey Show
Don't Chase Money, Chase Freedom
But, man, there's a lot of stuff going on there. So money does not make the world go round. Try it again. Money does not make the world. It does not fix broken hearts. It does not make bad behavior become good behavior. It does not make lack of discipline look like discipline. Money doesn't fix those things. When you pour money on messes, it makes the messes bigger. Magnifies.
The Ramsey Show
Don't Chase Money, Chase Freedom
It doesn't make them smaller. It actually, it peels back any illusion that this was okay and makes it just really look stupid. Money does that. It magnifies everything. Good character and bad character, good behavior and bad behavior. But money in and of itself is not a salve. It doesn't fix everything for you. I'll be okay. No, you won't. You'll still be mad. You'll still have a broken heart.
The Ramsey Show
Don't Chase Money, Chase Freedom
So I go into a room full of them the other day, and I'm like, hey, they're talking, and they're using letters and all this stuff like they're in the military. I have no idea what they're talking about. I'm like, hey, guys, just humor the old guy who writes your check. Tell me what the flip is going on in this room.
The Ramsey Show
Don't Chase Money, Chase Freedom
Hey guys, our two-night virtual event, Investing Essentials, is almost here. There's a lot of confusion out there about building wealth. So George Campbell and I are breaking it down and teaching you how to invest with confidence. You'll learn how to maximize your 401k and mutual funds. Plus, I'll be sharing my personal playbook for real estate. But hurry, time's running out.
The Ramsey Show
Don't Chase Money, Chase Freedom
Investing Essentials is March 4th and 5th. Tickets start at $199. Grab yours today at ramseysolutions.com slash events. George Campbell, Ramsey personality, is my co-host today. Michelle is in Cincinnati. Hi, Michelle. Welcome to the Ramsey Show.
The Ramsey Show
Don't Chase Money, Chase Freedom
Explain it until I understand it, because you work here and work for me. My name's on the building. I'm not being mean about this. I'm just really curious what it is we do in this room. So they spent about 30 minutes teaching me with a good spirit, and I had a good spirit of receptively listening and learning, because I really did want to know what they were doing.
The Ramsey Show
Don't Chase Money, Chase Freedom
No, you love freedom, and you're wanting to be free of the debt.
The Ramsey Show
Don't Chase Money, Chase Freedom
That's not loving money. That's wanting to be free. That's a valid thing. Sacrifice. That's a valid thing. So, you know, what I always look at on something like this is what's the –
The Ramsey Show
Don't Chase Money, Chase Freedom
the return on the effort and what's the time frame because i could do anything for a short period of time i don't want to sign up for 10 years in uganda or whatever it is right i mean no thank you two years two years and and how much how much do you make now how much would you make if you did this and how fast will you get out of debt
The Ramsey Show
Don't Chase Money, Chase Freedom
So you're saying you have no other real, I mean, how much student loan debt did you run up?
The Ramsey Show
Don't Chase Money, Chase Freedom
I'm always perpetually curious around here. And that's what you're going to do. These people work for you, these investing advisors?
The Ramsey Show
Don't Chase Money, Chase Freedom
I mean, emotionally the tradeoff is, okay, 25 years of hell, two years I can be rid of it. That's a good trade. The kids will be okay. That is not you chasing money. It is you chasing freedom.
The Ramsey Show
Don't Chase Money, Chase Freedom
It's not greed that's driving this. It's anything but. It's quite the opposite. You have had the hell beat out of you financially.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, I think it's quite the opposite. From a Christian financial standpoint, I think this is time for my daughter, my sister, the widow, to be free. I think she's been under the thumb of the freaking government long enough with these student loans beating her to death. I would love for you to be free, daughter.
The Ramsey Show
Don't Chase Money, Chase Freedom
Now, what are they going to pay at the remote location? Actual pay. Actual pay.
The Ramsey Show
Don't Chase Money, Chase Freedom
Meaning you can fire them at a drop of a hat if they're not good at explaining. Or if they make you feel insecure with their snotty approach. So you're looking for the heart of a teacher with anyone giving you advice. Because your job is not to hire someone else to do this for you. Your job is to hire someone to teach you to do it for yourself. Okay. That way you won't lose the money.
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay, and then they're going to pay off a bunch of your student loan debt, and they're probably providing housing because you're in the middle of nowhere or something like that?
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay, then you're making $95,000 and living in a no place, nowhere, one bedroom. You should be able to pay off the rest of it. I don't want you to come home with any debt.
The Ramsey Show
Don't Chase Money, Chase Freedom
I mean, you're making $95,000. They're paying $100,000 of the $120,000. Find the other $20,000 in two years, kiddo. Be done with this thing.
The Ramsey Show
Don't Chase Money, Chase Freedom
Rear view mirror. Look in the past and go, that's where that needs to stay. Yeah. Do you have any other debt?
The Ramsey Show
Don't Chase Money, Chase Freedom
You've got to be clear. Your goal is freedom, 100% freedom. Cut the card up, look at your budget, and go, I'm not doing anything, and these student loans are going to die. This mess – that I've lived through is going to be in my rear view mirror and I'm going to have a fresh start when I am 55 years young.
The Ramsey Show
Don't Chase Money, Chase Freedom
The encore, the curtain goes up, you take a bow and you take one more act in the play.
The Ramsey Show
Don't Chase Money, Chase Freedom
And it's going to be amazing because you're going to be first time you're going to be free because you have poured your life out for everyone else. to take care of the kids and to make sure everybody's okay and then to pay these stinking bills. And now you're going to go give up two years of your life to take care of these bills. You're a strong, cool woman. I like you a lot. You're amazing.
The Ramsey Show
Don't Chase Money, Chase Freedom
Go get it done, sister. Get it done. But be 100% done when you come home. Don't screw around with this. Knock it out. Be done with it. That's very cool.
The Ramsey Show
Don't Chase Money, Chase Freedom
You don't have to have a Social Security card to get a driver's license. You have to have a birth certificate, and you're in Grand Rapids. You can get a birth certificate. Do your parents have your birth certificate?
The Ramsey Show
Don't Chase Money, Chase Freedom
And go get your driver's license and work 40 hours a week, and it'll start to solve a lot of these problems. Now. Less video games, more wear now. No excuses. This is The Ramsey Show.
The Ramsey Show
Don't Chase Money, Chase Freedom
You're not going to lose it. You're going to go slow, and you're not going to put it in anything you don't understand.
The Ramsey Show
Don't Chase Money, Chase Freedom
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Don't Chase Money, Chase Freedom
What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Don't Chase Money, Chase Freedom
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Don't Chase Money, Chase Freedom
And you remember, everything that's written on the Internet is true. Abraham Lincoln said that.
The Ramsey Show
Don't Chase Money, Chase Freedom
The call is free, and some say the advice is worth exactly what you pay for it. Yeah, jump in. 888-825-5225. We'd love to talk to you. Tonight, for those of you listening live through one methodology or another, we're on about 83 different platforms online. of different kinds with this show.
The Ramsey Show
Don't Chase Money, Chase Freedom
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, it doesn't happen, right? So stay off the Internet for financial advice. All right, sit down and talk to old-seasoned people who will teach you. And when you come away from the meeting, you feel two things, smarter and peaceful. If you don't have that sense in your spirit, if you don't feel more confident, smarter, and peaceful, you got the wrong people in your corner.
The Ramsey Show
Don't Chase Money, Chase Freedom
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Don't Chase Money, Chase Freedom
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today. George Campbell, Ramsey Personality, is my co-host in the lobby of Ramsey Solutions. On the debt-free stage, Cameron and Faith are with us. Hey, guys, how are you? Very good, sir. How are you? Better than I deserve. Welcome. Where do you live?
The Ramsey Show
Don't Chase Money, Chase Freedom
Awesome-ness. Well, welcome to Nashville. And all the way over here to do your debt-free scream, how much have you paid off?
The Ramsey Show
Don't Chase Money, Chase Freedom
Good for you. And your range of income during that time?
The Ramsey Show
Don't Chase Money, Chase Freedom
Oh, I like that. Not bad in under four years, a little over three years. So what do you do for a living and how do you triple your income?
The Ramsey Show
Don't Chase Money, Chase Freedom
And then both of you jumped way up quick on your on your raises as well. That's right. You hit the ground running hard. Well, that's great. Yeah. Engineers are the number one category of millionaires in our study of millionaires. So and you got two of them. So you're in really good shape. This is boding well for you. Double your chances there. I like it a lot. Very well done.
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay, what kind of debt was this? Student loans? No, sir.
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay, wow. And you have a $300,000 paid-for house. Your family's got to be looking at you like, who are these people? They didn't come from us.
The Ramsey Show
Don't Chase Money, Chase Freedom
I bet. Some jealous and some cheering you on. That's right. Yeah, I love it. Wow, man, $300,000 paid-for house in Oak Ridge, Tennessee. Where'd you graduate from, UT? UT?
The Ramsey Show
Don't Chase Money, Chase Freedom
no sir we were actually uh i originally from memphis so we were uh a school local school there okay oh okay all right wonderful in terms of your your undergrad yes sir okay okay so are are you working for um who you're working for in oak ridge can you say i can say um yeah it's oak ridge national labs actually yeah i was thinking okay you know that's perfect wow very cool very cool good for you guys that's fun so how did you get connected to all this ramsey stuff
The Ramsey Show
Don't Chase Money, Chase Freedom
That's what you're looking for. If you do that, you won't lose the money. Right, George? Yeah.
The Ramsey Show
Don't Chase Money, Chase Freedom
I think you're a failure. I don't think you made it. I think you should be real disappointed. Oh, my goodness. you guys are awesome heroes well done well done so uh faith did um that either well i mean you grew up in a family uh cameron with homeschooling on foundations okay so but faith did your family look at y'all like who have you married
The Ramsey Show
Don't Chase Money, Chase Freedom
That's really weird. Now, that's a homeschool curriculum and a high school curriculum right there.
The Ramsey Show
Don't Chase Money, Chase Freedom
Normalized it to where you went, and then you went and got something that no one knows how to do. Got a no score like you got for you and Whitney, and then you paid off your home, too, from Churchill Mortgage. No credit score mortgage, and that's at the same interest rate as everybody else, and then turn around and pays it off in 43 tiny little months. And, man, that's amazing.
The Ramsey Show
Don't Chase Money, Chase Freedom
I'm so proud of you. You guys are like proof that we're going to be okay in America. Your generation, you're bringing it, man. I love it. Way to go. That's very cool. What do you tell people the key to getting out of debt is?
The Ramsey Show
Don't Chase Money, Chase Freedom
absolutely you're not going to get anywhere if you don't plan it out actually you will you'll get nowhere yeah so yeah and yeah your plan is so detailed you know within eight days of what it's supposed to land it's not a this was not a uh a plan lacking in detail these are a couple engineers it's one of the reasons the engineers do so well is they plan and um they like numbers and they're thinking about how what it takes to win and process driven so process driven process orientation you know that's exactly right
The Ramsey Show
Don't Chase Money, Chase Freedom
Way to go, you two. Very, very cool. I'm proud of you. How's it feel? Do you have any idea how rich you're going to be? I mean, this is unbelievable.
The Ramsey Show
Don't Chase Money, Chase Freedom
25% is what stock market went up last year. Right. What's 25% of $3 million?
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah. You better be careful that you enjoy some of it, that you invest some of it, and that you're overly generous with some of it because that's where you are early. I mean, you have a $300,000 paid for house. You're making $200,000 a year. You don't have payment in the world yet.
The Ramsey Show
Don't Chase Money, Chase Freedom
and you have the ability to work together, which most couples don't, and you have the ability to set a goal and hit it, which most people don't know how to do. I'm predicting, you know, probably a $30 million net worth at least, minimum. So I think that's where you'll land. So good job, man. You all are incredible. That's absolutely.
The Ramsey Show
Don't Chase Money, Chase Freedom
And all from a homeschool curriculum and a high school curriculum with a coach.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, I got you. I got you covered on that. Well, way to go, you two. Cameron and Faith, Knoxville, Oak Ridge, Tennessee, $161,000 paid off. That's house and everything at 24 and 27 years old. The house is worth $300,000. They're making 188 these days. You guys are awesome. You're heroes. Man, I'm impressed. Count it down. Let's hear a debt-free scream.
The Ramsey Show
Don't Chase Money, Chase Freedom
and um it's um it's pretty crazy how many and your teachers new principals out there you can do this you educators you can do this for these kids you set them up you moms and dads that are homeschooling you can set them up and these young people right here man they're going to be so generous so wealthy they're a wonderful couple i mean wow talk about winning that's very cool this is the ramsey show
The Ramsey Show
Don't Chase Money, Chase Freedom
These days, the Internet is chock full of so-called investing advice from random goobs with zero qualifications. Listen, folks, you deserve guidance from someone who knows what the flip they're talking about. That's why I recommend the SmartVestor program. SmartVestors can help you find a professional financial advisor who can teach you to make your own best decisions with your own money.
The Ramsey Show
Don't Chase Money, Chase Freedom
Get connected at RamseySolutions.com slash SmartVestor. Again, RamseySolutions.com slash SmartVestor.
The Ramsey Show
Don't Chase Money, Chase Freedom
If you're a business owner or you know one, you know the truth about it. Running a business is hard. When you open your own business, you find out you have a jerk for a boss. Don't work your butt off, man. Work you into the dirt. Work you like a rented mule. I'm just saying. It's hard out there, man. It's hard. You scratch your claw. You make payroll on Friday. You make mistakes.
The Ramsey Show
Don't Chase Money, Chase Freedom
And as soon as you start winning, some idiot says you're so lucky. Luck didn't have nothing to do with it, right? It's tough. The challenges pile up. The fear creeps in. You're left wondering if you're even doing it right. And that's why I wrote this latest book. It comes out April 15th. We got it on presale right now. Build a business you love.
The Ramsey Show
Don't Chase Money, Chase Freedom
We've grown Ramsey from a card table in my living room to where we are today. And I built a business I love. I've enjoyed it. It's been tough. I won't tell you it's easy. It's not for everybody. It's certainly not for wuss. It's not a wussy thing. You've got to get it. But if you're running something or you're thinking about running something, you don't have to go it alone.
The Ramsey Show
Don't Chase Money, Chase Freedom
I can show you exactly how to do it. There are five distinct stages of business. We've proven that not only with our business but with the 10,000 businesses we coach. And there are six drivers that drive you through it. In other words, this system is the baby steps for small business. And you don't want to miss this. Build a business you love. It's $29.99.
The Ramsey Show
Don't Chase Money, Chase Freedom
If you pre-order it before April 15th, the pub date, you get over $350 in free bonus items, including instant access to our Entree Leadership videos on hiring and firing. It's a big deal. Early access to the e-book and the enhanced audio book are part of the package, too. Pre-order at RamseySolutions.com. Build a business you love. On sale now at a deal. Ashley's in Atlanta, Georgia. Hi, Ashley.
The Ramsey Show
Don't Chase Money, Chase Freedom
So if you put a million dollars in and it makes 20%, that's $200,000. If instead you put it into a savings account because you're scared and you don't learn and you make 1%, you lost $200,000.
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. When are you going to start making some more money with your law degree?
The Ramsey Show
Don't Chase Money, Chase Freedom
You spent a lot of money on a law degree because you could make a lot of money, and now you're not making a lot of money. Right. Diesel mechanics make more than you.
The Ramsey Show
Don't Chase Money, Chase Freedom
So what are you going to do to get your career going, kiddo?
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. All right. And what's the rental property worth?
The Ramsey Show
Don't Chase Money, Chase Freedom
That's opportunity cost. It's called opportunity cost. You missed an opportunity by not learning. So learn, learn, learn, learn, learn. Get comfortable. And don't invest in the stock market or in real estate if you're wanting to do a short-term play. You want to think, I'm not going to touch this for five years once I put it in there.
The Ramsey Show
Don't Chase Money, Chase Freedom
That's fine. Yeah, I believe I would. Um, now, I mean, I was one of the first in my family to get a formal education. Are you?
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. Let me ask you if this is true, and it's okay if it's not. Please tell me the truth, okay? I'm not forcing this on you, because there's a lot of symptoms in this conversation that make me think this, and I'm not sure if I'm right, okay? So you can correct me.
The Ramsey Show
Don't Chase Money, Chase Freedom
But did you kind of have the idea, like I did, that we were sold, if you go get a law degree, they're just going to start sending you big checks. It's going to be, like, easy, right?
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, you worked your tail off and were really, really focused until you passed the bar, and you thought at that point this was going to get easy.
The Ramsey Show
Don't Chase Money, Chase Freedom
Instead of a really, really good one making $200,000.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah. So here's what I'm pointing to, and I lived through this, and I know a whole bunch of other people that have lived through the same thing. Now that you have discovered... that the education is not the cause of your success. Instead, you are going to be the cause of your success. That should give you some new energy to go kill some things and drag them home.
The Ramsey Show
Don't Chase Money, Chase Freedom
So go get an apartment, sell this condo, clean out this storage shed, get your butt in gear, and go make you some money. Because the Calvary's not coming. It's not going to get easy. You're the secret sauce to the success, not the degree. The degree, as you have discovered and I have discovered, is not magical.
The Ramsey Show
Don't Chase Money, Chase Freedom
You see what I'm following? You see what I'm doing?
The Ramsey Show
Don't Chase Money, Chase Freedom
So the same incredible determination and sacrifice emotionally and psychologically that you used to go get this degree because it was supposed to be Willy Wonka's golden ticket, I want you to use that same determination that's inside of you to go now be somebody.
The Ramsey Show
Don't Chase Money, Chase Freedom
You follow me? Yes. Because this all looks like you peaked out at graduation and have been sliding ever since. You're living at home. You got a storage unit. You got this rental unit. You're in a substandard. You're not making the money you ought to be making as smart as you are. And I want you to go get rid of every bit of that. I want you to go get some money.
The Ramsey Show
Don't Chase Money, Chase Freedom
If you do that and then you just turn off the news, you'll be okay. But learn, learn, learn, learn, learn. You and your husband sit down with these advisors. And if you want some more to have the heart of a teacher, go to RamseySolutions.com and click on SmartVestor Pros and find the ones in your area. Interview two or three.
The Ramsey Show
Don't Chase Money, Chase Freedom
You have earned the right to go get it. You are a star. Go act like it. Go get some. Get this stuff knocked out. Clean this stinking mess up. Get you a grown-up life like I have my own apartment. I live in my mom's living room. I'm a freaking lawyer.
The Ramsey Show
Don't Chase Money, Chase Freedom
for God's sakes, you know, go stand up girl and get this storage unit cleaned out, get the thing sold and then start looking for a better opportunity and walk in with a little bit of like a lot of superstar confidence when you walk into the interview for the next place, because you are that person. Okay. That's, that's what's going on. So you get our income to 200K, we get this mess cleaned up.
The Ramsey Show
Don't Chase Money, Chase Freedom
This stuff's gone in a heartbeat. But we tell everybody this, and then if you come from – a demographic, we'll just call it. If you come from a background where the people around you were not people of four-year degrees, they tend to think sometimes in that culture, in the culture that she and I are talking about, that if you get the degree, it's Willy Wonka's golden ticket.
The Ramsey Show
Don't Chase Money, Chase Freedom
And people that have, that are like third generation, they've had college degree, college degree, college degree. They know it's not. They know it's not the cause of success. That it's just some tools in your belt that you still got to get up, leave the cave, kill something and drag it home. You still got to go be somebody. You still got to double up your fist and bust some noses.
The Ramsey Show
Don't Chase Money, Chase Freedom
You still got to push out there and make it happen. Your degree is not a guarantee of success. It's quite the opposite. It'll actually hold you back if you stop. But if you come out of that and the people around you didn't know that, then you believe that and it messes with you. So it's part of where the student loan crisis has come from.
The Ramsey Show
Don't Chase Money, Chase Freedom
It falls right in line with every bit of that. Wow, you're cool. I like you a lot. You're going to do good. This is The Ramsey Show.
The Ramsey Show
Don't Chase Money, Chase Freedom
Talk to tax people, real estate people, insurance people until they have the heart of a teacher. If they're snotting you, they drop their glasses down on the end of their nose, and they have all the answers, and you're just the stupid little people who got lucky. You have a million dollars, they don't, so tell them to shut up, they're fired. This is The Ramsey Show.
The Ramsey Show
Don't Chase Money, Chase Freedom
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Don't Chase Money, Chase Freedom
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Don't Chase Money, Chase Freedom
But if you're able to listen on Tuesday for whatever, Tuesday evening, we will be doing the Investing Essentials workshop tonight. George and I just came out of a rehearsal. This is about a two-hour event this evening and tomorrow evening. Tuesday and Wednesday night. If you buy a VIP ticket, you have 30 days worth of replay. You can watch it over and over and over for 30 days.
The Ramsey Show
Don't Chase Money, Chase Freedom
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. This is the Ramsey Show. George Campbell, Ramsey personality, number one best-selling author, is my co-host. George, when you were a wee toddler, there was a fabulous comedian out named Steve Martin.
The Ramsey Show
Don't Chase Money, Chase Freedom
Oh, I love Steve. And he had a whole bit that said, You need to get a million dollars and not pay taxes. He said, how do you want to be a millionaire and not pay taxes? He said, the first thing you do is you get a million dollars. Then you don't pay taxes. Now, that was a funny bit.
The Ramsey Show
Don't Chase Money, Chase Freedom
But, you know, when I get a call from someone like our last caller before the break, Angela, and she got a million dollars from the lottery. I always think, where does money come from? Where does wealth come from? And there's a lot of places you can get money. You can win the lottery. You can have a rich uncle that dies and leave you a million dollars.
The Ramsey Show
Don't Chase Money, Chase Freedom
You can be scuba diving in the Caribbean and find gold bars from a Spanish restaurant.
The Ramsey Show
Don't Chase Money, Chase Freedom
galleon that wrecked it sounds personal yeah i mean that's that could happen i mean people you know there's a lot of treasure hunt you could do all kinds of things get a settlement check sell a business yeah you could uh you could be in a car wreck i mean you could get a million dollars from a lot of places and become wealthy what we are in the business of however here is giving you a path that has a super high probability of working
The Ramsey Show
Don't Chase Money, Chase Freedom
not a super low probability of working. Now, if you get a million dollars from a low probability, like not a chance it's happening again, like winning the lottery, we're going to celebrate with you because we were nice to Angela and we want to celebrate with her. But I don't want you folk out there to misunderstand that the lottery is a high probability of building wealth.
The Ramsey Show
Don't Chase Money, Chase Freedom
As a matter of fact, statistically, it is a tax on poor people. Most people that play the lottery live in lower income zip codes. In the state of Tennessee, we have this wonderful program where the lottery money is used to send people to college.
The Ramsey Show
Don't Chase Money, Chase Freedom
The people that go to college in Tennessee using the lottery money are typically middle class and upper class kids going to college on lottery money that was paid by poor people playing the lottery in lower income zip codes who never used those scholarships. So it's a completely bogus, horrible system. Now, Angela benefited from it, and I'm not mad at her.
The Ramsey Show
Don't Chase Money, Chase Freedom
We'll help her and celebrate with her that she became a millionaire with this. But I want you folks to know, here's the actual, this is hilarious to me, but it's mathematically factual, okay? If you walk one mile to the market to buy the lottery ticket, you are 12 times more likely to be struck by lightning twice than
The Ramsey Show
Don't Chase Money, Chase Freedom
during the one-mile walk, that's statistically, than you are to buy the winning lottery ticket. That's how bad this program sucks. And people go, I'll take my chances, Dave. Yeah, I'll get struck by lightning twice. I mean, number of people that, I mean, really, I mean, it's like something off of Instagram, but no. Okay, I want a high probability.
The Ramsey Show
Don't Chase Money, Chase Freedom
I want something that works most of the time for average intelligence people because that's what I am. I don't want to have to be a genius. I don't want to have to be lucky beyond statistical probability. I want something that works, and that's what we teach here.
The Ramsey Show
Don't Chase Money, Chase Freedom
But if you were to come into wealth by one of these other weird means, George and all the other personality, we will celebrate with you. We love you. If you have a rich uncle, you're the one that did. I always wonder who it was. It was you because it wasn't me. And it wasn't George. No. If I had money, he didn't leave me any money. I don't know where he is.
The Ramsey Show
Don't Chase Money, Chase Freedom
I might be the rich uncle, but I'm not leaving the nephews anything. It's all going to my kids. No one's ever left you in their will? No. Yeah, my grandmother did. I got $5,000 from my grandmother. That's a tiny lottery. Yeah, we were just married, and I have no idea where that money went. It's gone. Just poof. It just disappeared. I blame Sharon. Like mist in the wind. But that's the deal, folks.
The Ramsey Show
Don't Chase Money, Chase Freedom
So no rush, no problem, whatever. But you do need to get your ticket if you want to watch this evening live. He and I will be doing investing tonight. Tomorrow night we'll be doing investing in real estate. And George is loving this, bringing out your – I know you look very GQ on the surface, but underneath we know you're a true nerd.
The Ramsey Show
Don't Chase Money, Chase Freedom
So anyway, I just want you to know, just because we celebrate with someone who had a good event does not mean that's an endorsement of that methodology, okay? Twelve times more likely to be struck by lightning twice in a one-mile walk than you are statistically to buy a winning lottery ticket. That's pretty low odds. Just saying. All right. Samuel's with us in Los Angeles, California. Hi, Samuel.
The Ramsey Show
Don't Chase Money, Chase Freedom
26. Cool. I appreciate you calling, dude. Thank you. I'll take a stab at it. Number one, $5 million, the money game's not soft. You can screw this up in about 20 minutes and have nothing. I had $4 million worth of real estate when I was 26, and I went completely bankrupt by the time I was 30. So you can screw this up. It's not over. But you have done a wonderful job. Congratulations.
The Ramsey Show
Don't Chase Money, Chase Freedom
So, I mean, if you got $500 million, we'll talk about slowing down. But $5 million, no, you're not there yet. Uh, so, but, but what you're figuring out is, is that just stacking cash doesn't have meaning. And I'll go along with that for sure. Well done. And you've done a wonderful job of stacking cash. You're amazing. Congratulations, sir.
The Ramsey Show
Don't Chase Money, Chase Freedom
Uh, but what we figured out a long time ago, I met God on the way up. I got to know him on the way down when I lost everything, Samuel. And what I've learned as a person of faith is that true joy comes through serving, not through getting. Giving, not getting. Adding value, not taking value. And so I think you'll have a level of happiness when you just go get you an apartment and a better diet.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
That is so freaking powerful. People, it changes everything. And John Maxwell used to say, a budget is people telling their money what to do instead of wondering where it went. So download the EveryDollar app and start budgeting. It's free. You can do that in the App Store or Google Play. It's a very simple plan. And it has all kinds of extra paycheck planning you can plan out.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Not only the month ahead of time, you can plan out each paycheck ahead of time.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Version of it, yeah. And you don't have to go back home.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You probably got no gain on your bonds. Their probably value is down even though the coupon rate stayed the same. But as interest rates rise, bond values go down. And so my guess is that you bought them during a lower interest rate environment, so they're probably not even worth what you paid for them today. Is that right?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Guys, you got to start doing this. It changes everything. You'll breathe different. Your shoulders will drop. The tension will leave. Download the EveryDollar app. It's free in the App Store or Google Play. And get yourself started, boys and girls. This is The Ramsey Show. Rachel Cruz, Ramsey personality, is my co-host. If you didn't know, we have the Ramsey Network app.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
It is a free download, and you can get the third segment, the third hour of this show every day only on the Ramsey Network app and many other things, including you can email us and ask us questions. You can enter a subject, and it will search among the calls on that subject and present them to you.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
uh so you don't have to like filter through 22 days of stuff to find the answer you're looking for the ramsey network app you can download it for free there is no subscription upgrade no salesman will call From the Ramsey Network app, we get our question from Corey. Dave, you recently took a call where the person had 35 credit cards. How do the banks even allow someone to get that many cards?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Corey, that's sweet that you are naive enough to think that the banks even think. That's sweet that you would think common sense would enter into this transaction. That's so sweet, Corey. No, it doesn't. And, you know, this is the same kind of mentality, Corey, that you've got that people say, well, I must be able to handle the payment or they wouldn't have given it to me.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
No, they'll give it to you. Whatever the payment is, they'll approve you for the loan way beyond.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So, Corey, the most aggressively – here's an interesting fact. Let's just take it even a step back further. We now, at this moment in 2024, in America, the United States, live in the most marketed to, sold to culture in the history of the world. In the history of the human race. You will receive...
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
more marketing impressions on your ears and eyes and brain in this coming calendar year than any set of humans ever has in history. That's pretty interesting when you think about it. And when you are sold that much stuff, people buy that much stuff. And among the most marketed to group of people in the history of the human race
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
The most aggressively marketed product in the most aggressively marketed time in history is debt. Debt is a product. They sell it. They sell home equity loans. They sell student loans. They sell car loans. They sell private loans. They sell title loans. They sell Any kind of home loans, any kind of loan you can dream up. Put a word in front of the word loan and it happens. Dog loans, cat loans.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I don't think you're gonna have any gain to amount to anything. So I like his advice on that basis.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
There are loans for everything. I was trying to buy a T-shirt, for God's sakes, and they offered me payments on it with Klorna the other day. I'm like, it's a T-shirt. Why would you? Three easy payments of $1.26. I mean, come on. You know, it's like, what?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I'm kidding. I don't remember that.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And they're always easy payments. No one says hard payments, right? Yeah. And yet, when you make them, they're always hard. They're not easy. So, and among the most aggressively marketed debt products...
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
The most aggressively marketed debt product, debt being the most aggressively marketed product, in the most aggressively marketed to group of people in the history of the human race is credit cards, Corey. American Distress, Visa, MasterCard, they're your new master, and Discover Bondage. Together spend those four names, spend more American express.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And what is your total nest egg?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I said that when you American distress, they together, they will spend a billion dollars on marketing. It's more than beer. It's more than Chevy pickup trucks going through mud puddles, more than all your car advertising put together more than any other category of advertising. What's in your wallet says the failed actor.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So anyway, the credit card is the most aggressively marketed product out there. And so in the midst of that, they are issuing credit cards en masse to people who can't pay them, don't need them, including dead people.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
dogs we used to collect bizarre credit card stories and i had a guy send me one from virginia he as a joke which was fraudulent and he shouldn't have done this but as a joke he applied for a credit card in the name of buck naked okay they issued the card to buck buck got him a card Another guy sent me from New Orleans a credit card, an actual card. He sent me the card and a letter.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Good. Good. And you guys are how old?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
It was issued to Fru Fru, who was his poodle who had died. And that was unsolicited. They picked it up off the AKC registration and meant to send it to the owner of the dog, instead issued the card en masse to the dogs. Literally, it's gone to the dogs. And so, I mean, this is the credit card world. So please, God, don't think you're special if somebody gave you a credit card.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
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. Number one best-selling author, Rachel Cruz, Ramsey personality, co-host of the Smart Money Happy Hour, is my co-host today, my daughter. Open phones at 888-825-5225. Carol is with us. Carol is in New York City. Hi, Carol.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I mean, when I was in college, I thought, well, if they can get an American Express, then by God, I'm successful. And if I get a gold piece of plastic versus a silver piece of plastic, then I'm really someone.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Cool. And how much have you got in these bonds?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
The color of my plastic dictates the quality of my personal identity. Yep. So, Corey, that's what you're dealing with, yeah. Yeah, we've had people with 200 credit cards. There are people that believe that credit cards are excellent and they have their own YouTube channel and all this stuff on how you can live off of the points.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And how you can be the card man or whatever and all this stuff, right? Yeah. So it's a thing because it's so prevalent that any moron can get more credit cards than they can pay. So that's that's how, Corey, because, you know, you're making the sweet and naive assumption that the bank actually cares about you and would look at you and say, you can't afford this.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So we're not going to do harm to you. No, they don't. None of that is true. They will do harm to you in a heartbeat if they get the opportunity.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Is it about $800? Is it enough to do this?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So just remember, if you're issued a new credit card, you're no better than frou-frou or a buck.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
The dead poodle or the naked guy that doesn't exist. There you go. One of the two. I mean, you're no better than either. This is The Ramsey Show. Rachel Cruz, Ramsey personality, number one bestselling author. My daughter is my co-host today. Open phones at 888-825-5225. Jake in Savannah, Georgia. Hi, Jake. How are you?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Okay. So the thing that we find is that the bigger and more pure the reason for getting out of debt the why, why I'm getting out of debt, the more intense and sacrificial and disciplined you will be. It sounds like you have a really good why.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And if you came to truly believe deep down in your soul that the only way you're going to become wealthy and provide an incredible life experience for your brand new bride and baby is is to get out of debt, then the discipline starts to become easy. It's almost as if I said, if you don't pay off $20,000 in two years, your child will not be alive. If you said that, you would find $20,000.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Now, I'm not – obviously, that's crazy. That's not going to happen, right? But I'm saying, you know, if you had to buy a – a thing to keep your child alive and you needed $20,000 to buy that thing and you only were allowed to pay cash, you'd find $20,000. Agreed? Yes, sir. Because your why would be so huge. Your reason. Discipline wouldn't even come.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I'm having trouble being disciplined to save the life of my child. No, that would not be something that would come out of your mouth. And so the more deeply you understand and believe that by getting this $40,000 paid off between the two of you,
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And the two of you getting married and creating a double income and creating a situation where you dive in and stay out of debt and build wealth, the more you believe that that is the path for your family to have an incredible next 50 years, the more disciplined you'll be. But if you just kind of go, well, being out of debt would be kind of nice.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Okay, yes, I agree with his advice on that. I would use the bonds first to answer your question. Okay, this guy, you need to be aware of a couple things here with this guy. I'm not quite ready to fire him, but I'm close. Right. Okay? I hear you. Number one, because he...
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And I think we'd probably be better off, but it'd be kind of nice. Well, that's like a 3 on a scale of 1 to 10, and I'm talking about a 10. You see the difference?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You ought to see my house and my car.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Better than what she dreamed of, and no payments.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, you're going to have trouble, Jake. You're going to have trouble being disciplined as long as the other side of your brain, called your wife, is tearing you down. So the two of you getting aligned on this is your all's biggest issue. You cannot singularly carry this household on your back to wealth while she simultaneously isn't in agreement. You guys have got to get on the same page.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
It's a problem in your marriage going forward.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Crystal's in Tampa. Hi, Crystal. Welcome to the Ramsey Show.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
How did you prioritize your snowball list? You listed it how?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So you have balances on the medical bills, right?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
His job is not to take his glasses on the end of his nose and speak down to you little people who have $4 million and you shouldn't be paying off your mortgage. Listen to the wise financial advisor because bull crap. His job is to say, okay, what are your goals and how can I help you accomplish them?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Okay. And the bad thing about the medical bills and the good thing about the medical bills, some of them are tiny. Look, you got a $78 from diagnostic just because you drove near a hospital.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You know what I'm talking about?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We don't even know what the flip that is, but they sent us a $78 bill for it. And it's like you got all these little mosquitoes flying around. They're not even big bills. They're just bothersome. And so that's the bad news. The good news is you're going to plow through like one through number 10 really fast. And you're going to get this sense of I just did something.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And your household income is what?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, you paid a lot of stupid tax. But, I mean, if you live on $100,000, you're debt-free in a year, right?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Good, good. Well, yeah, the more he's involved, the more helpful he is. I don't want him writing checks because you're the nerd. You're the good one to write the checks. But I do want him emotionally standing there, not just saying, honey, you're doing a good job. I want him saying, honey, we got this.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
That's good. I'm proud of you. Way to go, Crystal.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
That's very well done. So fun. She's going to knock this out so fast.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
It's so fun when you have been going along and you don't know what to do and you suddenly discover fire.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Look at that. That's fire. That's awesome. I can cook stuff with that. Yeah. It's knowledge is powerful. It really, really is very cool. That puts us our, the Ramsey show in the books. 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. I'm Dave Ramsey, your host.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Rachel Cruz, Ramsey personality, number one best-selling author, is my co-host. You jump in. We'll talk about your life and your money. The phone number is 888-825-5225. Sarah is in Boston. Hi, Sarah. How are you?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Good to talk with you. How can we help?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
What do you do, and what are you studying?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So I don't like his approach to this, and it's very typical in the financial advising world, this level of arrogance. It's not overt arrogance, but it's a subversive arrogance.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So as an engineer, you're learning or have learned to project plan. What Covey used to say, beginning with the end in mind. And with your money, what's happening is you're getting to the end with no plan and it's not satisfying because it didn't go where you wanted it to go. And so it'd be like building a bridge and making it up as you go. Well, you don't do that. We lay out a plan.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
That's the second problem I've got with him is he did two very standard things in the financial world that I completely disagree with. One is he told you not to pay off your mortgage, and the second is he put you in bonds.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We do drawings. We run the math to make sure the structure will hold. And then we build the bridge. We don't just kind of start moving dirt and hope it all works out. And that's kind of what you're doing with your money. So let me ask you this. Let me see if I'm getting this picture correct, okay? Okay.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You're 25, you're single, you're in Boston, and you work from home, and you go to school, correct?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So your work is online, and your school is online, and you said, I spend money shopping online, and I go out, which would make you, thank God, a normal human being, because otherwise you're trapped at home online, and instead you actually go out for human connection. Good. Okay? Yeah. So you should allocate some money.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, you should allocate some money for what's called a social life, yes, because otherwise your brain is going to melt, okay? That's good. It's not good that man or woman be alone. We should be out seeing other humans, okay? So I want you to do that. Now, the problem is you need a – I'm going to recommend a non-internet –
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
hobby to be done on downtime and analog downtime because your downtime now is Instagram, Facebook and Amazon Prime. And there is a direct there's research out there that says the more time you spend on social media, the more money you spend. Because social media is the world's worst Jones's next door.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You see everyone else's highlight reel, and they splash suggested products, mix it into your Instagram feed, mix it into your Facebook page, and whatever else you're consuming. TikTok is even worse. And so... Instead of when I've got 10 minutes, I'm going to doom scroll. Your spending is always going to be there if you do that.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And so these bonds, you know, you have a fourth of your money tied up in something that's substantially underperforming because of this guy.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Just unplug from take to a social media fast and say, I'm only going to do social media 30 minutes a day between 5 p.m. and 530. That's all. or five and five 15, it'd be okay with me. All right. That's all. And your spending will go down and you cannot go on Amazon ever again, unless it is to specifically purchase a certain thing that you thought of as a part of your budget.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You can not go on there and scroll because Amazon is the world's best marketer. They will sell you crap. You following me? Does this sound right?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, because it had to be with the way you're living your life because your life is in front of the screen, and you go, okay, I've got 10 minutes. I'm going to have some brain junk food, and I'm going to doom scroll for a minute just because my brain's hurting from class.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
right that would be that's what i would do and i'm 64 i'm not susceptible to it like you 25 year olds because you grew up with this crap i didn't but i still i have to watch myself if i get bored i end up buying something if i'm not careful that sound familiar
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And that's these bonds. So I'm and because here's the thing. Again, the simple thing to remember about bonds is this in the financial advising world.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, give every dollar an assignment before the month begins on your budget, on your every dollar budget. Put your every dollar budget down. And you cannot go to Amazon unless it's to buy something you budgeted for.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And do spend some money on social engagement. You need it. It's good for you. This is The Ramsey Show. Rachel Cruz, Ramsey personality, is my co-host today. The Ramsey Show question of the day is brought to you by WhyRefi. We trust WhyRefi because they help people who have defaulted private student loans.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
If you have a defaulted private student loan, they'll refinance it with a low fixed interest rate. Couldn't get anywhere else. Chris had a student loan, and he cut his payment by over 40% with WhyRefi. Try it out, yrefy.com slash Ramsey. That's the letter Y, R-E-F-Y.com slash Ramsey. Might not be in all states.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We have been taught, and everyone for some reason decided to agree with it rather than actually making their own decisions, but the people like me and him that are trained in this stuff, we've been taught that as you get older, we use what's called the asset allocation methodology or theory, and that as you get older, you should be in less and less and less risk.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And sometimes it helps to reframe the proposal and use words that explain what this actually is. Honey, your daughter and son-in-law who have two good jobs want us to borrow money so they can have a rental property.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
when you say it that way it sounds dumber than crap because it is dumber than crap that's why it sounds that way instead of like oh we're helping them get a home no you're not they have a home they want a rental property and they read this and some stupid thing on the internet to go to their retired parents to get a mortgage why can't they get a mortgage they both have a job
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Oh, wait, they haven't been paying their bills on time, and their credit is bad. Oh, hello. Yeah, this just screams stupidity.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
really loud like with a capital s t u p i d say the cheer with me everyone give me an s give me a t seriously oh no don't do this absolutely and here's what happens at our house we start with trying to reason and talk things through and when one of us just absolutely is not going to do it the heat just gets turned up And so our rule is that if we're both not on board, we can't do it.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
and uh you're not on board and you're not going to get on board please don't get on board please get through the fog of this yeah and it's not what do his kids need they sell the house and they get their own mortgage and not only is it not good for you guys you see but this is a disaster waiting for them like this could set them up to fail in a major way too so it's it's on both ends not great
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, you're buying them a rental property. No, absolutely not. Heard this on TikTok. Deb is in Oklahoma City. Hi, Deb. How are you?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And so that by the time your age, you should largely be in bonds and money markets and have very little inequities, okay? The problem is that everybody just accepted this as if it's a fact. It's not a fact. It's a theory. It's an idea. And I disagree with it. I'm 64. I have zero in bonds and almost the same amount in money markets.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
What's liquid mean? All in retirement?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And you don't own any other property?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I mean, you can do that. It's not going to bankrupt you. Yeah. There's no possible way you could get me to go back into debt after I finally got out. That doesn't sound like a dream. That sounds like a nightmare to me. But I mean, it's just a stupid house. There's no way I'm going into debt for it. But, I mean, if you want to do that, you can do that.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
If you can do that, it's just save up the money and buy something.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Well, I mean, you never heard me call up and tell somebody in Baby Step 7 to go back in debt.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I just threw up a little in my mouth, and it's not even my house.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Oh, gross. It's just gross. No, I mean, if you want to do it, honey, I'm not going to be mad at you. We'll still be friends. But no, we do not tell people to go into debt in Baby Step 7 to buy a luxury upgrade. And if you want to do that, if you want to do that, you're not going to go bankrupt. It's not a sin. You're not going to hell. We'll still be friends.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And you'll just be my friend with a mortgage. And, you know...
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We don't tell people to do it for real estate in Baby Step 7. I just don't. I mean, because the goal is to get out so that you don't have to go back and voluntarily going back to jail after I've been set free. I don't want to go. I'm free. I like my freedom. I don't. I love my interest rate on my mortgage. Zero. So, Deb, I mean, I'm poking fun, but the truth is the borrower is slave to the lender.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
The truth is the fastest way to wealth is to avoid debt. Period. The truth is there's more peace associated with that. The truth is you guys have worked so hard to become debt-free that you will have some buyer's remorse. You will feel...
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
uh this regret this taste on the back of your tongue that when you go oh man i just feel like i feel like i did something wrong because you did so i mean it's not you know that that's what it's going to feel like but is it bankruptable no is it going to keep you from building wealth completely no it just slows down everything and there's the emotional and psychological that's
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I got a little bit in money markets just because I like some cash. But I'm not sitting in – I haven't moved everything away from equities because as you get older, you should limit risk because that's horse crap. If I live to 94 and I'm 64 and I've been in an instrument making 8% instead of an instrument making 12 or 14%, The amount of money I've lost during that 30 years is millions.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Rachel Cruz, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Jacqueline is in Minneapolis. Hi, Jacqueline. Welcome to the Ramsey Show.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
The car. How much is it?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
What's your household income?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So what did you spend the credit card money on, do you think?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Hmm. How's he doing now?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Have you gotten that straightened out?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Good. So you've escalated this. I'm proud of you. I'm so sorry you guys have been through this. There's nothing scarier than dealing with a child with medical stuff. Man, that's a big deal. Thank you. So basically you had $50,000 to $60,000 of medical bills with your son that you paid for and then used the credit cards to buy the things you would have used that money for.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Okay. But the prognosis going forward on your son's situation is that hopefully insurance will be picking up whatever he has to deal with going forward, right?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Okay. So we've stopped the problem in terms of what's caused the credit cards.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So it's bad advice, this asset allocation methodology. It's bad advice. And so he puts you in these bonds. The second thing you need to know about bonds is that they are not legitimately safer than stocks. are mutual funds, okay? Because when you track the volatility of bond values versus the volatility of mutual fund stock values, they're very similar. It's not safer. It's really not.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Well, if you're driving a $26,000 car you can't afford, it's kind of one of the things you have to do.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, that's good. All right, so the answer to your question is how do we efficiently get through this? And the reason we're asking all these questions is we're trying to figure out where the spending came from so that it's stopped because you're going to have to reverse. You not only have to stop the trend, but you have to reverse it.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Now, so in other words, now we've got to find $80,000 to pay off a car and some credit cards and we make 120, right? And so if I take 80,000 bucks and I say I'm going to do 40 a year out of 120, that means I got to live on 80 minus taxes, right?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So you need to be paying off $3,000 to $4,000 a month in debt, and you'll be debt-free in two years. Now, how do we do that? Well, you're going to sacrifice some other things. There's no going out to eat. There's no vacations. And we're going to take lifestyle to ashes, nothing. You get nothing.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You got to be on beans and rice, rice and beans, and both of you got to work every hour you can work and still take care of your baby.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
and um and get this knocked out as fast as possible and that sounds like three to four thousand dollars a month towards this which gets it done in two years and would trim six months out of it too Jacqueline as if you guys sold the car yep and you got a crappy car for a season you know I I have the opportunity to um get a different job I went back to school uh two years ago and I got a
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Oh, I would live below your current income.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Live on nothing. The faster you pay this off, the faster it goes away, the faster you get your life back.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So a written game plan lists these debts, smallest to largest. It sounds like there are four debts. Three credit cards and one car. So what is the smallest debt? A credit card. Which one?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We're going to pay minimum payments on everything else, and I want you to pay that off in three months.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I just, well, and you know, here's the thing.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
for two years till you get this clear, or one year till you get it clear, depending on how big the job is that you get. You get that big job, you might be done really fast. Or both of you pick up some extra income, you might be done really fast. I don't care. Let's put it on a schedule where we get it done quickly and knock out the 12. The 12 is gone. You don't have that payment anymore.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You take that payment that's freed up and everything else we can squeeze out of the budget, and we put it on the next one down and the next one down, the next one down. So you list your debts, smallest to largest, minimum payments on everything but the little one, and you attack the little one with a vengeance.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And listen, you are a great mom and dad. You've done a wonderful, you took care of your baby. And now you're standing up like two grown-up adults and saying, what have I got to do to clean up the mess now that I took care of my baby? I love you guys. You're amazing.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We want you to go through Financial Peace University, our class, and I want to put you in the premium version of EveryDollar, our budgeting app. I'm going to pay for all of it just to say I'm proud of you. And I like having people like you in our audience that are good human beings that take care of their family and take responsibility even for messes that are beyond their control. Way to go.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You're amazing. You got this. You can do it. Rachel Cruz, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Erica is in Philadelphia. Hi, Erica. Welcome to the Ramsey Show.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And the reason is the third thing, and then I'll let you go, okay, is this thing.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Wait a minute, what's a little bit of damage, Erica?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
But I mean, it's teaching for everybody out there.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
It's everybody out there. Thank you. So bonds, the thing you remember about bonds is there's a set interest rate on the bond. So when interest rates rise in order to achieve that same – a higher – let's say you've got a 4% rate and interest rates are 7%. And so people are expecting 7%, but your bond is only paying 4%. So the value of your bond goes down.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I think you've got a subprime loan because they're screwing you on the interest. And I think the $21,000 is not the actual payoff. I think it's the total of your remaining payments.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Well, yeah, it's 11%. It's $2,000 a year.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
How many miles did you put on this car?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
It was 95 when you bought it?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Oh, but you've run it up to 125,000 miles. No, it's at 95,000 now. Oh.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
There's something wrong with these numbers, okay? Because the Chevy Malibu has not dropped 70% in value during that period of time, okay? So when you pulled up Kelley Blue Book, did you look at trade-in or private sale?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, I think you did. Okay. So maybe you could sell the car private sale for, let's call it $12,000, okay? Okay. And then you would have to cover the difference, and so you'd still need $9,000 to do that. Do you have any money at all? I'm sure you don't.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Okay. What do you make? fifty thousand a year all right uh... yeah you do need to get out of this but that you know basically if you went to the credit union and you borrowed
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
nine thousand dollars ten thousand dollars to get a thousand dollar car and cover the difference to sell the thing for 12 to an individual that would get you out of it and but you still have payments on nine thousand dollars instead of twenty thousand dollars um the thing i might do instead is i might just go make an extra twenty thousand next year by and paid off in one year by working all the time
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
like a maniac like six jobs and then get this off of you she goes oh man yeah well i mean do you have any other hey listen i don't it depends on you don't have to do that erica but you're trapped and the way you get out of a trap is it hurts yeah yeah do you have any other debt erica or is it just this school loans how much are those
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
As interest rates rise, it goes up as interest rates fall. Bond prices are exactly inverse to the prevailing interest rate market. So in a record low in the last 100 years, we had an unprecedented 3% interest rate environment for bonds. A decade, right? And in the middle of the lowest interest rate environment in known history, this guy puts you in bonds.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yeah, and you've got to quit just every time you want to do something, going freaking borrowing to do it. That's true. It's killing you. I mean, you're a quarter of a million dollars in debt. You've got to stop. I mean, you're like an alcoholic. You've got to stop.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
It's an 11%, 12% loan on a car that she impulsed and then scratched it after she went out to happy hour. Stop it. No. Stop, stop, stop, stop, stop living like this. You're a case manager. You see people doing stuff. Stop it. You've got to say no more debt. Next time I want a car, the answer is no. I don't need a car so bad. I got an 11.8% interest rate.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
What that tells me is I know enough about the car business. They not only screwed you on the loan, they screwed you on the car when they sold it to you because you paid premium for both. They saw you coming a mile away. They said, here comes Erica. We're going to take her. That's exactly what they saw. You got had, kid.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Same thing they did when they told you $200,000 was a good deal to get a master's. To be marriage and family therapy. That's a complete screw job too. You paid double what you should have paid for that degree. And you got to say no more borrowing. My life is not better when I borrow to make my life better. It doesn't do it. You've got to stop that, kiddo.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So if I'm you, I'm going to go get that degree, finish that thing up, pass your dadgum bars, get out there, get your dadgum income up to $100K, live on nothing, and raise your right hand and swear I am never borrowing again because it has not brought me blessings. And yes, you have to work all the time. That's the way it is. That's how you get out.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You've got to pay a price to clean up your dadgum mess. That's the way this works. No other way around it, kiddo. You've got to do this. You've got to lean into it. This is what they teach you in the field you are studying. You can't keep doing the same thing over and over again and expect a different result. That's the definition of insanity. That's Counseling 101.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Guys, all education is not good. Some education is overpriced crap. Just to go to school. You got to go to school. No, you don't. Being stupid when you're doing your education is a bad plan. I'm not saying Erica was completely, but she got taken. It's bad. I'm sad for her. What a horrible situation she's in. I'm angry for her. This is The Ramsey Show.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And where is it going to go from the lowest in interest rate environment in history? Up! As interest rates go up, your bond values go down. And so I'm afraid you may have actually lost money on these bonds when you get into them. But I'm hoping you at least broke even. That's what I'm hoping. So interest rates, folks, bond prices, the value of a bond goes down.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
As interest rates rise, so you never would buy bonds in a rising interest rate environment. You would buy them in a falling interest rate environment if you were going to buy bonds at all. And that's because of the yield on the bond has to approximate the prevailing rate. And yet the coupon rate is fixed.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Welcome to The Ramsey Show.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Where else have I got to figure out that you're giving me bad numbers?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
So I'm not ready to fire this guy, but I really dislike bonds from him, and I dislike his mortgage advice, and I dislike that he's kind of telling you what to do instead of asking you what you want to do. This is The Ramsey Show. So I remember the year you were born, Rachel. I was standing in line at Kroger.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
at the corner of Bell Road and Murfreesboro Road over there in Priest Lake where we used to live back in the day. Those of you in the Nashville market will know that intersection. I think that Kroger's probably gone now. It was 30 plus years ago, right? And I'm standing in line and I'm buying basic groceries, not with your mom and a baby or two in tow. And
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We weren't really spending like a ton of money and we weren't buying anything frivolous. It was just meat and potatoes just to feed the family.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We were broke. And I remember as I'm back in those days, you would write a check, not use your debit card. As I'm writing the check, I'm wondering if by buying these groceries, if there's going to be enough money left in the account to pay the electricity bill. And I didn't know, but I bought the groceries anyway, of course.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And then just kind of on a hope and a prayer, get home and everything works out and I can pay the light bill, right? The reason I remember that specific experience is I think it's the last time that ever happened.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Because I started doing, right after that, Sharon and I, your mom and I, started doing a written budget before the month begins, and we knew we had a certain amount of money to spend on groceries, and that by spending that money, we weren't worried about everything else because we knew it fit in the overall, because that was a line item, and the electricity was a line item, so we knew we didn't spend the electricity money on groceries or vice versa.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Yep. We didn't worry because it was all laid out. We had a plan. And the amount of peace that we got having the month laid out, as long as we stayed within those guidelines, we knew the whole thing was going to work. Instead of going from anxiety to anxiety to anxiety, every time you're paying a bill, there's a freak out.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And even later on when we started having some money, buying something, a luxurious item, is this okay? And you've got to go, well, is it okay? And does it fit in this written out plan where every dollar has been given an assignment?
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Folks, if you want to have that change of experience in your life where you go from when I'm doing something as basic as grocery shopping and that being anxiety, an anxiety event, going from that to peace, The only step that does that is a written plan, a detailed plan, and that's called a budget. Before the month begins, you're giving every dollar an assignment.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You and your spouse agree to it, and then you stick to it. And that way, the electricity gets paid, and the groceries get bought, and the kids can have shoes, and no one died. You know? It's just like, it's a thing. Most people, though, have that experience standing in the grocery line. Crap, I don't know when I finish this if we're okay.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
You're creating anxiety with that immature look on life.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Because it's immature to go, I can just spend like I'm in Congress.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And that's just a childish view. Because obviously we all know we can't do that. I mean, grownups know the money runs out somewhere. And so, you know, and, and, you know, even like we had to go so far as we went to, we went hardcore more than we recommend today on the envelope system. Like we had envelopes for everything, like envelope for groceries and envelope for restaurants.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And your mother would not buy herself clothing because she's a classic Southern bell martyr. And she's like, well, I'll just be Scarlett O'Hara. I'll make something out of the drapes, and the kids can have new clothes. And it's like, no, that's not necessary. We have the money to everything. So what would happen is we would have clothing budget, and she would spend it all on the kids.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Wouldn't buy herself anything. So I had to finally separate in the budget in the early days. Sharon's clothes was a separate category, and she was not allowed to spend that on anything but Sharon's clothes. Amazing what that did.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
allow to give her guilt-free spending yes it is such permission that okay we're okay we can do this not only permission it was it became like a command you have to buy yourself something i mean it's not you know i mean really because it's out it just got weird it got weird right right right right right so the the thing you know and so we we had envelopes for everything and the first time
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
We had a babysitter at home with you and Denise, and we're going out to dinner. One of the rare times we got to do that as we're starting our climb out of being broke. And we got halfway to the stinking restaurant, 10 minutes away, and realized we did not have our restaurant envelope. Now, we had the car repair envelope.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
And most people would just go on and use the car repair money, and when you get back home, switch the money out.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
I would do that today, probably. But we were so intent on something has to change. We have to stick to something for the first time in our lives. We cannot keep doing the same stupid crap and expect to be anything but broke. We turned around, went back home, and got the food envelope. I specifically remember doing that.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
Blew the babysitter's mind because these people come back home 10 minutes after they left. Oh, God! You know. So, but, or I guess her boyfriend probably ran out the back door.
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
But, you know, the, right? But anyway, so we got the, I'm kidding. I'm sure Angie wouldn't have done that. But you remember Angie? Yeah. But anyway, she was a great babysitter. But the, anyway, the, yeah, so this idea that I can,
The Ramsey Show
Debt Is a Trap That Will Hold You Back From Building Wealth
With my spouse, write down what we're going to do, and I have guilt-free permission to spend on a category because our plan is accomplished and it includes this spending item.
The Ramsey Show
Discipline Is the Key to Building Wealth
I mean, that's just the power of thinking about just the power of intentionality. It's very good. I'm proud of you. All right. William is on the line in Pittsburgh. Hey, William, what's up?
The Ramsey Show
Discipline Is the Key to Building Wealth
Well, there's two of your $3,800, right? Correct. Okay. All right. And what did you say you make?
The Ramsey Show
Discipline Is the Key to Building Wealth
No, but I mean, you're trying to figure out what to do. That makes sense if you're going to lose your job. It's going to be a while before you lose it and you make 58,000. So what's it take to get the landscaping business going?
The Ramsey Show
Discipline Is the Key to Building Wealth
Well, you ought to make $400 in a week doing that if you do the tune-up, right?
The Ramsey Show
Discipline Is the Key to Building Wealth
correct yeah go do that i should be able to do about 800 a week yeah go do that and then then let's get this business up to 8 000 a week before you get before you quit before you get fired you quit before you get fired right because you're making so much money that's right yeah definitely let's get this thing tooled up and get going i'm in that's what i would do if i were you good question
The Ramsey Show
Discipline Is the Key to Building Wealth
Well, I mean, what he's saying is without – I mean, I don't know why he thinks 401K is in particular a scam, but what he's saying is that I came from an area where we are living hand-to-mouth, and thinking about the future is not something I want to do. I want to just enjoy the moment because the way – the situation I grew up in, there might not be a next moment.
The Ramsey Show
Discipline Is the Key to Building Wealth
I was just talking about Ken Coleman's front row seat a minute ago. One of the guests recently was Sawhill Bloom. And Sawhill has a brand new New York Times bestselling book out, The Five Types of Wealth. And we asked him to stop by while he was hanging out with the Ramsey team here and be a part of our conversation. our show today here live on the air. Welcome, Sahil.
The Ramsey Show
Discipline Is the Key to Building Wealth
Thank you so much for having me. Congratulations on all your success, man. Well done. Thanks for blowing up. I appreciate it. I appreciate it. It's fun to see the impact in the world, you know. Yeah. Writing a book's a pain in the butt, but the results of it and how long it sticks around, it makes it worth doing.
The Ramsey Show
Discipline Is the Key to Building Wealth
Very cool stuff. All right, five types of wealth. I got to hear, what are they?
The Ramsey Show
Discipline Is the Key to Building Wealth
And I'm going to guess and say you figured out that if those aren't all working, that none of them work.
The Ramsey Show
Discipline Is the Key to Building Wealth
You know, we often get a question about work-life balance in the middle of getting out of debt. You know, you're going scorched earth while you're getting out of debt following our process. And as if there's no way to have high-quality relationships or even a social life while you work hard. People have this idea that it's on a spectrum and there's an automatic trade-off.
The Ramsey Show
Discipline Is the Key to Building Wealth
If I get a bigger piece of that, there's a smaller piece of that. It's not always that way, is it?
The Ramsey Show
Discipline Is the Key to Building Wealth
for whatever reason i don't know i'm guessing okay i'm gonna i'm gonna try to give him a break here because what he's saying is um basically he's saying i'm immature and i don't want to think about the future And we can give him a lot of grace as to why he might be in that based on, you know, I mean, I don't know what the situation was in his area of Albania. I'm not privy to that.
The Ramsey Show
Discipline Is the Key to Building Wealth
I can reassume the hero in the story's role. I can take control of this. I can control the controllables. The number of times we've, over the 35 years doing this, that someone says, oh, while I was... getting out of debt, my marriage vastly improved and I lost 40 pounds, not from not eating, but from physically taking care of myself.
The Ramsey Show
Discipline Is the Key to Building Wealth
And so it turns out discipline begets discipline is one saying that fits right with that.
The Ramsey Show
Discipline Is the Key to Building Wealth
I would add to that that as a couple, particularly a young couple, we see them, once they lock arms and fix their eyes on the same goal and then they go slay that dragon together, they start to realize we as a couple can take agency over all these different areas of our life. And it just builds confidence. The empowerment gives you confidence to go forward.
The Ramsey Show
Discipline Is the Key to Building Wealth
Time, social, mental, physical, financial, the five types of wealth. Sahil Bloom is our guest. This is now seven weeks on the New York Times bestseller. It's a legitimate, very good book, and strongly recommend you pick up a transformative guide to design your dream life. Talk about designing your dream life.
The Ramsey Show
Discipline Is the Key to Building Wealth
When you're staring at the blank screen, I'm going to write a book. Do you have that same feeling? Absolutely. I better put a word down here fast so that another word comes, so that another word comes, because otherwise I'm going to be two days staring at this blank screen.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah. So make the call, do the walk. A walk could lead to a run. You never know. So good stuff. Very good stuff. Very fun. And so they can also hear you on your podcast?
The Ramsey Show
Discipline Is the Key to Building Wealth
But I can guess that maybe the instability politically or whatever, safety-wise or whatever, in the area he was in has influenced this viewpoint. Agreed?
The Ramsey Show
Discipline Is the Key to Building Wealth
So I wrote a book with an absolutely horrible title that didn't do very well. It's called More Than Enough. So answer that question. What does it mean to have enough?
The Ramsey Show
Discipline Is the Key to Building Wealth
Yes, they would. Love it. The five types of wealth. Sahil Bloom. Thanks for stopping by, my friend. Thank you for having me. So proud of your success. Very well done. This is The Ramsey Show.
The Ramsey Show
Discipline Is the Key to Building Wealth
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Discipline Is the Key to Building Wealth
What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Discipline Is the Key to Building Wealth
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Discipline Is the Key to Building Wealth
But it is a broken and stupid and immature viewpoint, regardless of how he got there. Regardless of how he got there, okay? And so that's a problem for you because you get to live with someone who's going to do no planning for the future, which guarantees your future sucks.
The Ramsey Show
Discipline Is the Key to Building Wealth
Hey, you guys know how much I hate banks in general, and so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Discipline Is the Key to Building Wealth
Ramsey Show question of the day is brought to you by Y-Refi. Are your defaulted private student loans keeping you up at night? Y-Refi can help you lower your payments and your interest rate. Visit Y-Refi.com slash Ramsey and start resting easier. That's the letter Y-R-E-F-Y.com slash Ramsey. May not be available in all states.
The Ramsey Show
Discipline Is the Key to Building Wealth
We did a better job than flying by the seat of our pants analyzing who was coming to the website. So if someone came to the website at RamseySolutions.com and clicked on ELP, endorsed local provider, for tax preparation, when they went to a tax professional and they had an extremely simple return,
The Ramsey Show
Discipline Is the Key to Building Wealth
That's a problem. So that has to be solved relationally going forward. So we have to solve for this and walk him out of that or walk away from him.
The Ramsey Show
Discipline Is the Key to Building Wealth
and the tax professional would charge $200 or $300 to prepare a return that takes 15 minutes, the people would say, no, I'm not going to do that.
The Ramsey Show
Discipline Is the Key to Building Wealth
And so we were seeing like 60% of the leads that went through to the tax professionals were not qualified leads, meaning the people were not in the market to spend that kind of money to do a simple tax return, and they would opt out and go do something like TurboTax. And so we weren't serving the listener well.
The Ramsey Show
Discipline Is the Key to Building Wealth
And it was aggravating our tax professionals because they were getting about over half of their people calling them were not turning into customers because they were not qualified leads. And so the data told us that about half of our audience
The Ramsey Show
Discipline Is the Key to Building Wealth
would prefer to do a quick easy digital tax return about half of our audience has a complicated return they own a business they've moved they've gone through some kind of life change or they have investments or whatever and they need a tax professional and a couple hundred bucks is no big deal to them to have a more complicated return done and they continue to use the tax professionals but basically about 50 percent of the people that in our audience were just saying
The Ramsey Show
Discipline Is the Key to Building Wealth
Bye-bye. You're not helpful to me and to our tax professionals. And so we said, oh, we need to be helpful. Let's figure out something. Because TurboTax is not really free most of the time. Most of the time you go in there, they give you some kind of an upcharge, and they promote the snot out of financing. They'll loan you the money against your refund. They'll send you a credit card.
The Ramsey Show
Discipline Is the Key to Building Wealth
They forget they're there to do taxes and try to sell you a bunch of debt.
The Ramsey Show
Discipline Is the Key to Building Wealth
and i thought well if i can if i can punch that in the nose i'd like to do that so uh simultaneously with serving our customers we created a product with the tax slayer people and white labeled it and uh the ramsey smart tax is now there to serve the half of the customers we were dumping in the street and we don't feed them a bunch of crap about credit cards while they're doing it oh and it's actually what it says it is whatever we charge a couple of dollars is not much
The Ramsey Show
Discipline Is the Key to Building Wealth
That's the number. We don't upcharge you and get you six ways from Sunday on this. So that's why we did it.
The Ramsey Show
Discipline Is the Key to Building Wealth
If you don't, go to the ELP's page and get you a professional just like Craig is asking. But, Craig, that's a great question because really that was, what, four years ago or something. We started working on that. But the team came in and said, Dave, we're losing. We're not serving half of the people that are asking for help. We need to find something to serve them.
The Ramsey Show
Discipline Is the Key to Building Wealth
And prior to that, I was just like, everybody needs a tax professional. But I've always had some kind of weird return my whole life because I've been self-employed or straight commission or some kind of a thing going on in my, I've had real estate, all this other stuff. So I've always needed a, so I couldn't imagine just, you know, blip, blip, blip.
The Ramsey Show
Discipline Is the Key to Building Wealth
with a piece of software and being done, it doesn't occur to me, but it turns out half of our audience has a very simple return. If you don't have a simple return, don't use Ramsey smart tax, get a professional. But if you have a simple return, don't pay somebody 300 bucks to do something. You can do in a few minutes with a simple piece of software for like 30 bucks or something.
The Ramsey Show
Discipline Is the Key to Building Wealth
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. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. You jump in. We'll talk about your life and your money. Emily is in Jacksonville, Florida. Hi, Emily. How are you?
The Ramsey Show
Discipline Is the Key to Building Wealth
That's a much better deal for you. And it's a lot faster and it's very accurate. It's that was the other thing I was worried about it being accurate. It's extremely accurate. So, Thank you
The Ramsey Show
Discipline Is the Key to Building Wealth
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
The Ramsey Show
Discipline Is the Key to Building Wealth
Before we talk about this relationship being permanent. That's right.
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay. Now, and so I'll give you another example that runs parallel, okay? If you come from a Latin American country where the banking system is full of fraud and is unstable and doesn't have an FDIC underpinning and people lose their money when the bank goes broke like they did in the wild, wild west in America, right?
The Ramsey Show
Discipline Is the Key to Building Wealth
If you come from one of those Latin American countries and you come here, it's not unusual at all for people from that type of a culture to have a deep distrust of banks. And yet the banking system in America, even though I hate banks, but I mean, your money's not unsafe.
The Ramsey Show
Discipline Is the Key to Building Wealth
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The Ramsey Show
Discipline Is the Key to Building Wealth
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The Ramsey Show
Discipline Is the Key to Building Wealth
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The Ramsey Show
Discipline Is the Key to Building Wealth
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The Ramsey Show
Discipline Is the Key to Building Wealth
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The Ramsey Show
Discipline Is the Key to Building Wealth
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The Ramsey Show
Discipline Is the Key to Building Wealth
in a bank in america that's an absurd idea but it's based on where they come from not based on reality now if you're going to marry someone who says i'm going to stack two hundred thousand dollars under our mattress in cash because i refuse to accept the fact that american banks are safe based on the country i grew up in they're not safe then that's not marriage material
The Ramsey Show
Discipline Is the Key to Building Wealth
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The Ramsey Show
Discipline Is the Key to Building Wealth
, . . . .. a, P P P P P P P P P P實 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , a a 28 years old. You haven't paid for a house. No, you definitely don't sell this car.
The Ramsey Show
Discipline Is the Key to Building Wealth
How is the 10K? Even if Ken wants it, don't sell it.
The Ramsey Show
Discipline Is the Key to Building Wealth
You're not 10 grand off. It's an odd number. Go get you some money.
The Ramsey Show
Discipline Is the Key to Building Wealth
That's okay, but I would tell you to sell it, but this is a priceless thing you can't get back. I have a 1960 Corvette that I bought from a guy. That's different than your grandpa gave it to you. I agree. If I get in trouble, the Corvette's gone, okay? But that's different than grandpa gave it to you. Are you sick and tired of being sick and tired?
The Ramsey Show
Discipline Is the Key to Building Wealth
You can take control of your money and your relationships, and it starts with just one night. Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck.
The Ramsey Show
Discipline Is the Key to Building Wealth
It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today. Well guys, our research team has been working very, very hard and we have a new product we want to introduce you to.
The Ramsey Show
Discipline Is the Key to Building Wealth
Wow. We got the booster shot here. Yeah. If you don't believe in the vaccines, you got a problem, but you can get vaccinated with DebtZempik. We got the vials right here. Ken, you ready?
The Ramsey Show
Discipline Is the Key to Building Wealth
You're marrying someone that has not adapted well to the new culture that they live in. And you're going to have problems as a result and shortages and issues. And so, you know, you've got to make they have to make the transformation if that's what it is. If it's simple immaturity, I'm 14 years old and I'm going to live for Friday. Thank God it's Friday party for the weekend.
The Ramsey Show
Discipline Is the Key to Building Wealth
They actually made these vials up for an April Fool's joke. You guys don't have a job in there? I mean, don't you have work you need to be doing? They got printed up. I mean, somebody in creative actually made debt-sympic vials.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah, that's how that works. And there's no guarantee you won't get it, but we're told you might not get it. You know how vaccines work, right? So you probably will get it, but you won't.
The Ramsey Show
Discipline Is the Key to Building Wealth
You think Fauci would like these? I don't think that needs to even be part of this conversation. It's an April Fool's joke. Now you've left the part of funny and gone to serious.
The Ramsey Show
Discipline Is the Key to Building Wealth
The trigger word. That's great. Very good job. Creative team with too much time on their hands now. Really good. That's fun. Dat Zympic. Brought to you by every dollar. I wonder how quick I'm going to get sued for running that. Okay. We'll see. Just, oh, well. Hey, you know, some people don't have a sense of humor. That's all I'm saying. And they work for drug companies. So, all right. Here we go.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah, let's clarify. There's no such thing as you can maintain ownership. When you open a 529, it is in the child's name. Right.
The Ramsey Show
Discipline Is the Key to Building Wealth
You are the custodian. Until they're 21, and when they're 21, I'm sorry, on a 529, when they're 18, it's their money. You have no control after they're 18. You are not the owner of the account.
The Ramsey Show
Discipline Is the Key to Building Wealth
You're the custodian. You are in control of the account, but you no longer own it. Until they're 18. When they're 18, you disappear, and they have 100% agency, 100% control.
The Ramsey Show
Discipline Is the Key to Building Wealth
That's how it'll work. And so if you want to maintain the control of the account, and you also would be the one that could make the decision to move the investments around inside the 529 if you wanted to, all of that, you're the custodian. You are acting on behalf of the minor.
The Ramsey Show
Discipline Is the Key to Building Wealth
but it's not your money anymore you can't take it back okay so then there's nothing wrong with me offering to i'm gonna i'm offering to open a 529 if you can't fund it this year i will fund it but i'm going to leave myself as the custodian and when the money's when they turn 18 the money will be theirs And I can't take it back legally, but I do manage it until they turn 18. That's how it works.
The Ramsey Show
Discipline Is the Key to Building Wealth
And I meet 57 year old Americans who do that. OK, they have no where there is no vision. The people perish and they end up retiring and trying to live on Social Security and griping and whining because all the opportunities gone in America because they drank theirs on Friday night because they were so freaking childish. Now, I meet those that are Americans that are 57 years old.
The Ramsey Show
Discipline Is the Key to Building Wealth
And just tell your friend that and ask them if they're okay with that. That is not morally wrong.
The Ramsey Show
Discipline Is the Key to Building Wealth
Nor is that controlling if your friends are not handling money well.
The Ramsey Show
Discipline Is the Key to Building Wealth
Or life well, or whatever. Okay. You know, I mean, like, if you've got a, let's say you've got a niece or a nephew or a friend that one of them's got a problem with substance abuse, right? Then this would be a perfectly natural way to do it, and I would want to maintain control. I'm not going to leave someone that's doing cocaine in charge of a kid's money.
The Ramsey Show
Discipline Is the Key to Building Wealth
And so, you know, or if they're just grossly irresponsible and lazy or whatever. Right. Anywhere in there. But, you know, if you want to do that now in a different case would be when each of our grandchildren are born, we have responsible. Children that are their parents that are very good with money.
The Ramsey Show
Discipline Is the Key to Building Wealth
The Ramsey kids, the next generation, Rachel, each of the grandchildren, the parents, me and Mimi fund the first year. That's like a tradition. We want to fund the first year of their 529. And, uh, but they're the custodians there because there's no issue of addiction or responsibility or whatever. Right.
The Ramsey Show
Discipline Is the Key to Building Wealth
So I do turn it over in those cases, but it's not controlling at all. If, if it needs to be controlled for the good of the child, because what we're dealing with here is we're wanting to benefit the child. No one else. We're not really worried about anybody else in this scenario. Uh, you're not going to benefit because you've given the money away there.
The Ramsey Show
Discipline Is the Key to Building Wealth
The parents aren't going to benefit because they have no access to it. Uh, but you're the custodian and that, yes, that's the only way I would do it in that case. Good question. Kay's in Lexington. Hey, Kay, welcome to the Ramsey show.
The Ramsey Show
Discipline Is the Key to Building Wealth
Oh, okay. How much do you pay in interest last year?
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay, and are you filing a standard deduction or are you filing an itemized return?
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay, and so you are giving the government or you're giving the bank $30,000. That creates a write-off. which saves you 39% of $30,000. So $12,000. So you're sending the bank 30,000 to keep from sending the government 12. Okay. Your husband's wrong.
The Ramsey Show
Discipline Is the Key to Building Wealth
You do not keep something for a tax write-off because you're trading dollars for quarters. It's a bad trade.
The Ramsey Show
Discipline Is the Key to Building Wealth
You don't want to be married to that guy, you know, 25 years from now. Agreed.
The Ramsey Show
Discipline Is the Key to Building Wealth
So I think you got to work. I think you're wise to bring the question up and you got to work through this with him or I'm going to be your old ugly Uncle Dave and say, I love you. Don't marry this guy. Ain't worth it.
The Ramsey Show
Discipline Is the Key to Building Wealth
Ken Coleman, Ramsey Personality, is my co-host today. Guys, if you want to help us out, we would appreciate you subscribing, following, leaving a nice five-star review on the show. Share the show with a friend. Click the share button. Cut the link out. Send it to them by email. I don't care. Let them know the Ramsey Show is out here. We appreciate you doing that.
The Ramsey Show
Discipline Is the Key to Building Wealth
If you're a business owner or you know someone who is, you know running a business is hard. Once you become self-employed, you know what happens. You find out you're working for a jerk. You know, when you're self-employed, your boss will drive you into the dirt, man. I mean, they will work you like a rented mule. I'm just saying they will whoop you. I mean, it's bad, y'all.
The Ramsey Show
Discipline Is the Key to Building Wealth
And the self-employed thing, it's tough. It's hard. But I tell you what, it's worth it when you get it working and when you get it moving. We've been coaching small businesses, 10,000 of them, for decades. about 10 or 15 years now through Entree Leadership, and we put together the Entree Leadership System, the five stages of business.
The Ramsey Show
Discipline Is the Key to Building Wealth
This new book, Build a Business You Love, that comes out in two weeks from today, it shows you the baby steps of small business, how to walk your way through the six drivers of business and the five stages of business to get your business to level up and begin to get some sense of control. It is the clear path to winning. You can pre-order right now for $29.99.
The Ramsey Show
Discipline Is the Key to Building Wealth
We'll give you over $350 in free bonus items, including instant access to Entree Leadership Hiring Playbook, the e-book, the enhanced audio book. You can get the book at RamseySolutions.com. David is in Houston. Hi, David. Welcome to the Ramsey Show.
The Ramsey Show
Discipline Is the Key to Building Wealth
What type of engineering are you going to go into?
The Ramsey Show
Discipline Is the Key to Building Wealth
Awesome. What did you make last year? while you're in school.
The Ramsey Show
Discipline Is the Key to Building Wealth
Well done. So guess what we're going to do next year? Live like an intern.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah. I think I just freed up the majority of your $120,000 to pay off your $80,000. That's fair. Including your $10,000 signing bonus you don't get to buy a car with.
The Ramsey Show
Discipline Is the Key to Building Wealth
You have to clean up the poop before you can buy a car.
The Ramsey Show
Discipline Is the Key to Building Wealth
Does that make sense? Is that logical to you?
The Ramsey Show
Discipline Is the Key to Building Wealth
Let me give you some great news. Our company, Ramsey Solutions, has worked in this space helping people with money for 35 years. About five years ago, our research department did an airtight research project studying, did the largest study of millionaires in North America ever done. One of the things we asked was, and we figured out was, what are the top careers in
The Ramsey Show
Discipline Is the Key to Building Wealth
Of the person who becomes a millionaire, by the way, 89% of America's millionaires, according to that study, and it's accurate, are first generation rich, meaning they started with nothing. They did not become a millionaire because of inherited money. They became a millionaire because of hard work and getting out of debt and then saving and investing. You follow me?
The Ramsey Show
Discipline Is the Key to Building Wealth
I do follow you Bob and Claire top five careers with the highest probability to become millionaire. Number one engineer.
The Ramsey Show
Discipline Is the Key to Building Wealth
Number two, accountant. Number three, teacher. Number four, business executive. And number five, lawyer. Medical doctors didn't even make the top five, and you were number one. But here's why. One of the things your academic discipline has taught you is that there are systems and processes that must be followed to There's only one way to do it.
The Ramsey Show
Discipline Is the Key to Building Wealth
You don't get to be like creative arts is not part of engineering. You follow me? I do. There's a set of chemistry formulas. There's a set of stress formulas if you're building a bridge. And if you don't build it that way, the freaking thing falls. There's one way to do it. There's one way to do accounting properly. There's no such thing as creative accounting unless you go to jail. Okay.
The Ramsey Show
Discipline Is the Key to Building Wealth
So that kind of stuff. So all of these people in this top five are process people. You're a process person. It's what your discipline has trained your brain to do. So I'm going to send you a graduation gift. It's called the total money makeover. It's the book that we did. We're coming up on 12 million of them sold now. And that many people have gotten out of debt.
The Ramsey Show
Discipline Is the Key to Building Wealth
That's why somebody told you to call me. Okay.
The Ramsey Show
Discipline Is the Key to Building Wealth
What are you afraid of? False evidence appearing real. That's right. Which is, you know, I fell on my bicycle the last time you let go of the seat and I skinned my knee. So the next time you let go, I'm going to die. That's right. That's false evidence appearing real. You know, actual fear is of something that is logical.
The Ramsey Show
Discipline Is the Key to Building Wealth
So this sounds wonderful. Thank you. Yeah. You follow that system exactly like it was a chemistry formula, like it was an engineering formula, math formula. You follow the process, be a process guy, follow it and get yourself out of debt super fast. And then you got the rest of your life to live with a fabulous income and building wealth and building the ability to be generous and help others.
The Ramsey Show
Discipline Is the Key to Building Wealth
Number one mistake people make when they graduate college and get the big job, they go buy a new car. What are you driving right now?
The Ramsey Show
Discipline Is the Key to Building Wealth
That's going to be perfect. Yeah. You know what that is? That's a millionaire car. Yeah. It is. That's a car that makes millionaires.
The Ramsey Show
Discipline Is the Key to Building Wealth
It's amazing. 45 miles a gallon, and they're super reliable. So when your buddies start pulling up in the engineering parking lot in their new F-150 decked out... Yeah.
The Ramsey Show
Discipline Is the Key to Building Wealth
It's incredible. And I want you to get you a Raptor later. They're awesome. Okay. But right now, you just be happy that your car will fit in the back of it.
The Ramsey Show
Discipline Is the Key to Building Wealth
You got 70 left. You make 120. And so we know that if you live on 50, not counting taxes, that boom, you're out of debt in one year. If you did it even faster, nobody here would be mad because the sooner you get out and you're free, the sooner you get to live all the dreams that you had when you worked so hard to get this degree. And you pay cash for a Raptor, dude. You pay cash for the Raptor.
The Ramsey Show
Discipline Is the Key to Building Wealth
All right. Plus a $10,000 signing bonus. If you make 120, you throw 10,000 at the 80, it becomes 70. Yep. You live on 50, pay 70 off in one year. Okay, yeah. That's what I was saying.
The Ramsey Show
Discipline Is the Key to Building Wealth
You're going to lose some to taxes, which means you're not going to live on $50. You're probably going to live on $30 or $40, but you lived on a lot less than that this year. Live like an intern. I wasn't kidding, dude. Okay. And clear it up in one year. How old are you?
The Ramsey Show
Discipline Is the Key to Building Wealth
If you're standing in the middle of an interstate and 18 wheelers coming at you at 100 miles an hour, you should move. That's right. That's actual fear. You're going to die. You know, that's a lot different, though. And so this is a this is false evidence appearing real or it's immaturity. I don't know which. And but it's one of those two things.
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay, if you do this, you'll be a millionaire by the time you're 30.
The Ramsey Show
Discipline Is the Key to Building Wealth
All right. Hang on. I'm going to send you the book. I think you can do it.
The Ramsey Show
Discipline Is the Key to Building Wealth
Also avoids the peer pressure from his broke friends. That's what's going to happen. Driving a new Ford with a $1,200 payment.
The Ramsey Show
Discipline Is the Key to Building Wealth
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Discipline Is the Key to Building Wealth
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today. Ken Coleman, Ramsey Personalities, my co-host. Peter is with us in Vero Beach, Florida. Hi, Peter. How are you?
The Ramsey Show
Discipline Is the Key to Building Wealth
No. There's not a dividend stock that pays that. $20,000 a month is $240,000. You're talking about a 25% rate of return on a dividend stock? Not a chance.
The Ramsey Show
Discipline Is the Key to Building Wealth
You don't get $20,000 a month on a million, too. Right. Your math is screwed up. You said $20,000 a month. That's $240,000 a year on a million five. That's an unrealistic rate of return. I guess that's why she didn't call your show. I guess that's why she called ours. Open phones here at 888-825-5225. Ashley's in Atlanta. Hi, Ashley. Welcome to the Ramsey Show.
The Ramsey Show
Discipline Is the Key to Building Wealth
And either way, you got to deal with it to go forward. So we got to go. We got to drill down. We got to get the ground zero on this and then work our way out. Really good question.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yes, ma'am. That's what we teach. We've taught folks for several decades that baby step one is you should have $1,000 saved as a starter miniature emergency fund. Do you have any more money than that saved?
The Ramsey Show
Discipline Is the Key to Building Wealth
That would be pay cash for a car? Yes. No debt?
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay, so we're going to go no debt. So you have $1,500 saved towards a car. Do you have any other money saved?
The Ramsey Show
Discipline Is the Key to Building Wealth
So if we threw it all together, you could get a $3,000 car.
The Ramsey Show
Discipline Is the Key to Building Wealth
Go do that. That's a good idea because you can make more money if you've got a car, right?
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay. Let's get some wheels under you. Then your first goal is to save $1,000 back in your emergency fund. Your second goal is list all your debts, smallest to largest, and pay them off in that order. Stop all investing while you're doing that temporarily. Okay. But I want you to zoom, zoom now. I want you to kick your income up because you've got wheels.
The Ramsey Show
Discipline Is the Key to Building Wealth
I want you to be on beans and rice, rice and beans, and total focus on each of these steps as you're going through it. So we're going to knock out the credit card in your parents within just a few months. Agreed?
The Ramsey Show
Discipline Is the Key to Building Wealth
Food is in the budget. I'm talking about finding money out of the budget while you eat, keep lights on and the rent paid, and that's about all we do and work, and we throw money at these student loans and get rid of them as fast as we can. What's your degree in?
The Ramsey Show
Discipline Is the Key to Building Wealth
Why are you only making $76,000 in Atlanta, Georgia then? You should be making more than that with those degrees.
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay. But it sounds like you're doing entry-level HR stuff.
The Ramsey Show
Discipline Is the Key to Building Wealth
Okay. So, Ken, what are we going to do to get this income up?
The Ramsey Show
Discipline Is the Key to Building Wealth
Set your sights higher. Ask your supervisor, what can I do here to add value to be worth more so that I can make more? Not I need to get paid more because I have a degree. We would never say that. But going there and go, I've got this master's. I've got these tools in my belt. I want to be able to do more for this organization because I want to move up. Help me do that. Mentor me.
The Ramsey Show
Discipline Is the Key to Building Wealth
Show me what to do. Show me how to add value. And if the supervisor refuses, then you need to move.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah. Let's have a goal of moving up through the career with all this training that we have and doubling our income in the next three years. I want you making 153 years from now. But you're going to have to concentrate on how can I add value? How can I make myself value? What have I got to do to make myself more presentable?
The Ramsey Show
Discipline Is the Key to Building Wealth
as I interview for these positions within my company or outside my company. And we'll send you a copy of Ken's book, The Proximity Principle, which is what he's talking to you about right now. And then we'll send you my book, The Total Money Makeover, which is what I was talking to you about with the baby steps and showing you how to walk up through. Let's get wheels under you. Let's get...
The Ramsey Show
Discipline Is the Key to Building Wealth
let's get the thousand dollars in the bank and then let's start paying off these debts as fast and as hard as we can and as your income goes up and you get better and better control with your money use the every dollar app it's a free download as you get more and more and more control on your budget you're going to see your money work harder and harder and harder and you're going to plow through that 169 000 most mornings you wake up right now you think you'll never get that paid off in your life and i see people in your situation pay it off in three years all the time
The Ramsey Show
Discipline Is the Key to Building Wealth
But it has to do also with maximizing your career potential.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah, and who are willing to help themselves. Bust your chops.
The Ramsey Show
Discipline Is the Key to Building Wealth
Give me a shot. And I'll work so hard it'll make you happy that you did this.
The Ramsey Show
Discipline Is the Key to Building Wealth
They do. They just randomly, but not so randomly, shows up. This is The Ramsey Show.
The Ramsey Show
Discipline Is the Key to Building Wealth
because we're not aligned on what reality is here. And when you can't align on reality, you have a problem. This is The Ramsey Show. Hey, when you're gazelle intense, you sell so much stuff the kids think they're next. But when you've gotten rid of all you can, save money by switching your cell phone plan to Boost Mobile. It's just $25 a month for unlimited talk, text, and data forever.
The Ramsey Show
Discipline Is the Key to Building Wealth
Boost is a major nationwide network that offers reliable 5G service. And here's my favorite part, transparent pricing. There's no hidden fees, no contracts, and there's a 30-day money-back guarantee, which means no risk. Go to BoostMobile.com slash Ramsey to switch today. That's BoostMobile.com slash Ramsey. Thank you for joining us, America. I'm Dave Ramsey.
The Ramsey Show
Discipline Is the Key to Building Wealth
Ken Coleman, Ramsey Personality, is my co-host, number one best-selling author, and host of a brand-new show that's blasted off, I mean super fast, on Ramsey Networks called Front Row Seat, where he does long-form interviews with people that will help you, with their information, change your life. Very interesting interviews. You won't want to miss these, I promise you.
The Ramsey Show
Discipline Is the Key to Building Wealth
Front row seat on the Ramsey Networks. All right, Jacob is in Dallas. Hi, Jacob. How are you?
The Ramsey Show
Discipline Is the Key to Building Wealth
So in one month with a tax return and by focusing and being on a budget, you moved the needle $3,000. Yes. How does that translate to being hopeless about the future? That doesn't make sense. You're killing it. I'm proud of you.
The Ramsey Show
Discipline Is the Key to Building Wealth
You paid off. I know, but we're not going to make the payments as you are. You're going to roll up your sleeves. You're going to sell so much stuff the kids think they're next. We're going to get this stupid car paid off. If you've got to work an extra job, fine. Stay out of a restaurant and quit going on vacation.
The Ramsey Show
Discipline Is the Key to Building Wealth
Get your dadgum car paid off so you can build an emergency fund so you can get a house. Understood. I mean, you've already moved the needle $3,000. That gives me reason for hope more than you seem to have.
The Ramsey Show
Discipline Is the Key to Building Wealth
Exactly. Okay. So this is all new to you. This whole Ramsey thing is new to you, isn't it, Jacob?
The Ramsey Show
Discipline Is the Key to Building Wealth
No, but I'm talking about you actually looking at the information and applying it is new.
The Ramsey Show
Discipline Is the Key to Building Wealth
Yeah, okay. Because it sounds like you're fresh in this. That's fine. I get that. The thing that I've experienced in walking with people now for 30 years doing the baby steps in detail exactly as we teach them. Okay, so you stop all 401k contributions temporarily. You don't get any more tax refunds because you adjust your W-2 to where your take-home pay is accurate.
The Ramsey Show
Discipline Is the Key to Building Wealth
If you get a refund, it's because they're taking too much out of your check. Santa Claus doesn't live in Washington, D.C., Okay, it's your money. You got it back with no interest a year later. So go ahead and adjust your W-2. Stop putting money in 401K. Stop eating out. Stop going on vacation. Take an extra job.
The Ramsey Show
Discipline Is the Key to Building Wealth
Sell everything in sight that we can get our hands on, and let's get this car paid off as soon as possible. When that is paid off, then build your emergency fund very quickly, and then start talking about saving. Now, if you start saying... Dave, it's going to take me three years to pay off $9,000 because of my lack of focus and sacrifice. Then yeah, you do have a problem.
The Ramsey Show
Discipline Is the Key to Building Wealth
You may never get a house. because you're living without really leaning in and focusing on this and sitting down with your spouse and saying, we're going to sacrifice, we're going to live like no one else so that later we can live and give like no one else.
The Ramsey Show
Discipline Is the Key to Building Wealth
As I've walked with people doing that, Jacob, they pick up momentum so that by the time the car is paid off and the emergency fund is in place and they come in here and do a debt-free scream, they almost always have seen an increase in income. The number of people that their income went up dramatically while they're getting out of debt is substantial because they're just focusing on it.
The Ramsey Show
Discipline Is the Key to Building Wealth
They're going, I need more money. I got to get this moving. And so I predict that if you follow the stuff exactly as we teach, that five years from now, you will be making $130,000. You will be debt-free, you'll have an emergency fund in place, and you'll have a good strong down payment have already been made on a house with a 15-year fix that's a good starter house.
The Ramsey Show
Discipline Is the Key to Building Wealth
And you're going to be putting 15% of your income into retirement and be on your way to be a millionaire. That's what we show people how to do, and you can do that with what you're doing. But you're not going to do it sitting there half, you know, it takes me three years to pay off $9,000. No, that's not okay. You're going to have to lean into it harder than that. Hang on.
The Ramsey Show
Discipline Is the Key to Building Wealth
I'll send you a copy of the book, The Total Money Makeover, which gives you every detail of what to stop doing, start doing, and when to do it on the baby steps. And if you'll do that formula exactly and not try to make it Jacob's plan, but instead just do what you're told, it's going to blow your mind how you'll move the needle. And get your spouse on board with you, Jacob. That's a big deal.
The Ramsey Show
Discipline Is the Key to Building Wealth
Well, and we know we're in momentum. Hey, throw that book in, Christian, as well. Throw in the momentum theorem. Because momentum theorem says this. It's a thing we developed to try to communicate that idea. Focused intensity over time multiplied by God and his blessings creates unstoppable momentum. Wow. But wandering along doesn't create any momentum.
The Ramsey Show
Discipline Is the Key to Building Wealth
You know, dancing through the rose garden doesn't create any momentum. As we say in Tennessee in the country, you lay your ears back and you get into it, right? You stick your face in there and go. You stick your face right in the middle of the war, right in the middle of the battle, and you get after it.
The Ramsey Show
Discipline Is the Key to Building Wealth
And that's when stuff starts to move, but just going, well, I think I can just, no, no, you can't do it. You got to have more energy and focus in your voice than that. And in your actions and Jacob, you can do all of that. You've got the ability. You've already just in the limited time, you've had some focus paid off $3,000 just because you thought about it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Kerosene, diesel, electricity, doesn't matter to me. We're driving them.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
We're not worried about the environment right now. The environment I'm worried about is not being broke.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so there's your environment. And you don't get to be an investor in triplexes. That thing's got to be priced in such a way that your real estate agent can sell it and get it gone. And then you use that to clear up a bunch of this $350,000 in debt. And with no car payments and no triplex, and the 350 is reduced by 200 or so, 150 or so down to 200. Then the two of you lean in.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I don't really care what the Canadian government says. She gets to go to work. She's broke people. Broke people work. So you get time off, a reasonable amount of time with a baby. In most countries or situations, that's six or eight weeks, and then people go back to work. And so you don't get to work at 70% and not work. And while we're broke, sorry, it's how this works.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
How long have you been separated, Nathan?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And no, we're not spending $350,000 to redo the dadgum nursery either. Kid sleeps on a used baby bed we get at a garage sale. People survive this stuff, but only when they make grown-up decisions. And dude, just listening to the tone and cadence of your voice, my heart is breaking for you. You sound like you are walking around under a 400-pound weight.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. You sound scared to death.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And where has your paycheck been going, son?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But the answer to getting rid of this anxiety is getting rid of all the crap and the debt associated with it. I hope you can turn this and not sell your house. I hope you can. And I want you to try to do that. Sell everything but the house first. But then a year later, if you're still peddling and you still can't do it, you may have to sell the house.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But you guys have got to quit buying crap you can't afford. And I really don't care how expensive freaking Montreal is. You may not get to live there anymore. There are cities that are too expensive for some people to live in. You can't live in Tokyo. You can't live in New York City, Manhattan. You can't live in London and make minimum wage. You can't afford to live there. They're too expensive.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so I don't know if Montreal goes on that list or not. I'm not an expert on Montreal. I'm not an expert on any of them. But gosh, son, I'm afraid for you because the biggest thing I'm afraid is I'm afraid that you're afraid of her. And you're not going to deal with this.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And you two have got to sit down and have some grown up discussions about both of you being grown ups and come into the table and clean this mess up.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Mathematically, I can get you out if you did everything I told you to do. But I don't know if you'll do it or not. That's the variable I can't get figured out here. When you decide to go do it, you can clean this up.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer accounts. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Thank you. Thank you. Thank you. And you can get your student loans cleaned up on defaulted private student loans. Go to YRefi.com slash Ramsey. 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 Fix Your Money Problems Without Facing Them
So the first thing you do is you call your lawyer. And you say, I need half of our savings account transferred to me by the end of the day. This is asinine. I want my money now.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I'm starting to see it a couple of places.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Cars, different things. There's different people who are starting to show it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
The truth is that almost no tariffs have actually gone into effect yet. It's all discussion and threats and so forth at this moment. Now, if some of these do go into place, it does add to that company's cost. So if an item that they are selling you costs them 20 percent more. And they're going to raise their prices and they want to explain why.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Well, that seems actually good that they tell you why they went up. You know, instead of instead of something being a thousand dollars, it's going to be twelve hundred. And it's all due to tariffs. We just tell, you know, I'll give you an example that's similar to that. You remember when gas prices went way up? The guy that cuts our yard. and does our work here and has worked for me for 20 years.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
He does all the work on all of our commercial buildings and everything else, does all the landscaping. He put a fuel surcharge on the bills. He took his normal bill, his normal contract with us, and he goes, my gas costs have gone doubled.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so I put a fuel surcharge on there. I wasn't pissed at him about that. He legitimately, his dadgum gas was costing double. Right, right. So it's not like they're doing something wrong. Now, if they're, Collecting extra money on a tariff that has not yet occurred, I might have trouble with that one.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. I might struggle with that one ethically, hello. Or collecting on a tariff they think might occur. And that's more of a political statement than it is an actual accounting function. OK. And so it's like it's kind of like, you know, anyway. But I I'm not seeing a lot of this yet. I've seen a little of it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And the biggest reason is, is there's not a lot of actual tariffs have hit the shores of the United States yet.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
No, almost all of our stuff is not done overseas. Some of the things I think it is. We've got a handful of things that are, but I mean, like your wallets are done in India.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah, if the cost of that wallet that we're doing in India doubles because of tariffs, we'll probably put that on the website. We'll probably put it out there for you. But so far it has not, by the way, okay? It's a lot of saber rattling, as they say in negotiating, so far. And, boy, we have a chief saber rattler right now, no question about that. All right, Jason is in Kansas City.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Not yet. But the lawyer picks up the phone and calls her lawyer and says, you have 24 hours to transfer $25,000 or we're going to get before a judge.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay. Well, I mean, you need good information, and the more information I have, the calmer I am about taking a big step. Does that make sense? Uh-huh. So you said something about your retirement. Say that again.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Will they lump sum it, or will they make you wait until you're 65 to start taking it?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay. So you're just going to get it. It's just not going to be as much because you're not going to be there for the next 20 years. Thank God. You hate the job.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Oh, yeah. Let's go make some money, dude.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
What are you making as a side gig?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, and what do you make at your main job now?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
So you've got a big jump there. That's $88,000 you've got to find in brush to cut.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Good. We're going to go before a judge if you don't listen, lady.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. You're working 40 hours right now in a government gig, right? Yeah. Okay. I want you to crank up your side hustle. And get it to 50,000 and work all the time where you're just exhausted because you need more proof text than $12,000 a year against 100K. That's what's making you nervous is that leap in your mind.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You can see it happening, but you can't really put I can't see the numbers right now that that's going to happen. So you need to work all day Saturday, all Sunday afternoon after church. You need to work every afternoon after you get home, and you need to get this to $30,000, $40,000, $50,000. And then that's going to be a whole lot more comfortable.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
That may take you six months to jack it up, but I want you to jack it up and treat it like you've gone full-time. Yeah. You home by 4? Yeah.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay. So you've been being real sweet and stand back and trying to let the lawyers do it, and the lawyers aren't doing their job. They're not working.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah, yeah. So this summer, dude, while you got light, let's go crazy. I mean, you can get four or five hours in.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay. Yeah, I mean, because she's going to be less nervous when she sees that the, what we say is don't take a leap and try to jump in the boat. a leap of faith, pull the boat over closer to the dock and step in. And that's what I'm saying. I like it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
If you can go make $70,000 or $80,000 heading towards $150,000 running equipment, I would go do that. But I just want you to prove it to yourself and your wife a little better than $12,000 a year. Before you go do it. That's all I'm saying. And then you're going to be less nervous about it. And you're not going to be questioning, am I stupid to do this? You're going to be stupid to not do it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
So, you know, one of the things, Rachel, that's interesting is people say people hate change. People don't hate change. People love change. As long as the change, as long as the change is positive. As long as it's good. I mean, when I, when I sold my pickup and I bought a Raptor R, I love change. It was amazing. It was a huge upgrade. I mean, I love change.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You gave him money, and she still sits on your money for six freaking months. Light a fire under some people, buddy. So, yeah, that's... I need a car. I want my $25,000 now. We'll negotiate the rest of it later, but I want my money now. Okay. You hear what I'm doing? Yes, sir. I'm creating urgency with my voice. You've been pushed around, and you're about to push back.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You love change when it goes better, right? I mean, I don't know.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But if you change, you cry when you sold your car. And so, you know, I, I, No, Charles. If you get an upgrade, people like change. So if you leave a toxic boss at an underpaid job and get a great boss or self-employed and make three times more money, people love change. Who wouldn't do that? We all love change. When it's for the better, it's change that's uncertain.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Uncertainty is what we don't like.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Good Lord. A personal counseling session for you on your childhood in school.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Do we all love change? We love change if it's good change.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And when your child goes off to school and the last one is gone, that is bittersweet. But you don't want them staying at home until they're 40. So it's good that they go.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Todd is in Virginia. Hey, Todd, how are you? Hey, Dave, how you doing?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
some income from there too it's not consistent uh because it's still in the early phases you seem like such a level-headed wise smart young guy until we start talking about her and then suddenly like all of your common sense left Yeah. I mean, because you're sitting here explaining to me something that's absolutely asinine.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Your only other option is take your car, which is a piece of crap, and sell it for whatever, $500 or $700 to the local salvage yard, right? Yes. Yeah, pretty much. And then put $2,000 with that and go get you a $3,000 car to drive until... For six months. Until you light a fire under these people on the other side of this discussion.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And you, I mean, you're the kind of guy that normally would have just said, wait a minute, just give me the card back. This doesn't work. Why haven't you done that?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Take the card back. Tonight. Yeah. This is going nowhere good.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You gave your roommate a credit card and your roommate has a spending problem. Yeah. That's what I'm saying. And that's what Rachel's saying. Now, if you're her husband... Now we got a different discussion. Now we're in marriage counseling and we get on the same page. And honey, we can't spend money like we're in Congress. And we start having these discussions.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
OK, but she's not your wife, but you just gave your room. I mean, just change it. Pretend like you weren't sleeping with her and it was just your roommate. And you just gave your buddy who's living down the hall in another bedroom your card. And then he went hog wild at freaking Target. You know, you'd be going, no.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, wherever. I don't care. But, I mean, you'd be going, man, that was a bad move. I want my card back. Right? Because that's the situation you're in.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, well, let me help you with this. It's going the wrong way. Yeah.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
No, you have to take the card back, and then we have to start the relationship over. and the relationship starts with the two of us have to get on the same page about how we are going to handle money before we talk about marriage. And a real good way to do that is not be living together because when you're living together, you're trying to work.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You're trying to play like you're married, but you're not. It's like one foot in the boat, one knot, and all you do is get wet in this lake. I mean, the boat leaves, and there you go. So, you know, and so it's just a problem. So, and... I don't think you're – guys, I don't think you two – you're not describing a situation where you're ready to get married. Yeah. So –
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But this tells you that you've been tolerating this too long.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
So the conversation, if I'm you, it sounds at a minimum, it sounds like this. Tonight, we sit down, we say, hey, I made a mistake. I'm sorry. the mistake I made was I started treating the situation like we were married financially and we're not. And so we need to keep our money completely separate if we're going to stay in the same house.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. So the... A friend of mine that does divorce recovery work says that what people have the most trouble with in your situation and you're struggling with it, and it's human, it's not you're a bad guy, but most people forget this. You get all tangled up with the emotions and the grief and the anger and everything else regarding the actual marriage coming to an end.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And we've got to start, if we want the relationship to go forward, we've got to start talking about how we can be on the same page about money. In the meantime, give me my card back. Because we're going to separate our money again because this is complicating our relationship. It's not helping it. I thought I was doing a nice thing by providing, and I made a mistake. I goofed.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so we've got to separate the stuff so that we can come back to sanity and start a fresh discussion like two grownups about how we can move this relationship forward. And it can't be that we're sharing money and a bed together. when we're not married. It just doesn't work. The data is in. It's not a moral judgment, although I can pitch that to you, too, if you want it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But what it is is the data is in. This does not go where you guys want it to go.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
There's research project after research project after research project. And we now know for sure that marriage is a huge advantage over singles living together. We see the health is improved of both partners. The sex life is improved of both partners. The wealth is 15 times higher for a married 35-year-old couple than a single female. 15 times higher net worth.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
That's actual data, okay, from research projects. Married men live six to nine years longer than unmarried men. Apparently, women keep us from doing stupid stuff. I don't know. But are you going to eat that? Yes. No, you're not. You're married. I don't want you to die. I mean, I don't know what it is, but something married men live longer.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Married men make 26% higher incomes at 37 years old than unmarried men. Interesting. And that includes unmarried men shacking up, acting like they're married. You make 26% more if you actually put a ring on it. Hello. Hello. So, I mean, this is real, you guys. And you guys have been told a lie out there that, oh, I'm going to try on the shoes before I buy them and make sure they fit. That's a lie.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
The data doesn't pay off on this. It doesn't work. I'm sorry. And if that offends some of you, we'll get in line of people that Dave Ramsey has pissed off in the last 30 years. It's a long line.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But what in reality is happening is when a divorce occurs, it turns a marriage into a business transaction. Yeah. And if you were in a business partnership and the partnership was closing down, you would not allow your business partner to sit on $50,000 when 25 of it's yours.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
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. Rachel Cruz, number one best-selling author, host of The Rachel Cruz Show, and Ramsey personality, my daughter, is my co-host today. Jake is in Phoenix, Arizona. Hi, Jake. How are you?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
What is your wife's credit score?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay. Wow. Okay. Here... There's a couple of variables here I don't know the answer to. One variable, though, is that I don't have the answer I want if I'm you, so I'm going to keep pushing, which is what you're doing by calling here. Good for you. Okay? Yes, sir. So number one, in general, if a couple is going to go buy a house, there's two ends of the spectrum you want to be on.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You don't want to be in the middle. You want to have a high credit score, like your wife does, or no credit score, like you do. If you have no credit score, you can do what's called manual underwriting, which is like George Camel and his wife Whitney bought a house with no credit score, same interest rate, both of their incomes counted toward buying the house. to get the mortgage. Okay.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Their first home that they ever bought. As an example, Jade Warshaw also has done that. Okay. So Ramsey personalities have actually done it. Human beings do it all the time, but you have to have a mortgage broker that knows what they're doing because manual underwriting is where they actually manually check and verify your income with your employment and
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
They manually check and verify your deposit for your down payment. They manually check to see that the bills were paid to the landlord that has your name on the lease. And when they do all that, they establish that you can pay bills. Okay? Understood. And that's how the mortgages used to be done in the 70s and 80s until the FICO score took over.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Now FICO scores, mortgage brokers sometimes are just like a monkey. They look at the number and go, ooh, ooh, number big, or ooh, ooh, number not big. And that's the only way they can make a loan. They're just dumber than a rock. But you really look at the actual human being and figure out what's going on.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Now, I don't know how to do that where one of you has no credit score and the other one has a big one. I don't know the combination of that. That's one of the two variables I'm not sure about in your situation, and I have no idea how this green card thing plays into it. That's the second thing I don't know. But I do know this.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I do know that Churchill Mortgage that we have endorsed on this show for 30 years, they're friends of mine, if you will call Churchill Mortgage and talk to them, they will tell them, I've got to have some help. I talked to Dave on the air. He said to call, and they'll explain to you in detail what you're facing.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
My co-host today, Rachel Cruz, number one best-selling author and host of The Rachel Cruz Show, co-host of Smart Money Happy Hour, all on Ramsey Networks, and my daughter. She's going to be answering the questions today, and I'm going to watch. Open phones at 888-825-5225. Nathan is in Birmingham. Hi, Nathan. What's up?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
It might be that because one of you have a credit score and the other one doesn't, that the manual underwriting for you
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
can't be combined with her high credit score you see what i'm saying i don't know if you can do that or not i've never tried to do that i've always done it where both people were married and neither of them had a score or both people were married and they both had a good uh a good score okay now so um and again i have no idea you what are you australian or uk what is it what's the accent
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
No, it doesn't throw it. It doesn't affect anything. Okay. That's her problem. Okay. That's not your problem. Her problem is she's got $50,000, 25 of which is yours, and she's getting ready to get a judge to give her a little slapping if she doesn't get their money turned over. That's what's going on. That's her problem.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
New Zealand. Okay. All right. And so missed it all the way around.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I'm aiming in the general direction of the globe. But yeah, anyway, so I don't know how that stuff works. My pastor is Australian. And he has a house and he's married to an American.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But yeah, but he comes. Yeah. So anyway, that's a good point.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
It's not going to work. They can't count both incomes is the problem with that. And you got to have you need both incomes to count to be able to get the home that you're looking at. And that's a valid point. It's a valid request because you legitimately both have the income. And with a green card, you're allowed to have an income. I do know that. Okay.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Rachel was saying let hers go to zero, but it's not going to as long as she's got an open account.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. And so she's going to have an open account as long as she owns that house, and you don't need to sell that house just to do this. So I don't know the answer to those two questions, but if I were in your shoes, I would go to – I'm not going to take one mortgage broker's – I'm going to keep asking somebody until I get the answer I want.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Until I learn enough about it to figure out how to somehow game this system because it's an unreasonable – I'm with you. Not counting your income is unreasonable.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so I'm not going to accept an unreasonable answer because it's not logical. The point is your income is there and it can be used to pay the freaking bill. So the mortgage company is not not counting that. And for some reason or another is just bureaucratic bullcrap.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
So I'm going to find some way to work around it. I will tell you another. Try Churchill. And if you can't get this figured out with them, you probably can. I think they'll solve it. But the other thing you can do is go to someone like Fairwinds Credit Union, one of our other advertisers, and they portfolio the loans, meaning they keep the loan in-house.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And if they're going to keep the loan in-house, that means they make up the rules. They can just look at it and decide, we're going to count it. Because this guy's reliable. We're going to do manual underwriting on him. And we're going to look at her credit score. And we're going to count it. And they can just decide to do that.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Because what they're trying to do is to meet what's called conforming lending guidelines so they can resell the loan. Brokers don't keep the loans. They resell the loan. And in order for the loan to be marketable when they resell it, it has to meet these guidelines. And your guy can't figure out how to meet the guidelines. in your situation.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Churchill may be able to figure it out, but if neither one of them can, go to a place that portfolios, meaning they keep the loan, they're not selling the loan. So whatever guidelines they're comfortable with, they can just do it because the loan's going to be on the books at the credit union.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And that one will work as well. That's another way to get at this. Wow. Interesting. Interesting. I've never run into that.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
She's got other issues like getting pregnant with other people while she's married to you. That's going to be another issue. And that pisses you off and hurts your feelings. And, you know, I absolutely if she had a lawyer, he'd be like going crazy right now trying to defend this situation. Oh, my gosh. And so, yeah, you've got to bring this thing to a head.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
He might just have not been in the country long enough to establish a credit score.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. I need this house, so I'm going to take a 14% interest rate. Nope. Nope. We'll pass. We're going to work on it a different way. Another way to skin this cat. This is The Ramsey Show.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Buying or selling your home's a big deal, and between clickbait headlines and confusing data, it's tough to know what's actually going on in the housing market. Well, we're here to make the latest trends easy to understand. Median home prices went up slightly last month, about $430,000. is the median home price in America today.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
There's more homes on the market right now, nearly a million for sale, the highest since 2019. But in many areas, there's still not enough to meet demand. There's still more buyers than sellers. Average fixed rate loans now 5.9% on a 15-year, and it's still under six, so there you go. So if you're financially ready, it's a good time to buy. Really? Good time to sell.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
To learn more about the housing market trends and to buy or sell with confidence, go to ramseysolutions.com slash market or click the link in the show notes. Billy's in Kansas City. Hey, Billy, how are you? Hi, doing good. Thanks for taking my call. Sure. How can I help?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, I'm a little bit... Dr. John Deloney's not here, so I don't know how... I don't understand how OCD keeps you from cooking your meal. Matter of fact, it ought to make you good at it. Like following a recipe, exactly.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Here's the thing. If you don't get this done, you're going to reach over there to get the money. It's going to be gone. It may already be gone.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah, I'm kind of worried about that right now. But, you know, she's on the hook for it because you have some kind of proof or can get proof that that money existed when you left the house.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Increasing your income and getting rid of the car are... like a 9 out of a scale of 10, you eating out or buying prepackaged meals is a 2 on a scale of 10.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay. All right. I don't care. Yeah, that's good. Whatever we can do to create some extra income, some kind of side hustle is necessary here. And to begin to look long-term about what we can do with your overall career track to get you moving up in income long-term.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But the good news is, I'll tell you the most positive thing in the whole conversation is you recognize very clearly the problem, and you're aggressively searching for some answers to fix the problem. You're not in denial. You're not arguing. You're just trying to figure this out. And that's the kind of people that we talk to that six months later have made dramatic, wonderful changes.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so she definitely spent marital assets illegally. No question. Now, whether she'll ever be able to pay it back, probably not. Doesn't sound like this is the smartest chick on the planet. But anyway, yeah. Dude, you needed to have moved on this four months ago, but now you get to move on it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
and set themselves free. So I really, really feel good about where you're going because of where you're standing today, the way your eyes are focused today, okay? And I don't know beans about this, but it's just interesting to me talking to you about the other stuff.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I want you to talk to your therapist about the possibility that you can create a cleaner environment by cooking yourself than probably those meals were cooked in.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
OK, and kind of using that as part of your therapy process, because in listening and sitting beside Dr. John for these last several years, one of the things that some of the therapists will recommend and he does is to actually embrace and walk straight into the fearful thing and, you know, to start to work through it. And exposure therapy, exposure therapy.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
That might be an interesting way to do some mental gymnastics with your therapist's help to begin to move that direction. But again, if you start preparing meals at home and don't go out to eat and you keep the car and you don't increase your income, you're going to have major problems, dude. The eating out thing is not your problem. Yeah.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
OK, you can put that in the budget if you do the other two things and you can work through it. So I'm just interested in the discussion from an exposure therapy standpoint that way. But I know nothing about it other than I know the phrase. That's about it. And the concept. But so but you talk to the professionals about that. In the meantime, sell your car and get an extra job.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But I'm saying like rich people.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Oh, my gosh. She's like a professional laundry folder.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And if you do find out bad news, there's no money, and it's going to take a while, and your attorney won't jack them up, then you get to go buy a $3,000 car with cash. Because the one you're driving wasn't $3,000, so it's not like you're moving down. It wasn't like you got rid of an $80,000 vehicle or something. So, you know, that's where you are. So stay calm. But here's the thing.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Oh, so she picks up a bag, takes back everything folded and on hangers.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
It sounds like a joke, but it's not. If you're OCD, you'd be really good at that. You would fold that perfectly. That would be awesome. And it's a kind of funny thing, but it's also true. I think that's a good idea. That would be amazing. Yeah, that's good. I like that. You're okay, Rachel. You're going to live. This is The Ramsey Show.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Brought to you by the EveryDollar app. Start budgeting for free today. 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. I'm Dave Ramsey, your host.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Buying and selling a home is a big deal, and you want an expert in your corner fighting for you to get the right deal at the right price. That's why we only recommend Ramsey-trusted real estate agents. They're hand-picked pros who know their stuff, listen to your needs, and have your back from the first call all the way to closing day.
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You Can’t Fix Your Money Problems Without Facing Them
To find a Ramsey-trusted agent near you, visit RamseySolutions.com slash agent. RamseySolutions.com slash agent. If you're tired of living paycheck to paycheck and you're wondering where your money's going, your first step's getting on a plan. See, you don't win on accident. You win with a plan. That's called a budget in our world.
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You Can’t Fix Your Money Problems Without Facing Them
The team is hosting a free budget trainings this month, several of them. You'll learn step-by-step how to make and stick to a budget using the EveryDollar app, the world's best budgeting app. Plus, you can get your biggest budgeting questions answered in a live Q&A. It's completely free. Sign up for free at EveryDollar.com slash webinar. Brady's in Boise. Hi, Brady. Welcome to the Ramsey Show.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Treat this now as much as you can, and it's hard to do because we're all emotional beings. I'm emotional just talking to you about it, and it's not even me. But, I mean, treat it like it's just a transaction. Everything having to do with the closing up of this marriage, the wrapping up of this marriage called a divorce. It's a transaction. It needs to happen efficiently, smoothly, and quickly.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
No, what percentage of your take-home pay, not counting 401K and not counting health insurance coming out of your check? Is it 27? Your after-tax income, what percentage of that is your payment going to be?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Bull crap. That's dumber than a rock. No, that's not a guideline. That's running your car through a wall. Yeah.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I'm not going to gripe about that, but 37%, dude, you're going to be house poor. You're going to be strapped. You're not going to be able to breathe. So, okay, Boise is not double the national average. You're looking in a neighborhood you can't afford. Dude, the median house price in America today is $431,000. Boise would be pretty close to right up the middle of that.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
So the median house price in that area is a half million dollars, and you're looking at a million-dollar property.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, so $275,000. And so that's $20,000 a month take-home pay, right?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You don't get to decide. It's your income. What if you were on straight commission and you made $400,000, but I want to base it off my salary? Well, then you'd be living in a teepee. No, we look at our income, dude. Is your income not stable? No.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, so you have a $275,000 income.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
No, he said $210,000 plus bonuses, $275,000.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
That's his income. So that's a $20,000 a month take-home pay, which is a $5,000 a month payment that you can afford on a 15-year fixed. Right? Am I doing this wrong?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
No, your giving is not one of the things.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
monthly divided by four, giving you a 25% on a 15 year fixed and 15 year fixed this week or 5.9%.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah, that's the misnomer here. But point being is that if it's So I think that's going to, when you rework the numbers with those two different things, changes. I think you're going to be real close.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Accidentally, because you were taking out 401k and other stuff, and then on purpose on the 210 versus the 275. Yeah. Yeah. Yeah.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. So, I mean, and so what were the purpose of the whole discussion, though, is this. Don't get yourself, all of you out there in America, in a position where you're what we call house poor, that by the time you pay your house payment and you buy food, you're broke. Which means everything that comes up in your life is probably going to turn into new debt unless you're very strong.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Because you're not saving for car replacement. You're not saving for the next couch. You're not saving for Christmas. You're not saving for vacation. And all these things turn into new debt because you've got no margin in your monthly budget because you spent it all on your stinking house. When you put yourself in a corner and make yourself house poor is what we're trying to prevent for you.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Because it's not a sustainable thing. You can't sustain that for 10 years. So you call me up and you, you know, of your take home pay after taxes, you got 40 or 37 percent going to your house payment. You're not going to be able to survive doing that. That's going to come back and bite you in the butt. Because you set yourself up to be house poor because that's a lot of money.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And you took away all the margin to do other stuff that you are going to do. And then it's going to end up being new debt or it's going to end up being a strain or it's going to end up, you know, we don't keep up with maintenance. We don't because we're out of money all the time.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And that's all we're trying to prevent with this. And all for the sake of a house. We don't have any pride in the actual 25% number. It's just a math thing. You need some what economists call disposable income after you pay your house payment so that you can do other stuff in life. Yes. And that's all we're trying to get to here.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so, yeah, Brady, I think you're okay when you get down into this and you unpack this because I was doing it quick in my head, but I think... I think you're pretty close and you're probably going to be fine. But let's just talk through it. And the overarching principle is not 25 versus 26 percent. Right. To George's point of it being a quote unquote guideline.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
But the overarching principle is don't get yourself in a position where you can't breathe because you got house fever. Mm-hmm. Mm-hmm.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
That's good. That's good. Dr. John talks about that and the redefining anxiety. Solve for peace. Yes. Solve for peace. And that's what we're doing. We're solving for peace.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
The easiest way to get started and stick to it is with the EveryDollar Budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. Are you staying on track with the baby steps?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
What makes it worse for the rest of you out there is she probably thinks she's going to get away with this because she's not going to get anybody in her corner as a lawyer.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
If you want to take a quick quiz to check your progress and receive a personalized plan, head to the show notes, click the link titled Are You On Track With The Baby Steps, complete the free quiz, and we'll help you get a personalized plan and get you going. Jessica is in Lancaster. Hi, Lancaster. Hi. Hey, Jessica, what's up?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, and so those are all three minors? Yes. Otherwise custody doesn't come up, obviously. Okay. And how old are the babies?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Telling her, this is dumb. You can't do that.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I'm not struggling financially. I don't think there's any difference. I think you have three kids to raise, and you just run your household. And both of you love three children because you love each other, and so you're going to love each other's children.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
No, not now, because you married a man who took on the responsibility of you and this child. Not legally, maybe. There probably wasn't an adoption. But if I'm that husband and I marry you, that child, I'm bound to take care of them, just like I'm bound to take care of my two. That's what he took on. I think from a social standpoint, a relational standpoint, that's the proper thing.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And she's probably like, well, yeah, I think this is my money. And I'm having a baby, so I get to keep it. No, that's not how it works, darling. So, you know, she's got nobody there talking sense into her. And she may be getting her best advice from her friend on Instagram, which is, you know, probably not a good idea.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And you don't have Cinderella. We don't have one kid that gets more child support than the other two, and so they get more or less money or something. Like, oh, you don't get as much child support, so you have to wear the worn-out tennis shoes. No, we're not doing that. We all get the same stuff. We all go to the same trips. We all go to the same restaurants. We all...
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
go to the same schools, you know, the ones that we can afford, you know, in all cases, right, as a family unit. And I think that's the most healthy way to treat this, and it's –
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
It's going to work out. But, I mean, you just have a grocery budget for this family that has two part-time kids and one full-time kid. Right. you know? And that's how I would look at it. Mathematically.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Well, he now took on your car. He took on you, your car, your kid. You took on his two kids. You took on whatever good and bad he took on, for better, for worse, in sickness and in health. In the old Book of Common Prayer, marriage vows said, Unto thee all my worldly goods I pledge. In other words, we're all in. And that was the viewpoint on that.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
It doesn't sound like either one of you have existing extreme wealth, and the other one doesn't. It sounds like both of you just have – you got some scars from how you got here, and it makes you a little bit tender on wanting to maintain some individuality, so to speak. Sure.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Probably not a good idea. I'm just saying. Like, for sure, not a good idea. This is The Ramsey Show. you know one of the first things i discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies and there's too little life insurance, or none at all.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Both of us have full transparency.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
What that requires is a sensitivity to that, and that sensitivity is answered by extreme amounts of communication and extreme amounts of both of you have a vote on purchases. Both of you have a vote on the monthly budget, and both of you speak up.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And as long as your voice counts and you and you have full transparency, then that's a way to touch to deal with that sensitive issue. A weird thing is in our life, we don't have that. Sharon and I don't. But having gone broke, I'll tell you what a sensitive issue is at our house. The emergency fund.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
If I even walk near the drawer, if I even walk near the drawer where the emergency fund is, she comes out of her with claws. Because it's a sensitive thing. Because we were broke and she was terrified. Right.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And so, you know, but and so what we do is we offset that sensitive thing by having an emergency fund for the emergency fund at our house. Most people don't need to do that. But because we got that scar here. We have to figure that out. And so you work around it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And for you guys, you just say, hey, because we both come into this and we had bad experiences before, we have to be super diligent about our communication and our transparency and both of us having a voice.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Amen. Amen. This is The Ramsey Show.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet. I also discovered that there are a lot of rip-offs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level-term life insurance, usually 10 to 12 times your income, which is the smartest, most affordable way to protect your family.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
The key is finding an independent broker who represents a ton of companies We'll be right back. so you know they'll be there when you need them. Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Mindy is in Canada. Hi, Mindy. How are you? Hi, I'm good. How are you? Better than I deserve. What's up? I love that line.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And what is the $1.8 million on? I hope it's just your real estate, right?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay, so what's the triplex worth?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
All right. I got you. And is that, let's see, seven and then six. That's not all of it.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
What is your $350,000 of personal debt?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And what's your household income? Yeah.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
I'm going to go back one more time. I apologize, but I didn't write the condos down. You owe $70,000 each on two condos?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Oh, so they're not worth $70,000.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah, it makes a difference when you're $2 million in debt. That's a big deal. Yeah. Not! Okay. All right. Oh, God. All right, so how can we help, hon?
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Okay. Well, I think we need to have a different discussion at your kitchen table. It's not like, what will she go along with? She's one of the adults here, too. And the two of you need to sit down and look at this and go, in 10 years, where do we want to be? And I'm collapsing under the weight of this. I can't do it anymore. This is killing me.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
Yeah. And so it's not a matter of I have to keep a princess happy. The princess gets to grow up and be a woman. Like a grown-up. And she gets to look at this with you and say, we have children to raise, a life to build, and the one that we have is falling down around our ears and we have to do something. The house is on fire, darling. We can't discuss what you want it to burn.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
You get to decide with me if we're going to let the house burn down or are we going to do something to put it out. You don't get to sit here and go, I don't like fire. That's not an option anymore. You're like a grown woman with kids. And so you've got to reframe this. Because you've been running around trying to shovel things in her direction to keep her happy, like she's your child or something.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
And that's not working relationally. And it's not working in your decision-making either, because y'all make sucky decisions. Yeah, I do. No, not you. Both of you. She's involved. That's my point.
The Ramsey Show
You Can’t Fix Your Money Problems Without Facing Them
So the two of you sit down together and then if you back up and if I you're not dumb people, if I hired you to sit down and look at someone's situation exactly like yours and it wasn't all your stress, you would look at it and go, oh, electric condos are gone. Bye bye. We're getting cheap cars, like $5,000 cars, and I don't really care what they burn.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
Hey, technology has changed a lot in the last 30 years. Now the hot topic is AI, and I understand that it might seem intimidating. But if you use AI the right way, it's just another tool to help you work smarter and faster, like a calculator or a cordless drill. So if you run a business, you'd better get on board with it before you get left behind.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
And NetSuite by Oracle offers AI-powered tools that help small businesses improve efficiency and make smarter decisions by bringing all their major business processes into one platform. That way there's one source of truth for the real-time data you need to take advantage of opportunities. Then you can forecast better, scale more efficiently, and streamline those manual tasks that take too long.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
So join the more than 41,000 businesses, including Ramsey Solutions, that rely on NetSuite to help tackle some of their biggest challenges. And right now, you can download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. That's free at netsuite.com slash ramsey.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
If you're a small business owner and you feel burned out, then you've got to join us at Entree Leadership Summit this May 18 through 21. This leadership conference will refuel you with fresh vision and connect you to like-minded leaders so you can take your business to the next level. But you better hurry because we're running out of seats. We've got less than 200 seats left.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
If you want to join us in Denver, Colorado, go to ramseysolutions.com slash summit right now. Or if you're listening on YouTube or podcast, just click the link in the description.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
Hey, you guys know how much I hate banks in general, and so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Surviving the Money Storm Starts with Tough Choices
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. 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.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
You've got to create a big – you may need to quit school. You need to go get some dadgum money – and start cleaning up this mess. So I want you working like 80, 90 hours a week, going to school on caffeine and doing what normal people do when they get in this instead of telling me, oh, my mom got screwed over by my dad when he left.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I'm sorry, but that doesn't mean you buy a $70,000 car while you're in college and downgrade it to a $41,000 car and act like that's smart. Nowhere in this conversation is smart. Smart didn't come up today. No, it didn't. It didn't even show up here. So, dude, you've got to get rid of the car, and you've got to figure this out some way or another. Now, we're giving you lots of suggestions, okay?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Get a buddy that's in the neighborhood to take you to college. Quit college for a year and take you a gap year and go clean this mess up while you work like a freaking maniac. But you are, man, you cannot, there's nothing in this that the math works. Sixth graders could tell you this math doesn't work. This is a mess. And so, no, you can't keep this car.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And no, you can't keep this life the way it is designed right now. That's why you called.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And I'm not going to argue with you about it anymore. I'm through talking to you about it. So you go fix this. We gave you some suggestions. But part of fixing it is you've got to decide that where I live, the land I live in right now is the land of stupid and I want to leave. That's the first decision you've got to make. And we haven't even been able to get that far with you.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
So that's where you've got to go, man. That's where you've got to go. Open phones here at 888-825-5225. Now, Jade, let's just review the policies on this show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
We love you. All of you, if you've done something stupid, we love you anyway. We've done something stupid. I have a PhD in DUMB. Jade and Sam cleaned up $465,000 worth of stupid in their life. So no one's sitting here high and mighty talking down to someone. So we love you. We love you so much. We're going to tell you the truth. We're going to start gentle.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And we're going to start by trying to help you move along. But if you want to argue with us while we're trying to help you, it's going to get nasty fast because we love you. I'm going to smack you upside your stupid head until you listen to the stuff that will make your life better. Now, I will start with a gentle handshake and say, honey, this is the best way to do it.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Well, Dave, I listen to you all the time, but I'm not selling the car. Well, you're an idiot. You got to sell the car. That's how it's going to sound around here, honey. Okay, so we're going to serve you when you call here. You're not entertainment value for us. You're a calling for us. You're a crusade for us.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
We want you to win, and we're going to do everything in our power, starting at first gently and turning up the heat by degrees during the time we're on the phone together until we have contact. This is The Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet. I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
which is the smartest, most affordable way to protect your family. The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
so you know they'll be there when you need them. Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Owning your own business is awesome. Owning your own business is freaking hard. It's hard.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Part of the problem is you have a jerk for a boss. When you own your own business, your boss will work you into the dirt. They will work you like a rented mule. It's hard y'all. And it's why most businesses don't make it. It's hard. And it's really hard when you don't have a clear path and you don't know how to go to the next stage. You don't know what to do, man.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I remember I've been doing this for almost 40 years. This thing called Ramsey, it started on a card table in my living room. And the number of stupid things I have done will fill three buildings. We have survived my stupid. I can bail my stupid. It's everywhere.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And I've done enough smart to offset it, and y'all know me for everything that was smart, but I'm telling you, man, I can just tell you, I could write two books on my stupid. Instead, what I did was we wrote a new book called Build a Business You Love instead of one that beats you to death. And the new book, Build a Business You Love, is our entree leadership system
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
that identifies the clear path to growing and getting a business that you love instead of one that beats the snot out of you. Because it'll just beat you to death. And it's wonderful. We love it. Those of us that are entrepreneurs, we like the fight. We're ready to double up our fist and hit something. We get it. But it's tough, and nobody tells you this stuff, man.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Well, I can tell you, because I've been there, done that, and we've coached over 10,000 small businesses. There are five distinct stages of business, and there are six things that drive the business towards growth and to propel you through those five stages. We're in the final stage of the five stages at Ramsey, the legacy stage, where you work on succession and the next generation and so on.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
The beginner stage is the treadmill stage, where you just run, run, run, run, run, run, run, run, run, run, run, run, run, run, run, and get nowhere. You just run your dadgum little legs off. And how do you get off that treadmill? Well, there's some specific things you need to do. We're going to show you. This is the baby steps for small businesses system.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
It's a clear path and knowing exactly where to go, not based on some research project, but based on 30 years of doing it and on coaching small businesses with this exact system, 10,000 of them. Build a business you love. It comes out April 15th. It's on presale right now. I'm really excited about this project. It's really good. And, yeah, I mean, it's really good.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And you preorder the book for $29.99. We're going to give you $350 worth of stuff if you buy it now to bribe you to get you to buy the book early because it helps our marketing. So shut up. Instant access to the Entree Leadership Hiring Playbook. Yep, that's in there. That's a big video that you're going to get to watch right now. Hiring and firing, number one pain point of business people.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
is the humans that we love and the humans that we run to kill sometimes. They're called our team. And we love them. And, man, sometimes it's almost like having disruptive children. Early access to the e-book, the enhanced audio book, all of that's going to be there. It's $350 worth of stuff, $29.99. RamseySolutions.com slash store.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Click the link in the description if you're a tuber or a podcaster. Then we'll try to help you out. Andrew's in Louisville, Kentucky. Hi, Andrew. What's up in your world? Not much. How are you doing? Better than I deserve. How can we help?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Yeah, it is. You did not sign it. No, someone else signed your name. That is someone else signed your name. That's called identity theft. It's criminal fraud. If the crime, if the criminal happens to be your parents, that's also an issue, but it's criminal fraud. So it is fraud. Jade's right.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
So, um, mechanically American express is probably one of the worst companies on the planet regarding this stuff. They are nasty. So those of you that have an Amex card at work, they will try to hold you liable if your company goes broke and you're only a user and you signed nothing obligating you to that debt.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
But your company runs up $11 million on an Amex card and you're an employee user of a company Amex card, you're gonna get screwed like you've never been screwed in your life. This company is horrendous. They are nasty. Can you tell I like them? Now, the first thing I would do is I would go ahead and challenge this entry and say this is identity theft. Remove this from my bureau.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Now, what happens is the credit card companies download to the credit bureaus in mass, massive computer files once a quarter. They do a dump, okay? And so the credit card or the – Number one, if you dispute this based on fraud, they will contact Amex and ask Amex if it is fraud. Amex will not respond because they just don't bother. And then it will be taken off of your credit bureau report.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And then two quarters from now, it will be dumped on there again in the next dump, and you get to do it again and again and again until you cut this dandelion off at the roots, which is your parents. So you need to get back on the phone with them and say, Dad, this is now harming our relationship. Because I have a baby over here that needs a future.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And you all not taking care of this when you fraudulently used my name has to stop. And I'm giving you 48 hours or I'm filing a police report if you don't get my name off this freaking credit card. Now, you can be nicer than that if you want, but that's the essence of the conversation.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Okay. Because your dad and mom are not only disorganized and sloppy, they're horrible human beings for doing this to their own kid.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
This sounds like your dad is pretty controlling. It's a little bit gamesmanship manipulative, the way he's handling all this. Does that sound right?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
No, no, it'll all go off. If they remove the entire account and any mention of it because it's not in your name. Okay. Okay.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
No, this is not my card. I'm challenging this entry on my bureau. Do it with all three bureaus, okay? With Equifax, TransUnion, TRW, all three of them, all right? You've got to go to them individually and you file. And I recommend sending them a certified letter, return receipt requested, or a FedEx letter.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And in your letter, state, this is fraud, and write this down, the Federal Fair Debt Collection Practices Act, federal law, I am demanding that you remove this or prove it to be true within 30 days. They will remove it, but it will be put back on, dumped with the next computer dump from Amex, if your mom and dad don't get your name off of it. Right. So you've got to do both.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Just pull up. You can pull it up online. It's the three credit bureaus.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Equifax, TRW. Okay. I got that. Yeah. Okay. And just go to them.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
yeah go to each one of them because they're separate entities and they're probably you pull up all of them you can pull it up on something like credit karma but you get sucked into a whole bunch of marketing junk you don't want to screw with so i just go straight i just go straight to the horse's mouth Okay, sounds good. All righty, Dave. Hey, man, get after it.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And listen, follow through on this. You've got to put a bow on it because it's going to keep growing, and it's going to get harder and harder and harder to get rid of the longer this goes on. So mom and dad need to take this off by Friday. Friday. And any of you that do this to your children, shame on you. You do not have that right to be a criminal with your own children. This is The Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey. Thank you for joining us, America. Open phones at 888-825-5225. There are a few things in my life that I've run into that, other than things from the Bible, that I am 1,000% sure work.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Teaching the seven baby steps that we teach here, the first one is save $1,000, the second one is
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
get out of debt everything but the house using a debt snowball and gazelle intensity as if you're running from a cheetah the gazelle runs for its life that's the intensity you use to get out of debt you sell so much stuff the kids think they're next you don't see the inside of a restaurant unless you're working there and you're not going on vacation because you're a broke person in debt and you are ears laid back running headlong straight into this getting rid of it baby
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Then why isn't he just telling your brother?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And we're going to leave it all on the field. That's baby step number two. And then you go on to building an emergency fund, retirement plan, kids, college, pay off the house and become very wealthy. Those are the seven baby steps. And in essence, and you can find those everywhere in the total money makeover book is where we outline them. We've sold 12 million copies of that.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Ten million people have been through Financial Peace University where we teach those baby steps and how to implement them. So tens of millions, literally, of people, and there's tens of millions of you listening at this moment to this podcast on YouTube and on talk radio.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
So we know that easily 100 million people have done some stage or some process of the baby steps and with varying degrees of success because of varying degrees of commitment and sacrifice like you do with anything. So it's, it's a, it's a proven thing. It's not a theory comes out of a test tube. The debt snowball is probably what we've become best known for.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Now, this is where you list all of your debts except your home, smallest to largest. You pay minimum payments on everything but the little one. You attack the little one with a vengeance. You squeeze every dollar, every drop out of your budget, and you throw it at the little one. You work extra. You sell stuff. You clean out a savings account all the way down to $1,000.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
You stop putting money in your 401k. You get term insurance and cash in your stupid whole life policy. You sell a car if it's too expensive. You do whatever you got to do, and you throw every dime at that smallest debt until it's gone. When that one's gone, you take the payment you used to pay there, and every dime you can squeeze out of everything else, and you put it on number two.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And when number two is gone, the payment from number one and number two are freed up. The snowball rolls over again. It picks up more snow and it attacks the third one. And you're doing this with just increasing levels of hope, increasing levels of sacrifice, increasing levels of passion.
The Ramsey Show
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And every time the snowball rolls over and you get rid of another payment, that's that much more money freed up in your monthly budget to attack the next one down. And it's been unbelievably successful.
The Ramsey Show
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It's brain chemistry. A dopamine is released when you complete a task. There's a dopamine release. And it's called a feedback loop in psychology. And so when you have success at something, you're more likely to repeat the task. That's right. And the faster you have success and the more often you have success, the more you've got a feedback loop and the more the dopamine release is there.
The Ramsey Show
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And in a spiritual realm, we would call this hope. You start to believe it's going to work because it's working. And then you lean in that much more and you lean in that much more and you lean in that much more. And that's why this works because no one sat down at their kitchen table and said, hey, let's go deeply in debt because that's a good idea. A series of behaviors put you into debt.
The Ramsey Show
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And you don't fix a behavior problem with a math solution. You fix a behavior problem with a behavior solution. And the feedback loop, this positive feedback, I knocked out one. Yeah. I knocked out another one. Yeah. I knocked out another one. Whoa. And then you're down. You're beating on that student loan. You're beating on that big one. You're beating on that car. And you're, yeah.
The Ramsey Show
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And now you're starting to yell at, your neighbors think there's problems over there, you know, because you're getting fired up because it's working. And that's the dopamine release. That's hope. That's you starting to believe. And when I first started, I paid off the little one. I wasn't so sure. And the next one, well, maybe this will work. And then the next one, yeah, it's going to work.
The Ramsey Show
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And the third one's like, ah! And then your broke friends start making fun of you, and you want to punch them, you know. And so this is why it works. And that's why the debt avalanche does not work.
The Ramsey Show
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Or consolidation, you know, when people. Exactly, because you don't change your habits.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
The debt avalanche is where you list your, it's mathematically correct. Honey, if we were doing math, we wouldn't have credit card debt. It's not a math problem. It's a stupid problem. We have to fix the stupid, not the math. And so the math is, you know, we're going to list it highest interest rate to smallest interest rate because this interest rate is killing me. And here's the problem.
The Ramsey Show
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While that sounds like it's mathematically correct, it's not because your math that you're using is very naive and you left variables out of the math formula. Here's a variable you left out of your math formula, probability of completion. If your probability of completion is 80 or 90% with a snowball, but the math is running against you,
The Ramsey Show
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net of probability of completion, it's going to beat the avalanche because the probability of completion is close to zero. Almost no one finishes that because there's no feedback loop, no dopamine release, no hope release, no sacrifice increase, no getting the spouse on board because this crap's starting to work.
The Ramsey Show
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For the first time in my life, I'm telling money what to do instead of it telling me what to do. I am not relinquishing this control ever again. You start getting a little swagger, man, you're ready to go.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And that's why this thing works and why so many millions of people have gotten out of debt using the Ramsey system, which is just freaking common sense. But, you know, you people think your debt avalanche is mathematically superior. No, your math is naive and your formula is incomplete because you don't know what the flip you're doing.
The Ramsey Show
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So Northwestern University did a study of the debt snowball versus the avalanche. And they concluded... because of probability of completion that the snowball was far superior because if you quit and you don't get out of debt using the mathematically superior, which is not really mathematically superior, it doesn't work.
The Ramsey Show
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So you don't get completion, you don't get to the goal. And then Time Magazine comes out and does a story on the Northwestern study and they go, turns out Dave Ramsey was right. Like we didn't already know that. We've got like millions of proof texts here. We've got so much social proof on this that's unbelievable. We beat your research project into submission.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
But it's not like a... Okay, number one, no one is entitled to an inheritance. It's your dad's money. He can do with it what he wants to do with it, okay? Right. Even if someone else thinks it's weird, it's his money, and he can do with it what he wants to.
The Ramsey Show
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So good God, people, this is not that hard. Get your butt out of debt. Your number one wealth building tool is your income. And when you're giving it to stupid Bank of America, Lexus Motor Credit, and MasterCard, who's your master of your life, And you wonder why you work so hard to make $100,000 a year and I got nothing. It's because you're giving it all to these stupid banks.
The Ramsey Show
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And you've got to get back control of your life. You work too hard to be broke, people. You need to retain control of your life. This is so empowering.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
The rule is if you can pay the car off and all the other debt within two years, not counting your house, and you like the car, keep it in the debt snowball and pay it off. But if the car is keeping you from making it out in two years, if it's one of the reasons, okay? Yeah. But if you got a $5,000 car and a $200,000 student loan, the car is not your problem. That's right.
The Ramsey Show
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But you got a $70,000 car and a $6,000 student loan. You got issues. And you can't make it out in two years. Well, it's the car, stupid. Yeah. You know, so get rid of the dumb car. So can you get rid of the thing and do you like it? Well, I hate it. Well, get rid of it anyway then. You get rid of it even if you weren't broke because you don't like the stupid thing.
The Ramsey Show
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But I love the car and I can pay it off and all of my other debts with the money I have in savings and the money I can earn and using the debt snowball during a two-year period of time. Then keep the car. I'm fine with that.
The Ramsey Show
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Anything like that goes to the front of the list because they're going to come get it anyway.
The Ramsey Show
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And child support, you take care of babies before you do any of this. Shut up. But the IRS is going to get their pound of flesh, so you need to put them at the front and get rid of them as soon as possible. They have collection abilities nobody else has. This is The Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
He's trying to not stir up a problem with your brother, it sounds like, where there's already problems, and this would just throw gas on the fire, is what you're telling me. Right. Okay. Yes.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
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. Jade Walshaw, number one bestselling author. Ramsey personality is my co-host today. Open phones at 888-825-5225. Mark is in Orlando. Hey, Mark, welcome to The Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
So, and he didn't tell you, I think he puts you in an awkward position by you not having the information and not telling the brother, but I don't think he thought about that.
The Ramsey Show
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No, I don't think so. And the Bible does not say it's bad to leave an inheritance. As a matter of fact, it says the opposite. A godly man leaves an inheritance to his children's children is a Bible verse.
The Ramsey Show
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It's not an amount. It's a principle. And so here's the principle. You are not obligated, biblically or otherwise, to leave the money to your children. But to assume that it's going to damage them is not true. So what wealth does do is it magnifies the character of the person. including you, including me, and including your kids and my kids and Jade's kids, okay?
The Ramsey Show
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It magnifies the character of the person. So the problems in my character are magnified when I've got wealth because it gives me power. Does that make sense? The good parts of my character are also magnified. So someone that has a problem with their temper when they become wealthy becomes a rageaholic and don't you know who I am? Comes out of their mouth. And stupid stuff like that, right?
The Ramsey Show
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But someone who's generous when they become wealthy, we call them a philanthropist because they change entire communities with their generosity. So whatever it is, good or bad, is magnified. And so the first thing that we taught the Ramsey kids is you're not entitled to to anything just because you hit the gene pool lottery, right? Yep. You're not entitled to anything, number one.
The Ramsey Show
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Number two, in order to qualify to manage the Ramsey wealth, the next generation, you have to have a spiritual understanding of the wealth, and that is that you don't own it. God owns it. You're just managing it. And once you grasp that, you realize wealth is – You see the reasons that the Bible has warnings about wealth, because it's heavy to carry.
The Ramsey Show
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It's a lot of responsibility to leave one of your children that becomes an adult $10 or $15 million, probably by then, each. And so you leave one of them $10 million. That's a lot of responsibility if their job is to manage it for God, for his glory, which includes taking care of your own household.
The Ramsey Show
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um that he was putting me in a really awkward position but you're not asked to administer it you have a fiduciary there's a trustee so you're not there's no way you get blamed because you're not in the line of fire you're not having to administer this to your brother the trustee will does the other does your other sister know that these are the plans as well
The Ramsey Show
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Well, ours was set up until they reached 25 to have some kind of different dispersion. So like when they're minors, it was to be managed. And in order to qualify for a disbursement at 25 in the trust, they would have to have done this, this, and this. Be walking with God actively. In other words, we don't want to fund a cocaine habit on the back of a yacht for a reality star.
The Ramsey Show
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That's not what we want this money to go for. And so if you're going to do that, then you don't qualify anymore under the trust, right?
The Ramsey Show
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No, I didn't. At 25, we turned it all over to them.
The Ramsey Show
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I mean, we haven't turned it over because I'm alive. I'm saying you would have. Mine are now, the youngest is 33. But today, if I die, it's just dispersed. But if any one of them decides to live a life that disqualifies them as a manager, of God's money, then they're not going to be able to get any. They're taken out of the trust immediately.
The Ramsey Show
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And so because it's not really my money and it's not really their money, we are managing it. One of the beauties of managing it is you get to enjoy some of it, but most of the managing of it is a weight of generosity and a weight of other things. So what I want you to avoid, Mark, is this. There is a thread that runs through some of our Christian churches that says that money is bad.
The Ramsey Show
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Money is not bad. It's not good or bad. It's amoral. It doesn't have morals. What it does is it exposes the morals and character of the people that it touches. Does that make sense?
The Ramsey Show
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And so our job as parents is to raise children that become qualified stewards of Meaning they're working on. And then I leave it to them, and I don't think anything about it. Because I am well aware that the temple was built by Solomon atop Mount Moriah in Jerusalem. And in today's dollars, it would be somewhere around between $10 and $20 billion building. It was not built with Solomon's money.
The Ramsey Show
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It was built with his dad's money. It was inherited money, David's money. Solomon's David's son. It was inherited money used to build the temple of God. And so, you know, we're sure that God uses families that have character generationally to manage his goods. So it's not unchristian to do this.
The Ramsey Show
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What you don't want to do is leave it to someone who it does harm to because they've got a problem in their life and it expands the problem.
The Ramsey Show
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And I've sat with those guys in NFL many, many times. And what I'm dealing with is a 21 year old who has one skill in all of his life skill buckets. He has one bucket. He plays football. He does not do anything else.
The Ramsey Show
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And that is exposed when he gets a $10 million signing bonus. And he loses it almost instantaneously. 3.8 years is the average NFL career, and most people leave the NFL broke.
The Ramsey Show
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The exception would be mainly the offensive line, because generally those are the smartest guys on the team. This is the Ramsey Show. You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created.
The Ramsey Show
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Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several burners myself. They look like guns, but they're not. They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away.
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And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required. And because they're not firearms, they can be shipped directly to your door.
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Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave. Hey, guys, our two-night virtual event, Investing Essentials, is almost here.
The Ramsey Show
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There's a lot of confusion out there about building wealth. So George Campbell and I are breaking it down and teaching you how to invest with confidence. You'll learn how to maximize your 401k and mutual funds. Plus, I'll be sharing my personal playbook for real estate. But hurry, time's running out. Investing Essentials is March 4th and 5th. Tickets start at $199.
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Grab yours today at ramseysolutions.com slash events. If you're not a math nerd, if you're a normal person, when you start thinking about investing, investing, investing,
The Ramsey Show
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sounds intimidating doesn't it hard to figure out i think i'm going to do this wrong i'm scared well you know the same thing's true when you haven't ever driven a car and you're 12 years old but they teach you to drive a car a little bit at a time and as your knowledge increases your competency increases and we let you leave the parking lot of the church where you were practicing right and that's where we taught our kids to drive a car in the parking lot of the baptist church right
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And even change gears on a straight shift so that they can actually function in this world. You need to be able to drive. Investing. It's the same thing. So George Campbell and I are going to do a two-night event, two hours plus each night. Not the same double. It's... two full nights of investing essentials. It's a virtual event. It's next week, March 4th and 5th. Tickets start at $199.
The Ramsey Show
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The first night we're going to cover some basics on investing and then go deep on miscellaneous investing like, for instance, mutual funds and that kind of thing. We're going to lay some principles in place, teach you so that you feel confident and competent. When the word comes up, you yawn and go forward, right, instead of freak out.
The Ramsey Show
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And the second night, I'm going to unpack my personal real estate playbook, stuff I've never taught but one other time, and that was at this same event this time last year. And I'm going to spend about two hours on real estate. I own several hundred million dollars worth of real estate.
The Ramsey Show
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I've got a degree in finance and real estate, multiple other letters and licenses after my name in that business. I grew up in the real estate business. I love real estate. I'm a real estate nerd.
The Ramsey Show
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And so those of you that want to learn how to do real estate investing properly, it's going to blow your mind for some of you that have been on Tik TOK, but I'm going to show you the right way to do it by somebody that really did it, not lives in their mother's basement with an opinion. So, um, Have at it. You can join us. So it's March 4th and 5th.
The Ramsey Show
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You'll want to be through both nights because they tie together, but it is standalone, complete information, and it's the only place you're ever going to get it. So we'd love to have you. George Camel has really got some amazing stuff he's put together for this. I'm so excited. Get your tickets at ramsaysolutions.com slash events or click the link in the show notes on the podcast and the YouTube.
The Ramsey Show
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Raleigh's with us in Seattle, Washington. Hi, Raleigh. How are you? I'm doing well, Dave. How are you? Better than I deserve.
The Ramsey Show
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We just did an on-air baby announcement to mother-in-law.
The Ramsey Show
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Okay. Well, we have an endorsement on Health Trust Financial, and they will help you find a person in your area that will sit down with you and go over the options that are available in the marketplace from Blue Cross Blue Shield to all kinds of other things. And they're going to help you shop around and, you know, customize and build a thing just for you.
The Ramsey Show
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But in the process of that, Raleigh, it's just like anything else we teach here. You don't do what someone says to do. You learn from them and you make the decision. So their job as the health trust rep sits down with you is to teach you and say, OK, here's three options. We think option number three is the best one better than one and two. And here's why.
The Ramsey Show
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And they teach you and you understand that. And based on that, you pick it. You don't pick it because Dave Ramsey said or somebody Dave Ramsey sent says. Mm-hmm. You understand it, okay?
The Ramsey Show
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Now, do you all have any money saved?
The Ramsey Show
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Okay. Is everyone in the home healthy? Yes. Yes, we are, yep. Is anyone overweight or smoke?
The Ramsey Show
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Okay. You're probably going to want to look at an HSA, a health savings account program. Okay? Okay. It's a very high deductible, but a much lower premium. Okay. Pay very little monthly, but when you do have an event, it's a lot more out of pocket. Okay.
The Ramsey Show
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But if you're not using medical care, that's the reason I ask about health, if you're not using medical care very often, the HSA is the least expensive way to keep good coverage in place because you're not blowing through the deductible and you're getting the benefit of the lower premium. That's probably what you're going to find out when they sit down with you, okay?
The Ramsey Show
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Now, I do not know she's pregnant. That's a, quote, pre-existing condition. And I do not know what you're going to be able to do on labor and delivery for sure. If you can find coverage for normal labor and delivery, it might be expensive since it's after the fact. And now a lot of policies will cover.
The Ramsey Show
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a complication in the birth of a child but not the actual normal labor and delivery cost okay so if the child had um god forbid something like a heart issue or something and they did heart surgery or something like that that a policy might cover that but it wouldn't cover the normal labor and delivery so you need to learn about what it does cover and doesn't cover for the infant
The Ramsey Show
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As you're looking at the stuff, okay? Now, if it does not cover normal labor and delivery, here's a technique for you, and this is going to be awesome. So when you go to the hospital to have a baby is the only time people want to go to a hospital.
The Ramsey Show
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It's good PR for hospitals to deliver babies. They like it because it's the only time. Now, every other time you're there, you're sick, right? Right. And so it's a positive experience. So hospitals love labor and delivery. And so what you can do is schedule an appointment with the hospital administrator that your OB is planning to use.
The Ramsey Show
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Go sit down with them and say, our OB is suggesting this hospital. We'd like to use it, but it's depending on this conversation. Normal labor and delivery here is $15,000 or whatever your OB tells you, okay? And we are willing to prepay in cash for the labor and delivery. This is if your insurance does not cover it, okay? Gotcha, okay. But we want a discount if we prepay in cash, okay?
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So A, they get cash. They don't have to collect from you. B, it's a positive experience and they want you there. C, you're going to go to a different hospital if they don't make a deal with you, okay? You won't reserve your walkway power. And you will probably get your labor and delivery 25% to 50% of face value, meaning they're going to discount it 75%. Okay. If you do what I just told you to do.
The Ramsey Show
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Because they never get this request because almost all labor and delivery is covered by a policy, and people just get full vote from the insurance company. But if you go in there with cash and say, I don't have insurance coverage for this, Now, you may be able to get insurance coverage. If you do, just forget this whole conversation, okay?
The Ramsey Show
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But if you don't, that's how you handle this, and you can get a serious bargain on labor and delivery. There's hardly anything else you can do that on, but this is a positive experience. They want you there. They want you to come have a positive experience at their hospital so you remember them for later things. It's a PR move, basically. Mm-hmm.
The Ramsey Show
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Most of your HSAs are going to be in the $10,000 to $20,000 range. That's right. out-of-pocket Macs. And so that's going to, again, that's your deductible plus. That's right. But yeah. But your premiums could be as much as 50% off doing that. So anyway, go to Health Trust Financial. You can find them on our website and sit down with the guys and they'll help you out with this.
The Ramsey Show
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Would the narrative not be that your brother says, hey, because you were living with dad, you talked him into this?
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When you pre-order today, you're going to get more than $350 in bonuses for free, including an enhanced audiobook experience, early access to the Build a Business You Love eBook, and instant access to our hiring playbook, so you can start transforming your business right now. Build a business you love.
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The essential guide for every business owner like you that wants to grow yourself, lead your team, and scale your business. To reserve your copy, go to RamseySolutions.com slash store. RamseySolutions.com slash store. Jade Walsh, our Ramsey personality, is my co-host today. The Ramsey Show question of the day is brought to you by WhyRefi.
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When the payment on your defaulted private student loan is as much as some mortgages, it's hard to get ahead. That's when WhyRefi can help. Refinancing to a low fixed rate loan built just for you. Find out more at yrefi.com. That's the letter Y, W-R-Y-R-E-F-Y.com. Slash Ramsey. Might not be in all states.
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$150,000 in investments, unless that's return, but you can use that.
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Yeah. Okay. Interest rates are going to do what they're going to do. We don't know. House prices are not coming down. We do know that. There's a serious shortage of housing. There are more buyers than sellers, and there's no fix on the horizon for that. That's called a supply-demand pressure. It's seventh-grade economics. When there is a shortage of anything, the price holds steady or goes up.
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It does not go down, and interest rates don't cause it to go down. So interest rates have been up for about 18 months, and house prices have not gone down. Okay? It's that simple. The median house price is exactly what it was 12 months ago. It's $400,000 nationally. And it's not going anywhere. So that's what you're seeing. So don't wait on house prices to come down.
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So marry the house and date the rate.
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You can refinance your interest rates if they go down or pay them off and have a zero interest rate. That'd be cool.
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Yeah, perspective is the thing. So I'm old, so I've been walking around in the middle of this stock market thing for 40-plus years. I've been walking around this real estate thing for 40-plus years. And let me tell you, every year, I've been on the air for over 30 years talking about this. Every year someone says, oh, the stock market's artificially high. It has to come down.
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What goes up must come down. Hadn't done it. Went down a little bit here and there, but it came back up more than it went down. Can you imagine if you had invested 32 years ago in a growth stock mutual fund, how much that would have gone up?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Oh, and let me help you with this. 1978, I sold my first house for $42,500 as a real estate broker. I was 18 years old. Can you imagine if you owned that house from 1978 that that guy paid $42,500 for? Man. You understand that's an $800,000 house now.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
No, they don't. Nope, they don't. And they never have. There's no historic data that indicates that. Date the rate. Marry the house. Get a house bought when you have the money. And if rates come down and you can get a cheaper rate than 5%, which is so freaking high. I don't know how you people are surviving. Talk about the 80s, Dave.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
It's whining about 5%. But anyway, yeah, it's because it's compared to 3 instead of compared to 12. If it was 12 and it went down to 5, everybody would be celebrating. There would be Mardi Gras on the streets. But instead, it went from three to six and down to five, and everybody's, oh, God, we're dying.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Yeah, okay, so you better get a house because the next round of real estate prospering, these houses are going to shoot up again. So you're ready to get a house, go get one. Guido's with us in Albany, New York. Hey, Guido, what's up?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
How old is your dad? You said he's 80? He's 83. Okay. All right, your dad is not handling this well. He owes you in return for your care of him. Even though it's not going to be pretty, he owes that it lands on him, and he needs to tell your brother while he's alive. And if I'm you, I'm going to demand that. Because this is going to land on you because of proximity.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
You know, it's strange. I never have anybody ask my income.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I worked in Europe for a while. I think that's just what you say. I mean, I just think you say, hey, I appreciate the advice and all, but what I'm doing seems to be working for me. And if that works for you, you can do that for you. And if they ask about your income, I just say, you know, that's personal business. I don't disclose that.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
For somebody that doesn't like to talk about your income, you give out your information a lot.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Jade Warshaw, number one bestselling author, Ramsey personality is my co-host today. As we take your questions about your life and your money, we're going to talk about you right in front of you, honey. That's how we do it. And, hey, the phone number is free, and some say the advice is worth exactly what you pay for it. It's 888-825-5225. Jump in, and we will talk. Laurie is in Salt Lake City.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I think the thing is this. I think you've got a wonderful story and a wonderful situation, and people wish they were you.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
They want to know how you did it. And I would just say we don't disclose our personal details. I will tell you that we live on less than we make, and we're very frugal and very careful, and it has paid off for us over the years. Yeah.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
uh god has blessed us and we've been able to get some nice things and um it's a blessing to not depend on social security i i don't disclose my personal income i don't think to anyone my my wife knows and my tax guy knows yeah our cfo here knows but i don't and if anybody asked i would just gently say oh you're kidding i don't talk about that kind of would you say it gently dave I would.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And then the third time I'd say nunya.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Nunya. Dadgum business. This is The Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Well, this is the last segment that is on podcast and YouTube. You can get the rest of this show on the Ramsey Network app. And that gives you video, audio, and all kinds of searchable stuff, so you do not have to listen through 15 hours to get the call you want. If you want to call on a certain subject, you can just put it in the Ramsey Network app. You can email us in the Ramsey Network app.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
It's all completely free. So download and use the Ramsey Network app, and we'll get you all of this show every day. Madeline is with us in Indianapolis. Hi, Madeline. Welcome to the Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
It's going to look like you talked him into doing all this.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Because of your sweet little voice, you sound like you're 12. I wasn't sure. Okay. Well, thank you. Okay, so we don't have debt because we aren't married. Who has debt, you or him?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And so your dad is being a coward and he's letting this land on you. And I know he doesn't want to face it. And he could just send him a letter. He doesn't have to say, here's what I'm doing. I'm giving sister number one lump sum because she's responsible. I'm giving sister number two that takes care of me monthly because she's not as responsible.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Well, you're acting like you're married, so what are we waiting on?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Everybody around you includes his parents who don't want y'all to get married, huh?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
You don't need to be renovating someone else's cabin.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
You don't have any money, and you're broke.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I can't believe I'm asking this question. How many donkeys do you have?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Perfect. Okay, so I'm going to tell you what I would tell my daughter if she was 23 and she called up and was in this situation. I can't imagine that happening, but let's say she did, okay? I would say sell two donkeys, get married, and move out within the next three weeks into an inexpensive apartment. You have $100,000 a year income.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Clean up this mess of debt that you have and then start saving to buy a nice property and a piece of ground later and restart your donkey business later. If that's your dream. I suspect your dream's going to change about the time children start coming.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And since you and I don't have a quality relationship, I'm only leaving you this. And he needs to just send him a note that says that. And I love you, but you and I, as you know, have struggled for many years, and I am not going to bless that with my estate. So you need to know that in the front end. And this is my decision. Your sisters have had no input on this.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Yes, we... We don't revolve our major life decisions around donkeys in the backyard.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Oh, this is great. This is so fabulous. Madeline, you're a sweet girl. But I think you're listening to everybody else except the two of you. And I think you and your husband need to move out and get you an apartment and get married right now. And then you need to clean up your debt mess. And if the donkeys are keeping you from doing that, then we need to get rid of the donkeys.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
William is in Harrisburg. Hey, William, what's up in Pennsylvania?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Oh, I didn't change it. You did. I'm proud of you.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Yeah, that's what I mean. It's been going on a while.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Okay. Retired. How many bids have you gotten on the work?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
How many bids have you gotten on this work? About three or four of them. Okay. So you got a good average. You know that 100,000 is an accurate number. It's not one guy sticking you.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Good for you. Not your first ride on the cabbage truck. Okay. Good. Okay. Yep. Simple answer, dude. Take 100 of your 800 and fix your house.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
No. We're not borrowing money when we have 800 grand in the bank.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Absolutely. I'm not going in debt. Not when you're a millionaire. And you're a millionaire. I appreciate it. Easy enough. That's easy, man. That's a good question. Well done. Good question, sir, and good answer. Open phones, 888-825-5225. Another way of asking yourself these questions like William's asking is always reverse engineer it, folks.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
And say, if I had $700,000 in my retirement account, would I go borrow $100,000?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
to have 800 in no i wouldn't same thing the thing that's throwing him is he doesn't want to pay the tax well why do people feel and you have and if he has traditionally has required minimum distributions coming up at 72 and a half anyway that's right that's right right around the corner so he's gonna have to begin to pull this money down anyway i think people think when they roll money into their house they won't feel it as debt like it's almost like in their mind it doesn't count as debt yeah
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I decided this with my lawyer, and this is what's happening. And let him take the brunt of this so that the narrative is not reset in the vacuum, because that's what's going to happen. That piece of you living with him and taking care of him changes the conversation. Before, I was a little bit like, eh, whatever.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Take a HELOC and do this $100,000. So, yeah, you're – Williams, he's a saver.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Good job. Another way of saying it is he's a cheapskate. He didn't fix a mold issue that got worse while he's sitting on $800,000. Yeah, yeah. Dude, go fix your house. Type 1 syndrome. Yeah, this is really what you've – you've been saving too harshly here, brother. Yeah, that's good. Very, very good. So, Jade?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I'm still trying to get my emotions around that one.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I didn't completely lose it on the air. That's pretty good. Laughing.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Oh, George! I forgot. We should have brought in, channeled our inner George. I know. Where is he? So the horse people were after George. Now the donkey people will be after me.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
For making fun of the donkeys and saying sell the donkeys.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
What set of parents lets the girlfriend move in with their son? and bring the donkeys that's over the top it's over the top mom i'm bringing a girl home and a couple of donkeys great here's the room upstairs i'm thinking my mom would have said you're not my child oh man we would i wouldn't have survived you I'm bringing the donkeys. Yeah.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
If we could make up these calls that were this good, we'd make them up. But instead, we just take calls from normal people. This is The Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
But now with you living there, it's going to look like you spent five years manipulating the old man into getting money and cutting a brother out after you had to throw him out for being verbally abusive. It's going to land on you. There's no question about it. And your dad needs to take care of that. That's unfair to you. If I was the old man involved, I'd be stepping up. This is The Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Jade Walsh, our Ramsey personality, is my co-host today. Thank you for joining us. Michael is in Toronto. Hey, Michael, welcome to The Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
What's your car? What do you owe on the car?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
With a $40,000 freaking car. What are you doing with a $40,000 car? You're a college student.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Hey, Laurie, welcome to the Ramsey Show.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I don't think this is your mom's fault. You bought a $30,000 car, a $40,000 car, and you're in college. You get a $4,000 car.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Yeah, I mean, you make $1,000 a month. Your car payment's more than that, isn't it?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I mean, if you make $1,000 a month and you spend $1,000 a month on your car, you don't have money to put gas in it and you don't have money to eat. This math doesn't work.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Let me stop a second because I did a drive-by on something a minute ago I want to know more about. You had $70,000 in savings, you said, from a side hustle that you blew. Did I hear you say that? Yes. Tell me about that side hustle. Where did all that wonderful money come from?
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Yeah. So no COVID, no business. Gotcha. Okay.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Your mother is not your responsibility. Your responsibility is to love her and cheer for her, but she's not your financial responsibility. So this has got to stop. And unless you can create a huge income, you need to get rid of this car and get a $2,000 car.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I would put the $10,000 on a credit card. I'd rather you have $10,000 on a credit card than $41,000 on a card.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Yeah, okay. Who do you owe the $41,000 to? To a bank. Go down and talk to the bank about signing a note for the difference.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
I want you to come up with $2,000 and go buy a car.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
Okay, here's the thing. We keep throwing suggestions out, and the only answer you've got is it doesn't work. So let me tell you what doesn't work. Your life the way you have it set up right now. Your situation sucks beyond belief. The decisions you have made are beyond suicidal financially.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
So you've got to throw a stick of dynamite in the middle of this freaking mess you've created, and it's going to be really uncomfortable. But you know what's going to be more uncomfortable? You sit there in this pile of stuff, and you're going to smell like this stuff as long as you sit there in it, coming up with excuses to sit there in it. So you have got to get rid of this mess.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Статистика показывает, что половина американцев не имеют достаточно безопасности для жизни, или они не имеют никакой. Я не понимаю этого, Джон. Почему люди не хотят заботиться о своей семье? Они думают, что они не умирают или что-то такое?
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Овертайм был хорошим в этом году, так что это около 120. 120, хорошо.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Я понимаю, но ты не ответил на мой вопрос. Какой номер, если ты знаешь, что я могу дать это деньги моей дочери, и я не буду спать из-за этого? Я бы сказал, что за что-то вроде этого, 3000.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Продолжение следует... Редактор субтитров М.Лосева Корректор А.Кулакова
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Да, я хотел бы, чтобы вы взяли реверс-моргаж. Я буду в 65 лет, и я устал от строительного работы. Я спрашиваю, если я могу пойти в частное время и использовать реверс-моргаж, чтобы я мог остаться в доме, который мы построили, еще несколько лет.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Это действительно так. Я звоню. Да, да, это кредитная карта.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
И это может быть высоким кредитным картом. Это может быть более 10 тысяч. Хорошо.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Может быть, медицинская помощь и жена. Мы очень хорошо бюджетировали. И это что-то, что мы научились через годы, чтобы попробовать держать контроль над этим спендингом.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Около 30-40 тысяч долларов.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
У меня есть какие-то хозяйства, которые я буду продавать. Окей. Я их продавал годами. И, в любом случае, я буду продавать некоторые мои тяжелые инструменты, которые у меня есть, которые я не использовал. Окей.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
I own several Bernas myself.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Welcome back to The Ramsey Show, where we are taking your calls about your money, your career, your relationships, anything and everything.
The Ramsey Show
Define Your Future By Setting The Right Financial Priorities
Hey, Karina, welcome to the show.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Better than I deserve. What's up?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You really wanted a Jaguar, didn't you?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
What'd you do to this brand new car, dude?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So somehow you blew the engine on a relatively new car.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Wait a minute, did you, I mean, that's very strange from a mechanic standpoint.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Did they give you a cause? What caused it? Was it your fault or the engine failed?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Like you didn't change the oil ever in 80,000 miles or you ran the oil out, forgot to put the plug back in at the jiffy lube and it blew. I mean, did something like that happen or the stupid engine just failed at 80,000 miles?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay. So there's two possible ways you go in probably both of them. Number one, I'm contacting an attorney. I would sit down and talk to the general manager at the dealership in person, and I would say, 2,000 miles over warranty. You need to call Jaguar. This ain't cool. This is bogus. This engine should not have failed. Jaguar needs to stand behind this engine, even though it's out of warranty.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
They need to do it as a PR campaign, because otherwise we're going to have another PR campaign that's going to be ugly. And you don't want that one. And I'm going to sit down with a general manager, not the people in the shop, the guy running the dealership. And then I'm going to go see an attorney if they won't fix it. Okay? I'm not sure you've got anything to stand on, but I'm going to do that.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
The second thing I'm going to do is I'm going to buy a used Jaguar engine from a salvage yard and have anybody but this dealership change the engine out, and that will be $8,000 or $10,000. It will not be $35,000. And you need to fix the car. It's too expensive to just let it sit there melted down.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Who's the dad of the other kid? Same guy?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So you have two children with the guy that left?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Yeah, that's what I mean. Okay. I count baking. Okay. All right. What do you make?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
um i started listening to your show a few months ago so i started doing side hustles now i bring around like 5 500 home i just don't know if that's sustainable long term as the pregnancy gets no it won't be it won't be that's not reasonable you've got to take care of you and the baby as as you progress in the early stages you you know you got to work around maybe morning sickness or something but you can work for a while longer but then you're going to run into this so
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
No, what we teach folks to do when you have a baby on the way or you're facing some kind of a storm of some kind is stop the baby steps, stop your debt snowball, and pile up cash. So I want you to stack cash. I want you to get the biggest possible pile of cash you can get between now and baby. Treat it like you're paying off debt. Have you got health insurance?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay. All right. So can you save $2,000 a month?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
What could you save? What's the most you could save?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay. So maybe you're going to have between $15,000 and $20,000 piled in an account. That gives me a lot more peace for you delivering this baby with a smile. Okay. Have you got health insurance?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Good. Okay. So you need to contact them and find out what your out-of-pocket is going to be for labor and delivery with your health insurance policy.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
I want you to have a baby budget, okay, to get ready for that part of it. So here's what happens at the end of this story, and it's going to be a great story. At the end of the story, you come home with a brand-new, beautiful baby, and you've got $15,000 or $20,000 in the bank. You write a check and pay off your debts, and you finish.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You start your baby steps again, and you build your emergency fund. And now you're a mama bear against the world, and you're going to be one of those warrior princesses that goes and makes things happen as a single mom. You're a hero. You're a hero. You suck at picking men. But you're a hero.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You don't need a conversation. They deeded the property to you. Did they just forget that they did that?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
He sucks, but you picked him. Yeah, I mean, he's awful.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And besides that, I don't know the laws in Ohio, but most states have a law that if you make a baby, you get to help pay for it, men. And so I'm going to go ahead and contact human services in your area and find out what we can do to get this deadbeat jerk to start writing checks for these two children.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You've been with this guy 12 years? 14 years. Wow.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Did he mention the fact that he needs to start writing checks to you for kids?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
I'll tell you how much money I want. I want a third of your salary.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
But at some point in this process, he gets to be the financial daddy, whether he wanted to be or not, because that's what the law says. And I don't know what child support ratios are in your state, but you need to find that piece of information out, and you need to let him know that that piece of information is coming his way.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Yeah, because, I mean, if he started writing you a check right now for $3,000 a month, it wouldn't make me mad. It helps these numbers, right?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
I don't want responsibility, so I'm leaving. Tough, buddy. You made a baby. The law says you've got responsibility. That's how this works.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Now, I want you to go sit down with your pastor at the new church and with no shame say, this is where I am. And I just want to let you know I'm here trying to learn about God and start my life fresh spiritually because this is a new church to me. And I've got this situation with these two kids, and I'm by myself.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And I think you'll see if it's a decent church, and it probably is, you're going to see some wonderful people start putting their arms around you in a lot of different ways. But they won't do that if you don't tell them, okay? They're not mind readers.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You're going to be okay. As a matter of fact, you're going to be better than if this hadn't happened. You're going to be okay. You're stronger than you think you are right now.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Yes, she already did it. She already did it. Oh, you already put a lump sum on it. Oh, I'm sorry. I thought you said you want to. Yeah, yeah.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Yeah, when baby comes home and you're healthy and the baby's healthy and there's no problems and you don't need this money for anything, you write a check and pay off the car that day. You're free. So you don't really lose any ground net-net on your get-out-of-debt plan.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
We're just doing the hokey pokey a little bit. We're setting it to the side, and then we're going to put the right foot in and the left foot in, right? Okay?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Hey, Joey, listen. If you need us, we're here. You call anytime. Okay, kid?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You call that pastor today. You call Human Services and find out what your rights are. On child support, those are two calls you make today, and you start stacking cash, stacking cash, stacking cash. You're going to be fine. You're a lot stronger than your voice sounds right now, I can tell. This is The Ramsey Show.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So Dr. John Deloney and I are on tour. We were in Durham, North Carolina last night. We're in Atlanta tomorrow night, April the 25th, doing the Money and Relationships Tour. We'll also be in Phoenix on May the 5th, Fort Worth on May the 7th, Kansas City on May the 9th. You can still get tickets to these except Kansas City is sold out. I think there's some singles in the seats available.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
If you want to sit apart and there's more than one of you, you could come. Or if you want to come as a single, you can get into Kansas City. But they're basically gone there. RamseySolutions.com slash tour. We'd love to have you. If you're on YouTube or podcast, click the link in the show notes.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Rachel, last night, one of the things Dr. John and I talked about was one of the topics that the audience selected. The audience votes on the topics each night for these was the marriage advantage. And we were telling them that one piece of research that's been out there, I think it's been done probably five or six times. I've seen it over 30 years. I've seen fresh versions of the same research.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
The most recent piece confirms what we call the success sequence. And these numbers are statistically mind-blowing to me. The success sequence is this. if you are a millennial or younger and you graduate from high school or higher and have not had a baby yet and you get a full-time job and have not had a baby yet and you get married at age 20 or older and have not had a baby yet.
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When Are You Going To Clean Up Your Financial Mess?
In other words, if you graduate from high school, get a job and get married at age 20 before you have children, you have a 97% probability of being outside of poverty in the middle class. only 3% of the people that follow that basic sequence that was very standard in 1960. You would be shamed in a neighborhood if you didn't do those things in 1960.
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When Are You Going To Clean Up Your Financial Mess?
If you had babies out of wedlock, meaning you weren't married when you had babies, You had a 97% chance.
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When Are You Going To Clean Up Your Financial Mess?
You got a job. And you get married at age 20 or later. And then and only then do you have babies. And you're married. You're not shacking up. You're not my partner. It's not any of that, okay? When you follow that sequence, you have a 97%. There's very few things in this life that you have a 97% chance of doing. Very few things.
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When Are You Going To Clean Up Your Financial Mess?
I'm not sure I have a 97% chance of getting home without getting in a car wreck. I mean, really, those numbers are staggering. They're staggering. You're right about that. Point taken.
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When Are You Going To Clean Up Your Financial Mess?
I mean, so if you, like, know a teenager, Tell them, here's a 97% chance that you're not in poverty in America, that you're in the middle class. Just do these simple things in freaking order. It changes everything. The audience was sitting there with their mouth open when I was going through this stuff.
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When Are You Going To Clean Up Your Financial Mess?
And then we start pulling out the other numbers, which if you are 35 years old and you're married, your net worth is on average 15 times higher than a single female and five times higher than a single male. Interesting. Single meaning including people you live with that you're not married to. Wow.
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When Are You Going To Clean Up Your Financial Mess?
It is two incomes coming in. But guess what? There's two incomes coming in if you're shacking up, but they don't count.
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When Are You Going To Clean Up Your Financial Mess?
Because it's not a household. Yeah. So they didn't count that. And you can just decide, I'm going to leave. I don't want the responsibility. You can just decide that, and thus you end up with this. Totally. Men in their 30s and 40s make 26% more income that are married than unmarried males in the same bracket. I think our wives must be whipping us like a rented mule and sending us out the door.
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When Are You Going To Clean Up Your Financial Mess?
That's all I can figure. Get your butt out there and get to work. I mean, you have a reason to work. You've got to pay for stuff.
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When Are You Going To Clean Up Your Financial Mess?
I mean, yeah, there's a nobility to it. I don't know. There's a lot of reasons for it. But that's the actual data. These are actual facts. And we can have, you know, theorize about what causes that.
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When Are You Going To Clean Up Your Financial Mess?
But it's very interesting, the advantage of a good plan. Long-lasting marriage. Oh, men in a good, high-quality marriage live nine years longer than men that aren't. I know. She's nagging on me about eating that again. Don't tell me I can't eat that again. You're bothering me. And quit trying to make me healthy. You're killing me. As a matter of fact, you're not.
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When Are You Going To Clean Up Your Financial Mess?
You're making me live 10 years longer on average. I mean, isn't that interesting? Women live five years longer on average.
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When Are You Going To Clean Up Your Financial Mess?
We're not as much help to you as you are to us.
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When Are You Going To Clean Up Your Financial Mess?
The first move is become a great single guy. That's a big move right there.
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When Are You Going To Clean Up Your Financial Mess?
Be eligible. Be an eligible bachelor. Yes.
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When Are You Going To Clean Up Your Financial Mess?
I've got to find somebody that's Yeah.
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When Are You Going To Clean Up Your Financial Mess?
So it's just like he's got a job.
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When Are You Going To Clean Up Your Financial Mess?
And, you know, these are things you can control. They're variables you can control. Of choices in your life, which you can do, yes. You make choices.
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When Are You Going To Clean Up Your Financial Mess?
And you can control your choices and create, when you control the controllables, your path to high-quality relationships, to happiness, your path to wealth, you have a higher probability of hitting those.
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When Are You Going To Clean Up Your Financial Mess?
And so that's very interesting. You know, the other one we throw out, this was a big hit on Instagram, but that the data shows us that couples that can agree on four things have a very high probability of staying together if they agree on these four things before marriage. The number one cause of divorce in North America today is money fights and money problems.
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When Are You Going To Clean Up Your Financial Mess?
So when you can agree on money, what we're going to do with it, how we're going to handle it, debt, savings, investing, all that kind of stuff, lifestyle, all that. When you can agree on that ahead of time, not perfectly, but align on the values around it, the principles around it. Number two, agree on religion.
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When Are You Going To Clean Up Your Financial Mess?
Be in the same religion and regularly attend a house of worship of your religion, whatever it is. And number three, agree on kids. Are we going to have them? How many and how are they going to be treated? Who's going to run the house? Us or them? Are we helicopters or are we in charge of the asylum? And number four, how do we deal with the extended family? How you deal with his mother?
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When Are You Going To Clean Up Your Financial Mess?
her father, whatever, all that stuff. How do we deal with all that? And, um, so extended family and, but it, and it tapers off like that. I mean, but if you can be in in-depth pre-marriage counseling agreement on those four things, your probability of your marriage sticking is very high.
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When Are You Going To Clean Up Your Financial Mess?
And what is your all's net worth?
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When Are You Going To Clean Up Your Financial Mess?
I can, I can give you about four other variables that'll get you up in the 90 percentile that you will still be married 25 years later. And so you graduate from school, graduate from college, again, regularly attending a house of worship, make $50,000 a year or more household income. You put all these things in there, the numbers just go up, up, up, and up on probability of success.
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When Are You Going To Clean Up Your Financial Mess?
And these are controllables. This is The Ramsey Show.
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When Are You Going To Clean Up Your Financial Mess?
How much land is involved in the total tract?
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When Are You Going To Clean Up Your Financial Mess?
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. Rachel Cruz, number one best-selling author, host of The Rachel Cruz Show, co-host of Smart Money Happy Hour, and my daughter is my co-host today. Open phones here at 888-825-5225. Catherine is in Pittsburgh.
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When Are You Going To Clean Up Your Financial Mess?
No, no, no, no. I mean the whole property, including yours.
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When Are You Going To Clean Up Your Financial Mess?
How do they build on the back of an acre?
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When Are You Going To Clean Up Your Financial Mess?
Payable on death is a simple thing. It is, but it... Unless she fraudulently did a transaction, there shouldn't be any criminal involved. The will... The will does not supersede payable on death.
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When Are You Going To Clean Up Your Financial Mess?
And what's the status of that house?
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When Are You Going To Clean Up Your Financial Mess?
My, the whole plan was my aunt to, um, so she's a co-owner on it, but nobody's, but there's no ruling against her on that.
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When Are You Going To Clean Up Your Financial Mess?
Could you sell the house? Then sell the house.
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When Are You Going To Clean Up Your Financial Mess?
She built a tiny house on the back of your acre.
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When Are You Going To Clean Up Your Financial Mess?
No, it doesn't necessarily go to public auction. The partition sale can just demand the sale within 90 days, and you put a real estate agent on it.
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When Are You Going To Clean Up Your Financial Mess?
That's where the money needs to come from because apparently she's got to pay this back. I'm a little shocked. I'm not an attorney, but I was under the impression pay on death superseded any will. But I don't know. I'm not an attorney, and I'm certainly not an attorney.
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When Are You Going To Clean Up Your Financial Mess?
Oh, jeez. So she's not only not speaking to you, she's in your back window.
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When Are You Going To Clean Up Your Financial Mess?
Yeah, I'm going to force the sale of the other house and find the money to pay this back. You're at mom and dad's house. What's it worth?
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When Are You Going To Clean Up Your Financial Mess?
Right. So I don't like anything in this conversation, and you don't either. It's not fun. But before I go to jail, I'm selling my house.
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When Are You Going To Clean Up Your Financial Mess?
No, no, I'm talking about your mom and dad's house.
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When Are You Going To Clean Up Your Financial Mess?
They have changed this. What I'm also confused about is, are they saying because it was a federally insured bank that she wrongly took the money on a POD account, on a paid-on-death account, and they're calling that a federal crime? Well, she's actually been charged with a federal crime.
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When Are You Going To Clean Up Your Financial Mess?
Okay. Then they had, they had to, then they had to, because it's a federally insured and FDIC bank that, you know, monkeying with them makes it a federal crime is the problem. But I don't understand how she monkeyed with them. I think it's, I thought, I thought it was a civil matter, but I'm, again, I'm not an attorney. I'm, I'm just aghast at this whole story.
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When Are You Going To Clean Up Your Financial Mess?
It's not the state. It's the Fed.
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When Are You Going To Clean Up Your Financial Mess?
It's the FBI. If you monkey with a federal bank, it's the FBI that files the charges.
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When Are You Going To Clean Up Your Financial Mess?
It doesn't make sense at all. If you did a fraudulent transaction and stole the money out of the account, I can imagine that the feds would get down on your head. That makes sense. Right. But this was not fraudulent in any way. It was simply functioning off of the POD, the paid on death. I don't know. Again, I'm practicing law here on the air, which is really dumb because I'm not any good at it.
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When Are You Going To Clean Up Your Financial Mess?
All right. So, yeah. I'm forcing the sale of the other house with a petition. If I can't pull that off, your mom and dad have to sell their personal home if there's no other way to stop these criminal charges because I'm not putting a 74-year-old in jail. I will sell my home before I do that. I'll sell her home before I do that.
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When Are You Going To Clean Up Your Financial Mess?
Um, so I, but I can't even imagine how we got here, but you don't sound like someone that's blowing this out. It sounds like you actually know what you're talking about. And so that makes me think I don't, cause I don't know how we got here. Wow. Scary. Man, people do your will tell everybody in the will how it's working and then tell the rest of them to shut up before you die.
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When Are You Going To Clean Up Your Financial Mess?
Every lawyer you talked to said the same thing, which was what?
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When Are You Going To Clean Up Your Financial Mess?
If you're going to piss people off, do it before you die. Yeah.
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When Are You Going To Clean Up Your Financial Mess?
Our question of the day is brought to you by YRefi. If you've got defaulted private student loans, that means you don't have any momentum. Well, we get that. No judgment. But also, nobody's coming to bail you out. So take charge at YRefi.com. They offer refinancing to a low fixed rate built just for you. You can get back on schedule and then get them paid off. It's cool.
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When Are You Going To Clean Up Your Financial Mess?
Private student loans that are in default. That's the letter Y. R-E-F-Y dot com slash Ramsey. Might not be in all states.
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When Are You Going To Clean Up Your Financial Mess?
Maybe you get married and go to about seven marriage seminars.
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When Are You Going To Clean Up Your Financial Mess?
You can make a human together, but you can't seem to pay your bills together.
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When Are You Going To Clean Up Your Financial Mess?
There's not a tiny house in the back corner of an acre on no planet is worth $180,000. True. It's just... The drama of some people. Okay. Yeah, because you're thinking like 50 acres. I thought there was 100 acres and she was in the back 40 or something. Oh, no. No, she's in the back window. This is bizarre. Oh, my gosh. So what are you going to do, Jamie?
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When Are You Going To Clean Up Your Financial Mess?
I mean, seriously. Hey, she has a house. You don't. That's a good point. Yeah. You know? So, I mean... So what would I do if I were in your shoes? I'll stop all the sarcasm. It's hard for me, but I will stop it for a moment. It's a spiritual gift, but I'll stop it for a moment. Okay, what would I actually do if I sat down with you and was not just poking fun at you?
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When Are You Going To Clean Up Your Financial Mess?
I would say, young man, the best thing you can do for this young lady, for you, and for this baby, for your future, the highest probability of you being able to have a quality life and build wealth is for you to get married. As a part of getting married, sit down with a good marriage counselor and act like you're doing pre-marriage counseling.
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When Are You Going To Clean Up Your Financial Mess?
It's too late, but you need to do pre-marriage counseling and start learning to work together. I would put you into our class, Financial Peace University, where you both have a point of discussion about debt, about budgeting, about living on a plan for our future.
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When Are You Going To Clean Up Your Financial Mess?
But you're hovering around the fringes of this, throwing grenades back at her, and she's been doing the best she knows how to do while you stand on the outside looking in. And it's time for you to step up. You've made a baby. So step up. Take care of business. Be a man. And the two of you sit down together, get married, and start planning a future together.
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When Are You Going To Clean Up Your Financial Mess?
And then you have footing to have a discussion about, honey, I need to be – it's very important for the future of our child and the future of our marriage that we are on the same page on getting out of debt, on the same page on spending, on the same page on saving money and investing for the future of this child, on the same page with money in general.
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When Are You Going To Clean Up Your Financial Mess?
And we've got to spend some time and effort on that. It's time for us both to do adulting stuff. And, um, I've let you down to this point, but I'm not going to anymore. And I would be very proactive in that discussion and in that part of your relationship.
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When Are You Going To Clean Up Your Financial Mess?
And then, and only then do you have the footing relationally, legally, everything else to bring her to the table and have a discussion, a serious adult discussion about let's, let's be both be grownups and let's get this mess cleaned up. Um, so, but, Uh, yeah, that that's what I would do now. I don't know if you're going to do any of that. I kind of doubt it actually.
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When Are You Going To Clean Up Your Financial Mess?
And so I think this is going to be, if you don't, I'll go ahead and tell you what's going to happen. You're both going to struggle. And this kid is in a world of hurt because it's parents are nuts. That's what's really going to happen if you don't fix this. So it's going to be a long, hard life. But you can turn it around. Lots of people turn it around.
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When Are You Going To Clean Up Your Financial Mess?
They just make a decision today, I'm going to change. And that's the beautiful thing about human behavior. You can just look at it and decide. That stuff, that's simple. Dave is in Phoenix. Hey, Dave, how are you? Doing well, thanks. How about yourself? Better than I deserve. How can I help?
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When Are You Going To Clean Up Your Financial Mess?
Okay. And what's your net worth?
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When Are You Going To Clean Up Your Financial Mess?
Great job. What is it you want to do with your life?
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When Are You Going To Clean Up Your Financial Mess?
What do you all do for a living now?
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When Are You Going To Clean Up Your Financial Mess?
That's a 9-to-5. It's 9-to-5. You do e-commerce in your living room?
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When Are You Going To Clean Up Your Financial Mess?
Yeah. Okay. All right. So where did the $2.8 million come from?
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When Are You Going To Clean Up Your Financial Mess?
No, I'm serious. I mean, let's say you made 3% on that and you could have made 12%. Nine percent of me is ninety thousand bucks a year you're losing. So, yeah, you need to get that invested. That's a sidebar, though. So you need to get with a smart investor pro and sit down and start laying out an investment game plan. But, yes, you could start doing freelance with your skills.
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When Are You Going To Clean Up Your Financial Mess?
From the road, from your laptop, and you guys can travel, and your wife could go to two weeks a month, and you guys could travel, and your income wouldn't drop that much. What I don't want you to do is do nothing because it's not good for the soul. Yeah. Your soul is better when you are serving.
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When Are You Going To Clean Up Your Financial Mess?
No, I don't morally giving her anything. Okay, okay. No, you didn't do anything wrong. I agree. And the funny part is the son-in-law stopped construction on the tiny house in the back corner of the other house. Oh, my God. The brother-in-law. Father-in-law, yeah. Her son-in-law. Our son, yeah. Because he wants his cut of the tiny house.
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When Are You Going To Clean Up Your Financial Mess?
You're happier when you find some way to add value to someone else's life, and just going around the world and collecting margaritas doesn't do that.
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When Are You Going To Clean Up Your Financial Mess?
It does not. It does not do that. Somewhere around the 11th day it starts to go away.
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When Are You Going To Clean Up Your Financial Mess?
I'm just telling you. Cabo Dave. I'm speaking from experience. Somewhere around the 11th day. But I'm still plugged in when I'm in Cabo.
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When Are You Going To Clean Up Your Financial Mess?
Anyway, this idea that we completely retire and kick back at 39 years old and have no gainful anything is not a good plan.
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When Are You Going To Clean Up Your Financial Mess?
You can change how you're doing. Yeah, for sure. And I would. I definitely would.
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When Are You Going To Clean Up Your Financial Mess?
And get a house and get that money invested. Great job, though.
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When Are You Going To Clean Up Your Financial Mess?
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
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When Are You Going To Clean Up Your Financial Mess?
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. Our EveryDollar team has multiple free trainings for you this month.
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When Are You Going To Clean Up Your Financial Mess?
EveryDollar is about more than just budgeting. It's about how to handle money. And it is expanding and growing, and the services built inside of it are new every week. And so we're constantly growing. This team is doing an incredible job. So if you want to learn how to handle money, get in the EveryDollar app.
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When Are You Going To Clean Up Your Financial Mess?
And you can join live to learn how to break the paycheck to paycheck cycle in just 90 days. We're going to give you a step-by-step walkthrough of the EveryDollar app. And you get your biggest budgeting questions answered live in the Q&A. Almost 200,000 people have done this. They've just done these trainings. I mean, millions of people have downloaded the app.
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When Are You Going To Clean Up Your Financial Mess?
About a couple hundred thousand have done these trainings. So spots are limited. Sign up now. It's a free training. Go to everydollar.com slash webinar. Jennifer is in Seattle. Hi, Jennifer. Welcome to the Ramsey Show.
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When Are You Going To Clean Up Your Financial Mess?
Why was it failing and why is it failing?
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When Are You Going To Clean Up Your Financial Mess?
My daughter is my co-host today. Open phones at 888-825-5225. Jamie is in Tampa, Florida. Hi, Jamie. How are you?
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When Are You Going To Clean Up Your Financial Mess?
The father-in-law? I thought you said it was the son-in-law. No, father-in-law. Oh, okay. And he died. He stopped the construction.
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When Are You Going To Clean Up Your Financial Mess?
Okay, so here's what you need to do. You need to have a logical reason to chart an increase in profits forecasted over the coming 12 months. Okay, so like for instance, what were your profits three months ago for the month? Profits.
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When Are You Going To Clean Up Your Financial Mess?
All right. So what a horrible trying to do something nice that went bad story. Correct. So, no, you know what I'm going to do? I'm just going to hire an attorney. You've got the money. Okay. Go give somebody $10,000 and keep her tied up until she dies. Oh, wow. I mean, that's really all you can do here. Because she's not going to... You're not going... This relationship's not going to be healed.
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When Are You Going To Clean Up Your Financial Mess?
What did you used to do for a living before you moved there?
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When Are You Going To Clean Up Your Financial Mess?
There's two things that determine... when you walk away, number one thing you determine is when you're out of gas. And I don't know where your husband is, but you're out of gas.
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When Are You Going To Clean Up Your Financial Mess?
Yeah. You ain't got any fight left. You're fight all left.
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When Are You Going To Clean Up Your Financial Mess?
I didn't say you're not strong. I said you're out of gas. There's a different thing. You can have a car that is very powerful, but when it's out of gas, it sits. It doesn't matter how strong. It doesn't matter how many horsepower the engine generates. It's out of gas. So, yeah. The second thing is Henry Cloud wrote a wonderful book called Necessary Endings.
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When Are You Going To Clean Up Your Financial Mess?
He's a good friend and one of the best writers, I think, on the planet on these kinds of things. And he says in anything, whether it's a job, a business, a relationship, whatever, you have a necessary ending when you lose hope logically that the future is getting better. A crazy example, in other words, that has nothing to do with your story.
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When Are You Going To Clean Up Your Financial Mess?
would be like if you're married to an alcoholic and they promise they're going to get better, they promise they're going to go to rehab, they crash, they go to rehab, they crash, they go to rehab, and you finally go, I don't think this is going to get better. This has to end, and you end the relationship with the alcoholic. Okay? That's an example.
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When Are You Going To Clean Up Your Financial Mess?
In business, it would be I can't see logically a business way out. I don't see how this is going to turn a profit before we all starve to death over here.
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When Are You Going To Clean Up Your Financial Mess?
Yeah, and I don't hear the prophets coming. I mean, if you told me there's some kind of a... a chart with the profits, and it was hockey stick up and to the right, and we were just at the bottom of the hockey stick, but we're heading up. That's a plausible, hopeful thing that we could reach and get a hold of. But so far, I haven't heard that you guys even know how to make a profit with a pizzeria.
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When Are You Going To Clean Up Your Financial Mess?
So can you sell the assets like they were sold to you?
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When Are You Going To Clean Up Your Financial Mess?
Yeah. If they would just take over your contract with the former owner, that would be a win.
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When Are You Going To Clean Up Your Financial Mess?
And then you go clean up the credit card debt. You go clean up the 8K, the 15K. You can do that when you get jobs again.
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When Are You Going To Clean Up Your Financial Mess?
Yeah. If the, if the former owner that you owe money, the 115 to would agree to let someone else take over and release you from liability on that contract. And that's all you get for the business. I'm going to call that a win.
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When Are You Going To Clean Up Your Financial Mess?
And then you go have to fight through the rest of the debt.
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When Are You Going To Clean Up Your Financial Mess?
It's not that hard at all. I don't know what assets are here, but you've got a pizza oven. You've got restaurant goods. You've got somewhat of leasehold improvements. I assume you're leasing the building.
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When Are You Going To Clean Up Your Financial Mess?
This woman's lost her marbles. And... And we can't find them. They're somewhere in the backyard near a tiny house.
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When Are You Going To Clean Up Your Financial Mess?
But you don't own the real estate.
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When Are You Going To Clean Up Your Financial Mess?
Okay, but you've got this location, and the lease would be assignable as a part of this too, and you could get out of that. So if you can assign the debt to the former owner and assign the lease and call that a day, I'm probably taking it because I think you're out of gas, and I don't think you see your way to sunshine.
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When Are You Going To Clean Up Your Financial Mess?
yeah i don't i don't hear it would your husband agree jennifer does he feel this too um yeah yeah yeah and we are we're loyal we don't quit we just keep going but listen winners quit all the time we quit doing stuff that's stupid yeah and and beating your head against the wall you know you quit doing stupid stuff i quit doing stupid stuff all the time i quit all the time
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When Are You Going To Clean Up Your Financial Mess?
It's called experimenting. I found something that didn't work. The hypothesis didn't play. And your hypothesis in this didn't play. You guys go get some jobs and get your emotional sanity back, your spiritual sanity back, and you can actually relax and lay your head on the pillow again. You've been through hell. I can hear it. I'm letting this thing go.
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When Are You Going To Clean Up Your Financial Mess?
If you can get it sold, I'm going to work real hard to get it sold in the next 90 days and get my life back and then go back into the pasture or go back into something else. What if one night could change your future? You don't have to stay trapped in the same old patterns that have left you stuck in your money, relationships, and your life.
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When Are You Going To Clean Up Your Financial Mess?
You can break the cycles that have kept you from moving forward. Dr. John Deloney and I will show you how live the Money and Relationships Tour is starting this week. Join us in Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City. It's down to the wire, so grab your tickets at ramseysolutions.com slash tour. That's ramseysolutions.com slash tour. Krista's in Asheville, North Carolina.
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When Are You Going To Clean Up Your Financial Mess?
Right next to you, Jamie, wherever they are. That's where the marbles are.
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When Are You Going To Clean Up Your Financial Mess?
Hi, Krista. Welcome to The Ramsey Show.
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When Are You Going To Clean Up Your Financial Mess?
You can make $25 an hour at Target.
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When Are You Going To Clean Up Your Financial Mess?
Is his degree in physical therapy?
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When Are You Going To Clean Up Your Financial Mess?
So how much more was he making? Did he get his PT?
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When Are You Going To Clean Up Your Financial Mess?
And PT assistants don't make but $22, or he just has the world's worst job? I don't know what they make. A PT generally makes in $70,000 or $80,000.
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When Are You Going To Clean Up Your Financial Mess?
But, I mean, that's the market for a PT assistant with a PT assistant certification.
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When Are You Going To Clean Up Your Financial Mess?
I wouldn't pay money to get that degree.
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When Are You Going To Clean Up Your Financial Mess?
So you're not making any money either. Yeah. How long have you had this business?
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When Are You Going To Clean Up Your Financial Mess?
Good. It needs to. Okay. Good. Good. Cause I mean, if you're gonna run your own business, it's hard work. As you've noticed, you want to make more than minimum freaking wage.
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When Are You Going To Clean Up Your Financial Mess?
Yeah. Okay. Good. Cause I mean, you're, you're, you're pouring on the coals girl to do what you're doing. I can tell. All right. So, uh, all right. So you're going to have a household income of approaching a hundred thousand. Why can we not pay off $80,000 in debt?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
He's going to $39 an hour. In a year. She's making $40.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay, but I mean, why can you not pay off? First, you could not be in collections and get current on the payments, and then you could just pay the stinking thing off in the next year and a half, two years.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Why did you not put converters in it? Just why didn't you get a converter and put in it?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
If they write it off as a total loss, they have to give you the entire value of the car.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
I don't care what they deem it to be. It wasn't $800 before the converter got stolen.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You have to go back and fight your insurance claim. You got screwed.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So you own the house that got gutted?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay. But it still has damage from the floods?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
He needs to make the decision because it's the most painful for him. But if it was my situation here, I would just say, you know, you hired a lawyer, so I guess we've got to, and I would just stall and file continuances and... Do in-depth depositions with every expert on the planet and just, you know, just tie it up for five years and, you know, then it won't be there. It's awful.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Um, what is your, are you doing your business online?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So that's kind of where, where's the bulk of your business coming from online or storefront?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay. Uh, rent a storage, a mini storage, even if it's inconvenient because you don't have $8,000 for roof and you can't let your inventory get ruined. So move your junk, move your junk.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And, uh, then start saving money. And then what you've got to do is you have to prioritize the, um, you have to prioritize these issues. Okay. We have a roof, we have car issues. We have, um, a roof on the house issue and we have $80,000. Okay.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Yet this has nothing to do with why you called, by the way, you still are going to combine your finances because you've combined your life and you got as much mess as he's got. When your roof is leaking all over your inventory, that's probably worse than being behind on your student loans. So, you know, you got, you guys are sitting, you both are walking into crisis upon crisis.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So you just got to prioritize. How do you eat an elephant a bite at a time? So let's force rank what we're doing with these things. Let's work our butts off. And every dollar we can squeeze goes to force rank number one. Every dollar we squeeze goes to force rank number two after that. And so I'll help you. Get current on the student loans, one. Move the stuff to mini storage.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Then number two, build the roof and bring the stuff back out of mini storage. Number three, upgrade your cars and get moving again on those. Just do something like that and you lay it down. And you guys have got enough money combined if you both get in gear and both work 27 hours. I mean, you're just going to be working like maniacs to clean this mess up.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
It's a metaphorical mess as much as it is an actual mess.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay, those cars were worth more than $800. I don't understand how you accepted $800. I would not have accepted that. If you're going to total my car, the policy says you have to pay the whole bill, the value of the car. And so you may need to contact an attorney and go back and fight this insurance company on this.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
But what they're doing is they're trying to dodge anything in your area on claims because they've gotten slaughtered on claims in your area. And so they're screwing people. Is this State Farm?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Yeah, I can give you a final offer. I'm going to sue your butt, State Farm. Is that who it is?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Okay, yeah. I'm going to file a suit on them for $15,000 or $20,000. I'm going to give them a hard time. So you've just got some things like this. You've got to line out some stress points and decide, okay, this month we're going to attack this one. This month we're going to attack this one. The other possibility is load up everything and leave.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And go somewhere else and rent a house and start your lives with careers and your storefront in a new location and sell the property. And that'll clean up a bunch of the debt. That's a possibility too.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
But, I mean, that's all you can do other than try to make an angry old woman that did a crazy bad deal happy. I don't know how you do that. I know how you do it. For the rest of you listening, don't do this. You know one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Better than I deserve. What's up?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet. I also discovered that there are a lot of ripoffs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income.
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When Are You Going To Clean Up Your Financial Mess?
which is the smartest, most affordable way to protect your family. The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years.
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so you know they'll be there when you need them. Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. A couple of cool things going on around here right quick.
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Brought to you by the EveryDollar app. Start budgeting for free today. 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. I'm Dave Ramsey, your host, Rachel Cruz, number one best-selling author, host of The Rachel Cruz Show, and co-host of Smart Money Happy Hour.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Dr. John Deloney and I are in the middle of a six-city tour. We've been running in and out of Nashville this week because we were in Louisville last night. We were in Durham, North Carolina with several thousand folks. And tomorrow night we'll be in Atlanta. You can still get your tickets to that. And then a week away we'll be over in Phoenix and then to Fort Worth and then to Kansas City.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Man, if I could answer that, I'd be rich.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Kansas City sold out. Fort Worth is almost sold out, but you can still get a ticket. And Phoenix is a little bigger venue. You can still get a ticket there for sure. Atlanta, if you want to come tomorrow night, you can get tickets. But thank all of you for turning out. It's been a lot of fun. We were in DPAC, the Durham Performing Arts Center, last night, and it was kind of fun, Rachel.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
I sent Rachel a picture. She and I were on that stage 11 years ago, on 2014, doing the Legacy Journey Tour at that time. And some of these venues like this, the famous people, that do the venues. It's very cool because you can go backstage and you got like Ozzy Osbourne signed the back wall or Metallica or, you know, John Lennon or something like that.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And then there's Dave and Rachel signed the back wall, you know. And so but so I took a picture of it and sent it to Rachel to remind 11 years ago we were on that stage. But thank all of you for turning out for these things. We appreciate it. We're having a good time. John and I are by the time we get done with Six Cities, we're going to get good at this.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And so we're getting better every night already, so love to have you do that. And all of you that purchased the book Build a Business You Love that was launched last week, my latest book, Teaching Small Businesses the Clear Path of Mastering the Five Stages of Business to Grow and Run Your Business Properly, thank you so much for that.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
One week after a book launch, you get the list, the bestseller list, and it came out number one, number one bestseller. So thank you guys for that. We appreciate you. And the New York Times picked it up and ran it on their bestseller list. Their bestseller list is not a – is not based on number of books sold. It's just based on, I don't know. I think they like it or something.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
I don't know what they just, they just decide what they're going to put on there. And so they put it on at number five on New York times, but it was the number one selling book in the week, uh, by numbers. So that, that makes it according to book scan. And so it shows up on all the, um,
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
all the bestseller lists that use the actual sales to categorize the bestsellers, which I kind of thought that's what a bestseller is. But anyway, that's how it works. So thank you guys. We appreciate you very much. And this one is really fun, Rachel. So Ramsey fans tell us all the time that groceries are one of the largest line items, and it's a frustrating line item in your every dollar budget.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
It's frustrating because, you know, like you have to get a mortgage for eggs these days or something, right? And so... Fifty nine percent, that's six out of 10 people say it's a challenge to save money on groceries without sacrificing quality.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So we've been working on this behind the scenes and going, OK, where how can we help our audience by partnering with someone in that world to get you guys the best possible deals and so forth? And we ended up settling on the folks at Aldi. They've got fresh meat, organic products.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
We've got some Aldi people out in the audience right here in the live studio audience. They give you a great selection. They've got fresh meat, organic products. Their Aldi exclusive products are fun. They're sassy with their labels like Ramsey is, so we like them. And they're really good quality and they're really cheap. The lowest prices of any national grocery chain. And shoppers say big.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
The family of four can save $4,000 a year shopping at Aldi versus some of the others. And so they're a brand new sponsor, a brand new partner here. And Rachel, you know, the young moms that you run around with and that you know and that are in our family, Aldi's a big deal.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
The property that they gave you?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Well, when we started talking about this, gosh, about 18 months ago with our internal team, our broadcast team, and they're like, OK, go find a partner. And Rachel's like, go get Aldi. Well, yeah, because you because you were the one you were like the focus group.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So it's titled to you and your husband?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
on groceries when it comes to your budget and your money aldi's the place to go really proud to have them as a new partner good quality stuff at a good price and no frills and uh good sassy labeling i like it their marketing is fun they're i kind of people and all their i don't know you're i'm seeing them more and more on social media and stuff they're funny oh that's cool that's good Good.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
So stop overpaying. Start shopping at Aldi. Go to Aldi.us to find an Aldi store near you. A-L-D-I dot U-S. James is in Chicago. Hey, James, how are you? Good.
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Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. 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.
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If the mutual – the stock market since it began has averaged, meaning some years not, some years more.
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Has averaged 11.8. If it didn't do that well and it only made 10 – the money that lump sum that you've got that you're going to put in there will double every seven years. And so let's not counting what we're adding to it monthly, but just taking that 75,000 or so. I'm going to call it 75 for math. At 77, it'll be 150, not counting what you add to it.
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At 84, it'll be 300, not counting what you add to it.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And that's if you continue to have your lifestyle be at Social Security plus part-time jobs or less, or you're not tapping into this money.
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So you'd have $300,000 in a paid-for house plus what you're adding to it, probably close to a half million dollars when you're in your mid-80s.
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That all sounds good, but you've got to follow through on... But you're in your mid-80s, too.
The Ramsey Show
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Well, I can tell. You just won a game show with David Spade. That's not an old 70, okay? That's not an old 70 right there. You're awesome. I love you. So, yeah, I... I would pay it off, but only if you guys agree to number one, get on a tight budget and detail out where, where every dollar's going. So that number two, I can put 1500 a month away.
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And sit down with a smart investor pro, go to Ramsey solutions.com.
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I, they can swing it. She's got, she's got 6,000, $7,000 a month coming in and she doesn't know where it's all going. Um, other than it's getting spent. And so, I mean, he's making a little money, she's making a little money and they got 4,500 social security.
The Ramsey Show
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So they can swing that. I don't know how long they can swing it, but they could do it for three years. They get the money back for the 85. Yep.
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yep that's that gives me comfort that gives me comfort because those three years yeah otherwise we leave them sitting there with almost no money or too too small on this dig and and a paid for house because what we have run into over the years folks is somebody gets to retirement and they have a paid for house and no money they end up digging up the bushes and trying to eat them
The Ramsey Show
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Because there's no money to eat with, right? I mean, you've got some problem here. So you've got to have some cash in addition to the paid-for house. We want you debt-free, but you've got to have some cash, some investments, not just cash, but some investments that are outside of your home.
The Ramsey Show
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So when you have a healthy boomer make it in, so the gradient is not 10 to 15 years. The gradient is 20 to 30 years. Got it. To which point the answer is the absorption rate will not even notice it. You won't even know it happened because the inventory shortage is far superior to that gradient.
The Ramsey Show
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But having a paid-for home going into retirement, it creates a sustainability way beyond somebody has debt going into retirement.
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Yeah, and you know what? The other thing that gave me comfort, and I didn't realize it until you were saying that, they've already downsized. She downsized to get to that.
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And so these people are already noticing where they are. They're not struggling with reality.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And so that gives me comfort, too, because they're reality-based people.
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Quit Trying to Outearn Your Stupidity!
It's clear. Yeah, it's real clear. And long before they got to this phone call. Snake oil, David Spade. Snake Oil.
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I got 200 grand from Snake Oil. I didn't. She did. This is The Ramsey Show. If you need health insurance for yourself or your family, you might be lost in a maze of confusing terms, overwhelming options and questions about networks, not to mention high costs and bad service from insurance companies that don't care about what you want.
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For you, not the insurance companies, their service is free with no obligations and no pressure. Here's the best part. Health Trust Financial customers typically save an average of $500 a month. Health Trust Financial is your one-stop shop for unbiased advice about health insurance options to make sure you don't overpay. So get out of the maze by going to healthtrustfinancial.com today.
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retro cruise ramsey personality number one best-selling author my daughter is my co-host on the debt-free stage in the lobby of ramsey solutions steve and nina are with us hey guys how are you great how about you better than i deserve where do you guys live danbury connecticut danbury connecticut Bit of a haul to Tennessee. Worth the trip. And a minor culture shock, too. We like it. Very cool.
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Good for you. And your range of income during that time?
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And what kind of debt was the 142? Our house. Our house.
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You leaned in on this house. These numbers. You've been on rice and beans doing the house.
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Baby step two in it. Just all right. You didn't let off the gas. You just went on through. Yes.
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So what is a house like this in Danbury, Connecticut sell for? About $450,000.
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Literally, I'm 64, and so over the next 30 years, the boomers will die off. Roughly. Not over the next 10 years. If they were all to die in the next five years, then your question would say, okay, there's going to be a rush of supply into the market, and he could cause prices to adjust.
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If your broke friends are making fun of your financial plan, you're right on track.
The Ramsey Show
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They need to get a free book that was given to them and a box of books that you're getting ready to resell. Golly. You got a bargain. I think the ROI on that's infinite. That's pretty incredible. Wow, dude. This is so awesome. I'm so proud of y'all. You're going to be so freaking wealthy. Thank you. And that's good because Steve's kind of money motivated. Yeah. He's kind of had his eye on that.
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That's what his question really had under it.
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He's got the nerd moneymaker thing going. Yeah. The rainmaker thing. Yeah. Very good, you guys. Very cool. Man, y'all are something. So now that you don't have a single debt in the world. That's crazy. And you're making almost $200,000 a year and you're 30 years old. What are you going to do? How are you going to celebrate?
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We need a new roof. I said, how are you going to celebrate? We need a new roof. Okay, so that's how we're going to get up on the roof. Yeah, all right. Party on the roof, baby.
The Ramsey Show
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Okay, so you're driving 10-year-old cars. And so it's time to upgrade mom with a little better car with the baby. And you can do that in like two months. I mean, it's not a big deal, right? You got no freaking payments. When you start to feel the muscle that you now have that you've never had before in your life, it's going to blow your mind how quick you can do stuff. It's crazy.
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So way to go, y'all. Way to go. How's it feel?
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Good for you guys. What do you tell people the secret is to getting out of debt?
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It could happen. It could happen. Something that takes out all the old people. So, yeah, I mean. We would miss y'all. Yeah, it's kind of like you're thinking we will miss you all. We would miss you. That sounded not sincere. I don't know.
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Yeah, she's here. Bring her up. Is she going to help you do the scream? Yeah, she's been practicing. All right, well, bring her up here.
The Ramsey Show
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I want to see this beautiful child. Wow, that's wonderful. Very cool, you guys. This child has no idea how big a hero her mom and dad are. They've completely changed their family tree. Everybody look in the camera. If you've got YouTube going, you can see what heroes look like. This is pretty stinking cool. I'm so proud of you guys. Well done. Well done. Steve and Nina and little Cecile.
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You're Danbury, Connecticut. Wow. 142 paid off in 37 months, making 115 to 180.
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Count it down. Let's hear a debt-free scream. Three, two, one.
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They work you into the ground, man. And I know. I've been doing it my whole life. And I've been coaching with 10,000 small businesses over the last several decades through Entree Leadership. And we figured out that there is a clear path through five stages of business and the six things that drive you through those five stages.
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That makes up what we call the Entree Leadership System, which is basically the baby steps for running and growing. your small business. If you know someone that's doing that, the brand-new book that we have out, Build a Business You Love, my brand-new book, it will come out April 15th. It's on presale right now. You can get it for $29.99 and get over $350 in free bonus items.
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Tens of thousands of you have already bought it on preorder. Thank you for the support. Thank you for the trust. And I promise you it's good. I promise you it's worth reading. And it's definitely worth a lot more than $29.99. Information there should make you millions of dollars. So pre-order today at RamseySolutions.com slash store or click the link in the description and you're on your way.
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Jackie's with us. Jackie's in Charlotte, North Carolina. Hi, Jackie. Welcome to the Ramsey Show.
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And, um, how much debt do you have not counting your home?
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Okay, so $20,000 makes you debt-free and you make $130,000. Do you guys have any money saved?
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Okay. Um, the emotion and the, uh, I guess fear is the word, uh, that would, that I would feel if I were in your shoes would maybe make me reach and try to change, uh,
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um some kind of thing and try to accelerate it and you know try to get into high gear or something so to speak which is kind of why you're calling i think um so um i completely identify with that if it was me i've never been in that situation but i can only guess how i would react it would it would put me into high gear you know we got to get something we got to get moving here
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And so here's some interesting numbers for you, okay, that run through my head. We did about four years ago, Ramsey Research did the largest study of millionaires ever done in North America. Wow. Okay. When they, the people reached millionaire status, the vast majority of them, 89% of them, uh, became millionaires and not using inherited money. They did it themselves.
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Nine out of 10 millionaires in America are self made millionaires. Okay. Um, the, the, uh, that's good information. The second piece of information is it took on average 17 years. Lots of them did it in 12.
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interesting number for you okay um and what they did was they poured money uh and cleared their debts and uh then they started putting money aside into retirement and then they paid off their home and so when they got to the millionaire status, they're sitting with a six or an $800,000, $900,000 paid for home. And they're looking at six or eight or $900,000 in their 401k.
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And they did that in 10 to 17 years, you know, is the range, right? So like I was saying, a lot of them did it in 12, some of them were longer than 17. Uh, but one third of them, uh, had an income under 100,000. So you're ahead on that, and your time frame does that.
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And so if I step aside from the emotion, which is my reason for bringing it up, and I said, I'm going to work the Baby Steps Millionaires system, that's your family's best shot at being prepared for this.
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Well, now I'm going to get rid of this car payment.
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We're getting rid of this consumer debt in 20 seconds. And then we're going to build an emergency fund. Then we're going to save a down payment for a modest home. And we're going to put it on a 15-year fixed rate. And then we're going to start putting 15% of our income into retirement. And we're going to throw everything else at the house and get it paid off.
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You're going to see raises and increases during that decade that that all occurs. And then when the house is paid off, you load up all your retirement and other miscellaneous investments. You may want to have some outside of retirement, some mutual funds outside of retirement, because you may need access to that money if your site were to leave before 59 1⁄2.
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But honestly, working the standard system we have is the fastest way I know how to get you guys ready. And I gave you all the background as to why just now, okay?
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Period. Because you're assuming one possible track in this scenario, that everything works exactly like your little plan you just laid out. And 100% of the time, things don't work like you planned. Something different will happen. And here's the other thing.
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Okay, and so 15 years puts you at 45, 46, yeah. All right.
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Okay, there's a term, you can remember this too, it's a nuanced issue, but you'll discover it later when you meet with a SmartVestor Pro. I'm going to give you three or four things to do to go do what I just told you how to do, okay? Okay. Now, and I'm going to load you up with gifts in just a minute. All right.
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So it's called the term is bridge investing to have some money in a good mutual fund, a pile of money to fund your family's wants or needs between 45 and 59 because you can't access your Roth IRAs and 401ks until 59. Okay. Okay.
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So you have some non-retirement investing in your mix, and that might be something that is a little different for you all than I would normally do because I'm giving you 15 years out there of sight, 12 to 15 years, and then things are going to get rowdy, and I need a half million dollars laying over there of my million and a half. laying over there that I can get to.
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Not because you're going to use it all at once, but because you might need the income off of it, and you can't even access that if it's in a Roth until 59, okay?
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Bridge investing. All right. So here's the thing. We're going to send you the full enchilada. All right. We'll give you a financial peace university. We're going to give you every dollar premium, which is the budgeting app. You and your husband go through all of those lessons immediately. And then.
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tear into this budget tear into this debt work these baby steps get the debt paid off get the emergency fund saved get the down payment saved for the house work baby steps one two three four five six seven exactly like we teach with great intensity and you have every reason to do that and then i'm going to send you the book total money makeover that is the baby steps on steroids it shows you exactly how to do all this also
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and I'm going to send you the book with the study of millionaires in it in the back of it, the white papers in the back of it. It's called Baby Steps Millionaires. So I'm going to give you every bit of that. And then the second piece is I want you to go to RamseySolutions.com and click on SmartVestor Pro and find one in your area that has the heart of a teacher.
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Meet with them and tell them your story so they can help you begin to plan the investing when you get to that stage. Hang on. We'll get you set up with every bit of that. And we'll walk with you, kiddo. You're not by yourself. We're scared with you. And we're also excited about how wonderful your future is going to be. This is The Ramsey Show.
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You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. And there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
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If they will give you student loan forgiveness and they won't give you education funding equivalent to that, I'm going to find a hospital that will because there's a shortage of nurses and someone will write you that check. If that group won't, somebody else will.
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I also discovered that there are a lot of ripoffs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
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The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
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Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282.
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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 you love, and create actual, amazing relationships. Rachel Cruz, Ramsey personality, number one best-selling author many times over, and, of course, my daughter. She's my co-host today. Open phones at 888-825-5225. Josh is in Phoenix. Hey, Josh, welcome to the Ramsey Show.
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No, I'm talking about how much money. Give me a dollar figure. We've had a podcast reach.
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Nobody's paying you $75,000 an episode for a podcast that hadn't launched.
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And they're going to pay her $75,000 for being a guest.
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Like the actual podcaster or some goober agent? Like some goober agent. You don't know what's real and what's not.
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Because they're already coming out of pocket for student debt. What's the difference in that and tuition reimbursement? None.
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To get paid – the ad revenue is very real. Yeah, yeah, yeah. That's why I said the first number is very real.
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Okay, and even more. That could be even a conservative number. The podcast number is not – I've done five or six podcasts this week, and I haven't been paid for one. Right. So we don't know – And my footprint's a little larger than you're talking about.
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So you're asking. I hear two questions. One is how do we control it impacting our family, and what do we do with the money? Is that the two questions?
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And if they won't do that, talk to somebody across the street that's a different hospital or a different medical group, and they will. Because I've got to tell you, I'm thrilled for you. You are picking out probably, assuming you love it and you're engaged, which I guess you are, what I think is one of the best careers in America is nursing.
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It consumes everything if you're not careful. It's like a reality TV show being in your house.
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So the other piece I would add to that is just to say, you know, you can make decisions about kids and those kinds of things. You also need to make decisions about subjects that are not going to be on the air.
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what parts of our life are our life and they don't go on the air the first 10 years rachel was married no one ever saw winston he hated it now he's mr internet but um in the last two years he's embraced it right but but yeah and john deloney's kids faces don't show up on his he puts cartoon fake covers over him uh rachel shows her kids yeah i put mine on and um so forth and um
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But again, Rachel made a comment there that's accurate. We're not in that business. We utilize social media, but we're not in the business of, quote, being an influencer or running a reality show over our Instagram or something. We're utilizing the platform differently. So we're monetizing it differently, number one.
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Number two, we don't have to have quite the shoot schedule that you guys might have.
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Rachel's in a group of ladies that you would know all of their names and they meet periodically that are friends. And some of them, that is their gig. And so she's getting the inside scoop on what they're making in that group. And I don't, I'm not in the middle of that, but I've heard the numbers and I know some of the ladies we're talking about. and they are making bank. So her advice is dead on.
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Because I've been doing this 35 years, and the entire 35 years I've sat in this chair, there's been a nursing shortage. So you can always pick and choose, get whatever you want. You can work as many hours as you want. You can work 72 straight. You can do travel nursing. You can pick up ER on the weekends at triple time.
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What I would tell you is this. The ones I see get messed up, and I'm looking in from the outside, are the ones who this becomes their God, rather than God being their God, and rather than their family is first, their relationships are first, and this is just a job.
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all it is and so it doesn't take over it's in the fourth rung down the ladder of importance so we get to it when we get to it but we're not sacrificing the child's mental health or our personal relationship and we're not violating people you know but other than that i i think you try it i think you put some boundaries on it and move forward and don't believe everything you hear and try to cash some checks
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I talk to people every day who want to know how to do better in two areas, money and relationships. That's why I'm pumped to bring the Money and Relationships Tour to a city near you. Join me and Dr. John Deloney for a night that will challenge the way you think about this stuff and possibly change how you live forever.
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Starting April 21st, we'll be in Louisville, then on to Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Grab your tickets at ramseysolutions.com slash tour before they're gone. Rachel Cruz, Ramsey Personalities, my co-host and special guest, special gift for you guys to get to meet one of my favorite people on the planet, Lewis Howes.
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And if you've been listening a long time, you've met him before because it's not your first trip on this cabbage truck. But Lewis is a New York Times bestselling author, keynote speaker, former professional football player, member of the USA... Men's National Handball Team, multiple bestsellers, has an incredible show called The School of Greatness. I've been a guest on it.
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Rachel's been a guest on it. Everybody. And he's been a guest here many times. We're just friends in this space of helping people change their lives. Welcome, my friend. Welcome back. Thank you very much. Appreciate you guys.
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The new book is Make Money Easy. So he's on the money show to do that. Create financial freedom and live a richer life. Very, very cool. Because most people try to make it hard.
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I mean, you can make, bank, and control your life how much you work in this field like no other I know of. It's almost the equivalent of being self-employed, except self-employed is harder. You know, I just, I'm thrilled for you. If you love nursing, you're in the right place. And don't shortchange yourself as to what somebody will pay to get you out there. You are a commodity, baby.
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So you just cycled back through each one of those things, touched them and went, okay, I'm going to own this so that it doesn't own me.
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And that has to affect relationships, too. Like you said, somebody's out to get it. or I'm being looked at as a transaction here. And at the first time I met you, you're now happily married. When I first met you many years ago, you were a single guy. It had to affect the dating relationships.
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That's cool. Very fun stuff. I love that. I mean, some of the best stories we've had, you know, back during COVID, the travel nursing stuff, the people that were still working, and they were paying people like, we had one lady, I think she got half a million dollars in a year.
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Because it's other-centered rather than self-centered, and all that crap is self-centered that you were dealing with before.
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Yeah. Make Money Easy is the new book by our friend Lewis Howes. Recommend you pick it up immediately. You'll notice it by the little kind of dull green cover. A little bright, got a battery in the back. I love the color. Excellent. Makes it jump off the shelf. Good marketing, brother. Good marketing. Well done. So we say money is 80% behavior, 20% head knowledge.
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And that really, those behaviors almost flow out of the piece that you're talking about. Or don't flow out of the piece you're talking about. So it's not really managing the behaviors, it's managing the emotional state to get to the behaviors.
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And she paid off like $300,000 in student loan, I remember.
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Lewis Howes make money easy create financial freedom and live a richer life highly recommend it recommend this guy be sure and check out his show the school of greatness you'll love it this is the Ramsey show
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Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. The truth is you get to decide what happens with your money. And if you want to start winning with money, you have to get on a budget.
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The EveryDollar Budget app makes it easy for you to plan every dollar you've got coming in and every dollar going out, plus it's free. So no more excuses. Go download EveryDollar in the App Store or Google Play today. Ramsey Show Question of the Day is brought to you by WhyRefi. Feeling stuck with defaulted private student loan payments?
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WhyRefi can reduce your payments and help you regain control of your money. Take the first step toward getting unstuck. 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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Yeah. So the problem here, Kayla, is not the car. And the problem here is not your husband following the Ramsey rules because your husband is not following them. The Ramsey rules include working with your spouse and being on the same page with your spouse. And you Kayla have nothing to do with anything here. You just stand back and ask for stuff and he decides if he's going to give it or not.
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That is not a Ramsey rule. Instead, you should be like a grownup person, not a child wanting something from her daddy. and be one of the two votes on where this freaking $700,000 goes. That is what we teach. We don't teach what your husband is doing, nor what you are doing.
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And so you guys gotta get talking about, okay, here's the future I want, and here's the steps it's gonna take to get to the future. Yeah, and how do we get there? How does a car purchase fit in that future? But you sound like a 16-year-old having a hissy fit because your daddy won't buy you a car. And that's just ridiculous. That's not the position you should be in as the wife.
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There's a serious amount of pouting in this email.
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They make plenty of money. That's what I'm saying.
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And she's like, do you know what I'm saying? Again, this is like... Daddy, we got the money. And daddy's saying, no, we don't have the money. I follow Dave. Well, you don't follow Dave because you don't treat your wife like a 16-year-old child. Your wife is a full-grown woman and stuff. And so she needs to be involved in the discussion. The thing is positioned wrong.
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What we teach is, and what I lived with my wife who had a vote, and I had a vote, what you have lived with your husband who had a vote, and you had a vote, was that we don't buy a brand new vehicle because they go down in value, regardless of your income, until you have a million dollar net worth. And you, darling, don't have a million dollar net worth. And so, no, I would not buy a house.
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I would buy a two-year-old SUV. Yes. And I don't think you have to keep it seven years. I don't care how long you keep it, but you buy used cars and let someone else take the butt kicking on the depreciation. You don't spend money on things that go down in value like a rock while you're trying to get out of debt and build wealth, even if you have a $700,000 income.
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How long you're stuck in it and what's the price that you're stuck in it at. So if you're being underpaid versus the market substantially, you would have been better off to pay your own tuition and not be stuck there. Right. More than like a year or something. Or if there's no advancement because of the thing. Because you're stuck in that sense.
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I mean, my gosh. You ought to be able to write a check by that SUV and not even have this discussion.
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Pay off the rental house and get your house paid off. And live on $100,000 one year. What the flip are you people doing? I mean, there's money going out here like you guys are in Congress. But the immaturity in this is just dripping.
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The positioning of it is wrong. So you guys need to be like we're both going to sit down. We're both going to say, okay, this is the principles we're going to use in our house. And based on those principles, we are going to make these decisions together. And that's not him dictating that to you or you dictating it to him. This is we're going to decide where we're going.
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And if you want to follow the Ramsey rules, it would be, I don't know that Ramsey has rules. If you want to follow the processes that we teach that have caused people to build wealth, it is two grownups working together toward an agreed goal and the shortest possible distance between here and that goal. Two grown-ups. Now, they'll come at it from different angles.
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We can have discussions based on our different personality styles or different histories. We can have all kinds of discussions here, but it's never, I want a car in Dave Ramsey. My husband's a Dave Ramsey nut, and he won't buy me a car. And that's exactly the way this sounds.
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If you want me to get really tacky, I could start guessing how he makes $700 a year that causes him to be the daddy.
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I could do that, and I probably would be right, but I won't. That's tacky. So I think I know what he does for a living. Like a whole life guy or something? No, no, no, no, no, no, no. He's in an industry where he's God, and he's used to being in charge.
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And he makes a ton of money. He has power. And he's used to telling people what to do all day long. And his wife is on the list of people he tells what to do. And so she's adopted the position of kid rather than wife. And that's where the seven, assuming he makes all the 700K. I got a feeling she doesn't make hardly any of the 700K or she'd be raising up even heavier.
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If she made the 700K, we might not have got the email.
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So that in the way this thing's positioned and that so this is the dynamic we're talking about. Why are we covering this and why are we making poking such holes in it is because in all the millionaires we've studied, the data is very clear. 80 plus percent of them have a solid marriage relationship where the two of them are both aligned on the goals and the process to get there.
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not you know and have the guy the guy's not like well my wife won't give me any money i work all day but she and she treats him like he's 15 years old he brings a check home and gives it to mama and mama don't take care of him and you know we don't hear that from the millionaires Or the or the other or the vice versa, which is this one.
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You're getting a good rate today, but it's not going to be a good rate three years from now because entry level on that's got a curve to it. Right. And you're going to be stuck then. Or it's a five-year deal. But if it's a two-year deal and you're competitive salary position or competitive income position, then you ought to do it.
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Yeah. Yeah. And that we don't this model right here of relationship does not the data does not bode well for this model. It says you're not going to do well. I don't even care if you make six hundred. You cannot out earn your stupidity. I've tried it.
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And I don't want... I guess maybe I did rise up on this. I'm thinking about it emotionally. I don't want any of you using... Our name or the stuff we teach is a weapon in your house. And that's what's going on here. He lives and breathes by Dave's rules and thinks we can't afford one. So he's using like bad guying off of us. Like, well, Dave says you can't do that.
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right instead of actually manning up and walking through the concept and getting agreement based on logic instead you blame it on somebody off in the podcast land um and that's complete cowardice you know so yeah quit using my name as a weapon pisses me off this is the ramsey show that was in there
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Bob is with us in Pennsylvania. Hey, Bob, welcome to The Ramsey Show.
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Be careful. Be careful. There's a hook in there. I don't know. Yeah.
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All right. Yeah, I don't want to give them a free pass, but when you co-signed, you did that. free pass is already out the door. Um, I wish they had, uh, gone out and built careers based on their education enough to pay 37,000 bucks, which is not like the largest number. It'd be like 20, 15, 20, you know, each, if they were, I mean, I wish that that's really should be very reachable.
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Um, so, uh, I'm trying to think what I would do. How old are these two? 32 and 26.
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Rachel Cruz, Ramsey personality, number one best-selling author many times over, host of The Rachel Cruz Show and co-host of the Smart Money Happy Hour on the Ramsey Networks, and my daughter. She's my co-host today. Open phones at 888-825-5225. You jump in. We'll talk about your life and your money. Tim is with us. Tim is in Minneapolis. Hi, Tim. Welcome to The Ramsey Show.
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Okay. I'm hesitant to try to teach someone that old a lesson, even if it's my kid. You know what I'm saying? And so, you know, if this was a younger, a little fresher, I might say, okay, I'm going to.
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I may pay it off, but I'm going to weave into that some kind of thing where they pay it back or something like that. But I think this is already way down the river, it feels like. These kids have been out of school a long time. Right?
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You know, it's gotten a little bit quieter, and we need to probably ask Ken Coleman about this because I've not checked the research, and he probably has. But if you remember during the Great Resignation, a whole bunch of people quit their jobs like 24 months after COVID because they realized someday they're going to die and they wanted to live life, right?
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There's no use for a Ph.D. in music then. I mean, the knowledge base you got could be useful in the music world, but the Ph.D. is not necessary. It's not an entry barrier. Wow.
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I'm struggling with it a little bit. And what I'm trying to have go through my head is, you know, Rachel's in her 30s. If this was me, am I going to just pay this and go, okay, it's my fault, my mistake. She ain't getting around to it by now. I'm probably not going to. I need to get this off my plate for my sake. And that's what's running through my head. I think you need to clear it for your sake.
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Even though I'm pretty aggravated at these two. I wish they had done better. I'm not going to really yell at them, but I'm mildly aggravated, like $37,000 worth. But I think for your sake, your wife's sake, this is going to haunt you and nag at you and nip at your heels and bite you every three months. You've got to make a payment and all that, and you've got a good income.
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I would probably go back to beans and rice and just clear this like in a year and get it out of my life and not worry about it. And then let the chips fall where they fall. And if the kids wake up one day and send you a check, I'd cash it. But if they don't, fine too, and I'm not going to worry about it. The big deal is it's not about them, it's about you.
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And so I think looking at it through that lens, that tells me to pay it.
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30, yeah. Yes, I would. Yeah. Yeah, I'd just start clearing them off. And then you've got to decide what, you know, send your children an email to follow up with a phone call and go, we paid this off not for you, but because we wanted it out of our life. We feel like you're still responsible for this, but you do with that what you want or something like that.
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But I'm not going to, you know, add to a burden or take away a burden from them necessarily. But they need to know it's paid off because they're going to see the thing has the zero balance. So you need to talk about it.
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And so this existential crisis hits America, and we have the largest resignation in a 24-month period of time nationwide that we've ever seen people voluntarily quitting. Um, and during that time to attract people, people like target. At $20 an hour, we're paying tuition. And I wonder if that's still going on. I haven't kept up with that.
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yeah and then even the strings attached element still affects the relationship right like if you were like i still expect you to pay me back you know what i mean i really wouldn't go into that level i just go you do what you think is right we paid it off and we didn't pay it off for you we paid it off for us that that's the true statement uh because you didn't you didn't pay it off to help them you paid it off because you were stupid and co-signed now you got to clear it me too i did that too okay not with student loans but i've done it with other stuff so i'm not picking on you but um
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Man, I'm sorry. That's a bit of a quandary, though. It's an interesting discussion. Thanks for having it with us. I think I'm going to approach it through what's good for you and your wife and let the 30-year-olds figure it out.
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Yeah, you're going to be there. You'll be there in a heartbeat. And this is going to just change because every time this bill comes, you revisit all the emotions. And if I'm you, I selfishly don't want that anymore. That's what I mean. It's like a dog biting me once a month. You know what I'm saying?
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I'm fighting for you guys, and I think it's just the last thing you do to clean up, and your kids are just too old to put them in some kind of headlock and teach them a lesson is my opinion. I can't imagine. I mean, my kids are similar ages, and I just can't imagine doing that. I can't imagine it working is what I mean. I can imagine doing it, but I can't imagine it working.
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I mean, if they're 22, you can sit them down and have a good talking to, you know, a little come to Jesus meeting, but they're not 22.
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By the way, Junior went on and worked on his PhD while he didn't pay the loan. He's been paying for that. So, oh, my gosh. So, pretty inconsiderate of mom and dad when your job was to clear the loan. Yeah. You're not even making your payments on time. You're 33 freaking years old.
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I'm sorry. But thanks for having the discussion with us. I think you guys are fine. You're still going to be multimillionaires. You're still going to get your house paid off. And you won't have the next three years of aggravation. And that's good. This is The Ramsey Show.
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We need to ask Coleman about that and get that back on the air. Because, I mean, FedEx and Target and Walmart at $20 an hour to go in there and stock shelves and they pay your tuition. That's crazy. That was a great deal then. If it's still there, it's still a great deal. And that falls in that same bucket of discussion.
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Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
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What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
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You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
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Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Nancy's in Las Vegas. Hi, Nancy. Welcome to the Ramsey Show.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So have you gotten hit with the game show tax yet?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Okay, so your $200,000 is left over after that, or you have $145,000 left? I have $145,000 left of that.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Way to go, Nancy! I know! That's awesome! So what are you going to do with your $150,000?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Right, but you don't have any other 401k retirement?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Are you living on the Social Security or Social Security plus your income?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So the answer to your question is I'm not sure what you should do, but we can talk it through together. Okay. If you had $600,000, I would tell you instantaneously write a check and pay off your house today. Right. If you had $100,000, I would tell you not to pay off your house because you would be starved.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And you're kind of in the middle. I know. It scares me that we're getting ready to use half of your money to pay off your house, but it also scares me that you go into your 80s with a mortgage.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So those two things are competing here because we've only got $200,000 to work with. So, you know, I guess I would say if you do some other things, and I'll give you those things, I would pay off the house. Okay. The other things are I would set up an automatic draft into a mutual fund, possibly a Roth retirement account with a SmartVestor Pro to the tune.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
If you pay off the house, you don't have a 756 payment anymore. So I'm going to make it at least $1,000, maybe $1,500 every month going into retirement.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And we can rebuild the $85,000 in just a couple of years doing that. Okay.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Well, I'm a boomer. I'm 64. My life expectancy, having made it to 64, is 90 statistically. Is it really? Yeah, statistically. You're going to be around for a while, Dave. I mean, if you make it to 60, you know. So the average male death in America right now is 76. Average female death is 78. But that includes infant mortality, teenage death, and so on.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So two years would be $36,000, four years would be $72,000. So it's going to take you about three years to get your $85,000 back if you do $1,500 a month.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So if you all are willing to get on a detailed budget and sit down with a SmartVestor Pro and open a good mutual fund and move some of that other hundred and something that's left into that mutual fund too so that it's growing. I want it growing more than 5%. Now, I do want you to keep about $30,000 as your emergency fund in the high-yield savings or the money market.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
But the other 70 or so after you pay off the house, 80 or so, you should move that as well into a mutual fund. Now, let's talk that through for a second, and I'll show you why I'm doing that, okay?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay, that's probably because of the way you are applying, not because it's a personal thing like David is not worthy, okay? Because honestly, if you get up and brush your teeth and comb your hair and take a bath and you go down to Target or whoever down the street at the mall and start walking from store to store to store and ask to speak to the manager,
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
and have a little bit of sparkle in your eye, a little spring in your step, and a firm handshake and a smile, you'll get hired by the end of the day, David, at $20 an hour. That stuff is out there. It is everywhere. Okay?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
But you have to leave the house. You can't sit and apply by computer on LinkedIn. That's just not going to work. Let me give you an example of why, okay? At Ramsey, we have about 1,100 folks at our company here. We took 15,000 job applications last year. We hired about, I don't know, 700 people, 600 people. No, no, we didn't hire that many, 400 people. Anyway, nothing out of 15,000, right? Right.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So how did those 400 get out of that stack of 15,000? It wasn't by email and it wasn't through LinkedIn. They did something that got them in the door. And one of the things they did is what Ken Coleman calls the proximity principle.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So you have to stand up and leave the apartment every day at 8 a.m., dressed and ready for work, smiling, teeth brushed, and hair combed until you get a job in the next three days. And in the next three days, if you do that, leaving at 8 a.m., go talk to people in the auto repair business. Go talk to people in these big box stores. Go talk to anyone that will talk to you about hiring you. And
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Be nice and kind and show up on time and never be late the rest of your life. Learn that lesson. The bad news is you had to learn it. The good news is you got the rest of your life to not relearn it. So, yeah, get out there and get it done, man. Now, once you get that going, then we need to step up and do what George is talking about and start dreaming about what we want to be.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I don't want you to be an auto repair. I want you to own 17 auto repair centers and be worth $8 million 20 years from today. But you've got to decide, I'm going to aim at that, and I'm going to go do what it takes and scrap and claw to get that done. And that requires energy and enthusiasm and believing you can do it. Hang on.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm going to send you a copy of Ken's book, The Proximity Principle, and another one, Find the Work You're Wired to Do, that has an assessment in it that will help you start dreaming big. But in the meantime, go get some eating money today. This is The Ramsey Show. You shouldn't own a gun. You're not willing to shoot.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created. Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several Bernas myself. They look like guns, but they're not.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away. And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And because they're not firearms, they can be shipped directly to your door. Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to berna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
George Campbell, Ramsey Personality, is my co-host today, number one best-selling author. We're here to talk to you and help you with your life and your money in the lobby of Ramsey Solutions, which you're more than welcome to drop by anytime and watch the show. We do it live from 1 to 4, and we do the show on the glass, so you can watch it happen every weekday. So come by and hang out with us.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
In the lobby is the debt-free stage, and Lex and Sarah are standing on it, which can mean only good news for Lex and Sarah that they're debt-free. Welcome, guys.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Awesome. Well, welcome to Nashville. Thank you. We had a snow just in time to make you feel at home.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
yeah there's no milk in the grocery store i'll just tell you because everybody thinks they're going to be inside for the next eight weeks because we have one inch so how much debt did you guys pay off about 260 000 i love it how long did that take about five and a half years wow good for you and your range of income during that time which is we we went from probably 80 000 to about 150 cool what do y'all do for a living
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Five and a half years. Did you pay off your house?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You got $150,000 in student loan debt, right?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay, most of the 260 was student loans?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
All of it between the two of you? Yes. Whoa!
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Wow. So you've been married about six years?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And the first thing you had to do is climb a mountain of $260,000? Yep.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Now the mortgage is going to seem like a piece of cake.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You mean that house only costs that?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
We can do that. We've done that before. Wow. Good for y'all, man. That's amazing. So how did you end up in Financial Peace University as newlyweds? So my mom actually got up for us for Christmas. Oh, joyful from the mother-in-law.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Game on. Okay. That's a great way to start a marriage, to be on the same page and have a villain to fight. I mean, the dragon must be slayed, and we're going to do it together. Absolutely. We're going on a quest here, a journey. Well done, y'all. Man, that's amazing. That's a long time. Yes. Five and a half years. How did you stay with it for five and a half years?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
mean they're important but they're not you know what drives us yeah that was an advantage through this and it helped you get through it the superpower to not care what other people think no it's not easy especially when it's the people you care about yeah yeah well way to go y'all you're that's amazing because really what happened is you get married you have a couple kids you go through several cars you climb this mountain uh you re-engage your spiritual life you dive in deep
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
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. Open phones here at 888-825-5225. That's 888-825-5225. Number one best-selling author, Ramsey personality, George Camel is my co-host today. Open phones here again. And here's what we do with you folks.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
There's a whole lot of personal growth that's happening here in the six years. I mean, you're not even the same people you were when you started talking about this. It's pretty incredible. Y'all are impressive.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Very cool couple. Thank you. Very power couple. You guys helped a lot along the way, though. I was just sitting here. But, yeah, George, George made me happy.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Way to go, y'all. Very, very proud of you. Who was bragging on you on the way?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I see why you wanted to travel to Nashville. Welcome to Nashville! Yeah, I like it. Good, good. Hey, what do you tell people the key to getting out of debt is, now that you've paid off $260,000 in five and a half years?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
How much do you owe in credit card debt? How much is the credit card debt total? About $12,000. Okay, you made $200,000 with your bonus. What did you do with it?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
just to know the difference between your needs and your wants yeah yeah I think that's the biggest thing is just finding that contentment and knowing that like you know we're just so blessed with the things that we have you did it proud of you well done Lex and Sarah Cleveland Ohio 260,000 paid off in five and a half years making 80 to 150 they did it count it down let's hear a debt-free scream
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
The same number of times Biden said he was going to forgive it. That's right. And then they paid it off. Yeah, let's not wait around for that to happen because it didn't. Yeah, didn't, didn't.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Oh, there's that. It didn't. This is The Ramsey Show.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm Dave Ramsey, your host. George Campbell Ramsey. Personality is my co-host. Open phones at 888-825-5225. Well, as predicted by the Ramsey team and me and George, the real estate market is beginning to thaw as the snow thaws.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And I mean, we told you in November after the election that probably what would happen would not be instantaneous and that gradually the market would begin to heal as springtime came around. So we are seeing in the real estate market an uptick in activity. We are seeing interest rates down very slightly, just a little bit. And nothing, no big... dramatic anything in the real estate world.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
There's no sudden supply. There's still a shortage. There's no huge drop in interest rates instantaneous, which didn't expect to have happened. I didn't anyway. And so the real estate market is starting to move again.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And so the thing we've told you for 30 years is still true, that when it comes to buying a house, a home for your family, real estate's a great investment when bought properly and at the right time in your plan. And what happens at your house, in other words, what happens in your house is more important than what happens in the White House. And so Donald Trump's not going to buy you a house.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Joe Biden didn't buy you a house. It's not their job, either one of them. And it's your job to buy a house after you get out of debt, have an emergency fund, and when you can afford the payment on a fourth of your take-home pay on a 15-year fixed rate. And that's very doable. once you get your crap together. But, you know, there's people worried about tariffs driving construction costs up.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
There's people thinking that the government's going to get in the housing business and drive supply up, which will bring prices down. Not going to happen. Tariffs aren't going to drive construction costs up, not appreciably, even if there are tariffs, and there aren't any yet. Hello.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, no, but the effect they do have is, and they are starting to have that effect, is to make people believe again so the economy starts moving. And when people are hopeful, they purchase things, they invest.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
When they are hopeful. And if you believe... whether you're a Democrat or a Republican, if you believe the economy is going to get better, you will make moves that make the economy better. It's a self-fulfilling prophecy. And housing is one of the elements of that. And I do think that's going to happen. And I'm not going to give President Trump the credit for having grown the economy.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm going to say the American public grew the economy. But it is if he gave them hope and caused them to do that with, you know, cutting spending, which they're obviously doing pretty rapidly and pretty wildly. It's kind of fun to watch. For a guy who likes to cut spending, I mean, I'm in hog heaven, right? So, you know, that's a good thing.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And I know it's your grandmother's program or whatever they cut, and some of you are pissed, but I really don't care. cut spending, and you've been spending more than you make like some kind of drunken congressman.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So that's wonderful, and if that kind of thing gives people hope, and if he puts pressure on the Fed and causes interest rates to go down, that gives you hope and causes you to go into the marketplace, the real estate market's going to take off. So I am predicting a healthy, good, functioning real estate market again by fall.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I don't think it's going to be a boom or bust thing like it was after COVID. It was crazy. But I think it's going to get moving again, and it's been very stagnant. What do you think?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
This is the time to buy. I'm looking at several pieces of real estate right now, and I'm not doing that because Trump's in office. I was doing it before he was in office, and I will keep looking. But I'm only going to do the deal when the deal is right. And it fits in our, you know, our parameters on how we do real estate.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So when it does dip down, you just refinance. You know, it's not that hard. Just don't, you know, don't buy too much house and don't be crazy. But your interest rate, if interest rates go back down to three, and I don't know if they will or not. I never thought they'd be there to start with. So what do I know? Um, but anyway, the, if they do go down, it's not that big a problem, just refinance.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
What did you buy? What's the most expensive thing you bought last year? I like it a lot more. Okay. What did it cost? Four grand.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And, uh, you have a little bit of cost and within a, you know, 18, 24 months, you'll get your money back and you'll be rocking along, making the better rate then after that. So, uh, don't let that keep you out of the market. If you're waiting on rates to come down, that's dumb because as soon as they go down, you're going to see some stimulation house prices. They're going to offset them going up.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So, you know, go ahead and get in when you're time. But you need to be out of debt. You need to have an emergency fund in place of three to six months of expenses, debt-free, and, you know, with a good, strong down payment.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
We'd like to see, if you're not a first-time homebuyer, it should be at least 20% down because you can avoid PMI, which is private mortgage insurance, which is about $75 a month per 100,000 borrowed. That adds up. So, I mean, if you borrow like $400,000, that's $300 a month that you're paying for insurance for the mortgage company to insure them in case they foreclose on you. That's what PMI is.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
It's a risky buyer fee because you didn't put down 20%. That's a good line, George. Thank you. I worked hard on that. Yeah, because, I mean, I've been doing this 30 years. I never came up with that. That's pretty good. Yes, that's a win. But there we go. But if you don't put down 20% and you still buy, we're okay. We're not mad at you.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
We're just saying you could save a lot of money if you did put down. So a good down payment or your house payment on a 15-year fixed is no more than a fourth of your take-home pay. And your take-home pay is not after insurance and 401K. Your take-home pay is after taxes. What are you taking home after taxes? That's the number we're talking about. So I'm not talking about your check.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm talking about what you're – that's called take-home pay. It's not – your check is different than take-home pay.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
That's not in the mix, okay? But anyway, yeah, because you need to be able to cash flow this thing and get it paid off and move along to the next step of wealth building. But real estate is good. It's not horrible right now. It's not booming, but it's definitely not horrible. It is way better than it was four months ago, way better.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I mean, I've got a couple properties on the market that zero people were looking at. And now people are in there every week and every day looking at them. And so, I mean, I'm actually seeing activity happen, you know, on those properties. And they're not rentals. I mean, those are sales. So it's happening. Real estate is moving again.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
It's very, very quiet about it because there's all this other stuff in the news. And nobody's talking about real estate much, but we are here because you talk about it at home and you're thinking about, should I buy a house? Should I buy a house? What happened? Is Trump going to end the world? No, he's not going to end the world.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And no, he's not going to make your life better by sending you money. It's not going to happen. And I told you that was going to happen. I told you that about Biden. So you guys got to be grownups and go for your own destiny.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah. All right. Are you sports betting?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah. We're going to do a second time we're doing the Investing Essentials virtual event, March 4th and 5th. George and I are doing that. Tickets are That's a virtual event. Tickets are $199. You can get your tickets at RamseySolutions.com. It's two nights. The first night is two hours on investing and investing philosophies.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
The second night is two hours, and most of it is on details on how to do investment analysis real estate, real estate investment analysis. Using real examples from your portfolio. I'm going to go through. I'm going to open my playbook. It's only the second time I've ever done that. And I did it this time last year, and it was a big hit. So they talked me into it again.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I got to tell you, the whole stink of the night, these two nights are both nerdy. So if you're having trouble sleeping. You know, we can help you with that, okay? But if you're a super nerd, you're going to love this stuff. If you're really into investing, oh, we're going to give you the meat and potatoes, baby. George. There's some meat on the bones. Because George is a super nerd.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm just saying. He can do it. Love it. Can't wait. March 4th and 5th at RamseySolutions.com slash events, the Investing Essentials virtual event. 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.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And I'm proud to endorse Fairwinds Credit Union because they share the Ramsey mission of helping people get out of debt. 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.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You can feel secure because your deposits are federally insured by the NCUA up to $250,000. 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.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So go to fairwinds.org slash Ramsey to learn more. And while you're there, 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,
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
that they love and create actual amazing relationships. I'm Dave Ramsey, your host, George Campbell. Ramsey Personality is my co-host today. Thanks for joining us. Open phones at 888-825-5225. Charlotte is in Richmond, Virginia. Hey, Charlotte, welcome to The Ramsey Show.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm just trying to find the money. I'm not throwing grenades. I'm just trying to find the money. Because a $4,000 lawnmower, I still got $196,000 left. So it wasn't like you bought a $50,000 something that you can put your fingers on. So I'm still trying to find, like George said, where the money went. All right. So first let's establish that you're not having fun. You said that.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Wow. Well, the reason you're calling is because you know you're skating on thin ice asking for trouble.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And you're asking how to avoid falling through the ice, and the best way is don't skate on thin ice. Don't do the deal this way. Why aren't they getting a mortgage and buying it from you?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
The sister gets a free house. The parents get your house free. What are you getting?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I know. You missed my point. You're giving the parents a free house. They're giving their other daughter a free house. What are you getting?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay. So I'm confused why we're doing this. This is going to cause resentment real quick. This is not a house swap. Sister got a house, they got a house, and you didn't. That's different. All right. So you want them to move into the house and pay you for the house. Is that right?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay, why don't they get a mortgage and just pay you like a normal buyer of a house would do and just pay you and you sell them the house?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, I mean, I'm asking, is there a reason you all hadn't done that? Because that's kind of the obvious way to do it. What's the price you would sell it to them for?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So if they're going to buy a $380,000 house, they're going to have a mortgage amount that they pay. What's wrong with that? They can't afford it?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, you can't transfer the deed with that mortgage in place. That mortgage that you have is not going to survive this deal.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
There's a due on sale clause in the deed.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
No, it would be better if they went and got a mortgage and bought the house from you. If you want to discount the house to be a blessing, instead of selling it for $380, sell it for $300. I'm fine if you choose to do that. I'm still confused why you need to do that.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
But if you want to do that and that's what you want to do, just sell them the house a little cheaper and let them go get a mortgage and hand you a check. Okay. If they buy it for $300 and you owe $190, they're going to hand you a $110,000 check, right? Right. Right, right. And that's a deal. I'm making up the number. I don't know what the number is, but I don't care what you sell it to them for.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And we need to get back to being on top of this mess instead of this mess being on top of you. Is that a good goal?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And they're giving a deal to your husband's sister, right?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay. And so really, and then you give them a deal. So really the truth of the matter is when all the smoke clears, you actually gave your husband's sister a deal.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah, because they're getting a deal on your house, and that enabled them to give the deal over there, so it's much like you did it for the sister instead of for them. I don't know. I don't know what you want to do. I would not have them pay you a monthly rent, and I would not have them pay you a mortgage.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I would not have a contract because – all right, let's talk about it. I'll go one more step, okay? There's two or three principles going on. One, there's a legal principle. If you do what's called a contract for deed, and they move into the house and start acting like the owner of the house –
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yes, sir. Okay. Have you got the credit cards near you right now?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You've had what's called equity of title has transferred and the due on sale clause in your mortgage can activate and your mortgage company could foreclose on you. So don't do that. Don't do that. Okay. And if they move in and just start renting from you, then they don't own the house and they're at risk.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And you've got to figure out some kind of a deal someday when the house goes way up in value, who gets that money? Them or you. I wouldn't get into all that. I would simply sell them the house at a price and let them go get a mortgage, pay off the mortgage that you have, put the difference in your pocket, and they still got a deal.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And then they have a mortgage payment, and it's their problem just like it is today. Today they own a house. You're not involved in that house, right? Right. That's the way it should be. That's the legal side of this. Now, then the other side of it is the emotional and relational side. The borrower is slave to the lender.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
When you eat dinner with someone you owe money to, it tastes different because it messes up relationships. And no contract in the world makes that go away. That's a spiritual principle, a philosophical principle. So please don't do the deals you're talking about doing. Your family is going to end up harmed. You're going to end up harmed. People are going to end up not liking each other.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
It's not a good idea. So just pick a price. If it's worth $380, we're going to sell it to you at a discount of X. Let them go get a mortgage for X. And if they don't want to do it... And if they don't want to do that, then you really don't need to do this deal for sure. You don't need to do it for sure anyway. This is The Ramsey Show.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay, when you get home tonight, I want you to get scissors and light a candle and have a plasectomy party and chop them all up. Every one of them. Okay.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. George Campbell Ramsey personality is my co-host.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Our question of the day is brought to you by WhyRefi. If you're struggling with defaulted private student loans, WhyRefi offers a great solution to get you back on track. For a low fixed rate and more flexibility, go to WhyRefi.com slash Ramsey today. That's the letter Y. R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Wow. That's so fun. Yeah. What a great relationship that she comes to him with this big win and asks him what to do. And he's saying, you've got too much risk here.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah, you're going to have taxes. Welcome to making money. Sorry, but that goes to the territory. Capital gains.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Exactly, and she's had it over a year. She's been there six years. Yeah. So her old Tesla stock, so we know it's over a year old, so it's going to have long-term capital gains. So it'll be at a 15% rate, so it's not going to be that bad. You're going to pay probably $100,000 out of this, something like that.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
That's what I would do. She's 37 years old.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
They may continue to go up. I'm not dissing Tesla, but I'm not buying it. If you're 37 years old and you have $650,000 in cash stacked in the middle of the kitchen table, what do you do with it? Would you invest in Tesla? Go buy Tesla stock? No. Go buy any single stock? No. Go buy a house? Yes. Now we're talking. Going to go up in value, and you have no payments. And you make $70,000 a year.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And now you're going to have another million dollars in just a few minutes if you do this. Because now you can load your 401ks, your Roth IRAs. You can stack cash. You have zero debt and no house payment of any kind, no rent going out. And so that's a couple thousand bucks a month minimum. And we're talking about putting maybe $5,000 a month away now.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah, literally get scissors out, light a candle, and chop every one of the stinking things up. They've stolen your life from you. Shoot them in the face.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And that's going to be another million dollars very quickly in a good series of mutual funds in your Roth IRAs and 401ks. So 100%, that's what I'm doing. Not even a hesitation. And the way you can sometimes, see, the thing is when you own something, sometimes it's hard to pry the fingers off of it.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
But if you just reset it in your mind and say there's a stack of cash in the middle of my kitchen table, would I go buy Tesla stock with it?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Would I go buy Apple stock with it? No. Both great companies, both probably going to go up. Still wouldn't buy, have all of my eggs in one basket. And I still would go buy a house. You're a 37-year-old single lady. You own a home, cash paid for. Guess what they're going to do? They're going to go up in value all the time. Pretty cool, George. Pay the taxes. Oh, yeah.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, it's like a boogeyman. We don't know what it is. So just add it up and you go, oh, that's what it is. Oh, it's not that big a deal. Yeah, get with your tax pro. Probably $85,000 or less.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And now you got, you know, it's almost like it's found money anyway. I recently discovered. That's quite old. Quite the thing to forget about. Kind of found money. And now I'm worried about giving up a little. No, don't. Because, again, I am not predicting Tesla's success or failure. I'm not betting for or against Elon Musk as a business person. None of that. That's not the issue.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
The issue is it's a single stock. If you had it all in Microsoft or Dell or Apple or McDonald's or Coca-Cola, I don't care what you, what you name, some big stable company. That's not brand new on the scene and not cutting edge technology. That's a little weird. You know what I mean? Name one of those. And I still going to tell you not to do it. So I don't do it.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I don't have, I don't have $650,000 in a single stock and I got a lot more than $650,000. So why, if I thought it worked, I'd be doing it, you know? So no. That's it. I hope that was clear, Chase. I don't think Dave can be any more clear. Dave has trouble with clarity. He sometimes has trouble telling people what he really thinks. Roberta is in Boston. Hey, Roberta, what's up?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Um, the last two years. Yeah. There's nothing here fun. So the first thing we're going to do is stop the bleeding. No more use of credit cards and no more credit cards. That's step one. Step two is we're going to do a written detailed budget and make 120,000 plus bonuses behave And we're going to write it down what we're going to do with it before the month begins.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I haven't been back ever since. I want you to take that trip, and I want you to sell his truck, and I want you to pay off your credit cards before you do it. And I want you guys to get on a budget and make your money behave. Because all you're doing is throwing all the money in a pile and then wondering why it burns. You're not making this money behave.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
He makes really good money for you guys to be this broke. Doesn't he? She didn't like my answer.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Almost like we've done this before.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Oh, this growing up thing. It's hard. This is The Ramsey Show.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And if it's not on the budget, you don't do it. So you're not eating out. You're not traveling. You're not doing drugs. You're not doing anything. You don't have any money. You're a broke guy. And so broke people buy food, lights and water, and they pay their rent and they throw everything else at the debt. Okay. And that's what you're going to do.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
George Campbell, Ramsey personality, is my co-host today in the lobby of Ramsey Solutions on the debt-free stage. Matt and Kate are with us. Hey, guys, how are you? Hi, we're doing great. Welcome. Good to have you. Where do you live? North Indianapolis. Okay, fun. Welcome to Nashville. Good to have you. How much debt have you two paid off? $112,500. All right. Way to go.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And how long did this take? About 10 and a half months. 10 and a half months.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah. Okay. Wow. So how long have you guys been married? 12 years.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So after 11 years, you look up and say something's got to change.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And you run into us. Tell us the story. How did this all happen?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You're going to get real focused like your life depended on it because it does, my man. You won't need pot because you don't need to medicate when you're in control again. Yeah. When you're attacking this instead of it attacking you is what I'm talking about. You feel that emotion? What was that, sir?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I mean, you gave up the gladiator. yes yeah yes yeah yeah yeah absolutely it was okay yeah you did it fast i mean yeah you part on the coals that's pretty cool yeah so as a marriage uh family therapist you just wish your clients would embrace the principles that quickly and with that intensity
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I mean, if you told them to go do something and then he did it with that kind of intensity is what I'm talking about. Oh, yes, that's 100% true. And you're healed. And do it. Yes.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And you got a payment. Absolutely. You quit looking at cars the same. That's very true. I'm no longer impressed with you people. I feel sorry for you.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
beyond us to like our children like us wanting to involve them us wanting them to see the process so hopefully they avoid the decisions we made um that made it really easy for us to feel that momentum yeah yeah so they weren't like damaged by the no no i think they're okay they're not they don't need counseling themselves i don't think so we need a little shirt say i survived baby step two because there are actual facebook groups of angry teenagers i'm just saying okay
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
The I hate Dave group or whatever. My parents went on this Dave Ramsey thing. I don't have a life.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Bring it in house. I like it. Good for y'all. Well done. Proud of you.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I said when you're attacking this mess instead of this mess attacking you, there's a growl in that. Do you feel that emotion?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
If you get the circle too big, you get a loud mouth in there. That's good. Way to go, guys. Proud of you. All right, bring the kiddos up. Let's introduce them. Names and ages. So this is Livvy.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Hey, they look like they're okay. I believe they're going to make it.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Matter of fact, their mom and dad changed their family tree. I'm pretty sure they're going to make it. You guys are heroes. We're proud of you. Well, thanks. It's an honor to meet you. Thank you for coming down to Nashville and sharing your story. Thank you.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Here you go. Here's the tool to do it. Matt and Kate, Livvy and Jane, Indianapolis, Indiana, $113,000 paid off in 10 1⁄2 months, making $144,000 to $177,000. Count it down. Let's hear a debt-free scream. Three, two, one. We're dead free! Yeah!
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Every week. Every week for a long, long time. And, you know, they did it in 10 and a half months. Woo! The other couple had $260,000 in a different hour, five and a half years. So sometimes it's fast. Sometimes it's slow. Sometimes they make a lot of money. Sometimes they don't make a lot of money.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
But in every case, they just looked up and said, I'm in control of my destiny, and I'm not going to let these financial companies, student loans and cars and credit card companies, SoFi and whoever else, control my life anymore. I'm not going to be in control of some stupid bank. I work too hard to be this broke.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
All right. This is time to throw the shoulders back and knock the crap out of some stuff. Hit it. Hit it hard like it's threatening your family, like it's threatening someone you love because it is. I love you, and it's threatening you.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
and um it's fabulous fabulous and they just you know they're they're remodeling a house scraping up some tile and turn on a podcast and go okay let's do it and other people we beat on them for 10 years and can't get them to do it takes a long time to get to that point yeah they just flip the switch went i'm not yeah this is what we do that makes sense let's do it let's do it that's simple let's do it the faster you get to that inflection point the better off the rest of your life is going to be oh absolutely do what it takes to get angry good yeah that's how that works
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Wow. Good work, guys. Good work. We're proud of you. This is The Ramsey Show. Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today. George Campbell Ramsey personality is my co-host today. Thanks for hanging out with us. Hey, you don't want to miss our two-night virtual event that George and I are doing. It's called Investing Essentials.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Investing can be overwhelming, it can be confusing, and it's not something you can get in a 60-second social media post, or worse, a 30-second TikTok post. But at this virtual event, we're going to walk you through details. We're going to nerd out how to maximize your 401k, your mutual funds, all investment types we're going to talk through. We're going to give you some principles on
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
for selecting good investments and avoiding bad ones. And then it's a two-night event, two hours each night. We're going to take emails from you. George and I will bounce back and forth between emails, between some teaching we're going to do, some discussions we're going to have. It's going to be really interactive and a lot of fun. The second night will be largely real estate.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You need to put a stop to this crap and hit it hard, and that involves stopping everything that money is going out to and start throwing it all at the credit cards. The great news is you could be out of credit card debt in just a couple of months. You'd be 100% free of credit cards. But the credit cards really aren't your problem, Rick, because you only owe $12,000.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm going to open my real estate portfolio and my, at least some of the portfolio, and my playbook, how do I do real estate. And I bought and sold real estate for years.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
several hundred million dollars worth of real estate so if you're interested in real estate investing we're going to go into it at a different level than most people can and at a different level than you've ever seen me do so i've only done this one other time so check it out get your tickets today at ramsey solutions.com slash events click the link in the show notes if you're on podcast or youtube the investing essentials event it is coming up march 4th and 5th
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And, George, you've got some stuff you're adding to it that we didn't do last year.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
free and clear. That's right. So there you go. Shane is with us in Richmond, Virginia. Hi Shane. Welcome to the Ramsey show.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
That's the profit you'd make. You'd get $19,000. Yeah. Oh, heck yeah. Okay. What's your household income? We make about $185,000. If you like the car, I would not sell it. You do not need to sell it to get out of debt. You're making money to get out of debt. If you want to sell the car anyway, that's fine. But this is not a fire situation where you have too much car for your income or net worth.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You call me up making 70 grand, you owe 56K on your F-150. I'm selling your stupid truck. Okay? Okay. Because that's out of control. But you owe $14,000 and you make 185. Stroke it, man. Pay it off. If you like the car. If you want to sell the car anyway and knock this stuff out, that's fine. But do you need to sell the car to get out of debt? No, you do not. You need to tighten your budget.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Are we twins, Shane? You have a French Bulldog that talks?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
What's the problem is you have no idea where a lot of money is going. It's almost like you're in Congress.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
We take your calls, and we have no idea what you're going to ask except what you told Christian, our phone screener. We don't set up these calls. We don't make them up. The truth is, George, we don't have to make them up because some of you... And some of the people in your life are so freaking crazy that it makes entertainment in and of itself just real life.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You didn't say you hate the car, okay? And the numbers you're giving us are not dictating selling the car.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I just said do what you want to do. That's all I said. It wasn't a recommendation. Live your life. It wasn't a Tesla endorsement. Don't get all hoppy here. I got excited. I got to take a win when I get one. I know. I saw it plugged in next to my truck outside, so I'm just saying. Sorry about that.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, that's actually on the person who designed the building, which would be Rachel's husband. Okay. Ken is in Spokane, Washington. Hey, Ken, what's up?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Zero. The only liability is that it's a lien against the house. You get ready to sell the house, the loan has to be paid off, but so does a regular mortgage.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So, I mean, if she passes away and the kids sell the house, you're going to pay off the loan as if you had a regular mortgage. But there's a lien against the house. But you personally don't have a debt. And I'm hoping that the house is worth way more than the balance on the reverse. It's not supposed to go over 65% LTV. Okay.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So the house has gone down in value. It's not done well. Okay.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah, but it's still not supposed to be – it still shouldn't be over 65% loan-to-value if it's structured right. But anyway, it is, obviously. But, yeah, so you would sell the house and put $40,000 in the heirs' pocket and pay off the reverse. If the house doesn't get sold and it gets foreclosed on, none of you are liable, but you would lose the house.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Did any of you sign for it? No, none of us did. Okay, then what we told you is correct. You're not liable for someone else's debt, even if they're kin to you, period. The only exception would be a husband or a wife, and in some cases there's some common law in some states.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
But if your parents out there, if you folks listening, your parents pass away and they've got $2 million worth of debt, unless you signed for it, you're not liable. Those people are just not going to get paid.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
When you die, your estate is what you own minus what you owe. And if there's not enough to pay what you owe with what you own, the bank shouldn't have made that loan and they're going to lose their money. That's a risk they took. Because the heirs, the children, the grandchildren are not... liable in america period that's simple now in the 60 seconds that we have reverse mortgages suck
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
If a financial product is being sold between Snuggies and walk-in bathtubs, you're watching a TV show that is catering to elderly people, and they're selling you crap like gold and like stupid reverse mortgages with washed-up actors. that are ancient. They're older than the person they're trying to sell it to.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Have you got a girlfriend you've been helping?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And so, sorry for the insult to my, I have great admiration for Magnum PI, but no, don't do it. Don't do it. Don't buy a reverse mortgage. It is one of the worst financial products on the market today, period, under no circumstances do a reverse mortgage. Huge fees, bad interest rates, foreclosure rate is eight times the national average on traditional mortgages. Do not do reverse mortgages.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Hope I wasn't unclear. This is The Ramsey Show.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay, how much money do you throw in that direction? I probably threw maybe like $15,000 in that direction. Yeah, I think you throw in more than that and you don't realize it because you're wanting to be a good guy because you are a good guy. I want you to help your kids, okay? I don't care about your ex. She's your ex. That's how that works, okay? If she's not your ex, you take care of her.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
But when she's your ex, you take care of your babies. And you're very careful and very wise about that. Hang on. We're going to get you set up with every dollar and get you going on a budget, brother. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
They think they're not going to die or something?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. I'm Dave Ramsey, your host, George Campbell. Ramsey Personality is my co-host today. If you're a business owner or you know someone who is, you know that running a business is hard.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
As I think back on the challenges of the last 30 or 40 years, I wish I'd had someone to walk me through how to do it the right way. Well, that's exactly why we wrote my new book, Build a Business You Love. We want to share what we've learned over the last 30 years so business owners can grow faster and Avoid common mistakes and create something that they're proud of.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
We walk you through the five stages of business and the six drivers of business that drive you through the five stages of business. It is the baby steps for small business. And you don't want to miss this. You can preorder it right now. It comes out April the 15th, but preorder it now for $29.99.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You get over $350 in free bonus items, including instant access to the Entree Leadership Hiring Playbook, where we have coached over 10,000 small businesses on hiring and firing, early access to the e-book, and the enhanced audio book as well. So thanks for hanging out with us and you can go to Ramsey solutions.com slash store, get all of those deals or YouTube or podcast.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Just click the link in the description and you're ready to rock and roll. David is with us in Lexington, Kentucky. Hi David. How are you? I'm doing good. And how are you better than I deserve? What's up in your world?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
We couldn't even make up some of this stuff.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Wow. Why did you lose your job? Being stupid.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You couldn't seem to get to work on time.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay. All right. What were you doing?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
There you go. So that's what this show is. I mean, fiction's harder to write. Exactly. So we just take it as we see it. So we're here to help you. All kidding aside, regardless of if you've done something dumb, because if you've done something dumb, that makes you human. I've done a lot dumb. As a matter of fact, I've got a PhD in DUMB. I'm not proud of it, but it is the degree I have.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, the bad news is you lost your job. The good news is you didn't lose much. Pretty much sucked as a job, agreed?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Or Dick's Sporting Goods, or name it. I don't care.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm making it up right now, and they're all short of help.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
All right. So you were doing auto loan collections? Is that what you were doing?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
okay all right and these were places in new york and all that i got you it doesn't matter people are jerks everywhere i understand that it's not just new york but all right so um um all right you you lost a crummy job that doesn't pay much can we agree on that Yes. Okay. But there's some shame on why you lost it because it was due to a lack of personal energy and diligence.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And so you're a little bit ashamed of that. Is that fair?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Okay. All right. Because your voice has absolutely no energy in it. And that's what I'm trying to figure out. It can't be because you lost this crummy job. The job sucked. But it could be because you feel bad.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I'm not trying to pick on you. I'm just trying to feed back to you what George and I are hearing on the other end because we want to love you well and help you get moving because I don't want you going in for a job interview sounding like Eeyore. Do you know who Eeyore is? Yeah. Okay. Yeah. I want a level of enthusiasm. I want you to get caffeinated before you go in, okay?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah. Well, you haven't made any money. That's part of the problem. When you're making $2,000, your take-home pays $1,500 and your rent's $895. You've not got any margin in this budget. So I don't think you're horrible at money. I just don't think you made any money. So that's why George is poking around on the income side of your equation. Okay.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And so we're here to help you not live. in the land of broke due to decisions that you made when you weren't thinking straight. Again, 888-825-5225. Thank you for being with us, America. We're glad you're here. Mark is in Columbus, Ohio. If I push the right button, there's Mark. Hey, Mark, how are you? I'm doing well, sir. How are you? Better than I deserve. What's up in your world? Okay.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
We're almost spring clear. How come hers isn't? I'm sorry, what? How come hers is not in the trenches?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
we're not going out to eat we're not going on vacation we're totally intense and totally focused and i don't know how in the crud you come up with 850 bucks in a super gazelle intense budget you should have been putting you should be squeezing every dollar out and anytime you have money left at the end of the month you throw it at the debt that's right you don't stack it up in the corner this is not a squirrel fund
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So, I mean, you do whatever you want to do, but that is not following the baby steps.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
When you're in baby step two, neither one of you are. When you're in baby step two, you're throwing everything. You don't see the inside of a restaurant unless you're working there. We're not going on vacation. We're getting out of debt. And so you guys, you've been focused, but you've not been intense. And so you do whatever y'all want to do in your plan.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Okay. So this company, your dad left you as the beneficiary for a $100,000 life insurance policy. And why was it not dispersed to you then?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Our plan is all this money should have been going towards the debt, all of it, all along.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah. Yeah, probably. Probably. 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.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
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. Jade Walshaw, Ramsey Personality, is my co-host today. Student loan debt is an epidemic, and defaulting on debt makes you feel even worse.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But our question of the day, sponsor, why ReFi refinances defaulted private student loans? And they build 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 yrefy.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Well, at 21, it becomes yours.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Right. Quit looking at houses until you have the money. Yeah, that'll do it too. Because when you go look at a nicer house, you come home and your brain, you get house fever. True, true. And you have to take like cold showers and stuff to get rid of it. It'll destroy your brain. It'll rot your brain. And so that's what happens.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I mean, Instagram or physically visiting the house or looking at the Monzillo or whatever else, quit doing that. Don't go test drive a car when you've got the money to buy it.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah, yeah. Just save up and then when we're ready to make the move, then we'll start talking about, you know, looking and this is the budget we have and we don't need to look at houses more expensive than the money we have. And, you know, it's a simple thing because it causes us. So, you know, no honey, the process that got us here to millionaire at our age
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
was to get out of debt house and everything i cannot i cannot go back into debt i can't do it and and it's not an act of love towards you for me to cave and do something that's not good for our future and our family so no
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Wow. Okay. She doesn't really have that option legally, by the way. Okay, so you're now how old?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I'm going to tell you, she got the fever.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Laura's in Tampa, Florida. Hey, Laura. Merry Christmas.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
What is your disability?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So you have $100,000, and you're going to go pick up the check now, right?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
You can work two hours a day.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So whatever it is you're going to run, obviously we have to be able to do it with that number of hours.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And then everything else has to be delegated to the rest of the team. And can you make six figures? Absolutely, you can make six figures. But I don't know if it's in house cleaning or not.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But I think you've... You know, you figured out what we've got to work with here now. And so what we have to do is we have to have something that makes that we can leverage those two hours into to lead others to run things on the other six hours a day out of eight that that the place is running and I'm not running it.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I would not build something that you didn't have passion about because it's going to be too hard. Whether you're facing brain injury or just doing a small business is hard, number one. Number two, I would not build something that is dependent upon a single individual. I want a concept that works, and then I'll look for the individual to plug into it.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And if that individual doesn't work, I'll plug a different individual into it. But we don't do...
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
org charts in our organization charts in ramsey based on the person that's here we do the organization chart based on the proper way to run the business and then the people that are here populate that chart um so every time i have built something uh for built a job for someone that's that's really messed me up because then that person that person leaves and you're screwed
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I appreciate the ambition, and you do have capacity to do something. But there's no rush. You're millionaires. You're okay. It's not like you need the money to pay the bills. You just need something to do. Because, you know, you're a doer. And so that's a good thing. But let's take the steps and say, all right, what am I passionate about? What can I plug into?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
How can I build this out in such a way that we're backfilling for these deficits, but we're utilizing the gift that I do have, which is very powerful two hours a day? And some people don't work but two hours a day anyway. They just sit around the rest of the time.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I don't think franchise answers your question. What answers your question is building a system of some kind. It could be a franchise. But what you're looking for is you just need a duplicatable system of some kind that you can delegate out and run. And hang on. I'm going to send you the assessment for Ken Coleman's Finding the Work You're Wired to Do and send you the book as well.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I think you'll enjoy that. And it may spur some ideas. 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
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
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. Jade Walsh, our Ramsey personality, number one best-selling author, and is my co-host today. Open phones here at 888-825-5225. Merry Christmas, America. Allie is with us. Allie is in Phoenix. Hi, Allie. Welcome to the Ramsey Show.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
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. It's easy to join, and Fairwinds partners with more than 5%
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
thousand 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 fair winds 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
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
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. Jade Walshall, Ramsey personality, is my co-host. Open phones at 888-825-5225. Brian is in Atlanta. Hey, Brian, how are you?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And celebrated it with a truck payment.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But you would be trading an $8,000 loan for a $60,000 loan?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And then they pay off the loan or they take the truck?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So did you sell your truck for $46,000 then?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
All right. So it's not... What's it worth?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yes, I would rather be $8,000 in debt than $46,000 in debt.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
The only difference is your buyer happens to be Toyota, but yeah.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And how quick is all this coming through?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Oh, so they'll cut you a check pretty quick then?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
That's what I mean. I've got to pay the difference. That's what I mean. Yes, I would do that deal.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Why? Why do they deserve something? They did not move back in and take care of you all because they thought they had money coming to them.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And you're going to have to get a little truck of some kind, a little $5,000 or something to get around in.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Just kind of got that feeling, yeah. Adam's in Spokane. Hey, Adam, welcome to The Ramsey Show.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
You're not in charge of the bank and the bank is not a brother.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
A bank is an institution. It's not the employees. If an individual, we can have a discussion about an individual loaning an individual money, but institutions don't have souls. And I promise you, banks don't have souls.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
They didn't loan you the money, though.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
They moved back in, took care of you because you're your family. They loved you. You're a little girl and your mom needed help. And they came in and helped their mother and their little half sister. They didn't do it for money. You're under no obligation to repay that act with money. Yeah, that's like saying, oh, I used to change your diapers. So you need to share this with me.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Exactly. So you can't make that judgment. Again, you can't make that judgment.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
No, that's not the intent. The intent is... That's not the intent of the Scripture to start with. And banks didn't all get together and go, you know, there is this line in Deuteronomy, and to get around that, we're going to create this whole system. No, they didn't do that, I promise. They didn't think a thing about Deuteronomy, not once. And so, no, you're not doing anything wrong.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
It's like saying, if I buy a pizza at Pizza Hut, but they take credit cards, for other people to buy a pizza and put them in debt, am I supporting Visa putting people in debt through Pizza Hut? No, you're not. You're just buying a pizza. Yeah, yeah. You know, you're really working hard here to be guilty of something.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I'll tell you why, okay? Okay. because the scripture that you're referring to does not say interest in the Hebrew. It only says it in the King James. The rabbis in Judaism do not teach what you're talking about. Thus, Jewish people have been in the banking business from day one, okay, from the time there's been Jewish people.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So most scholars, even evangelical scholars, will tell you that the actual Hebrew word there is better translated usury than it is interest. And so it's not really a situation of Christians can't charge interest at all. Usury is the overcharge of interest. Christians should not overcharge interest.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And so there were states decades ago that had usury laws that prevented interest rates from being above a certain level. Because of that. And it came from that scripture. But the word usury there is a, when you do the word studies on it and you get down into scholarship on it, is more akin to overcharging of interest than it is the charging of interest.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So you could make the case that credit cards are usurious because they're 18 to 28 percent. That's a usurious, an overcharging of interest rates. Probably can't make that case with a mortgage rate.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And I can make the case that you shouldn't be borrowing money at all Because there's not a single positive reference in the Bible to debt But I can't tell you that borrowing money is a sin as a matter of fact I'm positive that the Bible never once refers to debt as a sin it refers to it as lacking in sense You're a slave You know, it's a curse upon you if you go into debt.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
All these negative connotations, but never once is it a sin issue, and never once is it mentioned as a salvation issue. It's not. It's just instructional from Scripture to avoid debt. It's instructional in Scripture to have a budget. It's instructional from Scripture to live on less than you make, to not cosign. There are instructions all through Scripture regarding money. This is one of them.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
to not overcharge, particularly your brother, a usurious amount of interest. But, dude, when you fall down the Pharisee rabbit hole where you're trying to unpack every, uncross every T and every jot and tittle, you really can't. pull the thread long enough to keep the sweater intact. It doesn't work. And so walk in grace, brother.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Walk in grace and be good and be kind, be compassionate, be wise, and don't try to figure out how the banking system is somehow built on dodging one Bible scripture. That doesn't even mean that in the Hebrew. This is The Ramsey Show.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
No, it's your freaking job. When you're the mom, you change the diapers. That's what you do. You don't get to you don't get to play that card later as a as a way to get paid back.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
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. I'm Dave Ramsey, your host, Jade Warshaw. Number one best-selling author Ramsey personality is my co-host today. Open phones at 888-825-5225. Zachary's in Houston. Hey, Zachary, how are you?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Better than I deserve. Merry Christmas. How can we help?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Oh, no. Right before Christmas. That sucks. Ew.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
What do you do? What kind of work were you doing?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
This is guilt. This is your, your mother is a travel agent for guilt trips, and she's a bit of a control freak because she illegally withheld this information from you for the last five years. I mean, she could get her butt sued if you were a jerk.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Correct. Okay, but did you get severance? No. Okay, so how many checks are you going to miss?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Okay. So where's the panic?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah, it makes you nervous, but there's no reason to panic.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
No, I would not reorganize the baby steps because you got scared once.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I mean, if you push pause on everything for a couple weeks while you get your paycheck started again, that's fine. But are we going to, because of the layoff, are we going to, in January, not pay down on the cars and instead build up an emergency fund because we got laid off back in December? No, uh-uh, no. That's fear-based. Yeah. It is. It's also not wise.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
How much do you owe on the cars? We owe $13,000 on my truck and $24,000 on her car.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Sometimes when I flip this around a little bit, it wakes my spirit up, and I shock myself a little bit, so I'm going to do that to you, okay? Instead of building your emergency fund because you're scared, sell both cars because you're scared.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
You ain't that scared. All of a sudden... It got silent. All of a sudden... Here's the kicker.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
See, all of a sudden you start thinking different when I sold your cars.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
That's what I did. I do that kind of stuff to myself because what that does is it says, okay, you're not really that scared. You're just trying to intellectually manipulate a system that's not really broken. So work the system, dude.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
photos out to a dealership to buy my truck because i have a ton of equity in that that's good hey didn't you say i really wasn't suggesting you sell them i'm just saying if you're that scared that's the move you would make yeah but you're not that scared is what that points out so that because then all of a sudden i found out we got a million dollars
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
We're the real estate floating around in this conversation that didn't come up when we first got laid off a few minutes ago. So, you know, no, you're going to leapfrog through all these baby steps when that other stuff sells so fast anyway. No, you don't need to sell your truck. And no, you don't need to stop.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I mean, what she did was straight up illegal, okay? Not criminal, but I mean, she just can't, you can't do that. It's not, it's just, well, I thought that, you know, she might misuse. It's not her option. The law says at 21, it's yours. The custodial rights dissipate. They go, they disappear at 21. So, you know, I, there's a lot of guilt and passive aggressive floating around your whole family.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
If you want to take a heartbeat, take one month off of don't pay down on debt, pile up cash for one month. out of your budget, whatever you can live on, living on nothing, and then reapply that cash to the debt when you get comfortable again the other side of that and start, push a pause button on the baby steps, then push play again later on, that's fine.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But no, we're not going to do them out of order because you got laid off.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
The car doesn't really kind of count. Yeah, it doesn't really count.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And what I would do is I would take this layoff and the fear that goes with that as my motivator to kick this thing into gear and get it finished.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
That's the way to do it. I'm going to use that as my push button. Jaden's with us. And I'll bring Jaden up in a minute here. So here's another thing. The, um, you guys listening out there, you, if you've listened to the show for a long time, you've heard this happen before. And Jade, you alluded to it a minute ago. Um, The Bible says out of the abundance of the heart, the mouth speaks.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So what's going on inside of you comes out of your mouth before you realize it, in other words. And so it often happens on the show when you and I or any of the other personalities ask someone, okay, how much debt have you got? And they give us like their credit card debt and something else. I'm like, and how much do you owe on your car? And they, oh yeah.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Because they didn't have that in the debt column in their head.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And so out of that, what that tells us is in their heart. That's not debt.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Because it's so freaking normalized that you you've normalized the backache to where you've always had a backache. And you go, oh, yeah, I forgot about that ache. Doc says, what hurts? Oh, nothing. What about your back? Oh, yeah. Yeah. Because I've gotten used to that backache, you know, and it doesn't no longer feel that way. And so and they do that student loans, too.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
They put it in a different column in their brain, store it back in the corner. How much debt you got? And how much on the student loans? Oh, yeah. Oh, yeah. Oh, yeah. And so don't recategorize this stuff because society has. Because society is stupid.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Normal is broke in America. Looking good, driving good, a student loan that's been around so long you think it's a pet, and you recategorize these things in your brain. Don't do that. Don't do that. Put it all right where it needs to be, in the crosshairs and pull the trigger. Knock it out. Knock it out, baby. This is The Ramsey Show.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah. So I think you know. I personally, your dad left your name on it. If he wanted their name on it, he would have put their name on it.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Jade Walsh Hall, Ramsey personality, is my co-host today. Open phones at 888-825-5225. Jaden is in Casper, Wyoming. Hi, Jaden. Welcome to the Ramsey Show.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Sure. Merry Christmas. What's up?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
What's your household income?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
If your mother could have talked him into it, he would have put their name on it. And so she's now trying to fix this the way she wants it afterwards. Sorry. I don't need to be mean about this, and I don't want you to be unkind to anybody. And I appreciate that you love your half-sisters, and that's wonderful that you have a great relationship. I'm glad you do. But it should not be based on money.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Well, no, that's not your position anyway. It's your position for two. She's not a child. The two of you ought to sit down as two adults and go, okay, yeah, vacation is a good thing. Emergency fund is a good thing. Having a baby is a good thing. Buying this piece of ground is a good thing. None of these are bad things. Now, where do they fit in our lives with our goals as grownups?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
You know, you can't just be a kid on the cereal aisle, throwing a fit. You have to be like an adult, both of you. And so I don't want you being her daddy and have to talk her off the ledge. I want her to grow up and look at it and say, as a grown woman, who's has a child, what is responsible? For me, yeah, I want to take a vacation. I'd love to take a vacation.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But as a grown woman looking at this, I can't afford to do it right this second because I'm not going to be working next year after the baby comes. Or as a grown woman looking at this, I've got a child on the way. I really want to do this. You know, we do have $86,000 in the emergency fund. We probably can go ahead and take a vacation because you've overfunded the emergency fund, Bubba.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I don't know what's in this emergency fund. But, I mean, she needs to participate in this decision as a grown-up, not as someone who has a parent that they're married to.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
It can't be, I want it, I deserve it. Bull crap. That's what 14-year-olds do. That's not what grown women do. Grown men do. No. So, no, you have to be emotionally mature and say what is good for our family. And if in the midst of that we can do this reasonably and we don't leave our family vulnerable with no emergency fund because we went on vacation, that would be stupid. Yeah, that's.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
or leave our family vulnerable since you're going to be quitting work and staying home with the child, and you can't make your bills because you went on vacation last winter because it's cold in Wyoming, which is not a shock to anyone in Wyoming for sure.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
and so you know that kind of so i mean what i want to do is just pull her into the conversation as a grown woman not as someone who's i have i can't get my husband to let me do stupid stuff i mean this is just that's ridiculous that's not a conversation you want to have in a marriage it needs to be the two of you are we have this child we have this future what makes sense and yes vacations are part of the equation i got no issue with that at all mm-hmm
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But where they fit is your point, Jade. Absolutely. Where and when.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Could be, could be, yeah. Could be loosening the nerd up a little bit. Loosening up the nerd. Yeah, but she needs to do that with reason. That's right. Not with emotion.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And that's a fair request for a grown-up. Stephen is in Little Rock, Arkansas. Hi, Stephen. Welcome to the Ramsey Show. Merry Christmas.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Better than we deserve, sir. How can we help?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
It ought to be based on love and family. Hmm. And so you are not lesser of a person if you only follow through on your father's intent. Your father left you this money. He did not leave it to them. So you do whatever you want to do. I don't want you to share it out of guilt.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
She pays it. Oh, you're 20 years old. Why does your grandmother pay your card?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Okay. That's mythology. We've done this about six times in Ramsey in the last six or eight years. One of the personalities will jump on the phone and call 15 apartment complexes and say, hey, I'm moving to Nashville. Do you guys, I don't have a credit score because I'm just out of school, and I got a zero credit score. Do you guys rent to people without a credit score? Nine out of ten say they do.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Some of them, a couple of them, want an extra deposit. But most of them are just, no, it's no big deal. Come on over. That's just complete mythology that people have spread out there among your age group. It's just not true.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Nine out of ten don't care if you have a credit score.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah. I just, you know, can't rent to those. I can't rent from those guys because they require one. I can rent from these people over here, though.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And if the only way they approve you is by a number, that's not using your brain by definition. Very good. Good stuff. Yeah, you can look those calls up. We've had different personalities do this over the years and they're on the YouTube channel and you can see them making phone calls to the apartments and it's recorded and you can hear the conversations.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah. And yes, you need to. It'll be good for your marriage to get off the grandmother doll.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Wow. Good for you. Good for you, Stephen. Well done, sir. 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
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Get up to 30% off bestsellers and life-changing gifts that won't break the holiday budget. RamseySolutions.com slash store. Jade Walsh, our Ramsey personality, is my co-host today. Thanks for being with us. Christmas is here. Can you believe it? Wow. Hey, last-minute shoppers out there, it's game time.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Don't miss a last chance to grab a life-changing book or set of tools this Christmas to help people really. I mean, you can either give them a great book that changes their life or an ugly tie. You get a choice, you know. Total money makeover is 30% off. Building a non-anxious life is 30% off.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
breaking free from broke is on sale george's first number one questions for human dexter just twelve dollars all kinds of goodies and in most places we can still get it to you but you need to go there today ramsey solutions dot com slash store chris is in seattle hi chris welcome to the ramsey show thank you much sure what's up i'm calling in to understand kind of what
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Wow, I'm sorry. It's tough.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Well, the turn of events, the prognosis change, would change my strategy, I think.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Okay, because you're saying they've put her on a clock and it's a shorter one.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
All right. Well, what we teach folks to do is you're not working the baby steps. You're fighting cancer. So what I would do if I were in your shoes, what do you make?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I would just pile cash as high as I can pile it. Okay. And do nothing else. I mean, I would do that with the same intensity that I would have getting out of debt or something if you were in a more normal situation. And when we're piling the cash as high as we can pile it, I've got –
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
two things i want to three things i want to accomplish with that pile of cash one is obviously any kind of care or trials or anything that you need to write checks for you write them right and so we'll take care of her in other words that's that's the first goal of the pile of cash
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
The second goal would be to do some things to make memories and the trip you want to do or the thing you need to purchase to make things more comfortable around there right now. The thing you've got to be careful with on that one is that you don't go out of control with that. Because in the name of that, people do some really stupid things.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
You know, like, I don't want to hear later that you spent $200,000 on some trip. That's not what I'm talking about, okay? But I am talking about, okay, there's some things that if we were just, if everybody was healthy and we were leaning in and getting out of debt, we wouldn't be doing this thing, but we're going to do it in this case instead, whatever this thing is.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But reasonable dollar amounts and not getting sucked into something
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
um in the name of we have a short clock we're going to do we can get away with anything because you can't because you got to live with it later right yeah so anyway do some things like that that are good and strategic wise things do anything for her to take care of her fight cancer do some things for the family and then the third thing is you're piling up cash for
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And someday, what day, I don't know, that this is behind you, you just take that money and push play on the baby steps and you throw it at the debt. And you go after the debt then and you go work your baby steps when you're the other side of this. uh, she's healed and she's here or she's healed and she's in heaven.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I don't know which one it is, but either way, one of those two, and this is in your rear view mirror, so to speak. And, um, you start, then you start, you know, executing a good financial plan at that point. But right now we're just going to stack cash to fight cancer, have a good life.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And any cash that's left over in that stack is not wasted because we'll be able to use it to start our, our, the new version of our journey later. Is that, is that all sound fair?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
It's just a matter of... I don't care if you save 200 grand, is what I'm saying. Just pile it up. There's no downside to that. And then if you want to fly to Paris and do a clinical of some kind, fine. Book a first-class ticket and let's go do a clinical trial in Paris. I don't care. I'm making that up. I have no idea.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I've certainly got friends that have fought cancer situations and found it very handy to have a pile of cash while they were doing it. Mm-hmm. That's what I'm saying. That's right. So, man, I'm so sorry, Chris.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So sorry. How old is your baby?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And the new treatment just a beefed up chemo or what?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I can understand it if you want to do it.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
The cure is brutal sometimes, yeah. Yeah. Oh, Chris, I'm sorry. Um, but yeah, I really wouldn't focus on any financial goals other than just being wise with the cash flow so that we're able to stack cash to those three goals I talked about. Okay. Okay.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But I'm not okay with this coming from your mother who illegally kept this information from you for five years.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Just, just give you, give yourself a lot of grace, a lot of room and live this out and, and, you know, lean into it, fight cancer with everything, every fiber of your being. And that includes the fibers of the dollar bills coming out of your wallet. Same thing. Wow.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah. You're in the middle of a storm, you push pause. That's right. You don't work the baby steps in a storm.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
whatever the storm is i mean you lose your job that's right and um oh well you can't you don't have the income to fight you know you don't you somebody's ill like this you don't have you know you've got to stop and focus on that there's a uh tragedy of some kind or another you you have to stop for a minute you do and get your get your bearings get your feet back on the ground and uh then decide from there what the next steps are and where you go
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But that's not a baby step. It's just push pause and walk away. And, you know, use the resources that you have coming in, your income, to navigate the storm, to be ready and to push your way all the way through it. So, yeah, that's a big deal. Chris, I'm so sorry. That's tough, very tough. We'll be praying for you, brother. And for her, obviously. Very, very cool.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Open phones here at 888-825-5225. I co-signed with a girlfriend of six years on a car. Uh-oh. Now we've been broken up for two years. Uh-oh. And she's been late on multiple payments. Uh-oh. She is not eligible for refinancing because of her credit. Uh-oh.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
well you know he loved them too you know we love puppies too so maybe we ought to give some to the humane society you know oh brother i mean yeah that's not good killing me here yeah because then she might decide that she should have some too yeah he loved me too yeah wow he loved all god's little creatures you know it's killing me so um and and
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
we're going to coffee baby doll you're selling your car you don't i'm gonna sue you because you're destroying my credit basically yeah see you made a mistake you signed with your ex-boyfriend on your car and now you can't pay the car so now you're selling it people do not buy crap with people you are not married to hello i know that's right wow this is the ramsey show
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
If you want to hear the next segment of the Ramsey Show after this one's over, you'll do that on the Ramsey Network app. That's the only place you can hear it except for a few talk radio stations here or there. So in the Ramsey Network app, you can download for free. And it not only gives you lots of access to... portions of this show and other shows that don't necessarily make the air.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So you get a, you know, kind of a behind the scenes look. You can search the show for certain topics and find callers calling in about certain topics. That's pretty cool. And you can also send us an email.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
No, the reason it's not like that is it's not a financial milestone. It's a tool and a practice that hits a financial milestone. All the baby steps are financial milestones. So it's not a financial measure. It's the same reason insurance, you know, buy health insurance is not a baby step. It's not a financial milestone. It's something you need to do. by life insurance is not a baby step.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
It's something you need to do.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Doing a will is not a baby step. It's a tool. It's an item. It's a practice. It's a habit. It's a thing you need to do that causes you to hit the financial milestones.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
That's why it's not a baby step. And so all of those other things fall in the same category as the budget does. There are things you need to be doing. Living on less than you make is something you need to do. But it's not a baby step because it's not a financial milestone. $1,000 is a financial milestone. Getting all your debts paid off except your home.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Baby step two is paying them off smallest to largest in that order using the debt snowball. is a financial milestone. Finishing your emergency funds, a financial milestone. 15% of your household income, measurable amount of money going into retirement is a financial milestone. Addressing kids' college needs in Baby Step 5 is a financial milestone.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Six, paying off your house is a financial milestone. All of these are things that we're measuring as we make progress on money. They're not the thing, get a job, take extra jobs, are not a financial milestone, but they're things you need to do to create an income would be necessary in order to do these things. So increase your income. These are all tactical things you do to hit the milestones.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
That's why it's not... and um it's i i think the question was was semi-serious so you're not going to rewrite the baby steps you're not going to re-release them not today on davey's plan not not not we're going to stay with dave not davey there you go that's what we're going to do all right emmanuel is with us in dallas texas hi emmanuel what's up merry christmas
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I think the situation, if you go to, like, with your brothers and sisters, you're talking about that, I think that's dependent. Why did your dad not leave them on the policy? Well, because they're misbehaving. Sure, sure, sure. Okay, then you'd be violating his memory and his intent and his blessing to do that. Or... He just screwed up the paperwork. He wasn't watching what he was doing.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I'm sorry. There are no family dynamics that require a $56,000 car. That's absolute bull crap.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
You had to impress somebody in the family? I mean, what kind of ridiculous family dynamic causes you to buy a $60,000 car you can't afford?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But not relying on your mother-in-law does not require a $56,000 car, honey.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
That's also possible. And that was a mistake. If that was the case, then I might want to share it.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
my parents and even boundaries with this she's not even your in-law yet because you're not married so you need to get married so that's on your list number three no number four is get married this weekend yeah you got a bunch of this crap out of order so um and then you can just look at mother-in-law and go i you don't have a vote on my car
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
you don't get a vote for my car immediately yes yeah yeah and no one has a vote on your car your wife and and she's not even your wife yet so let's make it make her your wife and then the two of you decide on cars but a 5600 car will allow you to not borrow other people's cars
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I felt pressured and I made a stupid decision.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Done that. I've done that myself. We've all done that. That also helps you to not react to pressure ever again.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I'm 100% sure she is his blood daughter. The other girls aren't. And 100% sure he left it to his daughter. There's no question in my mind. I'm reading his mind, and it's just that the wife didn't like that.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
My tolerance for people telling me what to do with my money is pretty low. Like zero now. This is The Ramsey Show.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Sorry. The way it works. This is The Ramsey Show. Are you working the baby steps? One of the smartest and most impactful changes you can make is to ditch your cash value life insurance plan, if you have one, and replace it with a term life policy.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Listen, the only thing a cash value policy is good for is overcharging you for the life insurance and then paying you a crappy rate of return on your overpayment. Stop wasting your money and really focus on getting out of debt and growing your savings. For over 25 years, I've trusted and used Zander Insurance to find the best rates on term life insurance from the top-rated companies.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
They keep the whole thing simple. You can apply online or over the phone, and they even have low-cost plans that don't require an exam. Go to Zander.com or call 800-356-4282. Even if you don't have a cash value policy, if you're one of the 70% of people who have no life insurance or not enough, it's even more important to get this done. 800-356-4282 or Zander.com.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Jade Walsh, our Ramsey personality, is my co-host today. Thanks for hanging out with us. John Deloney and I are doing the Money and Relationships Tour this spring. These cities are selling very, very quickly. If you'd like to come, we'd love to have you. Putting a new twist on this. At each stop, we're going to put out a bunch of topics.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Before the show, while you're sitting in the audience getting ready, and you're going to vote on what we talk about that night. So you're going to form the content for the show that night. And we'll be in Louisville, Kentucky, April 21, Durham, April 23, Atlanta, April 25, Phoenix, May 5, Fort Worth, May 7, Kansas City, May 9. You don't want to miss this.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
RamseySolutions.com slash tour, the Money and Relationships Tour episode. And that's Dr. John Deloney and me coming to a town near you. Lexington, Kentucky is on the line. John is with us. Merry Christmas, John.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Better than we deserve, bro. What's up? Good.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
okay because i thought so the deductibles on insurance it may or may not apply to prescription drugs we don't know in your policy okay even if it does even if it does it's an eight thousand dollar out of pocket not eight thousand dollars a month which is something you could plan for for the year what do you make uh i take home about 32 okay all right and what do you do for a living
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Okay. So you're just getting your apprenticeship behind you, and you're starting to make some tech money, which means your income is going to double in the next three years. Agreed?
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Yeah. Okay. That's good. That's a good trade to be in, man. Good for you. But here's the thing. One of the ways you want to look at major situations like this is, okay, I've got this barrier. Number one, what can I do about it, which Jade gave you a great suggestion, go ahead and get more information gathered up, because you may be worrying about something or you may have made an assumption here
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
I mean, I have no idea. It may be that some of those particular drugs have a generic form that can be bought for $500 a month. I don't know. I mean, it wouldn't be that unusual to hear a story like that once you decide, hey, we've got to figure this out because we're getting married. Okay. And now, then you pan back and say, all right, even if it's $7,000...
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
we've got, we've got to figure out something else because we don't want to be on Medicaid for the next 40 years and not married. So you have to have a long-term perspective on this that says, okay, I've got to fix this because this doesn't play well long-term. This month, if it is $7,000 a month, and that's the only option, which it's probably not, but if that's the only option, this month sucks.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
But you cannot let that be the only thing that says, I'm going to determine this because we know we don't want to be on welfare. for the next 40 years. That's not a good life plan. So we've got to find a way to get off of welfare, which is what Medicaid is, boys and girls. And so let's get off of that and let's find a way around that.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
So private insurance, generics, other solutions to the medical issues, start talking to the docs and say, okay, Medicaid's off the table, so how are we going to make sure she's okay? Mm-hmm.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
It sounds like you've got a high deductible HSA probably.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
And so that sets you up to have a good emergency fund. And you're probably budgeting to recoup that deductible once a year.
The Ramsey Show
Broke Is Normal—Do You Really Want to Be Like Everyone Else?
Because you're probably going to burn through it with an ongoing struggle with epilepsy and ongoing struggle with some of these other issues. So cool. Hey, John, that's a good question. You're a good man. I'm glad you're looking at this through the right eyes and figuring out how to solve it. Appreciate you joining us. Alex is in Denver. Alex, welcome to the Ramsey Show. Merry Christmas.
The Ramsey Show
Wealth Magnifies Who You Already Are
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. Brought to you by the EveryDollar app. Start budgeting for free today. Live from the headquarters of Ramsey Solutions, it's the Ramsey Show. We help people.
The Ramsey Show
Wealth Magnifies Who You Already Are
So our kids attend a school like hers. That kid attended a high school in this area. Well, Williamson County, the county that we're in, is the wealthiest county in Tennessee. It's the 11th wealthiest county in the United States. It's full of country music people, tech people, hospital executives that are healthcare boom in Nashville, and there's some extreme wealth in this county.
The Ramsey Show
Wealth Magnifies Who You Already Are
And there's lots of these kids that people give a 15 year old a brand new BMW, which is the definition of stupid, by the way, because they're going to hit it like 30 minutes after you give it to them against a tree or their friend's car. So you might as well not tear up a good car while you're learning to drive. OK, so anyway.
The Ramsey Show
Wealth Magnifies Who You Already Are
This is the environment that our kids are in, and our net worth and income is likely higher than most of those people that are doing that. And our kids are driving cars way substandard to that because they could only buy a car with the money they had saved plus what we doubled. And so it wasn't the fanciest car.
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah, because he's got, you know, most, especially guys are the worst. We get great pride out of our first car story. Yes.
The Ramsey Show
Wealth Magnifies Who You Already Are
74 Monte Carlo Land Yacht. Dude, I could start mine with a rope, Dave. Paid for it with a loan and a down payment I got from cutting grass and painting houses.
The Ramsey Show
Wealth Magnifies Who You Already Are
This is the Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Wealth Magnifies Who You Already Are
I also discovered that there are a lot of ripoffs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income, which is the smartest, most affordable way to protect your family.
The Ramsey Show
Wealth Magnifies Who You Already Are
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Wealth Magnifies Who You Already Are
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. In the lobby of Ramsey Solutions on the debt-free stage, Jonathan and Charlie are with us. Hey, guys, how are you?
The Ramsey Show
Wealth Magnifies Who You Already Are
Better than I deserve. Welcome. Where are you guys from? Knoxville, Tennessee. All right. Well, welcome to Nashville.
The Ramsey Show
Wealth Magnifies Who You Already Are
I work in tech. Stay-at-home homeschool mom? I like it. Good for y'all. Well, the tech world's treating you well, brother. Yep. Working hard. I bet you are. Good for you, man. This is good stuff. What kind of debt was the 122? It was a lot of everything.
The Ramsey Show
Wealth Magnifies Who You Already Are
Really normal. Yeah. More normal than anybody would ever want to be. Ooh, gross. So what happened 18 months ago? What was the wake-up call?
The Ramsey Show
Wealth Magnifies Who You Already Are
Oh, good. Okay. Excellent. So you went into the class and it's like, whoa, mind blown. I mean, because this is a dramatic change right here.
The Ramsey Show
Wealth Magnifies Who You Already Are
You went from borrowing on everything to paying off everything.
The Ramsey Show
Wealth Magnifies Who You Already Are
So what happened in the class? That's interesting.
The Ramsey Show
Wealth Magnifies Who You Already Are
It's called hope, right? Yeah. Good for y'all. Very cool. What's your church called?
The Ramsey Show
Wealth Magnifies Who You Already Are
Oh, excellent. Okay, good. Good. Well, man, that's incredible. I'm so proud of y'all.
The Ramsey Show
Wealth Magnifies Who You Already Are
As soon as he took that thinking and applied it, it went boom.
The Ramsey Show
Wealth Magnifies Who You Already Are
That's fair. That can happen. And then you end up going to church class or Financial Peace University at church, and your parents are like, yes!
The Ramsey Show
Wealth Magnifies Who You Already Are
Oh, you don't have a daughter problem. You have a husband problem. Yeah.
The Ramsey Show
Wealth Magnifies Who You Already Are
oh i'm with you on that one dude there we go that one hurts yeah but the good news is both those places take cash yep yeah good news you can buy whatever you want now that you got some money because you don't need debt how's it how long y'all been married a little over six years okay and um have you ever been debt free in the six years no until well now until now but i mean prior to that this is this is your first taste of freedom yep yeah how's it feel it's great
The Ramsey Show
Wealth Magnifies Who You Already Are
How sacrificial? You've got a house full of kids. I mean, how much did y'all have to cut?
The Ramsey Show
Wealth Magnifies Who You Already Are
Well played. Whoa. I love it. Okay. So it was a deep enough cut that everybody in the family saw it, felt it, got involved, and now enjoys the freedom. Yep. Very good. Proud of you guys. Thank you. Way to go. So cool. So cool. All right. Now you're here. And...
The Ramsey Show
Wealth Magnifies Who You Already Are
There's a couple just like you guys that's normal, that's listening or watching right now on YouTube out there, and they could be where you are in 18 months. What do you tell them the secret is? What was the thing that changed everything?
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah, for sure. I think it's when you wrote it down and saw it could happen. Yep.
The Ramsey Show
Wealth Magnifies Who You Already Are
I like this. Congratulations, guys. I like this. So how far out to pay off the house? Three years. Wow. Wow. Very good. And how far out to be baby step millionaires? Five years or five or six years. Okay. From today. So that's going to be under 10 years from the time you started. Yep. Wow. Powerful. They're good. That's amazing, guys. Congratulations.
The Ramsey Show
Wealth Magnifies Who You Already Are
you guys are you guys are powerful very good so you brought the tribe with you yeah we did if they and i'm sure they've been practicing so if they do a dave ramsey screwed up christmas they gotta have a debt-free scream they better okay they better have that right okay so get them up here and let's hear their names and ages come on up guys get in the thing get in the picture here so we can see you what are their names and ages
The Ramsey Show
Wealth Magnifies Who You Already Are
And it's his parents that are the twerps, right?
The Ramsey Show
Wealth Magnifies Who You Already Are
Very good. Good job. Wow. Good family. Well done, you guys. Well, you kiddos, your mom and dad are heroes. They've changed your whole family tree. They've changed your life with their sacrifice and forcing you to sacrifice.
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah. So he needs to tell his mom and dad, stop it. You're screwing up my kid. And he needs to stop screwing up his kid.
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Christmas is back. Good news is Christmas is going to come back in 2025. All right. Jonathan and Charlie and Tribe, $122,000 paid off in 18 months, making $130,000 to $215,000. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free. Yeah. I love it. Well done. Man. See, you can't hit what you're not aiming at.
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And they have exactly figured out when the house is going to be paid off and when they're going to cross the million-dollar net worth and be baby steps millionaires. They're going to hit it. And I'll give you another predictor. 100% chance they do it sooner. Absolutely. Yeah. 100% chance they do it, son.
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Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer accounts. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
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But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
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They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
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Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
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Dr. John Deloney, Ramsey Personality, is my co-host today. New York City, Nick is calling. Hi, Nick. How are you?
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And your husband will not participate with you in parenting?
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Wealth Magnifies Who You Already Are
Write a check today and pay off the card and place scissors across it and cut it up. Ta-da. That's it. You shouldn't have done this. It was dumb. You did a sweet, good thing a dumb, bad way. Mm-hmm. Mm-hmm. Dude, no one in the millionaire study that we said got rich by using zero-interest credit cards and leaving their money in a high-yield savings account on $11,000 freaking dollars.
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Wealth Magnifies Who You Already Are
Let me ask you something. Yeah. What's 4% of $10,000? Do you know?
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Okay. Divided by 12. Yeah, that'd be less than $40. Times two. You can't buy a pizza. Yeah, not in New York. You're acting like this math matters. It doesn't matter. There's no math here that matters. There's not enough money and time involved for these interest rates to be relevant.
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Wealth Magnifies Who You Already Are
So this wasn't worth your hourly wage. The hours you have spent screwing with this in your mind, you made $1.16 on it per hour screwing with this. It's paid off, dude. Dude, do not play with these snakes. They will bite you. This is a big, ugly snake called Bank of America. Big, ugly snake. It will not only bite you, it will eat you. And your future young. No, no, no, no, no, no.
The Ramsey Show
Wealth Magnifies Who You Already Are
The good news is you've got the money to pay this off. And still have a whole bunch left in the bank. The bad news is I'm not sure I convinced you. And you're still crying. I don't know if I'm going to do this or not. You need to do this, Nick. Because you don't want to be putting that ring on her finger and be going, thank you, Bank of America. Gross.
The Ramsey Show
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That makes me, I got a little throw up in my mouth right now.
The Ramsey Show
Wealth Magnifies Who You Already Are
This is what Bank of America counts on. That's exactly right. They're counting on once they've got your head in the noose, they pull the rope. Yeah, that's how it works. All right. Our question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans, which are different than federal student loans. These are private loans that are in default.
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If you got one of those, they can get you out, and they can get you on... payments you can do and a good interest rate and get you out and get the things up and current, get it off of your credit, all that stuff. Go to yrefy.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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It was quite an experience, but they had the money. They had the money.
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Wealth Magnifies Who You Already Are
Your problem, Erica, is you're dating a little boy, not a man. That's right. That's the problem. And it's going to get worse before it gets better. So, I mean, adults devise a plan and follow it. Children do what feels good. And that's what we have here. One adult and one child.
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Wealth Magnifies Who You Already Are
And so... it's not a matter of what you can do to respect him. It's a matter of if you ever will, you won't because you're who you are. You're wise and you're old, an older soul, regardless of your actual chronological age. And you've got wisdom and you know, you're looking at a guy who he might be cute. He might be fun. He probably is fun, but, um, but he's not a good man to spend your life with.
The Ramsey Show
Wealth Magnifies Who You Already Are
So what we're saying, what John's saying earlier is right, Erica. I think you don't respect him until he becomes a person of maturity. One definition of maturity is the ability to delay pleasure, live like no one else so that later you can live and give like no one else so that you can have experiences like you said, John.
The Ramsey Show
Wealth Magnifies Who You Already Are
If you've got $10 million, your experience options are a lot different than when you're a broke person saying, I like experiences. It's a lot different. I mean, one throws a Frisbee, the other one goes on a worldwide cruise.
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Wealth Magnifies Who You Already Are
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. I'm Dave Ramsey, your host, Dr. John Deloney, Ph.D. in counseling, Ramsey personality, number one best-selling author, and host of the Dr. John Deloney Show on the Ramsey Networks. He's my co-host today. You jump in.
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We'll talk about your life and your money. 888-825-5225. John's in Springfield, Michigan. Hey, John, how are you?
The Ramsey Show
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So you guys flunked financial peace university. You flunked the class. You have to go back and take it again. Because in the class we taught you to combine all of your income and combine all of your assets and operate out of one checking account and do a budget every month that you both agree to and stick to. Does that sound familiar at all?
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Wealth Magnifies Who You Already Are
So you know exactly what she spent it on. And what'd she get?
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Wealth Magnifies Who You Already Are
And they talked about it and it was completely transparent. That's a completely different scenario.
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah, I hear that difference. So has she ever been addicted to anything that you know of?
The Ramsey Show
Wealth Magnifies Who You Already Are
This is not an overdraft problem, dude. You got real serious stuff she's gotten into. Yeah. And I'm afraid of what you're going to find.
The Ramsey Show
Wealth Magnifies Who You Already Are
For a minute, I thought it was alcohol, but I just changed my mind. Yeah.
The Ramsey Show
Wealth Magnifies Who You Already Are
Build wealth, do work that they love, and create actual amazing relationships. Dr. John Deloney, Ramsey personality, host of the Dr. John Deloney Show and number one best-selling author. He's my co-host today. Open phones here at 888-825-5225. Heather's in Fairfax, Virginia. Hi, Heather. How are you? Hi.
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It's not the problem. Right, right, right. Money problems are the problem. They're not the symptom. Whatever they are, but hiding it is a whole different thing, and there's a whole series of pieces of research and data that indicates what's going on there. And so it is one of the beauties.
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Wealth Magnifies Who You Already Are
of the cleanliness and the high level of communication connectivity and alignment of value systems and so forth that doing a budget together that is completely transparent where every dollar for the entire household is spent in the every dollar budget app. And both of you have a vote on where it goes, equal votes. We can argue about it. We can, uh, whatever.
The Ramsey Show
Wealth Magnifies Who You Already Are
But when we put it down there, then it becomes a contract and we stick to it. It increases communication because Jesus said where your treasure is, your heart is also. It also, therefore, is aligning your values. You're agreeing on your fears. That's right. You're agreeing on your dreams. Right. You're agreeing on...
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Wealth Magnifies Who You Already Are
We had one guy in a financial peace university many years ago. He goes, you know, it's really pretty impossible to have an affair when you're doing a budget and every dollar is spent because you can't really put a category in that says honey. This is the problem. Yeah. This is the problem.
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Jade said the other day, she said if Sam won't put his iPhone locator, if I can't know where he is, he can't share my bed. That was Jade. That's pretty hardcore. Only Jade. This is The Ramsey Show. I've been helping people get out of debt and change their lives for over 30 years. So I know change isn't always easy, but it's worth it. And here's change that's actually easy and worth it.
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Switching to Boost Mobile. Boost gives you nationwide 5G coverage for reliable calls and streaming, and their plans start at just $25 a month for unlimited talk, text, and data with boost mobile. There's no junk fees, no contracts, and they offer a 30 day money back guarantee. Plus their customer service team is made up of real people, not robots. So switching is easy.
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So go to boost mobile.com slash Ramsey. That's boost mobile.com slash Ramsey.
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Hey, guys, thank you so much for the number of you that have embraced the new book, Build a Business You Love. It's officially here. It came out this week. And the number of pre-sales and the number of sales this week are off the charts. We appreciate you very, very much. This is not just another business book. I started this company with nothing, with a card table in my living room.
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How did I do it? How did we build it? How did we build Ramsey? What's the process we used? What are the five stages of business that we've observed here and the 10,000 small businesses that we have coached in the last 20 years as well? So business is hard, but we're going to show you the clear steps to get there, just like we did with the baby steps in Total Money Makeover.
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This is like the baby steps for small business, right? And business is hard, but climbing a hill is easier when you know what's going to happen when you get on top. The strain is worth it because you know you're going somewhere. It's a proven system. So RamseySolutions.com slash store or click the link in the description on YouTube or podcast to get the new book, Build a Business You Love.
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We appreciate you getting it this week. It's been a big help to our marketing. Thank you. Thank you so much. Carlos is with us in Los Angeles. Hey, Carlos, what's up?
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Well, and here's the thing in that regard. This gets me fired up, Dave. It makes me so mad, man. Here's the problem, okay? Who's going to want to marry this girl? I'm not signing up for this. Nobody with common sense is going to look at Princess Girl and say she's never known a single boundary, and any time she smiles, she's supposed to be handed money. This is a disaster of a wife.
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I would use your advisor. The fees shouldn't be substantial. They should be very small, little to nothing. And here's the thing. The 529 plans are so – some of them suck beyond belief. And you could stumble into one of those if you're not careful and if you don't have somebody coaching you along the way on this and teaching you about it.
The Ramsey Show
Wealth Magnifies Who You Already Are
Because the only 529 plan we would recommend is one where you control them and select the mutual funds and they don't automatically change. They're not automatically selected for you based on the age of the kid. And, you know, there's just a handful of those out there that are done that way. And that's the type you want to get involved in. And I would always keep an advisor in my corner. I do.
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I use an advisor, and I'm the guy that tells everybody what to do with their money. And the fees on that stuff are not much. I mean, they're very small, and it's not like they're taking half your money or something in commissions. It's not.
The Ramsey Show
Wealth Magnifies Who You Already Are
And it's worth every bit of it to have all of your stuff in one place with one advisor so they're keeping a watch on your whole, at least your entire mutual fund portfolio. Mine does. Mine's all in one place, by the way, all the mutual funds. uh, not real estate separate, obviously, but that that's the thing to do there. Mason's in Sacramento. Hi Mason. Welcome to the Ramsey show.
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So what renovation are you talking about doing? Neither one of those are even renovations. Those are just repairs. Yeah, you've got to do those.
The Ramsey Show
Wealth Magnifies Who You Already Are
I'm really glad you're buying this house. Yeah, good for you, man. This is a good, modest purchase to get you started. I really like that, Mason. Here's the thing. What you're looking for on repairs is if you're doing repairs for you to enjoy, but they don't increase the value of the home, that's not a repair or a renovation you're going to do if you're only holding the home five years.
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Wealth Magnifies Who You Already Are
But the reason I asked about the kitchen or the bathrooms in the area is if most of the homes in the area have gone through a renovation and have a nice kitchen and have a nice bath, then you probably will get your money out by doing your kitchen and your bath.
The Ramsey Show
Wealth Magnifies Who You Already Are
If most of the homes in the area have a bath and a kitchen the way yours looks today and you go make yours nicer than the rest of the area, you will not even get your money back on that renovation cost. It will not increase the value of your home equivalent to what you spend.
The Ramsey Show
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No, I think if you're in baby steps four, five, and six and you want to fix up your house, that's fine. Okay. But any time you're doing an improvement to the property, you've got to ask yourself, does it increase the value of the home equal to what I'm spending? Okay.
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Yeah, if you're doing it and it's not increasing the value of the home equal to what you're spending, you should have it paid off first. Right, okay. Yeah, whatever the renovation is. So I want to add 6,000 square foot.
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of garage because i want to collect no you're not you're not gonna you're not gonna get your money back right and that's a that's a luxury purchase and you're going to you know i want to put the only pool in a six block radius behind my house that pool is not going to add a dime in value to that house because pools are not normative in your neighborhood and so you're about to drop
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Yeah, at least, at a minimum. And you're not going to get it out. It's not going to increase the value of the home.
The Ramsey Show
Wealth Magnifies Who You Already Are
And you're going to pay cash for it. I like that. But don't do it and call it a return on investment, because you're not. It's a consumption item.
The Ramsey Show
Wealth Magnifies Who You Already Are
No, because I never hear back from them. You never hear back from them. I don't know what they're doing. Open phones here at 888-825-5225. I'm with you, though, on that idea because the average – home turns every 5.6 years in America, five and a half years. That's how long. All right. So Mason's probably right. That's the average. Okay. Okay.
The Ramsey Show
Wealth Magnifies Who You Already Are
But this first time home purchase for them, they're buying something modest. They're probably not going to stay five.
The Ramsey Show
Wealth Magnifies Who You Already Are
They're probably going to move up. People that do a move up generally do it faster than that. And we are talking California real estate here. Yeah, so 315 is a small house in California. Oh, it's a tiny, modest home. Yes. It's a wonderful entry purchase. In other places, it might be a big house, but it's certainly not in Sacramento. So, wow.
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Wow. You feel so powerless. Yeah. You feel like you're fatalistic, like you're just watching this car wreck happen and have nothing to do to stop it. I got to tell you, if I'm you, I'm in marriage counselor's office real soon because your husband is a twerp. And what he's doing to you is unconscionable.
The Ramsey Show
Wealth Magnifies Who You Already Are
The median house price in America this week is $412,000 for those of you that don't know. You can check out all this stuff, the stats on real estate at RamseySolutions.com. Check out the housing, the home website that we've got within our site. I don't even know what you call the stupid thing, but okay, it's there. All kinds of stuff. I'm looking at the stats on it right now.
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It's pretty impressive. This is cool. Real change in your money and relationships is possible. You can break the cycles that have kept you from moving forward. You can build a better future for yourself, and it starts here. Hang out with Dr. John Deloney and I live in a city near you for the Money and Relationships Tour.
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Starting next week, we'll be in Louisville, Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Time is running out, so grab your tickets while you can at ramseysolutions.com slash tour. Okay, guys, I got big news. Aldi is now the official grocery sponsor of The Ramsey Show. Yeah, Ramsey is teaming up with Aldi, the grocery store that cares as much about saving money as I do.
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Get this, Aldi branded products save you up to 63% over similar name brand products at other stores. It's great quality and big savings on everything you need with no gimmicks, no membership fees or coupons required. See for yourself how Aldi is saving Americans across the country $8.3 billion a year.
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So stop paying more and start shopping at Aldi, where they have the lowest prices of any national grocery store. Find a store near you today at Aldi.us. That's A-L-D-I dot U-S. This morning, John and I were on stage in an empty Ramsey event center with our live events team walking through what we're going to be doing on the money and relationships tour.
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So if you're signed up for one of these, here's what you're going to get. And here's what if you haven't signed up, you need to get signed up. We're going to put about 20 topics that either are John or Dave or John and Dave.
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on an app when you walk in and you're going to vote and based on your votes that night that's what we're going to talk about we're going to run we're going to let you do the set list in other words you get to you get to do your uh choose the songs you want sung uh although there will be no singing john there will be no singing bro neither of us need neither of us need to be singing particularly me but it's already a chaotic time in america they don't need that
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And what he's doing, allowing it to happen to her while you stand by and watch and go, well, she'll just go through a divorce. Well, she'll just now instead you go to those breakfasts as John's talking about, you insert yourself into her life and you insert yourself into this marriage crisis that you have very proactively. Or you stand back and be fatalistic about that too.
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Wealth Magnifies Who You Already Are
We're going to talk radio for a reason. Talk radio. Yeah. Anyway, so there's all kinds of stuff on there. Like we're going to talk, you know, marriage and we're going to talk about, of course, we're going to talk about kids. Uh, we're going to talk about wealth building. We'll talk about debt. We can talk about whatever you want to talk about. We're going to put up a whole bunch of stuff.
The Ramsey Show
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We tried to guess what you might want to talk about. And then we thought we'd just let you pick it. So that's what we're doing. Starts this coming Monday in Louisville, Kentucky. There are some seats left, uh, This coming Monday, April the 21st. Durham, North Carolina, April the 23rd. Wednesday, Atlanta, Georgia, April the 25th. As I sit here at this moment, that's a week from tomorrow.
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And so that's the first three cities of our six-city tour. And you can get your tickets at ramseysolutions.com slash tour. And, of course, then we're going to go out in May 5th. We'll be Phoenix on a Monday. Fort Worth on May 7, and Kansas City on May 9. Oddly enough, Fort Worth and Kansas City are the two that are almost sold out, the last two.
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So if you guys want to get in on those, you better go ahead and get your tickets. You're going to miss that one. Okay? They're about to reach sellout. And the others are not. You can get your tickets, but go ahead and get them. We would appreciate that. And we'd love to see y'all. It's going to be a lot of fun. It's going to be a lot of interaction. And just come on out.
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Wealth Magnifies Who You Already Are
So RamseySolutions.com slash tour. Or if you're tuning in on YouTube or podcast, click the link in the show notes, please. Karen's in Huntsville. Hi, Karen. Welcome to the Ramsey Show.
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Okay, and this goob calls you up and says he has rights to this morally?
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And well, it's just the way it is. His parents did that and I can't do anything with him. Well, then we can't help you. Because the answer to your question that you called about is proactivity. And it's going down kicking and screaming. Yeah.
The Ramsey Show
Wealth Magnifies Who You Already Are
He is, my stepdad is 61, 62. Okay, how is he your stepdad? She was your stepmom.
The Ramsey Show
Wealth Magnifies Who You Already Are
All right, stop a second. I've got to get this figured out because it's intriguing. All right, so the lady that died, did she raise you?
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So your mom, is she technically your stepmother, or you just called her that?
The Ramsey Show
Wealth Magnifies Who You Already Are
Okay, so she was not. So your mom and dad don't have anything to do with these people?
The Ramsey Show
Wealth Magnifies Who You Already Are
What year was he married? What year did he divorce your mom?
The Ramsey Show
Wealth Magnifies Who You Already Are
I thought the lady that died was with him in 2013.
The Ramsey Show
Wealth Magnifies Who You Already Are
I'm trying to see if there's a flask on the desk here. Quickly, somebody get John a bourbon. Okay. All right. So the answer to your question then is now that we've gotten through all of that. Have we? Have we gotten through it? I'm through it as far as I'm going to get. Tangled web we weave, okay? And the problem is that you are caught up amongst all these spiders, right?
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And these spiders all have sticky stuff and they all interact and intersect, but none of it is your fault, nor is any of it your obligation. And so when you had a conversation with her before she died, she said, I'm going to make you the beneficiary on my life insurance. Is that correct?
The Ramsey Show
Wealth Magnifies Who You Already Are
Okay. And then that was her wish. The lady that died left life insurance to the person she wanted it to go to. End of story. And by the way, Bubba the parasite gets nothing.
The Ramsey Show
Wealth Magnifies Who You Already Are
But they don't know they don't. People that don't have a boundary and personal self-discipline. No, they've been stolen from. They don't have dignity.
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Wealth Magnifies Who You Already Are
No, but he doesn't get any of this 419. No. Zero.
The Ramsey Show
Wealth Magnifies Who You Already Are
There's no struggle. Struggle's over. That's why you called us. Are you living in the house with this guy?
The Ramsey Show
Wealth Magnifies Who You Already Are
You have a life, and you're going to try to be normal people now. Yeah, pay your house off with this money. Congratulations. Yeah. No, you do not owe this guy a dime. Not morally, ethically. As a matter of fact, quite the contrary. It would be immoral and unethical to give him any of it because the lady that died left it to you intentionally.
The Ramsey Show
Wealth Magnifies Who You Already Are
If she wanted him to have it, she had an opportunity to do that in December when she was making these decisions before she died. No, it would be wrong to give him the money. Don't struggle with this. He's a travel agent for guilt trips. Get away from him. This is The Ramsey Show. All right, business owners, last call. The pre-sale for the brand-new book, Build a Business You Love, ends April 15.
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Pre-order now and get over $350 worth of free bonus items to help you hire smarter, lead stronger, and grow faster. This is not theory. It's the system I use to grow my company from nothing and the same framework we've coached thousands of business owners through. You can only get the bonuses at ramseysolutions.com. So don't wait. Pre-order now.
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The Ramsey Network app is the only place to get all the episodes of The Ramsey Show. It's free. We never charge for it. And there's a lot of other cool stuff on there, too. So download the Ramsey Network app. You can get the link in your show notes, or you can just go to the app store, type in Ramsey Network, and it'll show up. And you can get everything that happens on this show online.
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There's another hour of content actually every day that is not out on the standard podcast. So jump over there on the Ramsey Network app and you can see and watch and listen and you can search it. You can send us emails on it. You can do all kinds of stuff there. So download that app and check it out. By the way, I mentioned it's free. It's free. Erica is with us in Los Angeles. Hi, Erica.
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So I don't want you to get into that. I don't want you to cause a problem with that. Or worse than that, sometimes people will go put it on a credit card if they don't have any money. Or worse than that, they'll borrow against their home if they don't have any money.
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Wealth Magnifies Who You Already Are
And we don't want to do any of that because if you have a car engine blow up or heat and air go out on the house or some kind of other thing happen and you don't have any money, you're asking for trouble. So let's stop and let's get that buffer in. I call the emergency fund Murphy Repellent. Because it keeps Murphy, you know, if it can go wrong, it will. It keeps him away.
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You ever notice that, folks, when you're broke, that your life looks like a country song, like everything can go wrong, will? Like the dog got hit in the street and everything else. I mean, everything happens, right? Always.
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Horrible. But here's the thing. You can't fix her. You can only put some things in place that make her struggle.
The Ramsey Show
Wealth Magnifies Who You Already Are
When you're broke, but when you've got a buffer, when you've got $10,000 or $15,000, $20,000 or whatever your three to six months is, it just turns an emergency into an inconvenience. And that's the deal. So that's the route I would go. Yes, definitely. Rob is in Tampa. Hey, Rob, how are you?
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Thanks for having me on. Absolutely. How can I help?
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Good job. Good play. Good job. Proud of you. House is paid for? Yes.
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Wealth Magnifies Who You Already Are
Yeah, but you are. So, I'm sorry, then what is your question? You've done a great job.
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Wealth Magnifies Who You Already Are
I'm so sorry. How long have you all been married?
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Truthfully, depending on what the cause is, there's some medication that slows this dramatically.
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah, if she's on medication that could be causing it, that could be one thing is what he's saying. And then the other is sometimes there's some things that can, depending on what, you know, how this is diagnosed. We're not neither one medical doctors, but we both are around the edges of this stuff all the time because of what we do. So, yeah, take the time and go deep on this.
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Wealth Magnifies Who You Already Are
Don't just accept it as generally this is where it is. because you might be able to do either some slowing or even some reversal. It's possible. That's the good news. Okay, now, then back to your original question. I'll tell you what I'm thinking about these days and what we've told each other now, because we've got the money and you've got the money.
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Sharon and I have figured out that we can hire full-time staff in our home Okay. That ends up being net, net 24 seven. That ends up being net, net, net cheaper than nursing home.
The Ramsey Show
Wealth Magnifies Who You Already Are
I just hire a full-time freaking nurse. just to live with it. If it gets to where you can't do the care, that's an option versus nursing home or memory care units or whatever. Again, it just depends because like you just said, familiarity keeps her calm and helps her to have enjoyment. And so the opposite of that is a memory care unit somewhere.
The Ramsey Show
Wealth Magnifies Who You Already Are
But you know, you, you've got, you know, you got 130,000, $140,000 a year coming in there already in income and you've got 500 K and no debt and two paid off houses. Yeah. And so it doesn't take you much to live. And so if your household budget was 4k and you staffed budget and you staffed the thing for 5k a month,
The Ramsey Show
Wealth Magnifies Who You Already Are
you know, later on, not, not today, but if that's where you end up five years from now, that might be, it might, it might take you a long way through this and a high quality of life for you and her.
The Ramsey Show
Wealth Magnifies Who You Already Are
I thought you could, I thought you could live on 4k. Yeah.
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah, Rachel said when we started on this student loan stuff many years ago when we were doing that documentary, Borrowed Future, we don't have a student loan crisis. We have a parenting crisis. Amen, amen, amen, amen. Stand around watching your kid completely bury themselves in student loans to get a degree in left-handed puppetry. That's a parenting problem. That's not a student loan problem.
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah, spend some money on some fun right now while you can, and then start mapping out and budgeting out what in-home care looks like. And then, you know, worst case scenario, you can always go the other direction, the more standard directions later, and you've got the money to do all of it. You're going to be fine. Wow. No matter what you want to do with it.
The Ramsey Show
Wealth Magnifies Who You Already Are
Dr. John Deloney, Ramsey Personality, is my co-host today. All right, I want to settle a couple of scores here, okay? Uh-oh.
The Ramsey Show
Wealth Magnifies Who You Already Are
Number one, a lot of the time when I'm doing a VIP thing with our customers that have become Baby Steps millionaires, like when we were on the Ramsey Cruise, this happened a lot, and we're doing a Q&A, it often comes up, okay, I've built wealth, and I'm concerned I'm going to ruin my children. And let me assure you that you building wealth will not ruin your children.
The Ramsey Show
Wealth Magnifies Who You Already Are
It will expose the fact that you already ruined them. Or not.
The Ramsey Show
Wealth Magnifies Who You Already Are
Yeah. So the wealth doesn't do that. Wealth is not the problem. The problem is the parenting. Because I meet lots of wealthy families who have extremely functional, high-achieving, highly relational IQ children that do very, very well as adults. The money did not ruin their children because their children were not ruined.
The Ramsey Show
Wealth Magnifies Who You Already Are
And so what the money does is it puts extra pressure on you as a parent to make sure you're doing your job of growing character, self-discipline, kindness, compassion, contentment, gratitude, not entitlement, hard work, not I was born on third base and thought I hit a triple. No, the opposite of that.
The Ramsey Show
Wealth Magnifies Who You Already Are
And so the Ramsey kids, they had it tough growing up, not because we didn't have any money, but because we had money because old Dave is not going to let this crap happen. And so, you know, you be working, you be a Ramsey kid. I mean, we're sending you the freaking salt mines. I mean, it's ridiculous.
The Ramsey Show
Wealth Magnifies Who You Already Are
They'll tell you story after story after story of crap we made them do for money because we want them to associate hard work and calluses and sweat on your brow with money. And then when they get to college, I have an unlimited budget. They don't.
The Ramsey Show
Wealth Magnifies Who You Already Are
So one of my kids, when we got a new car, one time we got an upgrade car, and it's the first time we'd gotten a decent car in a long time because we were kind of coming up through the stuff, right? Yeah. And Daniel leans back in the back seat and says, we're doing pretty good. So we aren't doing anything. You're broke. I'm doing pretty good. You get to ride in my car. That's how this works, buddy.
The Ramsey Show
Wealth Magnifies Who You Already Are
And so we don't get to have, and you don't get to, I'm not buying you a car when you turn 16 either. I will match it. We had 401 Dave and we matched it. Whatever you save, I'll put with it. So if you save nothing, I hope you enjoy your bicycle. Because you get nothing, honey, nothing. And we did this all the way up through their growing up here.
The Ramsey Show
Wealth Magnifies Who You Already Are
So when they go to college, they had a set budget per month of cash that I put into their account. If they wanted more than that, you know where they got it? Working. Right. None of them died, and none of them are in counseling for that, to my knowledge.
The Ramsey Show
Wealth Magnifies Who You Already Are
You create teachable moments that create grit. That's it. That create contentment, that create gratitude, and then the money is just a sidebar issue. But this unlimited is not good for any human at any age. Just ask Congress. I mean, there's no off spigot, right? I mean, I had a pug dog that did not have an off button for food.
The Ramsey Show
Wealth Magnifies Who You Already Are
And so if we kept the food out and it free-ranged, the dog would get, it would be like a complete sphere. It would be so fat that it rolled instead of walked. And we were killing our dog. Right. So we had to take up the food. And we're like, no, it just goes down to the lake house chasing jet skis, and you run your fat off in the summer doesn't mean that you get to get fat every winter.
The Ramsey Show
Wealth Magnifies Who You Already Are
So, no, we're going to cut the food off because we're killing you, the animal that we love, with an unlimited supply. Hello, there we go. And so this is – but never fear, parents, that you are ruining your children by becoming financially successful yourself. You can have $500 million and not ruin your children.
The Ramsey Show
Wealth Magnifies Who You Already Are
You can have $5 and ruin your children because it hasn't got anything to do with the money. The money is not the variable. Right. And it's just a reflection of all the other crap that's going on, the dysfunction that's going on or isn't going on in the family. And so wealth just magnifies. That's all it does. It makes you more of what you are. And so if you're a grouch, you become super grouchy.
The Ramsey Show
Wealth Magnifies Who You Already Are
If you're kind, you become super kind. If you have a temper, you become a rageaholic. And don't you know who I am? That kind of junk, right? And anybody that gets in your way, you know, that's ridiculous. It's ridiculous. And so that's what wealth does to people, all of us. And so if you're a giver, it turns you into a philanthropist.
The Ramsey Show
Wealth Magnifies Who You Already Are
Wealth magnifies whatever's going on, good or bad, in the family dysfunction or function and in the individual. And so please enjoy your financial success with no fear of the money having ruined your child.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
This is a paid advertisement. Running a business is freaking hard. It's easy to get caught up in the daily challenges and fears that keep you stuck. That's why I want you to reserve your copy of our new book, Build a Business You Love.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramsaysolutions.com slash tour. Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio. All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
They all store your info online, making them ripe for a cyber attack or data breach. That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
It's the most thorough and affordable plan out there. I even have it for my family and our entire team. Visit Zander.com or call 800-356-4282.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Get your tickets at ramsaysolutions.com slash tour.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
We've all got people we love and things we've worked hard for that we want to protect. So to keep them safe, I've recommended SimpliSafe Home Security for over 10 years now because they're the best. You see, traditional security systems only start working after somebody's already broken in, which is too late. But SimpliSafe's Active Guard Outdoor Protection...
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
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The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Plus, there are no long-term contracts or cancellation fees. And right now, you get 50% off a SimpliSafe system with professional monitoring. So head to SimpliSafeDirect.com to save 50%. That's SimpliSafeDirect.com. There's no safe like SimpliSafe. Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck. It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
All right, business owners, last call. The pre-sale for the brand-new book, Build a Business You Love, ends April 15. Pre-order now and get over $350 worth of free bonus items to help you hire smarter, lead stronger, and grow faster. This is not theory. It's the system I use to grow my company from nothing and the same framework we've coached thousands of business owners through.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
You can only get the bonuses at ramseysolutions.com. So don't wait. Pre-order now.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night. Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck.
The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Listen, people, what you call organized chaos is still chaos. This year, build some room in your budget to get your life really organized. One tool that I recommend is a knockbox. As in next of kin, knockbox is a complete system that helps you organize important documents, accounts, IDs, tax returns, insurance policies, estate plans, and other personal history in one secure place.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
The 15 categories in your knockbox cover everything from health history and investments to your ancestry and even collectibles. So cut the clutter with a knockbox. Start getting organized today and receive an exclusive discount at knockbox.com slash Ramsey. That's N-O-K box dot com slash Ramsey.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created. Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several Bernas myself. They look like guns, but they're not.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away. And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
And because they're not firearms, they can be shipped directly to your door. Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to berna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Hey, Dave Ramsey here. Dr. John Deloney and I are coming to a city near you on the Money and Relationships Tour. You, the audience, will vote to choose the topics we talk about. Things that impact your life, like investing in your future, money, stress, and marriage, and more. We're coming to Louisville, Durham, Atlanta, Kansas City, Fort Worth, and Phoenix in April and May 2025.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Tickets are at their lowest price right now. Grab yours at ramseysolutions.com slash tours.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
People tell me about their experiences with big banks all the time. Bad service, fees that nickel and dime them to death, and predatory lending that tries to catch them in never-ending cycles of debt. So if you're ready for a bank that puts people over profits, check out Fairwinds Credit Union. I recommend Fairwinds because they share our Ramsey values of helping people
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Get out of debt and live generously. If you go to fairwinds.org slash Ramsey, you'll see the combined checking and savings account bundle they created just for Ramsey fans. This account bundle is designed to help you take control of your finances and stay out of debt. And Fairwinds also has a great mobile app that's safe and secure that so you can manage your transactions with peace of mind.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Fairwinds has been helping people avoid big bank traps for 75 years. So go to fairwinds.org slash Ramsey to learn more. It's easy to join, no matter where you live. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey. If your holiday ham tends to last longer than your New Year's resolutions, then I've got a fresh challenge for you.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Make this the year you take control of your financial future with an actionable plan. Sound intimidating? You don't have to do it alone. SmartVestor Pros are financial advisors who can walk you through what you need to know about retirement planning, wealth management, and anything in between. Find a pro near you at RamseySolutions.com.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
How many times last year did you end up with too much month at the end of the money? Even if you're able to stay on top of your bills, there's nothing left over. No margin, no breathing room. You work your butt off, but you still feel broke. And now you're wondering if 2025 will be any different. It can be. You are not powerless over your money.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
When you take control of the things you can control, you will make progress and bring peace back to your home. And we're going to help you. On January 23rd, me and Jade are hosting a free live stream where we will show you how to free up more breathing room this year. Plus, when you sign up, you could win $4,000 cash. It's going to be a blast, guys. Go sign up right now.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Make this the year you stop getting by and start getting ahead. Register for free at ramseysolutions.com slash livestream. That's ramseysolutions.com slash livestream.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something? Well, I used to be one of those guys.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
The Road to Financial Freedom Is Paved With Grit
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Stop Overthinking and Start Taking Action
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer credit. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Stop Overthinking and Start Taking Action
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Stop Overthinking and Start Taking Action
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Stop Overthinking and Start Taking Action
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Stop Overthinking and Start Taking Action
Hey, when you're gazelle intense, you sell so much stuff the kids think they're next. But when you've gotten rid of all you can, save money by switching your cell phone plan to Boost Mobile. It's just $25 a month for unlimited talk, text, and data forever. Boost is a major nationwide network that offers reliable 5G service. And here's my favorite part, transparent pricing.
The Ramsey Show
Stop Overthinking and Start Taking Action
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The Ramsey Show
Stop Overthinking and Start Taking Action
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The Ramsey Show
Stop Overthinking and Start Taking Action
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
Stop Overthinking and Start Taking Action
The easiest way to get started and stick to it is with the EveryDollar Budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today.
The Ramsey Show
Stop Overthinking and Start Taking Action
The Money and Relationships Tour is halfway over, and the energy in every room has been unreal. Each stop has been packed with real talk, big laughs, and life-changing moments. Now it's your turn. Come hang out with me and Dr. John Deloney in a city near you for a night that could change your money, your relationships, and your future.
The Ramsey Show
Stop Overthinking and Start Taking Action
This is your last chance to join us in Phoenix, Fort Worth, or Kansas City the week of May 5th. Grab your tickets today at ramseysolutions.com slash tour.
The Ramsey Show
Stop Overthinking and Start Taking Action
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're going to die or something?
The Ramsey Show
Stop Overthinking and Start Taking Action
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. Take care of your dadgum family, man.
The Ramsey Show
Stop Overthinking and Start Taking Action
Yeah. To just miss you. That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour. 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.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
There's only three things you can do with money, by the way. Invest it, save it, enjoy it, and give it. And you probably ought to do all three. Yeah. With the extra 250. So out of that 250, you two look at each other with the kid in bed and the TV off and the phones face down, and you look at each other deeply in the eyes and say, all right, how much of this 250 are we going to invest?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
How much are we going to spend on fun? And how much are we going to be outlandishly generous with?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Well, then let's say, all right, what's the barn going to cost? I got a five-year plan. I need to set aside one fifth of that per year out of this money. That's an example of what we're talking about. So you guys need to, you know, you're right now, this is all up in the clouds and it's bouncing around inside your head. It does not have any organization. I'm telling you to write it down.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Like it's a dadgum business plan.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Um, you separate them as if you're divorced.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Intentionally give some of it. Intentionally save some of it. Intentionally enjoy some of it. Be in agreement in detail with your spouse exactly how much. And then live what you write down. And you won't do stupid then. You'll be fine. That's right. This is The Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And then if there is an answer to prayer and reconciliation and you get back together, you recombine them.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You have direct deposit on your payroll?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, go open a new checking account and have your check sent to your checking account.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Ken Coleman, Ramsey Personality, is my co-host. Thank you for joining us. Open phones at 888-825-5225. Kate is in Bozeman, Montana. Hi, Kate. Welcome to The Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay. Yeah, you've been doing it wrong. So, yes, you should. You should have been with him all along. You're married. So definitely you should combine your goals. You should combine your dreams. You should plan to be married a long time. And you should, you know, combine all income, combine all problems, and combine all solutions. And that's the fastest and the highest probability possible.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
of a high quality marriage that becomes wealthy okay couples the couples that do what you guys have been doing have a very low statistical probability in the data that we have of actually becoming wealthy and generally it ends up in some kind of marriage problem okay because you're not you're not you're not dreaming together you're not setting a future in your mind together does that make sense
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And being obnoxious doesn't work either.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Not anymore. You're going to go close that and open a new account.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
That's understandable. That makes a lot of sense. It is awkward. I'll give you that. And that's fair. And the history you just laid out explains a lot, really. So that part's fair. But again, where you guys paint a detailed picture of what our life looks like 20 years from now, and then we combine forces to knock down blockers and achieve the goals to get to that life.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And that creates not only an incredible relationship of trust and high levels of communication and respect, but it also actually increases the probability of that life that you pictured occurring. Because we studied 10,167 millionaires. One of the things we found among them was 89% said, my spouse and I work together. And that's the proof in the pudding right there.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I mean, it's like 9 out of 10 of them. So 10% found a way to get there without, with a reluctant spouse somehow, or with a spouse that was a hard head or a spouse that didn't want to participate or a spouse that wouldn't listen or whatever. But, but 89% got there by the two of us looking like two adults saying, Hey, let's talk about where we want to be. Let's get agreement on where we want to be.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And then let's, um, get an attack mode to get there.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
She's the one causing all this. So you asked me what you should do. What you should do is separate as if you are getting divorced. You should go open a new checking account, have direct deposits sent over there, and then you pay what bills you're agreeing to pay during this separation while you negotiate the terms of the divorce, who gets what bills.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Well, and not only that, you know, he's more like my wife, Sharon. Sharon said, whatever you want to do, honey. Right.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
and one of the things we had to come up with was we said okay we just can't use that phrase anymore you can't say that anymore because i'm not going to do that i'm not going to do whatever i want to do right i'm going to do whatever we want to do and so you're going to speak up and i'm not going along with this you're going to dump it on me because then if it's not right you're going to blame me and i'm not okay with that i'm not when when we agree together i told you so leaves
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And so I'm not taking the responsibility for this whole thing by myself. You're going to be with me. And I get it that I'm the nerd. I get it. I'm probably going to be the one executing a lot of the details of this. And the one probably writes out the stupid spreadsheet. I'm that guy. I get all of that. But you're going to have a voice in this, a vote in this. And I don't even care if you want to.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You still have to. Mm-hmm. You still have to say what we're doing together. You have to say it out loud. You cannot say whatever you want to do, honey. And, you know, it's kind of when you're young and you're married and your wife looks at you and says whatever you want to do, honey, you kind of stick your chest out and go, of course, I'll be them. I'll take care of everything, little lady.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You know, and it's like then you find out you're an idiot. And you really, you know, I don't want to do everything I want to do. I want to do the stuff together. It's much more effective. I make better decisions with the other half of my brain plugged in called her, you know. And so who can find a virtuous wife for her worth is far above rubies.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
The heart of her husband safely trusts her and he will have no lack of gain. I'm convinced one of the reasons that we're very wealthy today after recovering from bankruptcy 30 years ago is not just that we've made some money, but that we work together. I trust my virtuous wife, and I have had no lack of gain. I mean, that proverb is playing out right in front of you, boys and girls.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So that's what it's about. And, Kate, I really like where y'all are having fun with this. You're laughing about it. I'll turn it up. I'm going to be obnoxious and turn up the books, the Ramsey books too loud and That's fun. And, and, you know, you've worked through some tough stuff there in the past. And the verbiage that you use tells me it's probably way in the past, man.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Ken's probably exactly right. That, that him saying, I'm going to participate in the decision-making like a grown man. Yeah. Not necessarily do all the detailed stuff, because I can tell you, Kate's the detail nerd. Yeah, no question. Okay?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
But him saying that is part of him coming past the former problems and saying, all right, I actually have an opinion, and it does matter, even though I have that in my past. That's right. And that's a part of his healing.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yep, amen. Amen. Amen, and it's really, really powerful. Builds trust like you wouldn't believe. Joanna's with us in Youngstown, Ohio. Hi, Joanna. How are you?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, because now you're not that much further in debt. That was another big purchase.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
If all of that gets sidetracked and you end up reconciling, then you just go back to a joint account and you reconcile.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
In your business, he's running a business, you need to have retained earnings that are more than to cover repairs, a reasonable repair. But going and buying a new truck because this one might break and going another $40,000 or $50,000 or $100,000 in debt because this might break is a really stupid idea. So I'm really thankful you got turned down for that.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
But over in his business, he needs some retained earnings to cover repairs because he's been over the road truck driver. That's common sense. Absolutely put some savings over there, more than $1,000. This is The Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Ken Coleman, Ramsey personality, is my co-host today, number one best-selling author and host of Front Row Seat. You should check it out on Ramsey Network. It's on YouTube and podcasts and all those places that you see that Ramsey Network thing, like the Ramsey Network app, which is free. All right, Samantha's in Springfield, Illinois. Hi, Samantha. Welcome to The Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Cool. What are you going to study?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So what's wrong with just going to law school?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Being a medical doctor and a lawyer simultaneously serves zero purpose.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You need to be smart enough to grasp the issues in the medical field of law, but you don't have to go get an MD to be an effective lawyer in the medical community. Not at all. No. That's like saying I have to be an architect to represent architects in the law field. No. Or I have to be an engineer to represent an engineer as a lawyer. No, absolutely not. Okay. No.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I mean, I think you need to decide what you want to do, and it's all over the map. I think that's your issue. And then you can start. You've already figured out how to get the bachelors under your belt with no debt, okay? And then we say, okay, we're going to go to law school. All right, what kind of law school? It's obviously going to be a nontraditional law school.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
uh because you're not going to be able to do you know just just stop your life and go for two years with little kids and it's not you know so you're going to do some kind of a a version um i don't i think i don't know if it's still open here we used to have a version here in nashville uh that there was that um it was a night school if it's what we used to call it and you go to night school and you get your you know you can become an attorney no question you
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And I knew some of the guys that went through that, and they made great lawyers because they were doing it as an adult. It wasn't theory. They were really digging in. And so something like that, and then figure out a way to fund it with your day job and like you've done on your undergrad with grants and other things, and that's the way to go.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
But I think you need some real clarity on – because what you're asking to do to go to law school in your situation is a very tough –
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You're going to really go through a lot. If you add anything else to that plate, the plate's going to break.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And so we're asking you don't add the MD to the plate.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, and don't listen to your heart to the point that your heart's telling you to do more than is humanly possible in this process, because what you're laying out here is unbelievable. Jesse's in Seattle, Washington. Hi, Jesse. How can we help?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
What kind of contracting work have you been doing?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay, because here, John Deloney taught me a saying, and he taught me by sitting at my right like Ken Coleman is right now. He says that behavior is a language. I heard two very disturbing behaviors for the future of your marriage in this conversation so far. Not verbiage, but actual behaviors. Behavior number one, she's sleeping with someone else.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Everything you just described is inside, so it's not everything. Outside, so it's not everything. There's inside work available, too.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I mean, could you do commercial build-outs, tenant improvements on the inside during the winter?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
That's exactly right. Yes, sir. All right. So I think that what I'm going to start to do is explore my business model and say, if I'm going to only do exterior work and I'm in Seattle, I'm going to have to have something else to do during the winter.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, I might take a job working for another contractor doing interior work of some kind to start to learn the skills.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And let that be your winter job.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, you can do a lot of stuff. It's similar. Concrete's concrete. There's no doubt about that. So, yeah, I think you're exactly right. But, yeah, you need to diversify your product line. And the way to do that is go get those skills. That puts this hour of the Ramsey Show in the books.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
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. God's and Grandma's ways of handling money and life, that's what we're going to talk about here. It's a free call at 888-825-5225.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Behavior number two, she separated the money without even telling you. None of these two behaviors say you're getting divorced.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Ken Coleman, number one best-selling author, Ramsey personality, and host of The Front Row Seat, a new hit show on YouTube on the Ramsey Networks. Be sure and check him out. He's going to help me this hour. The phone number is 888-825-5225. Greg's in Dallas, Texas. Hey, Greg, how are you?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
What's your household income?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
What were you making at your old job?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, and she separated the money, so I don't believe that.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And you have $200,000 in credit card debt and miscellaneous loans, and then you have $100,000 on cars?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
okay yet i hope i hope that's all right and i hope you guys get back together and i hope you're able to work your way through this that you're you're part of it but uh in the meantime you said what would i do with my money i would separate it completely i would just completely separate it and then if there are some common things we need to work on you'll write your check towards that she can write her check towards that
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So you're not going to like me, but I'm going to tell you the truth because I love you. Okay, that's what I want to hear. Sell the car and sell the house. Yeah. Well, the car's upside down.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You're not going to do either one, are you?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, you need to clean house. Because you've got $200,000 in equity and you've got a car that's absolutely stupid in the middle of this. You bought a house that was stupid in the middle of all this. The only thing that's good is it went up in value. And then you're telling me how you can't afford it.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So, yeah, I'm going to get your career back on the rails, and I'm going to pay off all my debt by selling the house and selling the car. And, huh, whoa, look at that. You're going to be renting something, and you'll be debt-free. And now you start from ground zero instead of subterranean. You have a negative net worth that's substantial right now. And you need to get back right side up on that.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
This is killing you. And no, it's not going to go away, by the way, in seven years. Because the rule on the credit reporting is not the legal obligation. It's just how long do they report it. The legal obligation does not go away. And they can still sue your butt at the 10-year mark. They can sue your butt at the 15-year mark. And they will.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
OK, so this is not going away by just not dealing with it, putting your hands over your ears and going la la la la la la la la and walking through in the midst of the bears and the tigers. They're going to eat your butt. So, yeah, it might fall off of your credit bureau, but it is from date of last activity. not date of default and not date of anything else.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So this is not going away until you fix it, Greg. So the way you fix it is you sell the car, you sell the house, you get your job back, you get to make an $85,000. She's making over $120,000. Then you put that together. You got a $210,000 income. You can rebuild, save up a good down payment with zero debt and buy a cash car with zero debt.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
and then save up a good down payment on a house and get you a nice home that you can actually afford. But right now, your life is not good. I mean, you're even talking in circles. You have so much stress.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, I want the temporary job to be something I hate. Absolutely. So that it's temporary. Right. Because I don't ever want to go back. I don't ever want to live like that again. I don't ever want to have to do that. I don't ever want to have to pay that price to pay my bills.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
But we don't need to have everything in one pile anymore because she's doing a lot of sudden emotional things that are not pointing towards reconciliation.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Hey, I was going to say, you're kind of messing with our audience here because – I mean, this is who you think is listening to you, man. You just told a whole bunch of people not to do that. But seriously, yeah.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Now, if you take three part-time jobs to replace your old full-time job, they should all make you want to go get your old full-time job back. That's right. Or something better, but not something worse. You don't want to be doing that at 52 and then look up at 62 and you're still doing the same thing. So, Greg, you're probably not going to do what I told you to do, but you should.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You should sell the car. A $45,000 car and you're using it for a taxi. Wow. Think about that. Not a good use of money. This is The Ramsey Show. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio. All of your data, collected by every company you've ever done business with, lives online.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards. They all store your info online, making them ripe for a cyber attack or data breach. That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team. Visit Zander.com or call 800-356-4282. Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget. The easiest way to get started and stick to it is with the EveryDollar budget app.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today. Money and relationships can be two of the biggest stressors in life. If you're feeling stuck, overwhelmed, or uncertain, you're not alone.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Dr. John Deloney and me, Dave Ramsey, we're going on tour to six cities with the Money and Relationships Tour. You're going to learn how to take control and shift your mindset around money and relationships for good. It's going to be a different kind of experience at these events.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
We're going to put up a list of topics before the show starts for the live audience, and you're going to vote with your app, and then we're going to do the topics you vote for. I like that. That's kind of fun.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
That's a little bit stressful, but I think we can do it. Like me and John are ADD both enough that we can just kind of pull from the holster and shoot and reholster, right?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Hey, Louisville, Kentucky, April 21st. Get your tickets. Durham, North Carolina, April 23rd. Atlanta, April 25th in the Fox Theater. Yeah, that's a great venue. It's a cool venue. It's a great old venue down there.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
uh phoenix arizona we're going to be over there may 5th fort worth on may 7th in kansas city on may 9th don't wait tickets are selling out on these they're not yet gone but um you don't want fomo on this so there you go or um yeah you just you just do want to be there that's how that works go to ramsey solutions.com slash tour or if you're on youtube or podcast click the link will there uh be any uh fine bourbon on the stage in louisville i doubt it
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Unless it's backstage. You're not bringing it on stage. I'm not sure that I need my brain dumbed down by that in this environment. As a matter of fact, I'm sure I don't need my brain dumbed down in that environment. But yeah, it could happen. Louisville has access to some of that. Liz is in Dallas, Texas. Hey, Liz, how are you?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Do you have any kind of education or training?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Um, well, she, you know, she didn't have that right. She can't take money out of that account. Um, that has your name on it. In this situation, the divorce court will undo that and the judge would hand the money back to you.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It's not good. And, you know, the going rate's 20 at Target.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay. Are you plugged into a church there in your community?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
All right. I want you to go sit down with a pastor in the next three days and ask them for some help to get you out of there. And that's not to pay off your debt. I think we need to do two things. You may need to move to a more metro area where you can get a better job. But you can't stay there another two weeks. I want you out of that house.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay. Stop. Whoa, whoa, whoa. You didn't hear me. You just drove right past that, and I saw you. I saw your brake lights as you went around the corner. Okay. I'm telling you, you've been putting this off, and you know the situation that you're in is evil and wrong, and you need to leave. Do you hear me, daughter?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Get out of there now. Okay. And don't talk to me about, I'm going to trade my safety and my mental health for a freaking car. Get in the car and drive to Dallas and get a job. Get in the car and talk to your pastor this week and get some help to get out of this situation. Because he has stolen your confidence.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Almost like I've done this before, haven't I?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Your dad's in a hotel, your mom's on government, so you've got nobody in your corner that's telling you you're a champion. And I'm telling you you're a champion and you deserve better than you're getting.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You've never seen anybody in your family win, and you're going to be the first one that goes and wins. You're going to go do something, okay? I want to hear a hero story about you from you six months from today that you're making $25, $30 an hour.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You're standing alone with your shoulders square and your chest stuck out with pride, and the debt is gone, and you're getting control of your life, okay? Okay. Okay, you can't sit in this cesspool anymore. You're sitting in sewage. Do you smell it?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, I think you try to get some clarity.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah. Go see a pastor in the neighborhood right now and a loving pastor at a good church in your neighborhood will take care of you, honey, and they'll get you set up and get you out of there and then help you get the next steps into a better position, making more money.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Well, you know, and where's my dad got money, by the way? Hello? That'd be something I'd want to know, yeah. The money that was for my taxes, it just disappeared a minute ago, and we had set that aside for taxes. It needs to be there, and it needs to go to taxes. So I need that put back like now. And no, you can't buy your boyfriend a car.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I want you working more than 40 hours, and I want you making $25, $30 an hour, and you can clean up this mess, and you can create a sustainable life, stand alone, on your own. You are a warrior princess. And it's time you act like it. It's time you go be the champion God designed you to be right now. And this has got to change, kid. And it's not going to change until you change it.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And it's not going to change until you believe what I'm telling you is to be true. That you are worth being treated well. You're worth it. And so you need to go get yourself in a position where everyone that looks at you says, this woman demands that I treat her well. She's a warrior princess and she won't tolerate anything else. And that's who you're becoming as I speak right now.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
That's who you're becoming. And you've got to go do that. And you've got to go do it now. You hang on. Christian will pick up, and we'll find out the little town that you're in and see if we've got some connections there with some local pastors, and we'll help you get connected with one of them and get some people in your corner that aren't the kind that you currently have in your corner.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You need a different crew, kiddo. Wow, what a mess. Open phones here at 888-825-5225. Ken, it is hokey as it can be, but this idea of what you believe matters more than the actual reality.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Because you end up creating your reality is what you believe. Yeah. And if you believe that you're not worthy, then all of a sudden you're not worthy. Yeah. When you start to believe you're worthy, then you become worthy. Yeah.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah. Amen. This is The Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Our question of the day is brought to you by WhyRefi, our defaulted private student loan payments dragging you down. WhyRefi could help save you thousands of dollars. Visit WhyRefi.com slash Ramsey to see how they can help. That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be available in all states.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It would be a resounding change churches.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I don't care where it came from. It's common property now.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Let's walk through what portion of this is accurate. And I don't know if you've twisted this or not, Daniel, or you heard it through a different lens of some kind. So I'm not positive what church leadership has said other than what you told us, okay? So we have to go on what you told us because it's the only information we have. Now, number one, the tithe is not in place of retirement.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
The tithe is a tenth of your income. The word, when you look it up in the Hebrew or in the Greek, Jesus used the word tithe twice. When you look it up, it literally means tenth. It means 10%. And evangelical Christians have taught for over 1,000 years. that we believe that a tie, the tenth of our income, goes to our local church to support the work of God.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So if you're attending a church, you're an evangelical Christian, that's a standard teaching in a Baptist church, in any kind of normal Protestant church out there, that a tenth of your income, standard evangelical belief and teaching, I've taught it for 30 years, and I tie the tenth of my income to my local church. Okay, that's what I believe. I believe that to be biblically correct.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And you have as much right to it as she does.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Above that 10% is not more tithe. It's because by definition you can't be more, you can't say I'm going to tithe more than 10% because the word means 10%. So anything above that is called an offering to support the kingdom of God or to support the community work that the church is doing, which is good work usually. And so, yeah, there's nothing wrong with that. And you do want to –
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay. So, you know, we have a $20,000 savings account. You can't just make off with that money. You don't have that option legally.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
be doing a portion, if not a good portion, of your generosity in your budget to things that are eternity-oriented, where moth and rust don't destroy, which this person said. Retirement investment can go up and down, but investment into the kingdom of God. They said church and God's word. You're not actually giving God's word money.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
You're following God's word when you give money into God's kingdom. God's word is the scriptures. You don't give the Bible money. That's not, that's not, it's incorrectly stated. So that's why I'm kind of thinking, Daniel, you've misinterpreted this or heard some of it wrong. I don't know.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I hate to accuse your pastor of straight up craziness, but this, the way you presented this, it sounds like crazy. Okay. So, yes, I tithe, and yes, you should put money where moth and rust don't destroy. You should put money towards things that matter in eternity, not things that matter short-term. And retirement compared to eternity is short-term.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And the Bible says you should save for your needs. In the house of the wise are stores of choice food and oil. The diligent prosper. These are actual scriptures from the Bible that I just quoted. And so wise people save money. For a rainy day, they save money for purchases, and they save money in our society to retire with dignity so they don't have someone else having to take care of them.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
They don't become a charity case of the government or a charity case of their church because they took care of themselves. They were wise. They were diligent, and they prospered. And in the house of the wise are stores of choice food and oil. So the Bible very clearly teaches to tithe. to invest money into God's kingdom where moth and rust does not destroy.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And the Bible teaches to save and invest. God, it is the Lord your God, it says in Deuteronomy, that gives you the power to build wealth. Hmm. Hmm. How is that consistent with give it all to the church and don't save any for retirement? It's not consistent. That's, as you said in the opening part on this, not biblical. Okay? So this sounds like a money grab. the way you presented it.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Not the way this is working so far.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
But that could be that it's how it felt to you, and you changed the words around to match your feeling. I don't know what was really said by church leadership here. I know what you say they said. And again, I have to go on that because I don't. But I don't know many churches that would say this. I agree with that.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And we work with tens of thousands of churches across America, and almost none of them say something like this. If someone's actually saying this, it's probably some kind of sick, toxic little small church. There's something going on that's wrong. If they're actually saying this, give us all the money, don't save anything for retirement, and God will take care of you.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Because she's much better at negotiating so far than you are.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
That is not what the Bible says. It doesn't say that. And so, you know, we're not going there. But do I believe in tithing? Yes. Do I believe in giving to eternity? Yes. Do I believe giving to eternity is more important than saving for retirement? Yes. But it's also important that you do both according to God's love letter to me, which is called the Bible. My heavenly father.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
which if we being evil know how to give our kids good gifts, how much more so our Father in heaven. Our Father says that loves us that the diligent prosper and that in the house of the wise are stores of choice food and oil. Wise people save money. Diligent people prosper. It's the Lord your God that gives you the power to build wealth. This is all from his mouth, not from your preacher's mouth.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And so that's what you can measure this stuff against is figure out, okay, to what extent is church leadership out of line with what the Scripture says? And if they're too far out of line and it seems to be self-serving, that's a disqualifier as a place to go.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Full stop. You know, you don't hang out in a place that's got, you know, they're trying to milk the cows every Sunday. That's manipulative. Trying to shear the sheep every Sunday.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
That's just nuts. But is it wise? I wish more pastors would do a better job of teaching the importance of giving versus consumption because it's better for you. If you're listening to me, you will have a better life if you consume less as an American, and we consume massive amounts in this country. We spend more on our dogs and cats than
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
than most people in other countries spend raising their children.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah, I know. I did, literally. No pun intended there. And I've got a dog that I like more than most humans. But that doesn't matter. I mean, we consume. And I'd love for us all to talk about consuming a little less and being a lot more generous. Just a couple of percentage points. You could shake this entire country up in ways that would blow your freaking mind off.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
If we said, okay, I'm going to cut back on pet and Christmas and Halloween by 5%, you can fund entire children's hospitals for two years with that amount of money. It's hundreds of millions of dollars. Would I love preachers to talk more about that and more about giving into the kingdom of God and the work in the community and charitable work? Yes. But I don't want you doing it this way.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
If this guy's really doing this, I'm going to call him out and say, no, honey, you're not following the word of God. And I'll challenge you on that. And I actually know what I'm talking about. And you don't want to get an argument with me on this. It's the only thing I've studied for the last 40 years. I actually know what I'm doing. This is The Ramsey Show. Hey, guys, good news.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes. Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It's not more expensive for her. It means that you get what the law says you get in the event of a divorce. The other route, you get what she says she's going to give you because you're going along with everything. So, no, you need some help in your corner, dude.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
RamseySolutions.com. Pre-order today. Ken Coleman, Ramsey Personalities, my co-host today. Open phones at 888-825-5225. Anthony's in Portland, Oregon. Hey, Anthony, welcome to the Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I'm Dave Ramsey, your host, Ken Coleman, Ramsey Personality No. 1 bestselling author and host of the new hit on Ramsey Network's Front Row Seat, where he is interviewing big names and going really deep in these interviews. It's a wonderful show. Be sure to check it out. JD is going to start this hour in Dayton, Ohio. Hi, JD. What's up?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And you have only 403Bs and 457s. No 401Ks available.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It does not. Okay. Does her 401K have a Roth option?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Because 80% of the 401Ks now offer Roth. Hers doesn't.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Double-check it because I think he probably does. All right. So number one is we want to do Roth if we can because it solves this problem. Roth IRAs, Roth 401Ks, Roth 403Bs are not subject to RMD. RMD only applies to traditional. Now, RMD stands for required minimum distributions that have to begin at 73 years old.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So what it amounts to is when you put money in a traditional 403B, you do not pay taxes on the money you put in, and you do not pay taxes on the growth until you withdraw it. If you have not withdrawn it prior to 73, they require you to begin taking withdrawals, a required minimum distribution, because they want their tax money.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
If it's in a Roth, it's tax-free, and there is no required minimum distributions.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
The 457 is a deferred comp. It works differently. But 403B, when you retire, you could roll it to a Roth IRA and pay your taxes then if you want to.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
But the required minimum distributions are not huge. It's a table. There's a little table of factors, and when you turn 73, it gives you your life expectancy, and you pull that factor off the table, and you multiply it, and you've got a million dollars in there. You're not cashing out $300,000 at 73 years old. It's a small amount.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay, but they begin making you take the thing down to where they get their tax money before you're supposed to die according to this table. That's what it amounts to. So it's not that punitive. It's not the end of the world. But the way to avoid it is start moving stuff to Roth and having more and more and more in Roth and less and less and less in traditional.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So whoever told you to not invest because of RMDs does not know what they're talking about. You should invest even if you have RMDs.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Because they're not that punitive. I mean, it's not going to destroy your nest egg. It's just you're going to have to pull out some every year and pay taxes on what you pull out. That's all it is.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
At 73 years old, you're required to do required minimum distributions, RMDs. And it's really, I mean, if you want to learn, you can understand it in about 10 minutes if you just Google it and look at it. Or if you sit down with your financial advisor, they can walk you through it. It's really not that much to it. It's not that big a deal. Um, and it's not a reason to not do investing.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Uh, it is a reason to do Roth. If you can't, the more Roth you have, the less you have to deal with that. And by the way, Ken, one other benefit I'm now starting to understand at 64, and I hadn't really thought of it before, but it turns out it was genius accidentally. Um, was that, uh, when you get it, when you die and you leave an inherited IRA,
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If You're Intentional With Money, You Can Win With Money
to your family, leave a million dollars in an IRA or in a 401k inherited becomes an inherited IRA. The secure act under Biden requires now that inherited IRAs are distributed over a period of 10 years. So if I leave a million dollars to my kids, they have to, in a traditional IRA or 401K, they have to take out $100,000 a year for 10 years. And they have to pay taxes on it as they take it out.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
If I leave them a Roth, it's tax-free. It's not subject to that. It does not have to be unpacked. It can sit there and continue to grow tax-free. Or if they do cash it in, there's zero taxes on it because it's tax-free. So accidentally moving everything into Roth not only avoids RMD, but it also is a wonderful estate thing for the kiddos and the grandkids.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
They get this money, and it's all tax-free. They don't have a tax burden coming with their inheritance. through a retirement plan. So Roth, Roth, Roth, Roth, Roth, Roth, Roth is what the moral of this story is. It's the way to go. So anything you can put over there, your personal Roth, if she's got a 403B or a 401K that's a Roth, talk to your plan administrator on the 403B.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
They may have instituted a Roth option. You don't know about it. You can check on it and start just chunking all your money into Roth for those two reasons, if nothing else, not to mention the fact that there's no taxes on it. It's wonderful.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It's not their money. Then pay me again when you die. Oh, yeah, yeah. Pay me, pay me, pay me, pay me, pay me. Well, maybe not so much anymore, but now we'll see.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Yeah. And, um, I think he said he had a hundred and something thousand dollars saved, right?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay. So let's say they got a half a million dollars. Yeah. Pretty close. Yeah. They're 49. If it's invested in good mutual funds, you guys can remember this formula, okay? If you're invested in good mutual funds and it's making 10% or a little more on average, which it should be because the market's averaged more than that, right?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
If you're making 10% or a little more, that lump sum, if you don't add anything to it, will double every seven years. So they're 49. At 56, they got a million.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
63. Mm-hmm. Now help me there. There you go. They got 2 million. Mm-hmm. At 70, they got 4 million. So this question of RMDs or inherited IRAs, it starts to be, you know, 8 million bucks. Yeah. That we're dealing with here if they don't add anything to it.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And they live up into their 80s. And they keep investing it in good growth stock mutual funds that have a market-based return. That's where they're going to be. And so those of you that, you know, you can kind of take that lump sum doubles every seven years plus what you add to it. Wow. You can get there, in other words. It's not too late. You know, Dave, am I too old to save money?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Not if you're still sucking wind. You just keep at it, baby. You're never too old until you can't suck wind anymore, and then it's over. That's good. Keep at it. Keep at it. Keep at it. Keep at it. There's something to do. Listen, if you've got some money, there's always an opportunity to be generous, and if you're broke, there's not an opportunity to be generous. Keep that in mind.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
I mean, I feel for you. I can't imagine.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Broke people can feed hungry people. I mean, rich people can feed hungry people. Broke people can't.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So there you go. Let's think about this. This is The Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
My friend that does divorce counseling says that divorce turns a marriage into a business transaction. And so far in this conversation, you suck at this business. So you need to separate this, protect, and then come from a position of strength with an attorney in your corner of how we're going to reconcile or how we're going to split equitably under the law, not under what she wishes.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
She's got this fantasy in her head that is not reality, and she's getting ready to find that out. This is The Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Ken Coleman Ramsey personality is my co-host today. Thank you for joining us. If you've ever run a business or are running a business or know someone that is, you know one thing. It's hard. It's rough. It's tough. As a matter of fact, when you become self-employed, you will discover you have a jerk for a boss. That person will work you into the dirt. I mean, they will work you like a rented mule.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It's crazy. Some of you don't even know what that means. But anyway, so here's the thing. It's also a lot of fun. I've been running this business for almost 40 years now from a card table in my living room. And it's just a straight up. It's a dadgum adventure every day. There's always something wild and wacky that you don't see coming. It's a blast.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And you need a path, a clear path to get through and to grow the business. We have developed that from our experiences at Ramsey and also coaching about 10,000 small businesses for the last decade or so through Entree Leadership. And the path is this. There's five proven stages of business, particularly small business, and there's six drivers that drive you. through those five stages.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
In other words, if you understand that framework, you've got the baby steps for a small business. And I just did it in a book. The book's coming out April 15th. It's on sale right now. It's called Build a Business You Love. Build a Business You Love. And we're going to take you through this Entree Leadership Framework and show you it's not going to make your business instantly easy.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
It's not an easy button. It's not a... but it is a clear thing, and it will at least tell you where you're going. It's good to have a map even if the road is bumpy, right? And so we're going to show you how. Build a business you love.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
If you preorder it before April 15th, which is like right now, you would get $29.99 for the book, and you get over $350 worth of free bonus items, including instant access to the Entree Leadership Hiring and Firing Playbook. which is probably the number one sore spot in business, the hiring and firing process.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Also, early access to the e-book itself and the audio book on this book is pretty incredible. Yes, I did voice it, but we also did a bunch of enhancements to where it feels a little bit more like a podcast than an audio book. And so you're really going to like that if you're an audiobook person.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Pre-order at RamseySolutions.com or click the link in the description if you're on YouTube or on a podcast. Derek's in Florence, South Carolina. Hey, Derek, welcome to the Ramsey Show.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Okay. You're inheriting the business. Did your dad pass?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So it's basically you're getting the book of business, and how many employees have you got?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So how's he going to eat? He's obviously built a nice retirement nest egg, huh?
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
So basically he's, this is the, this is the transition. He's tossing you the keys and you got this puppy. So your question is how to handle the increase in income responsibly.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Well, here's the thing. Very few people do something stupid intentionally. So if left to a vacuum is where stupid sneaks in. And so what I mean is that you're being very wise right now, the opposite of stupid, in that you say, okay, I need a plan for this because if I don't have a plan, I'm going to have a problem.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
And so what I would do is sit down with your wife and say, write down what we're going to do with $450,000 this year. What are we going to do with it? And then do that with it.
The Ramsey Show
If You're Intentional With Money, You Can Win With Money
Same thing applies. Okay, I now have $450,000 for the coming 12 months. Write down exactly in detail what I'm going to do with it. So you're telling me $150,000 is what you were making. The house payment's a strain. The house is a strain. So you may want to, okay, we're going to raise our living budget to $200,000, which still leaves me $250,000 I need to decide what I'm going to do with.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created. Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several burners myself. They look like guns, but they're not.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away. And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
And because they're not firearms, they can be shipped directly to your door. Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Make Money Choices Today That You Won’t Regret Tomorrow
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Shut all accounts down immediately that have both names on them. Yes, absolutely. So he can't run up debt right now that you end up being responsible for because it's got your name on it.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Yep, and all of that. So, you know, we'll just take just the last second here and remind you guys. Okay, so here's the deal. When you sign up for a car loan or a credit card loan, that is a contract. You and your husband, folks, if you're out there, you and your wife are on that together. Both of you sign up for it. It's in both names. It's a contract that both of you have signed.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
The judge comes in the divorce decree and probate court and says, I'm going to give this visa bill to the husband. Okay? That means that judge has told the husband he has to pay it or he has to face that judge. That judge does not have the power to undo the contract. So just because he handed the visa bill to the husband and said, I want you to pay it, the wife is still on that bill.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So when he doesn't pay it, they sue both of you. And you can't go, but the judge said the judge does not have the power in divorce court to undo contract law. They don't have the power. Only bankruptcy court has that power. And so, no, you know, well, the judge said to give him the house. I gave him the house and he didn't pay it. Now they're suing me. Right. Because you believe that crap.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
You're still on the contract. So you've got to be completely released from everything by getting it paid off and moved and that kind of stuff in the process. That's why this is a business transaction now. This is the Ramsey Show. Dr. John Deloney, Ramsey Personality, is my co-host. Elliot is in Canada. Hi, Elliot. Welcome to The Ramsey Show. Merry Christmas.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Good question. Yeah, that would be a normal thing. Left to itself, savings never occurs naturally unless somebody's just like a savings freak. But most people, if you just don't pay attention at the end of the month or really even before the end of the month, the money's gone. And so the only way to make the money behave is before the month starts and
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Write every dollar down and where it's going to go and then make it go where you wrote it down to be going. You're in charge of it, but you need to tell it what to do because what's happening is in your emotional state because your heart is broken and you're the daddy of a little baby and you're dealing with all this. In the middle of all of that, you're not even paying attention to the money.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
It just leaves, which would be, I mean, that's what most people would do in your situation. But the answer is you've got to pay attention.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay, so what happened was you wrote down a budget and you never looked at it again until the end of the month. Yeah, you're probably right. Yeah. And then you went, whoa, that didn't work. Yeah. So, yeah, I'm going to tell you to do a written game plan every dollar on paper, on purpose, before the month begins.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And then before you spend anything out of a certain category, you'd go back and check that category and make sure you've still got money left in it. Okay. And make sure if you're spending time eating out because you're lonely or you're spending time doing whatever that costs money because you're lonely, make sure you recognize that and you're writing it down. Right.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Wow. So this is a federally insured student loan, right?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Because, I mean, you're going through a heartbreak right now. This is a hard time emotionally. And that hard time will show up in the money if you don't get on the other side of it and crack the whip on it. So what you're facing is a very normal reaction in a situation like you're in, but that doesn't make it okay.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
That doesn't make it like, because it doesn't feel right, and that's why you called. Yeah.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
But I guess, I don't know, you know a lot more about this than I do, that it feels like grieving a broken heart or grieving a loss of some kind somehow gives us permission to let our body go, to let our mind get on junk food, binge watch stupid stuff on Netflix instead of actually feeding our mind something that tightens it up, and just let our money go.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
They all have signatures. They all have signatures. Is it private?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Yeah, what I'm saying is when something bad comes at me, it's like you said, gives you permission. So I don't need to exercise. That's right. I don't need to go to church. I don't need to watch my money because something bad happened to me, so now I have permission to sit on my butt.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Oh, okay. All right. Good news. Okay. All right. Well, lucky for you, we have actually a sponsor that refinances defaulted privately held student loans. So they'll buy it from Navient and refinance it and set it up where you can make the payments. You got a pencil?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Yes. You've got to control the things you can control. That's it, man. And that marriage blowing up is not one of them. No. That's happened.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And what that means is like hardcore love. like you were completely energetic and hopped up on caffeine, hardcore budgeting. I'm going to write this down, and I'm going to pinch it, and I'm going to pinch it some more, and I'm going to, and $300? No, how about $1,000? $1,000, that's right.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
At the end of every month, and I'm going to start putting that towards something, and then I'm going to work some extra, and I'm going to lean into these things, and that's the way I'm going to process while I'm going through this rather than using this as a reason. I was going to say an excuse, but even a reason. for taking our foot off the gas and just letting the car go in circles.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Yeah, it's just human nature is just so interesting when we think it through because I can't, I mean, doing this for 35 years, I can tell you that the number of times I talk to someone, they go, well, you know, everything was going good, and I went through a divorce, and then I went $40,000 in debt, and I gained 40 pounds. And it's like, well, now you've got to go clean that up. Yes, yes.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So, you know, what you said is before you do that, go ahead and not do that.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So a buddy of mine came to an event that John and I did with Mike Rowe. We're doing it for business guys. And one of the things John did was a talk during that event. And choose your heart. Decide, okay, you're either going to be overweight or you're going to exercise and manage your Caloric intake. Both of those are hard.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
You're either going to be broke or you're going to manage your budget and work some extra and sell some stuff and get your butt under control, right? Choose your heart. One of them, they're both hard. You might as well choose which one on purpose rather than let it happens to you. A friend of mine was sitting there. He's lost 150 pounds. That's so amazing. I was with him Monday night.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
That's like two George Camels. Yeah. Well, more.
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Get Out of the Cycle of Debt and Choose Peace Instead
Choose your heart, right? Choose your heart. And I said, what do you do? And he goes, stinking Deloney talk, man. Choose my heart. He goes, I've been choosing to be fat, and I decided I wasn't going to be. That's what he told me. Wow. This is the Ramsey Show. Merry Christmas, folks. So, I don't understand how on Thursday it's still Cyber Monday. I'm confused about all of this.
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Get Out of the Cycle of Debt and Choose Peace Instead
All right. Why refi the letter Y R E F Y dot com. And so I'll go ahead and give you the mechanics because they've been advertising with us for a while. We send people over there, but the mechanics are they buy the loan because it's defaulted at a discount. And then they, so they don't have full face in it. They pay less than that. Cause you know, cause you're not paying it.
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Get Out of the Cycle of Debt and Choose Peace Instead
It's like this big confession thing. Well, apparently we're doing the same thing. So I don't know if we need to turn it into a confession or not.
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Get Out of the Cycle of Debt and Choose Peace Instead
The bad news is that Cyber Monday is not only on Monday. The good news is you can still get a bargain on stuff. So there you go. So hit RamseySolutions.com slash store. You can get John's Questions for Humans decks. They're on sale for $12 right now. Get you ready for the holidays. You can have questions for the humans during the holidays. And you might see some humans during the holidays.
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Get Out of the Cycle of Debt and Choose Peace Instead
The Total Money Makeover book's $12. The audio books out there are $8. Building a Non-Anxious Life, John's number one bestseller, is $12. Check it all out at the continuation of the Cyber Monday sale. RamseySolutions.com slash store. It's just the keep it going. Just keep her going. Just keep her going. Travis is in Grand Rapids. Hey, Travis, what's up? Hey, how's it going, Dave?
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Get Out of the Cycle of Debt and Choose Peace Instead
Better than I deserve. How can I help?
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Get Out of the Cycle of Debt and Choose Peace Instead
Okay. How much in your investments?
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Get Out of the Cycle of Debt and Choose Peace Instead
I'm only 24 years old. You're only how old? I'm 24 years old. Okay. All right. Um, I make $30 an hour by the way. Yeah. Good for you. Okay. So you're going to buy a cheap little car cause the, the, the three quarters killing your own gas. Pretty simple, right?
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Get Out of the Cycle of Debt and Choose Peace Instead
Um, you know, it, it, I love having a truck. I've had a truck most of my life. I drove a truck to work today. So I'm a truck guy. Let's just put that in the parentheses in the answer here. However, if I were 23 in your situation, I would not keep a spare car as an investment. Of any kind.
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Get Out of the Cycle of Debt and Choose Peace Instead
Now, later on, you know, when you're a millionaire and you're 33 because you keep following our stuff and you want to have a spare truck sitting around, I'll be your guy. Because it'll be a small percentage of your world. But right now, I mean, that truck will bring how much money? Probably $5,000. Okay, if I put $5,000 in the middle of the table and you didn't own the truck...
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Get Out of the Cycle of Debt and Choose Peace Instead
Would you go buy a truck for a spare? No. The only reason you're keeping it is because you like it.
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Get Out of the Cycle of Debt and Choose Peace Instead
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. in counseling, number one best-selling author and host of the Dr. John Deloney Show on the Ramsey Networks. He's my co-host today. Open phones here at 888-825-5225. Well, it's official.
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Get Out of the Cycle of Debt and Choose Peace Instead
You don't have a backup now. You have a $5,000 truck. Right, right. Yeah. Yep, that does make sense. If I were you, I'd sell the truck promising myself that I'm going to become wealthy and drive whatever the flip I want to drive later. Because I'm not worried about the gas myself. I mean, I drove a Raptor R over here.
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Get Out of the Cycle of Debt and Choose Peace Instead
The thing drinks gas like... I mean, you have to stop at every gas station on the way.
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Get Out of the Cycle of Debt and Choose Peace Instead
It gets four gallons to the mile. But I don't give a rip. That's the difference. But I'm in a position... But when I was broke, I remember being broke in 23. It wasn't 20 minutes ago, it feels like. And so, yeah, you don't need that. You don't need that extra weight on you. And But you just like having, you just like the truck. I don't blame you for that.
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Get Out of the Cycle of Debt and Choose Peace Instead
You're not credit worthy. Right. So that's not a loan. Anybody would want to buy that. The guy's dead, the guy's dead beaten on it. Right. So they're going to buy it at a discount and then that enables them to restructure it and, uh, put an interest rate on it. That's low. And they still end up making good money on it, but you get the deal of the century.
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Get Out of the Cycle of Debt and Choose Peace Instead
Yeah, so that's what I would do. But again, it's not a permanent – decision for the rest of your life. It's what you're doing right now at your stage at 23. Later on, get you whatever you want to get when you got some money, dude. Live like no one else. Later, you can live and give like no one else. Alan's in Seattle. Hi, Alan. How are you? I'm doing much better than I deserve, Dave.
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Get Out of the Cycle of Debt and Choose Peace Instead
Well, it's good when a couple of geniuses can meet up. Old, old, old geniuses. Hey, careful. That's where that genius stuff comes from.
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Get Out of the Cycle of Debt and Choose Peace Instead
Got it. So what's your question, Alan?
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Get Out of the Cycle of Debt and Choose Peace Instead
So it's a win-win for everybody, even Navient, and I really don't care about Navient. Never would I try to help them win with anything, but it turns out they get money on a loan that they thought was bad, so they're happy. YRefi buys it at a discount, and then you're paying them a reasonable interest rate, so they're happy, and you get a payment you can afford, so you're happy.
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Get Out of the Cycle of Debt and Choose Peace Instead
Professional management company is not going to make vacancy and repairs go away.
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Get Out of the Cycle of Debt and Choose Peace Instead
Both of those things are still going to be there. If the vacancy and the repairs are what are driving you nuts, those aren't going to leave. Professional management company will just handle the grief associated with those two things, but not the money. And so you're going to give up a little money in order to have someone else deal with the tenant, deal with the repairman.
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Get Out of the Cycle of Debt and Choose Peace Instead
and deal with the vacancy. But no one cares when it's empty as much as you do. So that's up to you. If you want to go that route, that's fine. But just look for the right thing out of it. It sounds like you're tired of being a landlord. That's what it sounds like to me.
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Get Out of the Cycle of Debt and Choose Peace Instead
And so I think I am probably getting out of it, and I might get into a different kind of a property that doesn't require as much active management, something that's a little newer, that kind of a thing. Or like you said, just buy a REIT, drop that million dollars that you're talking about there into a REIT, and that's fine.
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Get Out of the Cycle of Debt and Choose Peace Instead
A Real Estate Investment Trust. It's basically a mutual fund for real estate is how it functions. And so many, many, many Allens out there put money in and they buy a bunch of different properties. And the cash flow from those properties and the increase in value of those properties give you your rate of return.
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Get Out of the Cycle of Debt and Choose Peace Instead
And most of the REITs are paying about like a good growth stock mutual fund, about 10% or 12%. A good one is. In the old days when they first started, they were fee-heavy, and they didn't do well, net. Nowadays, they're valid. So you just own a whole bunch of pieces, small pieces of a whole bunch of houses? Just like you do when you buy a mutual fund.
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Get Out of the Cycle of Debt and Choose Peace Instead
You own a whole bunch of pieces of a little bunch of stocks. Small pieces of companies, yeah. Bunch of stocks, yeah. Same thing. That puts us out of the Ramsey Show in the books. 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.
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Get Out of the Cycle of Debt and Choose Peace Instead
in Counseling, Ramsey Personality, host of the Dr. John Deloney Show, and number one best-selling author. He's my co-host today. Jared is with us in Phoenix. Hi, Jared. How are you?
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Get Out of the Cycle of Debt and Choose Peace Instead
Now, the steps are not his kids. Correct. They were his wife's from a previous marriage, and it was his second marriage, and so he became the stepdad. I'm just making sure I got the exact connection. So they have absolutely no blood connection to him whatsoever.
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Get Out of the Cycle of Debt and Choose Peace Instead
So that part's taken care of. Now, the rest of this... basically what these debt settlement companies have done and do and they did to you is they quit paying all any of your payments so all of your credit cards are in default right um most of them yeah no they should all be how long did you pay payments to the debt settlement company i did make payments correct yeah how many
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Get Out of the Cycle of Debt and Choose Peace Instead
So they in no way even looked at him as a father figure.
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Get Out of the Cycle of Debt and Choose Peace Instead
Okay, so she calls you up and says, I want some money?
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Get Out of the Cycle of Debt and Choose Peace Instead
Nothing, nothing. That's not your fault. You don't say anything. Yeah. You say, you know what? I'm so sorry. I'm sorry. You know, I listen, I care about you and I'll be here to emotionally be your step, whatever I am and that kind of stuff. But, um, I, and I understand that this is hurtful to you, but gosh, I'm so sorry. And I just leave it at that. Because it's not about you.
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Get Out of the Cycle of Debt and Choose Peace Instead
No, you didn't do anything. Why would you feel bad? What'd you do?
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Get Out of the Cycle of Debt and Choose Peace Instead
Your father had money and your father decided to leave his money to his two sons. That is a very normal act. Had he left some to the stepchildren, that would have been unusual.
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Get Out of the Cycle of Debt and Choose Peace Instead
Yeah. That way he never were never in the house that he lived in. He didn't adopt them. Did he? No, they were adults.
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Get Out of the Cycle of Debt and Choose Peace Instead
Yeah. Yeah. Yeah. So, no, I mean, this poor girl's just got emotional issues on her own. I can't talk to you. You got too much money that I thought I needed some of. I mean, come on. That's her. Okay, well. No, I don't feel guilty at all. And I'm not going to be mean about it. I'll be kind to her. And your dad loved her. He'd be gentle with her. And you're going to be gentle with her.
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Get Out of the Cycle of Debt and Choose Peace Instead
But your dad didn't leave her any money. And he was closer to her than you are. We're pretty close. Your dad was closer to her than you are. He married her mother.
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Get Out of the Cycle of Debt and Choose Peace Instead
So were the assets of you and your brothers intermingled?
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Get Out of the Cycle of Debt and Choose Peace Instead
So how are you involved in the divorce then and the, and his death and so forth?
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Get Out of the Cycle of Debt and Choose Peace Instead
You're the executor of his will.
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Get Out of the Cycle of Debt and Choose Peace Instead
because i was the trustee so yeah that's a whole nother mess i bet thanksgiving dinner is amazing at your house yeah no not anymore this chick's on the out she was on the out before he died wow yeah it's like i get to make the rules but i've got the money
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Get Out of the Cycle of Debt and Choose Peace Instead
oh man so hey guys wow jared you do whatever you want to do honey but bottom line is it's back to the step sister thing or whatever she is um if you were to give her some money it's not gonna make her okay She was not okay before. She will be not okay after because this is not about the money and it's not about you. So you can't fix her with a check.
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Get Out of the Cycle of Debt and Choose Peace Instead
Already decided what he wanted to do with his money.
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Get Out of the Cycle of Debt and Choose Peace Instead
She was sitting there when he wrote the will. Right. I mean, she was on the planet at that point. Yeah. This is not like something that just, oh, I didn't know. Right. Dad already clearly said what he wanted to have happen.
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Get Out of the Cycle of Debt and Choose Peace Instead
Yeah. And he didn't say he was mad at her. No. He just said she wasn't his.
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Get Out of the Cycle of Debt and Choose Peace Instead
They haven't paid any of your credit cards since you signed up with them until they work a deal with each credit card company, and again, they're in default, so they're working a bargain with them. Correct. If you weren't in default, they put you there. That's why we tell people not to use these companies because it actually does more harm to your credit than even filing Chapter 13 bankruptcy.
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Get Out of the Cycle of Debt and Choose Peace Instead
There you go. This is The Ramsey Show. Dr. John Deloney, Ramsey Personality, is my co-host today. So I ran out of time and we ran into the break on the dysfunctional stepsister, dad left money to his own boys discussion. And I was actually having a talk with one of our team members before the show.
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Get Out of the Cycle of Debt and Choose Peace Instead
Christian and I were talking about a dysfunctional succession plan that's blown up in the public eye that he's aware of. And he was asking me, how do you avoid that? So let's go back to that particular thing and say, how do you avoid this? OK, so there's two broken things in that call. One is the stepkids had no knowledge.
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Get Out of the Cycle of Debt and Choose Peace Instead
And so once they got once the daughter got knowledge of how much money, then her feelings were hurt. And her reaction was, I can't even talk right now. You, you need to give me some of this money, right? Yeah. The other broken thing was his brother who had received $3 million. He and his brother had some of that intertwined. They were able to untangle that.
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Get Out of the Cycle of Debt and Choose Peace Instead
So his brother was standalone, but, and then his brother starts going through a divorce and instead of making sure he had a completed will, His will was incomplete, so now his soon-to-be ex-wife has stuck her nose into it and is screwing that up. Both of these are poorly handled estate planning, okay?
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Get Out of the Cycle of Debt and Choose Peace Instead
So every one of you need a detailed will, but here's the important part that is left out of the first one of these things with the stepkids. Have a reading of the will or a discussion with the parties that think they might be involved. You need to do it in one room or a series of rooms. I don't care. Have the courage to tell people what it says while you're alive.
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Get Out of the Cycle of Debt and Choose Peace Instead
So if dad, who loved this girl's mom and was married to her for 16 years,
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Get Out of the Cycle of Debt and Choose Peace Instead
had sat down with this girl and the others and said, hey, I care deeply about you guys, but when we got married, we decided that my money was going to go to my kids, and so I want you to know ahead of time it has nothing to do with whether I like you or whether I care about you, but I'm leaving my money to my sons, and it's substantial, but that's none of your business.
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Get Out of the Cycle of Debt and Choose Peace Instead
I think it's his. Okay. I think it's his because right now who's she angry at? Him.
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Get Out of the Cycle of Debt and Choose Peace Instead
Because she felt connected to him, and this cut her. Yeah.
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Get Out of the Cycle of Debt and Choose Peace Instead
She didn't say. She didn't say. He said he left everything to my brother and I. That's true. Which I don't even know what happened to the mom. Did the second wife not get taken care of? I don't know. We didn't get that in the story. But the bottom line is tell people. This is what's going on. And so I've got a friend whose kid is doing drugs. And he's in his 20s.
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Get Out of the Cycle of Debt and Choose Peace Instead
And he sat down with everybody and he said, honey, I can't leave you money. Not because I'm punishing you, but because I'd be buying you drugs. I'll kill you. I'll kill you. You'll use that. Your addiction will be ramped up and you'll have an overdose and die. And I love you. And I'm not going to fund something that brings harm to you.
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Get Out of the Cycle of Debt and Choose Peace Instead
And so you're not going to get any money in the current version of the will. And it's not because I don't love you. It's because I do love you. And you're out of the will. And he knows that now. And your brother's the executor, and don't you say a word to him. So dad threw his shoulders back, had a backbone, and had the discussion with a grown child drug addict while he's alive.
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Get Out of the Cycle of Debt and Choose Peace Instead
So how many credit cards do you have?
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Get Out of the Cycle of Debt and Choose Peace Instead
So this is not a movie. This is life. Yeah. It's not like we have the paneled room with the trophy wife and the dysfunctional four children who come in and they are entitled and trust fund babies and the reading of the will and they're all shocked that the one kid who's somewhat normal gets it all. That's a movie. That doesn't happen in the real world, okay?
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Get Out of the Cycle of Debt and Choose Peace Instead
Whatever you're doing in the real world, tell the people. That way they don't have to deal with the other people who are pissed off after you die because you were a coward and didn't tell people what was going on.
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Get Out of the Cycle of Debt and Choose Peace Instead
That's exactly what this is. If dad had had a 10-minute conversation with his grown stepkids and explained to them that he loves them and he loved their mother. but this was my money before I came into this marriage, and it's going to my children. You're not my children, even though I care about you. Then that would have probably handled this whole thing.
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Get Out of the Cycle of Debt and Choose Peace Instead
And what is the total balance of credit card debt?
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Get Out of the Cycle of Debt and Choose Peace Instead
And if brother had kept up with his own dadgum will and gotten it done and changed everything over. So you get divorced, change the beneficiary three weeks before.
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Get Out of the Cycle of Debt and Choose Peace Instead
on your 401k and your life insurance policies don't expect your ex-wife who hates your guts to leave to take a half a million dollar insurance proceeds and just give it to somebody because you forgot to change the beneficiary because you didn't do your job So you've got to do these documents, people. It drives me nuts. And here's the other side of it.
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Get Out of the Cycle of Debt and Choose Peace Instead
Guys, 78% of Americans die without a will. Which is insane to me. That's stupid. It's asinine. If you're 18 years old, you need a will. It's cruel. I don't care if you own anything or not. You want the state to decide what happens to your children? Have you seen what some of these states are doing with children? You don't want these states in charge of nothing. They're morons.
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Get Out of the Cycle of Debt and Choose Peace Instead
And so you need to be in charge of your kids.
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Get Out of the Cycle of Debt and Choose Peace Instead
Probably. The more we discuss my death, the better I feel. We call it the Monty Python meeting where we sit and talk about Dave. When Dave dies. I'm not dead yet. I'm really not dead yet. It's just a flesh wound. I'm not dead yet. I'm feeling better. Really? Just a flesh wound?
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Get Out of the Cycle of Debt and Choose Peace Instead
Okay. Are you married? I am. Okay. Does she work outside the home?
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Get Out of the Cycle of Debt and Choose Peace Instead
You don't have to be mean about it. No. My buddy, he's not mad. He is upset. He's hurt that his kid's doing drugs. But he'd probably pay for rehab, right? He would help him any way he can, but he's not going to give him money in the same amount of money everybody else. He gives him zero. Yeah. And he said, when you clean up, I'll change the wheel if I'm still here.
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Get Out of the Cycle of Debt and Choose Peace Instead
If you don't clean up before then, you're just out.
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Get Out of the Cycle of Debt and Choose Peace Instead
So, you know, and it's a good incentive, but we're not trying to buy something with that. We're just trying to say this is what's going on, so don't be hurt later. Yeah. There we go. Hey, folks, we love talking about money and life and everything else.
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Get Out of the Cycle of Debt and Choose Peace Instead
One of our brands where we help people is a small business brand called Entree Leadership, and we coach about 10,000 small businesses around America, showing them how to run a small business, all the aspects of running a small business. And I do a podcast that we've done a podcast for about, gosh, since podcasts started. It was one of the first podcasts out there.
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Get Out of the Cycle of Debt and Choose Peace Instead
It was the first one we ever did here before we even put Ramsey on a podcast. It's called Entree Leadership Podcast. And I took it over two years ago, and I just take calls from small business guys and gals who call in and go, I got this team member that's doing this. I can't get my dad to do the succession plan. I'm having trouble with this marketing idea.
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Get Out of the Cycle of Debt and Choose Peace Instead
And so we just talk business during that Entree podcast. I do it once a week. If you want to be a caller on that, go to EntreeLeadership.com slash ask. Or call 844-944-1070. 844-944-1070. So MamaBearLegalForms.com has been a sponsor of ours for almost a decade now. And that's a quick, easy way during the holidays.
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Get Out of the Cycle of Debt and Choose Peace Instead
If you have an uncomplicated estate, you can knock out a will just for a few dollars and in a few minutes. And then just hand it to everybody if you want to. Merry Christmas, right? I don't know. But... If you've got a complicated estate, you may need to sit down with an estate planner. Like, you've got a lot of money or a lot of weird stuff or something. That's fine.
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Get Out of the Cycle of Debt and Choose Peace Instead
So you've got like $10,000 coming in a month. So we ought to be able to clear up $35,000 pretty quick once we get our crap together. Agreed?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
But if you want to knock out a quick, easy will and do all the health care, power of attorney, and all the right stuff, MamaBearLegalForms.com will help you. Dr. John Deloney, Ramsey Personality, is my co-host today. The Ramsey Show question of the day. is brought to you by WhyRefi. We trust WhyRefi because they help people who have defaulted private student loans.
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Get Out of the Cycle of Debt and Choose Peace Instead
And they help them refinance with a low fixed interest rate that you can't get anywhere else. One guy named Chris did it. He had a student loan. He cut his payment by 40% with YRefi. Go to YRefi.com slash Ramsey. That's the letter Y, R-E-F-Y.com slash Ramsey. Might not be in all states.
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Get Out of the Cycle of Debt and Choose Peace Instead
Okay. So, yeah, this is awesome. So what you do, quit paying the debt settlement company. Just opt out. No more money. I'm going to take the Naviance. I'm going to take them to YRefi, and I'm going to take these four credit cards and work them myself. Now, here's what you're going to have to do because they're all in default. You have to lump sum, no payments, lump sum, settle each one of them.
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Get Out of the Cycle of Debt and Choose Peace Instead
It's a ploy. Yes. So listen, kiddo. We tell folks when they get married, everything becomes shared. So you will have $125,000 student loan when you're married because your husband does. He will have $300,000 in stocks that his wife's grandfather left her. He will have $80,000 in savings that his wife had before they got married.
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Get Out of the Cycle of Debt and Choose Peace Instead
And so when you get home from the honeymoon, pay off the student loan. But this is bull crap. Bull crap.
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Get Out of the Cycle of Debt and Choose Peace Instead
Yeah. Tell boy child time to get married. You know, part of the problem is we're all playing house over here, so he's got no incentive to get married other than blackmail you into it. So now if you want to have a healthy relationship, you all get married yesterday since you're playing house anyway. We have a combined income. You don't have a combined income. You're not married. That's bull crap.
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Get Out of the Cycle of Debt and Choose Peace Instead
The guy that won't marry me would never do that. You know how you sound? So seriously, no. Don't. Please don't. Please don't. Please don't. Time to get married, boys and girls. Look, I think it's a good altar call right here. It's come to Jesus. Are we going to do this or not? Yeah.
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Get Out of the Cycle of Debt and Choose Peace Instead
Because if you're going to get married, y'all come home from the honeymoon, we would tell you to take the $380,000 that you have in assets and pay off the $125,000 debt that he has, and then we take off with our life with our fabulous combined income and zero debt. and whatever's left of that money, which would still be 200,000 bucks. So, yeah.
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Get Out of the Cycle of Debt and Choose Peace Instead
Work together, work together. I'm going to give this guy about 20 minutes. Get me to the church on time, baby. I'm serious. I'm done with this guy. This is bothering me. There's something about this that's running all over me, and I'm usually a little bit, I'm pretty mean, but I'm usually a little bit more gentle than this. Yeah. But there's something wrong, Jenna.
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Get Out of the Cycle of Debt and Choose Peace Instead
Here's what is getting under my skin. Oh, I know what it is. You have worded all of this. It's all the dadgum language. That's what's killing me. You have worded all this because you have bought this freaking sales line. That's it. That's the thing. She thinks she's the problem. She thinks she is the problem here. This guy has complete. He's a. I'm afraid he's a con artist. He's a leech.
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Get Out of the Cycle of Debt and Choose Peace Instead
So what I want you to do is I'm going to put you on a budget, you and your wife working together, you're married, and we have to clean up this freaking mess that we have. We're going to get the student loans on a payment. We're going to quit making payments to the debt settlement company.
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Get Out of the Cycle of Debt and Choose Peace Instead
So either way, if you're good, listen, you either need to leave or you need to get married.
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Get Out of the Cycle of Debt and Choose Peace Instead
And don't pay off his loans unless you get married. And if you get married, then it's our loans and our money, and we'll do that. But you got about 20 minutes, buddy. About 20 minutes. Stop the sales job. Don't like con artists who are sleeping with the person they're conning. It's a problem.
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Get Out of the Cycle of Debt and Choose Peace Instead
dadgum salesman oh sorry i think i've had too much coffee john merry christmas ho ho ho oh my gosh i need to calm down but yeah i just i think about my girls and they did not thank god we you know thank god that we taught them how to pick and they picked studs so i've got two sons and all they're absolutely incredible man i i yeah i've got a young daughter and you would kill him
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Get Out of the Cycle of Debt and Choose Peace Instead
I want to help. I know what you're going to say, but I'm different. No, you're not.
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Get Out of the Cycle of Debt and Choose Peace Instead
Patrick's in Orlando. Hey, Patrick, what's up?
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We're going to live on beans and rice, rice and beans, because the stress of this is overwhelming and it needs to be out of my life. I can't build wealth in the middle of this. And I make 10 grand a month. We ought to be able to win, you know?
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Get Out of the Cycle of Debt and Choose Peace Instead
I like it. Can I add one thing to it? Yeah. Okay. I do want this to be a gift, and I'll teach you a technical thing you need to do. But aside from that, I do want it to be a gift without strings, sort of. Right. But I would sit down in person with them, you and your wife, go to dinner, And make this a big deal. This is not just a drive-by breakfast one morning coffee. Okay?
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Get Out of the Cycle of Debt and Choose Peace Instead
We're going to a nice restaurant. We're going to make a production out of this and say, this has nothing to do with the grandkid. Although you've said it six times that it does, but it doesn't. Okay? It shouldn't. It shouldn't. Because you shouldn't give it to them because of the grandkid. You should give it to them because they have been responsible for
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Get Out of the Cycle of Debt and Choose Peace Instead
and you're not bringing harm to them and you're not enabling bad behavior. Instead, you're accentuating and lifting the positive thing that they have been doing with their life, and it's going to change your family tree the rest of the way. So, yes, you should do it. And I would say, I'm going to give this to you with no strings attached.
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Get Out of the Cycle of Debt and Choose Peace Instead
Okay. So it sounds like you're with me on this. Good. So now we're going to get you on a budget. We're going to sign you up for Financial Peace University and show you how to handle money, and we'll put you in every dollar. Now, here's the way you work the debt off on the credit cards. Take the smallest one. What is it? Do you know?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
I will tell you I have a favor to ask, that you promise to never borrow money again.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And I wouldn't make them. It's not a contract. But I would just say, I'm doing this to change my family tree. But if you go screw that up by borrowing money, it's going to break my heart. And I would do it. Now, oh, unified estate tax credit. Talk to your tax guy. You need to use up some of your estate tax exemption so you don't have gift tax. Don't do this without tax advice.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Go get some tax advice, please. This is The Ramsey Show. Dr. John Deloney, Ramsey Personality, is my co-host today. Thank you for joining us, America. If you haven't heard, Cyber Monday is no longer just for Mondays. It's pretty much any day of the week we want it to be, so it's just a cyber thing. Cyber forever. It's a cyber. Cyber's forever. That's us, yeah.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Apparently, we lied to you when we told you it was only on Cyber Monday, and we're going to continue to lie to you until we choose not to. So that's the bad news. The good news is the store has everything on sale.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Cyber Monday. Here we go. So, yeah, Breaking Free from Brokes on sale for $12. The number one bestseller by George Camel. Building a Non-Anxious Life, the number one bestseller by Dr. John Deloney on sale for $12. Baby Steps Millionaires, Total Money Makeover, Get Clear Assessment. Audiobooks are $8, by the way.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Just check it out, RamseySolutions.com slash store until we decide Cyber Monday is over. And when we decide it's over, you will have missed out. But you don't know when that's going to be because I don't know when that's going to be. So there we go. This is The Ramsey Show. Madeline's in Atlanta. Hi, Madeline. Welcome to The Ramsey Show.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
There's not legally, morally, ethically, monetarily... We aren't in existence until we are married. And I'm not just making a statement. You literally have absolutely no rights to the other person's income, legally speaking.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So you can act like you're playing house. You can act like you're married, and it doesn't change the law. The law says that your debt is your debt, okay? Now, when you're married, that's different. So I would suggest if you're going to be a we that you make it a we and you run down the courthouse this weekend and get married.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay. How long have you all been engaged or dating?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Time to paint or get off the ladder, kid.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
We've been all mosting a long time.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay. So you need to put together in your budget $1,000, $1,500, and call the smallest one. Understand that credit card collectors are the dumbest humans on the planet, and you can tell they're lying if their mouth is moving. They would have a good job if they weren't. That's a horrible job. It's a high turnover job. So you're going to be talking to people whose parents are cousins, all right?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So y'all just, how old are you?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay, cool. So what do you make and what does he make?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay, he makes about the same you do then. Okay. Yeah, roughly. And how much debt do you have?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Is it your house or do you buy it together?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Honey, that's not a lease. Oh, man. Did you buy a house or are you a tenant?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
It's a mortgage, not a lease. In your name, you have a mortgage. Lease does not enter into it.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay. And so you have a mortgage.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
On the promise that he was going to help her pay, but they're not married. And he's not on the loan.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Yeah. This is what I've been talking about before I started talking. Okay. Now, the, all right. So, let me, what debt does he have?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So here's what I would tell you guys to do. And I don't know if you're going to do it. I can't tell from talking to you. Will you actually do it? You sound terrified. I kind of don't think. I don't know if you're nervous on the radio or if you're just going to go do whatever you want to do. Anyway, if you were my daughter.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
I would take you two knuckleheads to breakfast and bump your heads together and say, you knuckleheads go get married this week because you're very, do you understand how vulnerable you are? This guy walks off, you're screwed, girl. You understand? You can't pay this house payment.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Can you? They qualified you for it, but you can't afford this house if he gets up and leaves, right?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay. Now, I'm assuming is your relationship good?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay. Then I would say let's quit acting like we're married and go ahead and get married because it's very, very important that you all do combine everything.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And then what we've got is we've got a home mortgage with an $80,000 household income approximately, and he's got some consumer debt that we need to get paid off as quick as we can, and we'll walk you right through the baby steps at that point. You cut up your credit cards. We get his car loan paid off. and we take all the overtime we can. We quit eating out.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
We don't go on vacation, and we clean up this mess where you have $20,000 cash in the bank for an emergency fund and no payments but a house payment and a combined income of $80,000. You'd be in pretty good shape, right?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
I can get you there in about a year if you're married. I can't get you there while y'all keep sort of doing this because it won't work. Because doing things in the wrong order has left our precious Madeline here unbelievably vulnerable. You will be the victim if this thing goes sideways, not him. You'll be the one that's in a mess. This thing goes sideways, not him.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And you're worth more than this. And so somehow you talked yourself into or you got talked into or you guys together sat down and had a combined lack of brains and decided this was the right way to go. And it wasn't because it's left you, my daughter, in a real mess.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
I mean, she doesn't have, it's all on her.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay. You got it? I mean, you've got to understand this because it's warfare.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So this is why these numbers don't work. Okay. All right, guys, there's a couple of issues. We've got to stop for a second because we've got just a moment here. Number one will remind you that if you want to catch the next segment of the show, the third segment of the podcast is always on the Ramsey Network app, and it's completely free. Go download that for free. So the numbers...
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
If you do just a couple of things in the right order, there's less than a 3% chance you'll be at the poverty level. And the right order is before you do anything with building a family, you graduate from school, high school. You do not live together before married.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
if you don't live together before married and don't have children before married, so you do it in the, it's called the, it's called the order, the poverty, poverty order. Okay. So you graduate from high school, get married before living together and before having children, you have less than a 5% chance of being at the poverty level. That's the national statistics. Hmm.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And so you're going to try to talk to them, and they're going to blah, blah, blah, blah, blah, and you're just going to have to hang up. And then you've got to go talk to them again. So I'm offering you $1,500 as settlement in full. And you keep beating that drum until you get them to take it and say, if you don't take it, I've got other cards.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Almost all of our poverty occurs when you do those things in the wrong order. And you're a 17-year-old with a baby and he takes off because we got pregnant before marriage and so on and so on and so on. And I'm not picking on anybody.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
I'm just saying if I could sit down with a 14-year-old and say, hey, you have less than a 5% chance of poverty level if you'll just do these three or four things in the right order. You set yourself up for prosperity, right? You want to add to this and get it down to almost zero chance? Graduate from a four-year degree in a usable degree field. You want to add further to that?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Do all of that with no debt. If you just do a couple of little things like that, you're down to less than a 1% chance you're going to be at the poverty level. These are controllable variables in your life. But instead... You just buy a house with somebody you're not married to. This is The Ramsey Show.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Now we get to start saying Merry Christmas, right? I mean, some people start just before Halloween. And then others start right after Labor Day. But I think we're close enough now we can officially say Merry Christmas.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
I'm going to take this money and go to one of the other cards. So you've got about five seconds right now. Four, three, two. Are you going to take it because I'm hanging up? And you just got to have some fun with this, okay? Got it. It's going to take like 10, 15 phone calls per card, and you'll settle them for a quarter on the dollar. Lump sum. Here's the two rules. Remember these two rules.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Do not give them any money unless you have the agreed amount in writing. An email is fine. It's got to be in writing from the credit card company or from the collections agency, whichever it is, that they are accepting $1,500 as settlement in full on this $4,000 debt. And then that's rule number one. No money. Not in writing. No money. They lie.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
The second thing is no electronic access to your checking account. We'll just take it from your account. They'll take $4,000 out of your account. No. No. No, you send them a prepaid debit card that has just that amount only on it. And then you go get a different prepaid debit card for the next one. And you keep them out of your account and you don't deal with them except in writing.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And you treat them all like they're crooks because they are. Hope that helps. This is the Ramsey Show. Dr. John Deloney Ramsey personality is my cohost today. Number one, bestselling author, PhD in counseling. Lucy's with us. Lucy's in Richmond, Virginia. Hi Lucy. How are you?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Better than I deserve. What's up?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Okay. So you're in the process of becoming a single mom with four kids. Yeah. What do you make, hon?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Um, so obviously you all are separated.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Yep. Okay. Good. Yeah. So, no, you should rent until you get this final. Because if you buy something in the middle of the divorce, it's going to throw that property into the middle of the divorce discussion. Because you're still married.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And so you need to wait until the divorce is final.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
That will depend on Virginia law, and I don't know the law in Virginia, okay? They may force you to split it with him anyway. I don't know. But obviously you're going to ask for and have receipts and prove that he didn't pay on it, you paid on it. And so you didn't own it before you were married, did you?
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
Yeah, okay. So it's marital property, and you'll have to talk to your divorce attorney about that. So what I want you to do is get clear of the divorce, and then you'll know what you own, and you'll know how much money you've got as a result to put into the next deal. Okay.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
It's too early for Christmas music. Too early. The sun's not even up. Todd's in Boston, Mass. Hey, Todd, welcome to the Ramsey Show.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
So you could take that house and the other property, sell them, put the pile of money you get from that out of the divorce in a pile, put some other money with it, and buy you a house. But you need to be clear of this so that the same problem you're getting ready to have with this house you don't have with the new one, which is arguing over it.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
You don't know until this is done.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
You just don't know until this is done. So the answer to your question is you can either sit right there until the divorce is final and the divorce decree will tell you – the judge will tell you what's happening with the house you're living in and the other property. And then based on that, I'm selling that house.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
If you've gained control over it, you obviously don't want to be next door to his parents. We want to leave. And we want to take our cash and go start a life. Chapter two. That's right. Encore.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
After. After. But in the middle of it right now, you need to do something. You need to go get an attorney, and you need to get this filed, and you need to start learning about what law is in your state, and your attorney can tell you. There's zero chance you're getting this. or he or she can advise you. I think we got a real shot at that. They'll tell you what's going on.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
But you're going to get new information that you don't have yet today, and you do not need to buy a house in the middle of this. If you need to move out of that house because of relationship problems now, then just go rent the cheapest thing you can rent until you get the other side of the divorce. Because here's what happens.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
In divorce situations, a normal human being will get their emotions woven into and create this false sense of justice in the math. That's what John's talking about. And it doesn't work that way. A friend of mine that does divorce recovery work and counseling says a divorce turns a marriage into a business transaction. It's all about pluses and minuses. Plus for this asset, minus for this debt.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
And it's about pluses and minuses and 401ks and what ends up on which side of the balance sheet, the ledger, and then the judge signs off and then the money is dispersed.
The Ramsey Show
Get Out of the Cycle of Debt and Choose Peace Instead
you know all the emotions and all the what's right or what's wrong and the justice and all it doesn't really come up usually it's kind of frustrating yeah so that's the deal so you got to walk through it so please get the other side of this for you buy something if you've got to move if you don't have to move sit there but if you've got to move then go rent something rent the cheapest thing you can rent until you get the other side of this but go get an attorney like yesterday
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
We're trying to break the cycle. Let's put some new grooves in the brain patterns. And the neuroscience here.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
It's a stack of three bad car deals stacked on top of each other. So, yeah, enjoy that ride out because it's going to be your last one, in other words. That's what I want you to do. And, yeah, just – And I'm not picking on you. I have done dumber things than you've done. I'm just saying, learn the lesson.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
If you're going to get those scars, if you're going to get the bruises, at least learn the lesson. Yes. And permanently. And so, you know, we used to, somebody would call and go, you know, I've messed up my credit. I would always say, good. Yep. Keeps you from getting more. Yeah. Now, and you're only 23. You can learn. You've got the whole rest of your life to live without worrying about that.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
No, it's not that high, but it's – I mean, but you're way ahead of the game. You're way ahead of the game. So, you know, what you're finding is this, and the way you pose the question is very wise. Dr. Stephen Covey wrote a book that was vastly popular for about 30 years.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
One less thing, as Forrest Gump used to say.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Well, and that's not picking on John. It's all of us that have done that.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah. It's just madhouse. And what it is, it's just stacking stupid. Yeah. I mean, we got stacks of stupid here, three deep. And yeah, and here's the thing overall. The whole thing of car payments falls in that category. Right, there you go. It's the largest item in America that we buy that goes down in value. The only thing we buy that's larger is a home. Yeah.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I mean, 98% of people anyway, right? And we buy a $40,000, a $50,000 car, and it loses 60% to 70% of its value in the first four years. And so you're setting money on fire when you buy a new car to start with. That's if you pay cash for it. But let's go ahead and finance it so that we're upside down while it's burning to the ground.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And, you know, and let's just make sure we pay some interest or worse than that. Let's lease it the most expensive way to possibly operate a vehicle.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I've always got a new to have a new car, except for those months when I was driving that car and it was used. But, yeah. Golly. The things we say. Yeah, don't buy brand new cars unless you have a net worth of a million dollars or more. And don't buy cars unless you can pay cash for them. And all the things that you own with motors and wheels should not total more than half your annual income.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You have too much tied up in things going the wrong way. You're going to be broke people your whole life.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
It was on the New York Times and on the bestseller list for years and years and years called The Seven Habits of Highly Effective People. The number one habit of the seven was that highly effective people are proactive. They happen to things instead of it happening to them. And so that's the, that's the position of your question. You are now going to happen to your money.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Drew is in Tupelo, Mississippi. Hi, Drew. How are you? Doing well, Dave. How are you? Better than I deserve. What's up?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Okay. We call that baby step 3B. 3 is your emergency fund, fully funded. We're not touching that. Four is putting 15%, baby step four, of your income into retirement. You're currently putting in 10. So sometimes people, before they start baby step four, putting 15% away, don't start it for a short period of time and use that cash like you're talking about to build up the down payment.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Or they put in less in their 401k and use the difference temporarily for one or two years to save up the down payment. So the answer to your question is yes. But as soon as you get that down payment in place, baby step four kicks in, and it's 15% of your household income going into retirement at that point.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, because you'll knock that little bitty debt out real fast and have a paid-for house. Okay. Once she starts, right? Once she graduates.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
What's her practice plan? Is she going to join a local practice, or does she know?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, but has she got a place to do that?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
uh 100 to 120 with a 75 000 signing bonus that's pretty standard for vets yeah and she'll be making 205 years absolutely yeah i mean that's that's a great field so uh good for her good for you well done yeah and if so if you're buying a 300 000 house you're putting down 60 that's 240 and then you start making 200 and that's your only debt man you're gonna knock that out pretty quick agreed
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, and then save up and pay cash and move up in-house later. Once you're making $300,000 or $400,000 in the household and you've got no debt on that house, you can sell that house for $500,000 by then, put some money with it, and buy a million-dollar house. You'll be able to do that. That's going to be your future out there 10 years.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Instead of it leaving and you having no idea where it went. And John Maxwell used to say that a budget is people telling their money what to do instead of wondering where it went. And so instead of saying ready, fire, aim, we're going to say ready, aim, fire.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Or they buy a $95,000 dually because they have a large animal practice. Exactly.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, because you don't care what anybody else thinks. That's right. Yeah, you're on track, dude. You're really thinking this through. You've done a great job, by the way.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You're way ahead of the curve already, and then your questions are excellent. And cheers to cash flow and a vet degree, man. That puts you in the rear air, my brother. That's awesome. Ding, ding, ding, ding, ding. Sherry's in Atlanta. Hi, Sherry. Welcome to The Ramsey Show.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's why you don't have any premiums. What's your nest egg?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And do you need life insurance if he dies?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And so we're going to write it down before the month begins where every dollar is going to go using the EveryDollar app, the world's best budgeting app. It's free for you to download and give every dollar an assignment. Contract with yourself. If you have a spouse, contract with your spouse that this is we're in agreement. This is what we're going to do with the money.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Okay, and you got a million dollars saved almost. Okay, so you got a million and a half dollar net worth. You're 61 years old. He's 67. If he dies today, can you make it without the $14,000 policy? Yes. Jerry, you've crushed it, man. You follow me? Excellent job. Okay, so that means you are self-insured and you can cancel this policy. You've got the one through work that's a little extra.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
It's just some term insurance, some ART at work. Yes, you have enough insurance and enough assets to care for you without these two policies. Is that a true statement?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
The little ones you called me about. If they disappear, if you don't get that money, you're just fine. You're not even going to notice.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
that was that didn't sound convincing for my kids like 66 your kids have eight hundred thousand dollars and a five half a million dollar house you don't you don't need 66 000 from a rip-off whole life company no i cancel both of these immediately because you are easily under control without them okay and pay off the house today anyway
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's good. That makes me happy for you. While you're there, buy a ridiculous bottle of wine.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You're millionaires, kiddo. You did it. You've been white-knuckling this thing for a long time. You've been holding it so tight. You're sweating over a $14,000 policy. Cancel it! Pay off your house today! Wow, that's so cool. Good for you guys. You're heroes. Man, I love America.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And then we're going to make the money do that. I'm often asked by reporters, what's the number one mistake people make with money? And the answer, they think it's going to be credit cards or student loans or something. No, the answer is they're not intentional. And so we're going to flip this for you and say you're going to become a very intentional and then that's going to lead you.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
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. I'm Dave Ramsey, your host, Dr. John Deloney, Ph.D. in Counseling, host of The Dr. John Deloney Show, number one best-selling author. He's my co-host today. Jackson's with us in Vancouver. Hi, Jackson. Welcome to The Ramsey Show.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Glenn is with us in Moore, Oklahoma. He is one of the many teachers across America teaching Ramsey's Foundations in Personal Finance to high schoolers. So we wanted to have him on and talk about that a minute. Hey, Glenn, thanks for doing that, man. Hey, you're welcome. I enjoy what I do, and it's all because of you. Well, no, I mean, you're the one in the classroom dealing with all this.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
It's pretty cool. So you're in Moore, Oklahoma. Is it Moore High School then?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
It's Moore High School. Where is Moore in Oklahoma?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I got you. Okay. Well, we were a little bit east of there in Ada the other day for a funeral. Okay.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah. Right in the neighborhood there. Yeah. So how many students are enrolled in the high school? 2,600. Oh, it's a big school. All right, cool. How many in your class?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Cool. Thank you for doing that, man. We really appreciate it. How long have you been doing that?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Wow. Well, thank you. Thank you. So how much do the kids challenge you? Like, Hey, Mr. So-and-so, do you really do this?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah. And you're teaching, the thing we always hear, and I bet you've heard it as well, is that the kids like the class because it's something they can actually realize they're going to use. The Pythagorean theorem, maybe not, but definitely knowing how to balance a checkbook for sure.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
to get out of debt, to save, to invest, to have the proper insurance in place. It's going to lead you to make smart decisions because you actually are paying attention instead of a sleep at the wheel. So that's where we start. Because right now, you just throw the money in the account, and then when it's empty, you quit spending.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's amazing. That's beautiful, man. Thank you so much for doing this. We really appreciate it. And we've got a sponsor, First United Bank and Trust, that apparently bought the curriculum and donated it to the school, right?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, that makes a big difference as well because we've got lots of local businesses all around the U.S. that step up and buy the foundations and personal finance for the local school, and that helps a teacher like Glenn be able to teach this to 100 students a year. Three years, so you've got some graduates out there in the wild that have been through our stuff. Do you hear back from any of them?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Again, you have the symptoms of someone who's getting ready to spend. You're saying the words of someone who's getting ready to change their life. You have a healthy disgust. You're like, I make too much money. I work too hard to be this broke. I'm dissatisfied. And so you're ready to change. That's perfect, man.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Thank you very much. Thank you very much.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
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The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
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The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
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The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
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The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
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The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
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The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Ramsey Show question of the day is brought to you by Y Refi. Before I do that, I'm going to stop. I meant to do something coming back from that. Okay, so some people listening to that last call are like, Bank of America will settle for 15 cents on the dollar on a four-year-old debt. The answer is absolutely, and I'll give you the proof.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
A couple of years ago, I think about three years ago, four years ago now, we decided to do something weird at Ramsey as part of our Christmas celebration for our team.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And I've worked with and negotiated old bad debt for the back on the behalf of clients at anywhere from five or ten or 20 or 30 cents on the dollar for 30 years to get people out of debt that were broke like that poor lady and scared like that poor lady. So I knew that market was there and we contacted you can buy old bad debt in bulk
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And there are companies that buy old bad credit card debt and then drive, try to collect it. And you buy it at pennies on the dollar and try to collect it at dimes on the dollar. And you make, you make the spread. If that's the business, if they're a debt buyer, that's what they do. So we bought $10 million worth of bad credit card repossession and medical debt for $259,000.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's 2 1⁄2 cents on the dollar. So we paid two pennies, three pennies on the dollar for $10 million worth of debt. There were 8,000 accounts, and we did it to forgive it. It was part of our Christmas deal. So we've got 1,000 team members. We gave each of them eight people to call and say, you know that debt? It's forgiven in Jesus' name. We bought it, and we're forgiving it.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
In Jesus' name, Merry Christmas. And that was our Christmas fun. That was awesome. And we had so much fun with it. People were crying. They thought we were con artists. They didn't believe us. It was so fun. But the point is not that we're wonderful people, although that was a very fun thing to do. But that's not the point. The point is we bought that for two and a half cents on the dollar.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And that was many times a car that was repoed four years ago, three years ago. They don't think they're going to collect it. That's the point. And so when someone gets that far under, very seldom does the bank ever get their money. If they do corner someone like they did her, put them in court, they typically file bankruptcy and they get zero. So that's what normally happens.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
So banks are aware of those probabilities. They know the value of that $10,000 account is probably zero. you know, a couple of hundred bucks. So she, so she shows up in that case with 1500 bucks and says, they're going to, they're going to be, they won't act like it to her.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
They're going to be jerks to her because they're bank of America, but, but, but they're going to be hard to negotiate with, but believe me, they're going to be really happy. Yeah. That's 15 cents on the dollar, not two and a half cents on the dollar. that I was talking about. And that sounds kind of absurd to people who are used to paying our bills and all that kind of a thing.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
But in that world, that's a very standard way of looking at things because it's the probability of collection. Every day a credit card goes unpaid, the probability goes down dramatically. That's right.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And she'll be able to do that. One of the things she's got to do is one of the reasons I wanted her to learn all this is to change the confidence she has. She's going to stand up tall. That's right. Because I want her vocal cords to relax before she starts having this conversation because you can't negotiate when you sound like that.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Well, everybody can hear how scared she was. Yeah. So including the lawyer on the other side. That's right. All right. Now, the Ramsey Show, question of the day, brought to you by YRefi. Do you have defaulted student private loans? There we go. Same thing again. Private student loans. These are not federally insured loans. Private student loans that are in default. Do they keep you up at night?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
YRefi can help you lower your payments and your interest rate because they buy those accounts cheap, and then they'll reset your payments lower than you ever dreamed, and you're not in default anymore, and they'll help you work through this. It's pretty cool. Uh, and they do it on a one-off basis. It's not in bulk like you do with the other stuff. So why refi.com slash Ramsey?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You can start resting. That's the letter Y W E or the letter Y R E F Y.com slash Ramsey. Why refi might not be in all States.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah. Anytime your will is going to piss somebody off, do it while you're alive. Yes. That's a better way to say it. Because... The other parties are going to have to deal with the pissed off person if you don't have the courage to. So if you're cutting little Bobby out because little Bobby's doing cocaine, go ahead and tell Bobby you're out of the will because you're doing cocaine.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And I'm not giving you money to buy cocaine. So you're out of the will. I'm going to say, well, do whatever you want to do, Bobby. Just have your little cocaine fit, but you're not going to be in the will. And you just have the discussion while we're doing it, while we're alive.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
This idea that there's all these family secrets and all this dysfunction, and it's all going to be solved in a walnut paneled room with the trophy wife and the three kids. That's a movie scene. That's not real life.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
real life is people get angry over the china cabinet and they'll sue you they'll sue brothers will sue brothers over the china cabinet or actually brothers wives the 1957 john deere tractor can break up a family yes because you didn't deal with it while you were alive And so, you know, Sharon's dad, he's 96, and he's so fun. I got to meet him the other day, yeah.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, he was like the mascot on the cruise, right? He came with us on the cruise. And his sharpest attack, he told the kids to go through and flip over anything in the house and write their name on it unless somebody else's name was already on it. That's what my grandmother said.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's what she said. It's done. First come, first serve. That's right. And I have not looked, but I suspect there's some stickers down there.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And let's see, my husband's parents. Okay, so by the way, when you sit down and talk to them, Jessica, you have a lot of things you want to say. You don't get to say any of them. Please don't. Let him speak. Let him talk. And if your husband doesn't want to talk about it, tell him to run down Walmart and pick up a backbone on aisle three and deal with his mama. That's exactly what's going on here.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's hard about everything when you're a grandparent.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I don't get a vote. That's right. Actually, I'll still give you more gummy bears. I know, but it's sneaking around. I think that's part of being a grandparent. I might have done that, but I'm talking about technically following the rules.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I'm sorry that you see it that way. No, I'm not breaking up the family. If you want to do that, that'll be up to you, but I'm not doing that. I just made a decision about this. And, you know, Jefferson talks about keep these conversations really brief. Very short. Don't drag all the other crap. of the toxicity in 1962. Now, just let all that go away. This is just a simple thing.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Detail it out. Get a picture of it and put it on the refrigerator.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I want to tell you what's in our will, and we wanted to make sure you knew while we were here because we think you're probably not going to like it.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night. Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, John's right. When you dream in HD, in high definition, where you can see the sweat coming out of the pores of the players, you want to dream in great detail as to what it's going to look like, what it's going to feel like, When you walk in that house, how are you going to stand when you walk in there? Your chest is going to be out. Your shoulder is going to be back. That's right.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today. Dr. John Deloney, Ramsey Personality, is my co-host on the debt-free stage right here in the middle of the lobby of Ramsey Solutions. Katie is with us. Hey, Katie, how are you?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You're going to be all right. We'll get you through it. We've never lost a patient, so enjoy the ride.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
How much debt have you paid off, Katie? Okay.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Good for you. How long did that take?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Good for you. Yeah. Scratching and clawing, kiddo. And what was your household income range? Your best year and worst year over that five-year period of time?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Good for you. What do you do for a living?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Very good. So what was the $67,000 in debt? What kind of debt?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You know, dogs help us a lot. They promote the show quite often.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You're going to be slumped over with your head down.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
So binge-watching the whole thing gave you tools and gave you hope. It didn't give you shame.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
A lot of people play answer the question before date when they're driving.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
We did an event at the Baptist Church. Yes. That was 1,000 years ago.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah, and it's a safe place for you and your kids, that kind of thing.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
What was the last thing you paid off?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
How does it feel not to have any loans?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And it's a better car than that junker that got totaled.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I'm proud of you. I bet they're proud of you.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And you got control of something that needed to be getting control of bad, I can tell.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
What do you tell people the secret to getting out of debt is?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Amen. So persevere is the answer. Yes, yes. Just don't quit. Yes. 67,000 in five years.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
But the good news is now you have control of you, and now you have control of this subject that owns so many people, and now you own it. It doesn't own you anymore. So fabulously done, kiddo.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's awesome. Buckle up. Warrior princess, kiddo. Well done.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Very well done. I thought it was Dave for a second, then I realized it was your kid.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
It could be one of the personalities out there. It's George Campbell out there. George. George, behave. Hey, I'm really proud of you. It's awesome. All right, Katie. Count it down. $67,000 paid off in five years, making $45,000 to $67,000. Count it down. Let's hear a debt-free scream. Three, two, one.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Woo-hoo-hoo-hoo-hoo! Some of them feel stronger than others. I like it. Love it. Thank you, Lord. This is The Ramsey Show. Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Listen, you don't want the house that you think of as a 25-year-old. Well, because, you know, they don't make them like they used to. Thank God.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes. Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today. If you're running a business or you know someone that is, there's one thing we know.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
When you're on your own business, it's hard. When you go to work for yourself, you discover your boss is a slave driver. They will work you like a rented mule. I mean, it's bad, y'all. It's the hardest I ever worked in my life is working for myself. And you just run, run, run, run, go, go, go, go, go. It's tough, man. Hey, guys, you can move through the small business stages.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
There's five stages of small business. And we've worked through them at Ramsey. We've worked through them with 10,000 small businesses. And so we put together a book to show you how to do that. This is the baby steps for small business. It's called Build a Business You Love. It comes out April the 15th.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You don't want the microwave from 1972. Yes. You want the one from today.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
If you preorder it now for $29.99, you get over $350 in free bonus items, including instant access to the Entree Leadership Hiring Playbook. The number one pain point of small business people hiring and firing their people, dealing with people. It's a hard part of running a business. The e-book, the enhanced audio book. Our audio book is going to be like a podcast.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You're going to love this audio book. It's way different. Pre-order all of this at RamseySolutions.com slash store or click the link in the description on the YouTube or podcast. Nikki's in St. Louis. Hey, Nikki, what's up in your world?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You don't want the toaster oven from 1972. You want the steam oven from today. Right. You know, whatever it is. You don't want, you know, skylights used to be real popular. And then we found out they were pretty cheesy and they leak. And so people don't want to. Waterbeds were cool.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Well, you can't not work. You have to work. But if you go to work, engineering is an exploding field right now. And you got more degrees than a thermometer.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You desperately need to make, you need to be making 200K.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
What are you waiting on? I don't understand.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
don't don't don't say i'm not going to say their name don't don't don't shame don't shame them they should be ashamed but whoa but but like it's get this real clear picture and get a path towards it and then hold it pretty loosely yeah then change it so yeah you know so in other words i in uh i'll give you an example of that that's very cool so when i was 17 i saw the first time i saw that little two-seater mercedes that little hot hot rod you know and um
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
I wouldn't hire you. You want to know why?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Because you told me six times how you had to take care of this baby. And I know you're a single mom. I know you need to take care of your baby. That is first. There's no question about that. As soon as I know you're a single mom and you have a baby, anybody who's got a human brain knows that's your first priority.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
But don't tell me that six times because what that tells me is you're not going to be reliable. It tells me you're not coming to work. It tells me you're coming to work for what you can get rather than what you can give. You're not here to add value to the organization. You're here to extract value with as little work and as little availability as possible. You're not getting hired.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You've got to change your attitude about what can I add? How can I be enthusiastic? How can I add value to this organization? And that is the best way you can serve your child is getting rid of this $260,000 worth of debt.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
on call and so that if one of them is on a date you can still get them and you can overly pay them and so then maybe you get burned a few times you have to spend some money and instead of making 200 grand you make 190 you're still really winning and your debt's paid off in two years you being at home full time and rocking this baby nine eight eight nine hours a day is not an option for you anymore you gave that up when you signed up for 260 000 now you've got to solve big boy and big girl problems yeah
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And so the sad situation of where you are and the loss of your husband is leaving you with no choices. Yeah. I'm so sorry.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Please don't. Please, please, please. And please lean into the fabulous degrees and brain that you have. You have an incredible brain. I mean, dumb people can't get these degrees that you have. I mean, you get a dadgum master's in chemistry, was it?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Oh, my gosh. I mean, you can do any kind of math.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Yeah. You can do this. It is doable for you. But that's the trick, Nicky. You're going to have to lean in and make a career now while you find some alternative and different ways to work through the motherhood thing. So, I mean, it's not unusual at all for someone making $200,000 or even $300,000 a year to have a full-time nanny. Absolutely. That's what you've got to have. If that's what you have.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Or an overnight nanny. If that's what you have to have. Yeah. Or, or somebody that's on quote on call unquote. But, um, yeah, you're trying to do six things at once and you're gonna have to choose one. And, um, I'm telling you, you've got the tools in your belt to make serious money.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And if I were you, not because money's important, but because getting the freedom from that student loan is important. Once you're free from that, if you want to take a job making $100 instead of $300 and that gives you more flexibility, fine. I've got no issue with that at all. But you've got to clean this mess up for your sake, for your sake.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And for everyone out there listening, getting another degree, getting degrees to the tune of $260,000, there is no time in life that that works out. Zero. Zero. There's only one way that works out, and that never happens, and that's if your plan works exactly like you thought it was going to work.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
She didn't think when she took out $260,000 worth to pile up degrees like a thermometer that she was going to end up being a single mom because her husband passed away. That wasn't on her plan. That was not on her bingo card. Well, guess what? Your life that comes at you is not on your bingo card. You don't know what's going to come. That's why you don't. go take out these kinds of loans.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
But, you know, what that meant was, though, I wanted a really cool, nice car. Right. Because I'm a car guy. Yeah. And today I drive a really nice, cool two-seater car. It's one of my cars. A couple of them. And so, you know, but it's not that car. It's not that car. It's not even a Mercedes. But it's the direction, right? Yeah. So it changes. Thank God. They don't make them like they used to.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Well, it's always a good investment. No, it's not a good investment. It's a trap. And it's a sin that our government does this to its own people. A sin. You ought to stop it, Congress, now.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Thank God. This is The Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
there's too little life insurance or none at all grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet i also discovered that there are a lot of rip-offs in the life insurance world like that whole life crap posing as an investment opportunity what you need is level term life insurance usually 10 to 12 times your income
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
which is the smartest, most affordable way to protect your family. The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
so you know they'll be there when you need them. Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. John's in Charlotte, North Carolina. Hey, John, welcome to the Ramsey Show.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Okay. What do you owe on your truck?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
You must have rolled negative equity from the last bad deal into it.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Okay. Well, obviously, the $1,800, you pay that off immediately. Okay.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
In next month's budget. Okay. And then, let's see, we've got $77,000 in car debt. Yes.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Here's a rule of thumb. 77 out of 140. If I like the cars and I'm willing to fight to keep them, the rule of thumb that we use mathematically is this. Can I be debt-free everything but the house in two years without selling a car? And the answer to that question is yes, you can. Okay, so you can pay off $77,000 making $140,000 in two years pretty easy. That's only $35,000, $38,000 a year, okay?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
So that's pretty doable. Matter of fact, you ought to do it in about 18 months and knock it out really, really, really, really, really fast. So then the question you asked was which one do we pay off first? You pay off your truck first because it's the smaller of the two debts, okay? If you're trying to get rid of her car, you're 20,000 versus 20,000. Then now 25,000 versus 20,000.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Good for you. Very wise. How old are you?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Are you sure your 32 valuation is correct?
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Okay. That's not a retail. That's a wholesale trade-in value. Yes, sir. That means you could private sell that for $37,000.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Well, that's the number. I mean, no. Dealers don't pay retail. They buy it at trade-in because they're going to sell it at retail. It doesn't matter is the answer to your question, which one you do, you've got to do both of them in the next 18 months. And so $57,000, I'm sorry. Um, yeah, $77,000, let's call it $80,000 in a year and a half. Okay. And so, um, that that's what I want to do.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Some of the guys you work with have never even had the thought that you've had. They spend their whole life working their butts off, and thank God it's Friday, oh God, it's Monday, and got nothing to show for it. So you're very wise. You got a huge head start at 25. Congratulations. Just asking the question puts you in the top 5%, dude.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
And then I'm just going to divide that out and I'm going to get with it. And so, uh, that's going to sound like 4,000, $5,000 a month at these things.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Okay, pay off your truck today and pay off the $1,800, and then let's start attacking her car with everything in the budget. Okay. Yeah, and take your savings all the way down to $1,000, which is your baby step one. Baby step two is pay off all debts, smallest to largest, except the house. But you only have one debt left after tomorrow.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
So we're going to pay off your stuff, and then you're stuck with her car. And here's what I want you to do, okay? Here's what I do in these situations. And so when I do stuff like this, and every time you write a huge check towards $57,000 on her car, and you need to do this in well under a year.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Okay, so you need to be putting $5,000 a month on her car because you don't have your car payment anymore after tomorrow. Every time you send a check for $5,000 on that, I want you to cuss yourself under your breath. I was going to say hit yourself in the face, but Dave's is probably safer. What I do is every time I used to write on a check in the four column, stupid tax. Yeah.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
Because I'm paying stupid tax right here because I did a stupid thing. And by the time you finish paying off this car, you'll be so pissed off you will never do this again. That's how I do it to myself. It's not destroying my identity, and I'm not shaming myself or condemning myself. It's I want to learn this lesson so it never happens again.
The Ramsey Show
Life Happens. Are You Going To Be Ready for It?
So the next time a car dealer walks towards you, you know, he could get hurt. I mean, it's just like we're not get away from me because you don't do well on car lots, I can tell.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Because let's say it makes 10% instead of 4%. You pull off $60,000, and the thing just sits there perpetually. Yeah. And that can let her go on to school, let her go on and start a real estate career, whatever it is she's going to do. And that can be some massive money. But it's the amount of stress that it takes to make that money compared to managing rental property is almost zero. Right.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And so, and I love rental property, but it's the last thing you need to be doing, you know, in the middle of a stressful situation. Sure. Especially as a 19-year-old. Because it literally is the definition of stress, being a landlord. I mean, it's like, that's how you define stress, being a landlord.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And I don't care if you've got a property manager or not, because the property manager is just going to call and tell you What the tenant was doing. I mean, it's too late. You still got it. You're the one absorbing the blows. And you need to send us $350 because we sent somebody over there to repair something. Yeah, yeah, exactly. And that probably could have gotten done for $200. Right.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, that kind of stuff. So property managers don't magically make real estate easy. That's not how it works. Even if they tell you that, they do. And especially if they tell you that they do. Rio is in Tampa. Hi, Rio. Welcome to the Ramsey Show.
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Don’t Let Self-Limitations Keep You From Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I'm sorry. What are you investing in with a truck? I don't understand.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
The roofing company that you work for doesn't furnish a truck with a ladder for you to go do estimates.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
How do you get on the roof?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
How much did you make last year doing that?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, you don't go buy a truck for somebody you just started going to work for. No.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And I'm going to sit right tight until you get to making some money, kiddo. Right now you're dreaming about stuff. Go make some money. Go make some money. Go work and make some money. And that will solve a lot of these problems.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer accounts. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Ben is in Phoenix. Hey, Ben, welcome to the Ramsey Show.
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Don’t Let Self-Limitations Keep You From Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I'm sorry. Who's the wedding, you or your brother?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I see. And so you want to pay for the family to do some stuff while you're at the destination.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
How much is this gift going to cost you?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. How much money do you have?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And what do you make a year?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
So can you afford to set $1,000 in the middle of the floor and set it on fire?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
They don't even know you're doing this. You're rolling in there.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, you've got the money, and that's what you want to do with it. But don't do it if you're going to hold a grudge.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah. Yeah. And both of those things are kind of coming out in the conversation. Yeah, exactly.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
So, yeah. So, you know, I'd put those things aside or I wouldn't do it. One of the two. And just say, that's the way it is. It's just, you know, we just did the wedding because you're not like in charge of the wedding. It's not your wedding. It's your brother's. Yeah.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, yeah, yeah. You got too many strings attached to your grand, your thousand bucks. It's not that big a deal. So either let it go and let it go freely or just keep it and just keep your mouth shut and enjoy the wedding.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Brent is in Raleigh. Hey, Brent, welcome to the Ramsey Show.
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Don’t Let Self-Limitations Keep You From Building Wealth
Better than I deserve. How can I help?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Well, most of the firemen that I know and I've worked with over the years do very well on their side hustle because it's a wonderful schedule to be able to build side hustles in. But I think I'm hearing that you are – it sounds like – what is your experience with driving this piece of equipment? Have you done it before? Sure.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And what makes you think there's a market enough for you doing this part-time with this one dozer to make 35 grand back on a side hustle? That sounds awfully deep.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay, if you've got some of those things moving, some pools and some septic tanks to dig, what kind of money are you thinking you would make?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And how many jobs are you going to get a month?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, so you break even in a year. So you work for free for the first year.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I think there's better side hustles than working for free for a year.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
That does sound right. So here's the thing. I don't want to do a side hustle. that I break even on in one year. If I'm going to do a side hustle, I need to break even on it in two months. And so I'm not excited about investing $35,000 to make $35,000 the first year. I just – that's not a good business model for you. I think you can use your effort doing something else.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Now, I don't know if renting one is the answer. Probably not unless you lined up five jobs in a week and, you know, you rent it for $1,500 and you make $8,000 in a week or something. You could do that. But – No, Brian, I would not do this. But I will tell you, I want you to continue to explore the idea of something you can do as a side hustle working for yourself without such a heavy investment.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Because a lot of firefighters make another $60,000 a year doing that, not break even in a year. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're going to die or something?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. Take care of your dadgum family, man.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. Thank you for joining us, America. We're glad you are here.
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Don’t Let Self-Limitations Keep You From Building Wealth
Big announcement, it's May and the Ramsey Cash Giveaway is officially here. You can enter every day from May 1 through 31. One grand prize winner will get $5,000 and there's going to be a $500 winner every week. Could be a game changer. 5K? Yeah, you could crush some debt with that. You could get your emergency fund going with that.
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Don’t Let Self-Limitations Keep You From Building Wealth
RamseySolutions.com slash giveaway and enter early and enter often. No purchase necessary to win. Question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans that other places won't touch and helps you get your life back. So kick your private student loan debt to the curb. Go to yrefy.com slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey.
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Don’t Let Self-Limitations Keep You From Building Wealth
Might not be in all states.
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Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, he's not allowed to live there anymore.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Right. Yeah, it's a rhythm. The tide comes in, the tide goes out. So, like, I put dishes away after a dinner party and cleaned up until almost midnight last night. But next week, you and I will be gone all week. So she'll be on her own for that one. That's exactly right. You see what I'm saying? So that's the tide goes in, tide goes out, right? It's a different thing.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Because next week, you and I are working. We're going to be in three different cities and travel and you know, all that kind of stuff. So media and all, you know, all the stuff that we do when we're out there running around in circles. But yeah, so that, that's the trick.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And I think what's scaring you is, is that this hasn't, there's no, uh, you're supposed to let your foot off the gas when you hit baby step four. Not all the way off, but you're not pedal to the metal.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
No, it was just where we, you do whatever you take to get through three. That's right. That's intensity. But then once you get here, time to make a little shift and it's not, um, it may be that he, he, um, is just excited about finishing off the house and finish, you know, finishing off the wealth building journey a little bit more, it might be that he's scared.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah. A buddy of mine hit a golf shot the other day. I said, man, perfect. He said, words you never hear at home. Never. Kevin in Sacramento. Hey, Kevin, how are you? I'm doing well. How are you? Better than I deserve. What's up?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
That's because they need to sell some stuff that none of y'all want to talk about them selling. Right. Or they got to keep working jobs that no one wants them to keep working.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
So have you contacted an attorney yet?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Well, I am too, and I'm not quitting.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. And so the house is paid for, and they have a pension coming in, and they're going to have to work some to supplement the pension and Social Security to stay afloat. Is that what you're saying?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Good for you. And what does your husband make a year?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Like, can you help and pitch in? No, I think you need to coach them on how they take the money that they have and the opportunities that they have to make themselves a sustainable life. I don't think you supplement this. You don't have the money to supplement it, number one. based on what you told me anyway, because there's not $5 million laying somewhere I don't know about in this conversation.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
They own a $650,000 house. They kind of got it up on you right now. And so I think they need to reconfigure their life to live within the income they can create and or have coming in. And if that means selling the $650,000 house and moving into a $350,000 condo, I'm okay with that.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And if that means that they work some and she's a nurse, but she can't maybe go walk the floor as a nurse, but she probably can do a lot on remote work as a nurse. I would imagine there's lots of remote things she can do sitting at a computer. using her nursing knowledge that will make some money to come in without straining her physically. And once his valve is replaced, what can he do?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Probably not going to be digging ditches or running marathons, but could he do some things with his mind that he has learned over the years and bring in another $1,000 or $2,000 a month consulting fees on something? Sure. And those are the kinds of things I want you to coach them on, not you start writing them checks because it's tight. Because you're not in a position to.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. So your legal rights in most states with six children and a 20-year marriage are, he's not going to have much of that $117 left by the time he finishes with alimony and child support. It's almost all going to go to you and the kids.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And now everybody goes down with this ship because they won't deal with creating a sustainable mathematic situation.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yep. It's a tough, tough thing. Sorry. Hey, technology has changed a lot in the last 30 years. Now the hot topic is AI, and I understand that it might seem intimidating. But if you use AI the right way, it's just another tool to help you work smarter and faster, like a calculator or a cordless drill. So if you run a business, you'd better get on board with it before you get left behind.
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Don’t Let Self-Limitations Keep You From Building Wealth
And NetSuite by Oracle offers AI-powered tools that help small businesses improve efficiency and make smarter decisions by bringing all their major business processes into one platform. That way there's one source of truth for the real-time data you need to take advantage of opportunities. Then you can forecast better, scale more efficiently, and streamline those manual tasks that take too long.
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Don’t Let Self-Limitations Keep You From Building Wealth
So join the more than 41,000 businesses, including Ramsey Solutions, that rely on NetSuite to help tackle some of their biggest challenges. And right now, you can download the CFO's guide to AI and machine learning at netsuite.com slash Ramsey. That's free at netsuite.com slash Ramsey. Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work.
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Don’t Let Self-Limitations Keep You From Building Wealth
that they love and create actual amazing relationships. I'm Dave Ramsey, your host, Dr. John Deloney, PhD in counseling, Ramsey personality, number one, bestselling author and host of the Dr. John Deloney show on the Ramsey networks. He's my cohost today. Andy's with us. Andy's in Chicago. Hi, Andy. How are you?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Better than I deserve. What's up?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
No, that's the law, honey. He didn't get to push. His opinion doesn't matter. Dave, tell me if I'm wrong. I think 50-50 is about assets. 50-50s assets, but I'm not talking about his income. I'm talking about his income, the amount that a judge in most states will give you on a 20-year marriage on alimony plus six children worth of child support.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. Yeah, that little part of the whole conversation is a bad idea for sure. the worst idea is the way you guys are operating. Um, you're operating like roommates and your roommate has a budget. Your roommate has a problem over here instead of like the two of us together make our decisions together. Um, And we manage our money together to go to the dreams that we want to live together.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And he's acting like a free agent just running around over here. And you can't tell me if I buy a couch and I'll do whatever I want to do. And I may or may not tell you. And that's really destructive, isn't it?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
No, it's not a devil. It's your husband being a twerp. It's not the devil. Don't blame the devil. He's not that good at it. No, I think the two of you desperately need to sit down with a marriage counselor. Because I predict that in six months your marriage is going to be over if you don't deal with this issue.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Because you're getting close to that point where the switch is going to flip and you're going to look at him and go, I'm done. You're dangerously close to that.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Percentage-wise, those two things together are going to take up a lot of that 117, and it's going to go to you to take care of the kids. So you're not going to have to take care of the kids and feed them and pay the house payment. on a part-time daycare salary. And you can get your life insurance.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
How long y'all been married?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
It's not about the money. You guys need to go to marriage counseling this week or your marriage is going to end.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, you guys – and if he – listen, you say, I'm scared, and I can't get through to you, and we can't get on the same page. We're going to have to have some outside help. I'm going to a marriage counselor. If you want to save our marriage, you should go with me.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And if he won't go with you, go anyway by yourself. And it's clear you've left me. If you want to save this marriage, you're going to come with me to this one. Yeah. You've got to rejoin me again, and we've got to build something for the future. Yeah. because the thing we were trying to do didn't work. It's a mess.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And, you know, because, Andy, I've worked in this stuff for 30 years, and I'm not a marriage counselor. John is. But I do know that when people reach a certain point, the switch flips, and you can't get them back, and I don't want that to happen to you. I want to catch you before it switches, and you're just done. Y'all go work on this before you're done.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And by the way, he can go ahead and start paying that now when he moves out next week after you meet with your lawyer. Your lawyer can explain to him that that's what his stuff is going to be, and so he can start paying that now. In most states, the judge will require that. I'm not an attorney, and I have no idea how you do things in South Dakota.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
The Money and Relationships Tour is halfway over, and the energy in every room has been unreal. Each stop has been packed with real talk, big laughs, and life-changing moments. Now it's your turn. Come hang out with me and Dr. John Deloney in a city near you for a night that could change your money, your relationships, and your future.
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Don’t Let Self-Limitations Keep You From Building Wealth
This is your last chance to join us in Phoenix, Fort Worth, or Kansas City the week of May 5th. Grab your tickets today at ramseysolutions.com slash tour. Brittany is in Rhode Island. Hi, Brittany. Welcome to the Ramsey Show.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
What is a check engine light equaling $4,000?
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Don’t Let Self-Limitations Keep You From Building Wealth
in counseling, 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. Christy's in Sioux Falls, South Dakota. Hi, Christy. Welcome to The Ramsey Show. What's up? Hi, Dave. How are you doing? Better than I deserve. How are you?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
But in most states, that's a general law, the way things flow, okay? And so I'm always... amazed that guys think they're going to just walk away and take all of their income and they have six kids left back there. It's like, I'll be sure and send you $5.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I don't think it's wrong. Well, if it had started with out of the blue, you felt like God told you to give them that car, maybe. But out of the blue, they were going to buy it. And you flipped it to free. Yes. So that changes the equation in my mind and releases you from the obligation to fix the car.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
So instead of paying $10,000 for a $10,000 car or $8,000 for a $10,000 car, they're going to pay $3,800 to have their free $10,000 car fixed. And I think they still got a deal. An incredible deal. There's still a lot of generosity coming off of you, like $4,000 or $6,000 worth.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, and if y'all don't want it, it's okay. It's cool. We'll just sell it to somebody else because we want you to know what you're getting into. Yeah. And everybody rolls their eyes. We don't want to give you a broken car and you not know it. We want you to know what you're getting.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
It's not as good a gift as we all thought it was going to be because we drove it one more week and the engine light came on. If you'd already had it and the engine light came on and it was two weeks later, you would be sitting in the same situation.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
No, I'm definitely not paying the $4,000 to repair it. I wouldn't if it was me. Now, and I get that you really feel strongly you've done your due diligence on this, but I'm just still struggling with an oil leak.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
turning into four thousand dollars worth of every gasket and the whole stupid thing has to be replaced the engine has to be pulled i can't get there and i you know um i'm not a subaru expert but i have pulled a few engines and put in a few gaskets and i'm not a certified mechanic but i'm also not going to believe in anything anytime the dealer gives me a four thousand dollar quote that generally means somewhere else it's at least fifty percent of that
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
In general, just in general. Okay, I'll give you an example. A guy called here last week. He 2,000 miles outside of the warranty, the engine in his two-year-old Jaguar blue. They want $35,000 to put a Jaguar engine in it. The dealer does. 2,000 miles outside of the warranty. You think Dave's doing that? No, no, no, no, no, no.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
We're going to go down to what we used to call the junkyard, and then they called it the salvage yard. Now it's called recyclable auto parts, and you buy a used Jaguar engine from somebody that totaled theirs for $7,000, and you put that in there, and that's how you fix that car.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I have – 2000 – hit the button. Just – Hit the button. We need some more business in here. The button I was going to push was call Jaguar and say, you guys are getting ready to get a whole bunch of bad press because I'm going to have 2,000 miles worth of $35,000 worth of fun on your butt for your car melting down right now.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
right outside of warranty if y'all don't help me put an engine in this in some way you got to meet me halfway and help me out with this that's the other that's the other thing i told the guy to do because i mean seriously but hey there we go There we go. You never know. Plus, your car should need a new engine. I get if a part fails or a piece fails. He blew the engine. I don't know what he did.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
But somehow the engine, I mean, I talked to him about it a while. He dropped a rod in it. It was blown. But a rod shouldn't be thrown too much. Hello. Perfect. Are you this piss poor at building engines? I mean, seriously, you know, I mean, that's what you get into. So anyway, yeah, I'm always, can you tell I have the gift of cynicism? So yeah, I'm always a little suspect of these things.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And I'm not saying mechanics are crooks. That's not it at all. But dealers, let me tell you, I do know this statistically. There's an interesting fact for you people. The square footage in the new car,
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
auto dealer that makes the most money for the auto dealer is the finance office they make more money on loaning you money than they do on by selling you a car the square footage that makes the second most money in the new car dealership is the shop the shop because the markup is Freaking retail and then some. That's right. And so they just make bank on it, man. It's that simple.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And you get 50 emails a week saying, hey, you need this, you need this, you need this. So you really get, if you're a car dealer and you understand your business, a new car dealer, you're in the car business not to sell cars but to sell financing and repairs. And oil changes, yeah.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Can you tell we both have senses? I'm just so sick of it.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Amen. This is The Ramsey Show.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Hey, folks, how would winning $5,000 in cash change your life? This month, we're giving $5,000 to one grand prize winner, and we're giving away a $500 prize every week in May. It takes less than 15 seconds to enter, no purchase is necessary, and you can enter daily to increase your chances of winning. Enter the Ramsey Cash Giveaway until May 31st at ramseysolutions.com slash giveaway.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
That's ramseysolutions.com slash giveaway. Grant is in Philadelphia. Hey, Grant, welcome to the Ramsey Show.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Better than I deserve. What's up in your world?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
In most states regarding child support and alimony, it won't matter. Good. It won't matter. Now, on some other things that we're arguing about, maybe, okay, a judge might step in and have some leeway. But it's a matter of law. It's not a matter of the judge's whimsical decision.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And you don't have a mental health diagnosis. So what you are is like a normal 30-year-old person that made a mistake once with money. You don't have any limiting factors.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
John, correct me if I'm wrong, but I'm not aware of any environmental, but no physical inherited. You know, if your dad's an addict, it doesn't make you an addict.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
How does your addict father support you as a 30-year-old emotionally?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Most of the time they don't want to be the bad guy spiritually. Before God, I'm not the one that filed, although I caused the thing.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And by the way, confidence doesn't come from someone saying, I believe in you. Confidence comes from actually accomplishing something. That's right.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I want you to go get some quick wins. Get some wins that make you feel good, that make you say, I did this. I accomplished something. I accomplished something. I rented an apartment. I got four jobs. I piled up some cash. I work a lot.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I'm good with people and start to build some confidence around these things because you've set your identity up as the child of a depressed mother and an addict father and destined to follow in their tracks. And you are not destined to follow in their tracks. You are destined to make a choice as to whether you will follow in their tracks.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I abandoned you with six children after running up credit cards three different times deceptively. This guy's a real treat. Yeah.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, those continuing to do the same thing over and over again and expecting a different result is the definition of insanity. That's what the 12-steppers say, and they're quoting Edison when they said that, or Einstein, one of the two. I can't remember which, but either one. So, yeah, it's... So when I went broke, Grant, and lost everything, I also lost a lot of my confidence.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And I'm a brand-new dad and a husband, and I'm obviously lousy at all of it because the water and the electricity got cut off in the house that my children lived in. Not exactly a non-toxic environment. And so then I get to decide somewhere in the following months – am I a bankrupt guy who is useless or am I a guy who made some mistakes and went bankrupt?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Those are two different sets of identities. And I had to make that conscious. I had to make that decision consciously as an act of my will. And, um, by the way, um, my parents went bankrupt when I was a kid. So, um, Does that mean it's always destined for my children then to go bankrupt? Is this like a DNA thing? Well, crap, no. You get to choose what happens next.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You get to choose not to do the stupid stuff that causes bankruptcy. And so, you know, in the following 35 years, I've become a multi-multi-millionaire choosing not to do the stupid stuff that caused me to file bankruptcy. Because I'm not defined by that. It's something that happened. Something that I did, but it's not who I am. And that's a different thing.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
It's not who I am based on my parents, and it's not who I am based on my failure. Because failure is a momentary thing. I found something that didn't work, and I changed it. Went to something that does work. It's a definition of wisdom.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Well, next week, Dr. John Deloney and I will be doing the three last stops of the Money and Relationships Tour. You do not have to stay trapped in money problems, money patterns, relationship patterns that cause each other. Yeah, it's an issue. And we can show you how. You can break the cycle.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
If you don't have your tickets yet for when we're in Phoenix this coming Monday, May the 5th, you can still get tickets to that. Fort Worth, there's a handful of tickets left for Wednesday. Like six or something. It's almost gone. Yeah, May 7th, almost gone. Kansas City sold out. It's Friday, May 9th. I think there might be some singles in there if you pull up the website and look at it.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
But if you want to come with somebody, you're going to be sitting apart. So it's sold out. If you're tuning in on YouTube or podcast, click the link in the show notes or go to RamseySolutions.com slash tour. We would love to have you in Kansas City, in Fort Worth, in Phoenix. Check it out. Amber's in Houston. Hey, Amber, what's up?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
It's horrible. What's your household income?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. Now, how much was car payments again? We don't have car payments. You don't have car debts. You have a home equity loan. So what did you run all this debt up on? What's it all from?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Ah, that's the home equity loan.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And you didn't stop spending.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And what's the house worth?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. All right. Well, you can work your way out of those two things. How much is the credit card debt again?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
How you get $115,000 in student loans at 48? You never paid on them since college?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. When did the income change again?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. But you, you immediately adjusted your lifestyle up and are spending all of it.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah. I can imagine. All right. Um, Okay, the first thing I would do is the two of you, both of you, sit down. What are your cars worth?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah, yeah, okay. All right. All right, so the answer to the equation is the problem here is not the credit card debt or the student loan that's been hanging around. The problem is you guys have never in your married life learned how to live on less than you make, and it's caused all of these other things. So the first step is to learn to live on less than you make.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Even without Christie wanting it, the law is still going to make him do certain things in most states. Again, not an expert. I'm not an attorney, and I don't practice law in South Dakota. You need to talk to somebody that does on Monday, and then you need to start taking a position of strength on this. This guy is playing weird stuff going on here. Yeah. Yeah. It's sad.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Get out all the credit cards and cut them up tonight. And you and your husband sit down and open the EveryDollar budgeting app and fill out a budget that you're going to stick to next month. Then we're going to work extra above the $8,000 and earn some more money. We're going to look around and see what we can sell.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
We're not going out to eat anytime soon, like it's going to be three years before you see a restaurant unless you're working there. You're not going on vacation. You are broke people. Broke people don't go out to eat, and broke people don't go on vacations. You've got to change this cycle. You don't need any clothes. You've got a bunch. You don't need any toys.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You've got toys coming out your ears. Motorcycles, Sea-Doo's boats, lawnmowers around, any of that? No. Okay.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Brought to you by the EveryDollar app. Start budgeting for free today. 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, Ramsey personality, number one best-selling author, Ph.D.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You've been spending your money on experiences. Those aren't assets. They're problems, but okay. All right. So anyway, so we're going to live on nothing on this budget and we're going to start putting 2000 and 3000 and 4,000 and $5,000 a month towards these debts. We're going to list them smallest to largest, and that'll be the credit cards. And we're going to attack them in that order.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You're never going to use a credit card again in your entire freaking life. If you do, you're going to retire and eat dog food. You have to turn this around. You have to stop this. You've got a 20 year habit pattern that's going to be very difficult to break. And that's why I'm being so in your face.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You can do this. I've seen people do it. But the challenge is it's not like we've been married 20 months and we were stupid. We've been married 20, 25 years doing stupid. So we've got to break those patterns. And you're not stupid, but you've been doing some stupid stuff. I'm not stupid, but I've done some stupid stuff. OK, so we're all in the human race together.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Now, you guys have got to make the decisions to say, that's it. I've had it. We're not living like this anymore. And flip the switch and change right now.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And start aggressively attacking this debt, smallest to largest, living on a written budget that both of you are in agreement to, and you start making a game, an emotional game, out of how much debt we can pay, how little we can buy, and how much debt we can pay, and how much debt we can pay. And here's the equation, okay? You start paying $50,000 off a year, that's $4,000 a month.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
If you do that, you're debt-free in three years, not counting your house.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And that means you're living on nothing, beans and rice, no life. Your friends think you joined a cult. Okay. That's what it's going to take. All right, you hang on. I'm going to give you the book, The Total Money Makeover, and we're going to give you every dollar premium to help you do this.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I'm so sorry you're facing that, man. I hate this for you, Christie. Let's be honest, shopping for health insurance can be confusing. With high costs, complicated terms, and customer service that doesn't really serve you, most folks just pick a plan and hope for the best. See, insurance companies don't work for you. They work for themselves, meaning they love it when you overpay.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
And if you'll get in that dadgum app that we have built that is so freaking powerful, it's unbelievable, it will take you by the hand and walk you guys through it. But the two of you both have to commit to no more buying of anything. And yes, Amber, to answer your other question, stop investing. Pause it. Yes, stop investing for sure. Pause it.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You don't have any money. You don't have any money. You got to free up every dollar you can free up and get this done as fast as you can. Wow. Really scary. But you've got to get after it. That's how it works. Dave, this call, I think, is more Americans than we want to believe. Oh, it's how? They don't know what to do. 30 years sitting in this chair. Gee. Yeah, every day. This is The Ramsey Show.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
So you need a guide on your team to help you make the best choices. Health Trust Financial Works for you. They're not salespeople. They help you find the health insurance option that makes sense and saves you money. The fact is health insurance is one of the biggest expenses in your budget. But most people who work with Health Trust Financial end up saving $500 a month.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Imagine putting that kind of money toward the baby steps. My team has worked with them for over 20 years, and they've served thousands of people just like you. They're the only health insurance broker that's Ramsey Trusted to help you. So stop throwing money away and get the health insurance that's right for you at healthtrustfinancial.com. That's healthtrustfinancial.com.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Dr. John Deloney, Ramsey Personality, is my co-host. Suzanne is in Denver. Hey, Suzanne, how are you?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Better than I deserve. What's up in your world?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I would not buy a rental property for a 19-year-old that has diminished capacity due to a car wreck that gave her $650,000. No, I would not. She doesn't need the drama that tenants represent and that a leaking roof represents and the heating and air going out represents. Managing property is a pain in the bohunkus.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Okay. Is she of such diminished capacity that you're now her power of attorney?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
So there's not a we, it's a her.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Because it's not your decision, it's her decision.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You're the one driving this truck.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
You went out and found a management company. You went out and wanted to invest in real estate. You're the one that thinks the rental estate market is... I'm not hearing any of this from the 19-year-old.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Holy moly. What happened, Christy?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I would sit down with a SmartVestor Pro, and I would park this money and not touch it and let her go make a living and or finish school. And if she wants to pull enough out of it out to pay off her student loans and finish school with, that'd be a good investment. but she just needs to be really conservative and finish emotionally and physically healing. You said she's having ongoing issue.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
What is the ongoing issue from the wreck?
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
It's not going to keep her from working and prospering, but it is going to... costs some money in ongoing medical for at least a while.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
Yeah. Okay, that's fair. So, yeah, I would just park that money with a SmartVestor Pro in some good mutual funds where you're making more than high-yield savings, and I would make your life very, very uncomplicated. Let her life be very uncomplicated.
The Ramsey Show
Don’t Let Self-Limitations Keep You From Building Wealth
I mean, you've got a destabilized situation with a very young person, and that's not who needs to be a real estate investor.
The Ramsey Show
Introduction: The Ramsey Show
How can we help? So I'm $27,000 in credit card debt. I had $10 left the day I got paid.
The Ramsey Show
Introduction: The Ramsey Show
You have to radically do something different because if you keep doing what you've been doing, you're going to keep getting what you've been getting.
The Ramsey Show
Introduction: The Ramsey Show
If you are freaked out and you're stuck in these debt payments and you think it has to be a part of your life, it doesn't.
The Ramsey Show
Introduction: The Ramsey Show
I want you to laugh. I want you to have hope, all of that. But I also just want you to learn because that's why we're here.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I'm not dealing with Frank. You're dealing with him. Here's one check. You're done. It's going into the wedding account. Got your names on it. It's a gift. I'm done. I'm not going to tell you you have to do anything except don't come back to me for more.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And if you spend less than that, you got a down payment for a house.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You can do that. None of them did. Yeah, we just had a huge party and it was wonderful.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I love a big party, especially if you can afford it, you know. So that's the thing. So a good rule of thumb to guys. The average wedding in America today is a little over thirty thousand dollars. OK, that's an average, which means up to half of them or less. and up to half of them or more. The average household income in America is about $70,000.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So maximum wedding budget would be 50% of your household income if you are paying for it all. And for that matter, moms and dads, if you're providing it for the bride of your child, for your daughter, who's the bride, it would still be the maximum of half your annual income and you're paying cash.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. And so other than that, you know, is it too much? Like I went to a guy's wedding, his kid's wedding. It was like, I mean, they dropped like a hundred grand on this thing. It was a, it was a partay.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
But you know, he makes about several tens of millions of dollars a year. So it really was a nothing expenditure for him, but it was way different than the typical thing. Yeah. And I'm kind of walking around going, you just burned all this in one day. But for him, it was like buying a biscuit. It's a ratio thing. So that's the trick. Look at the ratios.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You said you had business debt, and then you said credit cards were taking all your money. That's where I got that.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I mean, if you make $40,000 a year and you want to spend $40,000 on a wedding, the answer is no. That's stupid. You're out of control. You are going to be in the backyard with the barbecue. I'm just telling you.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
No, nothing wrong with it at all. Just make sure we have clarification. That's all we want. That was a good point. Really good point. This is The Ramsey Show. Let's be honest, shopping for health insurance can be confusing. With high costs, complicated terms, and customer service that doesn't really serve you, most folks just pick a plan and hope for the best.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
See, insurance companies don't work for you. They work for themselves. meaning they love it when you overpay. So you need a guide on your team to help you make the best choices. Health Trust Financial Works for you. They're not salespeople. They help you find the health insurance option that makes sense and saves you money.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
The fact is health insurance is one of the biggest expenses in your budget. But most people who work with Health Trust Financial end up saving $500 a month. Imagine putting that kind of money toward the baby steps. My team has worked with them for over 20 years, and they've served thousands of people just like you. They're the only health insurance broker that's Ramsey trusted to help you.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So stop throwing money away and get the health insurance that's right for you at healthtrustfinancial.com. That's healthtrustfinancial.com. We'll be right back. Mama said, if you ain't got nothing nice to say, don't say nothing at all. Yeah, so move on, troll. But other than that, yeah, I mean, the rest of you, you're loving this. Thank you. It's very helpful to us. Very helpful.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
We appreciate it. Rita is with us in Phoenix. Hi, Rita. How are you?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That's okay. We're good. How can we help?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Help me with how you have $200,000 in student loans at 64 years old.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So one of them was not in math?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
our debt just seems to no no no no no wait a minute yeah you don't make anything teachers that have two master's degrees should each be making 60. what are you doing are y'all working in a preschool no he's teaching high school and i'm teaching middle school so that was your take-home what's come what is it before that are you taking a bunch out of your check
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Oh, you're paying the truck payment and the credit card debt, and you're putting money in retirement, and you got all this other stuff. Yeah, okay. And you're getting a tax refund, too, probably. Right. Okay, so you might be making $120,000. So what do you owe on the truck?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
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. I'm Dave Ramsey, your host, Jay Boshaw. Ramsey Personality is my co-host today. Open phones here at 888-825-5225. The call is free, and some say the advice is worth exactly what you pay for it.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Then I don't think I can help you.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
He picked up the truck. He drives it. He didn't think that Santa Claus brought it. And he picked up the two master's degrees. He didn't think Santa Claus brought those.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
He may not know the exact numbers, but he knows he has made a mess, and he knows it.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And both of you are required to fix it.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And if he does not want to buckle down and clean up the mess that, by and large, he is responsible for. It was his choice to buy a truck. It was his choice to go to school and get degrees that have not monetized. These were his choices. And so now at 60 years old, he gets to be a man and own his choices and go, my family is in jeopardy. I've got to sell my truck. Your family is in jeopardy.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
He has to sell his truck, by the way. This is not an option.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay, you got a choice. Friday, one of them goes up for sale. You decide.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Work in the summer when you don't get paid. That's what other teachers do.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
There's a couple of things we can do. We can either sell your truck and buckle down and get on beans and rice and both take extra jobs, or we can talk about selling the cabin now. We cannot stay on the trajectory making the stupid butt decisions we've been making for the last decade and have anything but Alpo for retirement. You've got to say this out loud.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. I'm scared for you, honey. I want you to go win, but I'm scared for you because every time we bring up something, there's a reason to not do it. You've got about five things you've been doing wrong. You've got to reverse all of those in dramatic fashion and then slam on the accelerator in the other direction. Okay.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Number one, you're not disclosing and working together on every detail of your budget and your future. You're treating him like he's a little boy and his feelings are hurt when his daddy died and so he can't make a grown man decision. Sorry, you get to be a man when you're 60. No way around it. You got to deal with it. Okay. Number one. So you got to be on the budget.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You got to be on the same page. Number two, you guys are going to have to chop something with a freaking machete. because you have a mess, because you've been spending money like you're in Congress around there, and you've got to stop it. You've got to chop some stuff, and this car is one of them, but the car really points to the cabin.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
If I woke up in your shoes, and I was him, and I had to come Jesus meeting, and I decided I was going to be a grown man, the decision I made to go get two master's degrees that I couldn't afford to do was the day I made the decision to sell the daddy's cabin. You didn't mean to sue it, but that's the day. That's exactly what happened.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You lost the cabin when you went and got two master's degrees that didn't monetize. That's what you did. You traded the two because it's a balance sheet thing. Over here, you got a $500,000 asset. Over here, you got $200,000 debt. And the sooner you fix that, the sooner you can get in gear and start saving and actually retire and not eat Alpo.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So 36 years you've been taking care of him, and now it's time for him to step up and say, I'm going to be a man, and we're going to make grown-up decisions together because we have made a mess. By and large, he has made a mess. That's what it is. You're trying to take care of him. You're trying for him not to have any hurt feelings. Tuffies, you signed up for this trip.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
He did, and he gets to take it. I'm sorry. This is The Ramsey Show. Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. The Ramsey Show question of the day is brought to you by WhyRefi. Our defaulted private student loans keeping you up at night.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Well, WhyRefi can help you lower your payments and your interest rate, get you out of default. Visit WhyRefi.com slash Ramsey and start resting easier. That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Let's go back to the business a second. In your business, what do you do? What is your business?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And you bought life insurance. His sweet mom, who's passed, bought life insurance. from a baby food company. Yeah. I mean, just think about that. When you say it out loud, it tells you there's a problem, right? Absolutely. So, yeah, what a rip. And then they lied to him too, which absolutely they do. I mean, they just lie.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
All these people in this business, because what the guy meant to say was, he forgot to say it correctly, was that the death benefit would go up at 21 because he becomes an adult. But the death benefit is not worth anywhere near what they paid for it. The poor lady, if she had put that money, oh, she did. She put it in a fruit jar.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
She put it in a cookie jar and it laid there for 21 years. And you got your money back with absolutely no interest. And so what that means is that it should have been close to $20,000 if it was in just maybe a decent mutual fund, not even a good one. Yeah, you would have had, oh, my gosh.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay, all right. And now you have two trucks and you only need one.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah. And, you know, here's the sad thing, too. That sweet Nora, his mother, that passed away. I think that was her name, right? Did he call her that?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah. Sweet Nora thought she was doing something sweet for her grandbabies, which every grandparent wants to do. And these freaking people at Gerber completely predatorily fed on her grandmotherly love and ripped her off. Well, when you're in... I hope I wasn't unclear about how I feel about this.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You know... We ought to just talk to some hospitals about how that's malpractice.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, you'd fall off. No, Nora's who asked the question. I'm sorry. It was not the mother, Nora. My mother, she said.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I'm sorry. I'm sorry about that, Nora. Okay. I just now looked down at the email and saw it, but it's so aggravating.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
But it's kind of like this, guys. Look. if you uh people call and ask us about like reverse mortgages okay where do you hear about reverse mortgages now think with me okay the advertisement before the reverse mortgage is a walk-in bathtub the advertisement after the reverse mortgage is a snuggie this is where you're picking up your financial products I mean, right there. And who's advertising it?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Actors that are done. That's right. Actors that are way done.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I mean, when you reach the end of your career that the agent calls and says, you can do a reverse mortgage commercial and you go, yeah, baby, sign me up. We know where your career is. Okay.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
It's in the snuggie toilet. That's what I'm saying. But yeah, it's the same thing, guys. Just think about where you're learning about this. Here's another one. Okay, let's just think about this. Okay, how many cash advance places do you see in the rich end of town?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay, there's a clue, right? How many title pawn places do you see in the rich end of town? Okay, there's a clue, right? Think about this.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Did you know that something like 78% of the lotto tickets are sold in the poor zip codes in town? And have you listened to the lotto commercials? They're not appealing to the highest common denominator of humanity. Pretty much Daryl and his other brother Daryl are their target market. I mean, think about it, guys.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
These are people that can't afford to go to Vegas and lose money, okay? So you take some clues from the proximity of the marketing on this, and it will help you, too. I'm sorry you got ripped off, Nora, and I thank you for giving us the opportunity to completely trash Gerber again.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
We do it pretty regularly, but whole life, life insurance, insurance that has a cash value insurance, insurance that has a cash value buildup, has a savings program in it, 100% of the time is a bad product. There's not a good one. There's some that stink less than others, but that's true of humans, okay? So it's just both of them stink. They're all bad.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Do your investing not with an insurance company.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Sell it? Okay. Yeah. Let's get rid of that debt. I guess rid of a third of your debt, dude. Yeah. And you didn't need it. Right. You panicked. Right. Okay. Next time you panic, debt is not your answer. That's what she meant by are you through with debt. Every time you have a problem in business, if you go borrow money, you'll be out of business in about 20 minutes. Right.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
No, that would be, you know, it's only, what, $2,200? It's like $100 a year.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
$100 a year, that would have been, yeah, that would have come out probably about $30,000, about $25,000 probably. But anyway, it's not putting a lot in. $100 a year, not a month.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That's the path you're on. Okay. And how much credit card debt have you got?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. And what's the other 30?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Thank you. Thank you. Thank you. , . . .
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay, that's $30,000 and $30,000 on a truck, but you told me $95,000. So what's the other $35,000?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
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The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
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The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
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The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
All right. Good. Okay. And what was your profit in the year 2024? Net profit that you paid taxes on?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
jade washaw ramsey personalities my co-host drew's in fort worth texas hey drew how are you any better i'd be you dave that's cute how can i help oh well i was calling in to let you know i'm a millionaire thank you baby steps millionaire what's your net worth
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. And you live in New York City?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Love it. Give me a little breakdown on the mix. How much of that's real estate, retirement, and so on?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
got it well done sir well done how much of this did you inherit
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
How fun is that? Very cool. Good for her. That's great, man. That's amazing. So she was like 99. Yeah.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Extremely expensive. You're not making any money. Right. You're starving to death. Yeah. I mean, if you had a job making $40,000 and no debt, we would tell you to look for a job. So is the business growing?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I love it. Very cool. And so you got a four-year degree?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. Very good. All right. Good. Marketing degree. And of course, you're in sales now. That's good. What was your GPA?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Well, you were over three. So that's the one that killed me. Good for you, man. Excellent. Excellent. What do you drive?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah. That's very cool. That's my $2 million net worth car. Yeah, living the dream. I like it. Put the top down. I like it. Good job, y'all.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That's good advice that I was going to ask you what you tell the youngsters, and that's younger than you. You're a youngster, but younger than you. You're a young millionaire, young two-millionaire for sure. Very well done, dude. Well done. Proud of you.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Well done, sir. Very proud of you. Thanks for calling in and sharing your dream with us because you're living it. You are living the dream. I like it. I like it. So what do you say? Dream big, act small.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And I would say if you're going to dream big, you better work big.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Because if you don't work big, it's not coming. The work goes with it. Because otherwise you get called a dreamer, which is a negative thing, right? You don't want your daughter dating a dreamer. They'll live in your basement. So, no, we want people that get stuff done. They leave the cave, kill something, and drag it home. Obviously, Drew is one of those.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You know, Jade, I think I'm just visualizing out of the 30 or 40 million people that are going to consume this particular moment on this show – That there's a couple things Drew's family understood that the typical person walking around doesn't understand. Number one, 89% of America's millionaires are first-generation rich. They did not become millionaires because of an inheritance.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That is good news for all of us who didn't have a rich uncle or rich parents. All we've got to do is leave the cave, kill something, and drag it home. And you remember a couple of principles. Principle number one is the power of compound interest will make you wealthy, and that's what happened to Drew. It's also making him double wealthy fast.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. Well, if you can double it again, you can get there, right? So if you sold the truck and doubled it again and lived on beans and rice at home, you can plow your way through this, no pun intended.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So what that means is $100 a month invested from age 25 to age 65 is $1,176,000. So you're a millionaire. That doesn't count buying a house. That would even take you up higher. You'd do even better. And that doesn't count the fact that you're probably going to put a lot more than $100 in in your 401k, your Roth IRAs and stuff as you go along with matching. But $100 a month gets you there.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That's principle number one. Yeah. piece of knowledge, number one, was that 89% of America's millionaires are not millionaires because of inherited wealth. We get that from the largest study of millionaires ever done in North America, airtight research that Ramsey Research did. It's in the book Baby Steps Millionaires, my latest number one bestseller.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And that book has the white paper of all the research in the back for those of you that are interested. But So Drew is a Baby Steps millionaire. And that's the third piece of information is he followed the Baby Steps.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And typically, to get all the way through six, meaning house is paid off, takes people between seven and ten years from today, ready, set, go. They typically are out of debt, consumer debt and everything, if they lean in using the debt snowball. beans and rice, rice and beans, quit spending money that they don't have, sell stuff, sell so much stuff the kids think they're next.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
They're out of debt in 24 to 30 months, two, two and a half years. And then about seven years later, the house has paid off, or at the seven-year mark, rather, the house has paid off. And that's right where Drew is. He's got there at 40, and now it's going to double about every seven years for him.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Absolutely. That's the moral of Drew's story right there. This is The Ramsey Show. What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
All right. Yeah, and if you're not working on your construction stuff, you're working doing something else. You work all the time. You're broke.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
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The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
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The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey. I talk to people every day who want to know how to do better in two areas, money and relationships. That's why I'm pumped to bring the Money and Relationships Tour to a city near you.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Join me and Dr. John Deloney for a night that will challenge the way you think about this stuff and possibly change how you live forever. Starting April 21st, we'll be in Louisville, then on to Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Grab your tickets at ramseysolutions.com slash tour before they're gone.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
so pick up pick up a side gig working for somebody else if you can't stay busy with your construction landscaping stuff okay so that that's the trick man i mean you've got to get some income coming in to offset this because it takes more than forty thousand dollars a year to eat in connecticut right and so there's nothing left that's why it feels like the credit cards are killing you however it's actually the stupid second truck that's killing you yeah how many employees have you got
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
We do our show on the glass Monday through Friday, meaning there's a window and you get to watch the monkeys in their cage here. That would be me. And I used to have a little sign up that said, don't feed the monkeys. And George Camel took exception to that sign. So we had to take it down because he was afraid that he was being called a monkey. But that's not cool.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So anyway, I'm the self-proclaimed monkey here. So I'll take credit for that. Anyway. We're on the glass, and you can stop by and hang out. Watch the show happen from 1 to 4 Central Time, Monday through Friday. Two of us will be in here all the time, and we're in here to help you. And also, just outside the glass, in the lobby with all the
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
There's usually 50 to 200 folks sitting around watching the show. There's free homemade cookies. There's free coffee. And there's a debt-free stage. And standing on the debt-free stage is Josh and Rebecca to do a debt-free scream. Hey, guys, how are you?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Welcome, welcome. Where do you all live?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay, fun. Welcome to Nashville. And how much debt have you two paid off?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I like it. Good for you. And your range of income during that five years?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
What do you all do for a living?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Great. Very cool. So five years, $203,000. Was that your house? Yes. it was a house thankfully yes only look at it weird people i know a hundred percent debt free how old are you two weirdos i'm 30 wow 29 with a paid for house in raleigh north carolina weird what's what's the house worth right at 360 wow how fun and how much have you guys already got in your nest egg
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
roughly 250 all right so you're halfway to a little over halfway to being a millionaire and you're third not even 30 years old and barely 30 years old yes excellent excellent guys way to go thank you wow wow wow wow wow so you start this and you're not even 25 years old how long have y'all been married uh five and a half years okay so boom right off the right of the gate here we go yes game on so tell us the story how in the world do you get this smart this young
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Well, thank you. You had the option of doing stupid, and you chose wise. So I'm still going to blame you for your success. Well done, hero. Good job, because not everybody gets a good pattern and follows it.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
What's the first big thing you're going to do to celebrate?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Both of you do, yeah, instead of deer fodder. Yeah, I like it. So what are you going to get?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. You got to get more work in there. You got four people working, creating 200 grand. You got to get more work going. You got to get this to 400 grand and make these numbers work. But it sounds like you're on that track. That's a positive part of the story. The business is actually growing.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. You just want something that's a little nicer. Yes. It doesn't take much to upgrade that. No, it doesn't really. You're going to get a little insurance check, and you're going to put a little money with it and try to get a little better place, a little better thing.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I hear that. Oh, my gosh. Way to go, you guys. I'm very proud of you. How does it feel to not have a payment in the world? Wonderful. It feels great.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
What do you tell people the key to getting out of debt is? You paid off your house by the time you're 30.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Exactly. You become what you think about. The Bible says, as a man thinketh in his heart, so is he. So that's the deal. And it's the power of focus, the power of intentionality, all of that is a biblical principle. You're exactly right. So very well done, sir. Proud of you guys. And lady, you guys are awesome. This is great. We'll pray you get home.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So you can both get a new car, yeah. Because now without any house payment or anything else, now you've got the ability to save and pay cash for that. And you probably don't realize what the next three years is going to look like, how much freedom you've really set yourself up to be because you've only really known one way while you were married. Yeah.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
but now you've got a whole new version of you two to learn about and it's going to be pretty incredible so way to go you guys are heroes yeah man you're amazing so uh you know every time someone tells us that there's a gen z problem or a millennial problem i tell them no there's not i point i got excellent versions of both on this stage every week coming in here and showing us how it can be done and so you guys give us hope for the future us old people so good job guys well done
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
If you can maintain your margins by carefully managing the business and managing the accounting of the business and quit borrowing money every time something goes sideways, like you borrow money from your dad, you borrow money on a credit card, you borrow money to buy a truck, you borrow money to buy another truck, it's got to stop. You're killing yourself.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Josh and Rebecca, Raleigh, North Carolina, $203,000 paid off in 63 months, making $105,000 to $165,000. House and everything at 30 years old. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Man, that's beautiful right there. They'll be able to do anything. I mean, you take a couple hundred thousand dollars a year of income, which is what they're approaching, and no payments of any kind.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Very cool. This is The Ramsey Show. You spend hours researching before making a major purchase like a home or car, but it's also a good idea to put in the work searching for the right insurance coverage. To protect your biggest assets, I recommend using Ramsey Trusted Pros.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Whether you're looking for car, home, or any other type of insurance, Ramsey Trusted providers have been coached and vetted to serve you like we would. Find what you need at ramseysolutions.com slash insurance.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So if you stop that, what Jade said is exactly right. You stop that and you divorce yourself from debt is my provider to I am my provider. I am going to get up, leave the cave, kill something and drag it home to the tune of 400 grand. Because see, you go to 80. If you kept your margins, you go to 80. No. Yeah. Yeah. You'd go to 80. If you made 40 on 200, you'd go to 80 on 400. Yeah.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
No, you don't need an LLC. You just need to make a decision.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You used to give 100% of your proceeds to the classroom, and now you're not going to.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Vinny starts this hour in New York City. Hi, Vinny. How are you?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
The first thing, and then I would open a separate checking account for your business. Okay. You can open it in your Social Security number. It doesn't require a tax ID, and it doesn't require an LLC, okay?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
The only reason you would need an LLC is if you get big enough, the business is big enough, or your personal wealth is big enough that you have a target on your butt and somebody wants to sue you. Right now, you're a broke photography teacher. Nobody wants to sue you. Correct.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So, I mean, what are you going to do? Drop a camera on their toe? I mean, there's not a lot of potential liability here, okay? So, I'm not worried about it if I'm you. So, you would open it under what's called a sole proprietorship. And so your checking account would be Mike so-and-so DBA doing business as Mike's photography or whatever you call it. Okay. Okay.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And then all the money that you make doing that goes into that account. All expenses come out of that account and all contributions come out of that account.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And the other thing with taxes is, is there some kind of a nonprofit associated with your school that you can donate this money to that ends up in your classroom?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Is that a tax-deductible account? Could I make a contribution to it and get a tax deduction?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Then you're making a contribution to that account. You take a tax deduction for your contributions. You take a tax deduction for your expenses. What's left is taxable profit.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And you would set aside a fourth of that, and you file quarterly estimates on your income taxes for your taxable profit. But that just depends on how much of it you're not going to donate. As long as you're donating everything net of expenses, you have zero taxes.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And so keep your margins right there. And at 80, you live on 40, 40 and you sell the truck. You're almost out of debt. So the $30,000 truck, you got 60 left. You throw 40 at the 60. You're almost out of debt in a year. But that's kicking it, man. And it's all going to debt. No lifestyle, no weekends. I don't want to hear about happy hour. Happy hours. I'm happy. I'm working more.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
But, I mean, if you're doing $800 a month, that's $10,000 a year.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That's pretty generous to a single classroom.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, but, I mean, how many times have you got to buy all this stuff? One time.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Well, you also know in the technology world or the camera world that that is an endless, that's a bottomless pit. I've got several million dollars in various kinds of cameras inside this building, and I'm constantly having to look at people and go, no, I think we've got enough. Because the people that are on the backside of those cameras love buying more.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, so you get your gadget people, and gadget people just always want more gadgets. That's life. And so, yeah, you want to do that. Very generous of you, Mike.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That's like the cool teacher.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I'd probably go as much as half or more. Yeah. But this guy's just very generous and he loves what he does. He loves taking, he loves photography, he loves kids.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, that's exactly how it works. So very well done, Mike. You're the cool teacher, man. We dubbed you that for the week. Good stuff. Open phones here at 888-825-5225. Anthony is in Cleveland. Hi, Anthony. What's up?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You're 20 and you don't make a lot of money. I would go make some money. It's okay to rent. Rent as cheap as you can rent, and let's work on the career side of the equation. Let's get the income way up. Start stacking cash.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, that means when you took our class in high school, you flunked it.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
OK, that's where you are right now. That's the business you got to get in is making money and throwing it all at the debt and then reverse the stupidity. I've done dumber things than you've done, Vinny. But but you're right. I mean, you've got a couple of things on the dumb list there. So you got some stupid tax being paid. You don't spend thirty thousand dollars to plow four driveways. Nope.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, that's the deal. So, yeah, listen, folks, when you owe more than half your annual income on a car, the car owns you. You don't own the car. You can't breathe. All you think about is making car payments. That's all you can think about. The thing's got you handcuffed, and it's dragging you around the parking lot.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
It is no fun at all. That thing's eating you alive, dude.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
So yeah, the way don't even talk about buying a house and let's get our income up, get the car gone, get the car debt gone, get all debt gone and lean into that budgeting stuff. So you'll be okay. Keep it, keep at it, dude. Keep at it. This is the Ramsey show.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Not on this planet. You give the work to one of your buddies and you pay him to do it. It's got to snowplow because your truck's in the shop.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And you just missed that revenue right now. That kind of stuff. Instead of buying a $30,000 truck. No more panicking. And even if you do panic, dad is not going to answer it. This is the Ramsey Show.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
If you're a business owner or you know one, you know one thing about business. It's hard. You go to work for yourself, find out you work for a jerk. Yeah, when you work for yourself, that guy's a slave driver. He will drive you into the dirt, man. Just crack the old whip, you know?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Hey, I know this, and this is why we've been running, and I know this from running our business and from coaching now about 10,000 businesses through Entree Leadership. That's why we wrote the new book, Build a Business You Love, where we unpack the proven step-by-step method to go through the five stages of business. It's hard, but it's easier if you know where you're going.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And so today's the last day to get access to the e-book two weeks early, pre-order before midnight, and you'll get early access to the e-book. If you order the book in advance, it comes out in two weeks, then you're going to get the e-book. Today, if you do it, you get the e-book early. You get early access to it. You get the Entree Leadership Hiring Playbook, and you get the Enhanced Audiobook.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
All of this is about $300, $350 worth of bonus items, but you pre-order to get that. The book date is actually April 15. So pre-order at RamseySolutions.com. Matthew is in Austin, Texas. Hey, Matthew, what's up?
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
I'm trying to lay out the budget. Help me plug into it what you want me to plug into.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, definitely. That's a nightmare right there. Well, actually, you could get them if they're competitive. No, I'm kidding.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
No, no. I would just say, Mom, Dad, I need clarification.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
You're the detail guy. So it's easy if you just say to your mom and dad, hey... You know how I'm detailed and you know how I'm nerd out about this stuff. It'll help me a lot to feel, to have peace about the planning if I just know what to plug in here. You just tell us what you want to plug in. And I need to know. I need to know.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
And then she can say the same thing to her parents and say, you know, Matthew's a big planner and it just helps us to have peace and less stress, less anxiety if we know the amount.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
But I think it's in person, calm. You don't have an attitude or a voice tone of entitlement or expectation. It's simply a question of clarification. Yes, sir. That's all you're looking for.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
That's not the issue. The issue is we need clarification of what you're not cash flowing because you've got to put together a budget.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Yeah, we took the more, back in the day, the bride's parents paid for stuff, paid for the wedding, okay? So we took the more traditional approach with Rachel and Denise and sat down. We proactive the other way, sat down with their fiancés, Winston and Bill, and said, okay, here's the amount.
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
the top line now you guys have got to figure out how to buy everything within that number and here's some budget items you need to look at okay reception is the most expensive thing dress is not flowers can be if you lose your freaking mind um and so on so you get you're going to discover this as you actually start putting the thing together and so you do a line by line by line itemized budget for the wedding
The Ramsey Show
Normal Is Comfortable, but Comfort Doesn’t Build Wealth
Okay. Well, bad news, you're not going to buy a house next year because you're going to be getting out of debt. Yeah. You can't do both of these things. Right. So you financed the start of your business on credit cards?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Well, I don't like them, so it's easy to not like them. I mean, they're not likable.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
It's weird. You threw me out of the house 20 years ago. I'm going to get back at you. I'm going to get you to pay full price for a cabin that I own one-third of, and then I'm not going to let you do anything. Good God. This is terrible. How four-year-old is this? Needs counseling. Unbelievable. Some people's children.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Guys, you cannot enter into these things wide-eyed open and expect a crocodile to do anything but bite your leg off. Crocodiles, it's what they do.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Well, the guy wouldn't sell it to her. Which is weird.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
There's a lot of weird here. But yeah. Johnny, I'm sorry. I wish I had a magic wand to make your pain go away. But your pain is not a cabin. Your pain is your daughter's. And that's what you're going to have to deal with one way or another. probably the cheapest way to do this is just buy the dweebs out and get them to sign it over. Just, you know, it's a dweeb fee. It's a stupid tax fee.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And I do something stupid and it costs me money, Joni. I call it stupid tax. You're probably going to pay some stupid tax here. You are.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
going to pay some stupid they better not ask for a third you're going to pay a lawyer well they'll ask for you know these dweebs will so you're going to pay a lawyer you're going to pay the dweebs or you're going to lose your 200 000 these are your three way you're but you're going to lose money you're going to lose money something's going on here i'm paying a lawyer that if it's me i'm paying a lawyer i don't i don't want to fool with these girls anymore
The Ramsey Show
Financial Peace Starts With Clear Boundaries
It's your kids. They're dweebs. To quote a well-known philosopher.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You know, I was doing a thing with some wealthy people the other day, and they were all worried. They were saying, you know, how do I raise my children when we have wealth and the wealth doesn't ruin them? And I told them, I said, the wealth won't ruin them. It's just going to expose if you did. If you run them, the wealth is just going to give you the exposure to that.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You said not first rodeo. Okay. So you met a guy and you married him and you said it was a mistake to not do a background check.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
It's going to magnify because whatever goes on that's in a family is magnified when it gets wealth. In other words, the crazy gets super crazy, right? But I mean, this is all tied to $200,000 worth of thievery here. Johnny, I am so sorry. Your heart must be broken. Mine's broken for you. I'm angry for you. I just can't do anything about it. Except rail about it. This is the Ramsey Show.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
jade warshaw remsey personality is my co-host open phones at 888-825-5225 darley is with us in uh fredericksburg virginia hey darley how are you is it dart darlia darlia i said i can't i'll get it right eventually it is darlia correct yes okay how can we help hi um thank you for taking my call sure um so my in-laws loaned us forty thousand dollars last year um
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So you just kind of walked in blindly. He thought you didn't care. Turns out you cared. Okay. Yeah. All right. I got it. And so you've been married for how long?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Are you living on a written budget with the EveryDollar app?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So very much in control of every dollar.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Thanksgiving dinner tastes different when you eat with your master and the borrower is slave to the lender.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
We're not questioning their character. You don't need to tell me three times they're amazing people. This was a stupid butt idea, and y'all need to clean it up. It was dumb. You shouldn't have done it. But you did it, and now you have the opportunity to clean it up. Don't do it again.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You're part of the club. I did not say you are dumb. I said the idea and what you did was dumb. There's a difference. I am not dumb, and I have done some dumb butt things in my life.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I have done it. I have done it. So you guys clean this up. Get it out of your life. You can feel it. This is not an indictment of saying our parent laws are bad people. They were wonderful people. They were trying to be helpful. They were helpful in a bad way, but they were helpful. They're trying to be sweet. They're trying to get you what you want in life. And they're not being mean.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. And then you woke up one morning and decided to ask or he decided to tell you what happened?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
They're not calling you every week and looking at your budget and judging you. They're not control freaks. You didn't bring up any relationship issues. These are not bad people. That is not what the point is. The point is you have $22,000 in debt and you have $28,000 or $26,000 or whatever it is in your account. Write a check today and pay it off. That's the point.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If it was on a credit card, it'd be the exact same thing. We'd say, that was a stupid-butt decision. You shouldn't have done that. Now, clean it up. You got the money there? Write a check. It's just complicated. It makes the more drama out of the conversation because it's the in-laws.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And by the way, we're not going to be at the $2,000 or $3,000 level in this, but for about 10 minutes in this account because you're going to immediately start adding money to it, correct?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
How much would you add to it a month without having these payments?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah, and a lot of that will go too. So you're going to be, like by September, you're going to be right back up where you need to be, right?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I'm not concerned about them freaking out. That's their problem. If they didn't want you to repay it, they should have made it a gift. They shouldn't freak out. They ask you to pay them back, you're paying them back. Stop with the drama. Just write them a check. Pay them back, be done with it. And please don't do this again.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I'm telling you guys, in the 30-something years I've been doing this, some of the saddest stories are the ruined stories. relationships because somebody did something like loan their kid $25,000 or $30,000 or $50,000 to buy a house and then something goes sideways, something gets out of hand, and all of a sudden everybody's torqued up and twisted up. Yeah.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
formerly nice sweet people aren't for some reason and I just it's bad y'all you're asking it's like if borrowing money on a credit card to do this is stupid just make it stupid times two to do it with your in-laws All right. Because you're just and again, I'm not calling you stupid. I'm saying what you did was stupid.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And because I don't call people stupid, except people in the financial world that tell you to do stupid things. But the but you you people that were trying to help. I'm not going to our job to help you heal is to tell you the truth. You don't want the doctor to go, you know, I think this little bit of cancer is going to be OK. Why don't I just leave it there? Right.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You want them to say, no, get it out. Get stupid. Right. Try sunscreen, boy. You know, I mean, seriously, right? And golly. So you want people to tell you the truth if they're going to be healers. And we're not going to hold back. We're going to tell you exactly what it is because we got a lot of people to help and we love you and we want you to win.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And that includes Darleah in Fredericksburg, Virginia.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Because you've already offset it. You know, your balance sheet still represents a broke person.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I don't want to be down less than $10,000. Well, try going into debt and using up all your money then.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
That's a good way to solve that. And by the way, you can pass up any housing deal. It's too good to pass up. No, it's not. Not if you can't afford it. No, it's not. You can pass up a deal on that Bentley, too, because you can't afford it. Help you with that. That Louis Vuitton, that $83,000 purse, you can pass that one up. You can pass it up if you can't afford it. It's too good a deal.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
No, you can pass it up. It's possible. I see people do it all the time. This is The Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
How was he making it before you were married?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Jade Warshall, Ramsey Personality, is my co-host today. Open phones at 888-825-5225. Jeannie's with us in New Jersey. Hi, Jeannie. How are you?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If he couldn't make it without your salary now, how was he making it without your salary before you were married?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You cannot be indeterminable while you have open credit accounts.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Even if there's zero balances, anything. Everything has to be completely closed and zero balance.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
The damage is that what you end up with when you have one credit card open and a zero balance and no other credit accounts of any kind, you're going to end up with a low credit score because you have almost no credit. That's what it amounts to. Even though it's not bad, it's just you don't have any. You'd be like a 20-year-old or something that just got their first card.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And the only thing they have in their whole life, they're not going to have a high credit score with one credit card. And that's back where you are, and that's what you're setting up. Because the algorithm is based on how you interact. The algorithm that creates the credit score is based on how you interact with credit. It's not based on anything else.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And so if you have zero interaction with credit, then that's when you have an indeterminable zero credit score.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Since you got married. When did he buy the $500,000 house?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And so you feel vulnerable. You feel a little bit vulnerable for that reason. And yeah, that's very normal. But what that tells us is, and I went through this spiritually myself some 30 years ago, it tells me what I'm counting on. What is, in a sense, not a true spiritual sense, but in a sense, what is my God? What is my provision? Right.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
It's so good. But, I mean, that's what I had to cope with. I went, who's providing for me? Yeah, I don't like the way you put that. I know, but that's what I had to have here in my head. And it wasn't like a golden calf worshiper. I'm not saying that. That's not what you're doing. But the thing is this. I figured out. I really can't count on them to make my life good.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I can count on me and my hard work and my diligence and discipline and wisdom, and I can count on God providing for me, my Heavenly Father who's crazy about me. I can count on those two things, but I 100% can't count on Wells Fargo
The Ramsey Show
Financial Peace Starts With Clear Boundaries
That's it. And that's, you know, who is my provider? And that's what they've done. Yeah. They've gotten their tentacles around, their claws around that portion of our heart. Yeah. That says, don't leave home without it. Don't leave home. I mean, it turns out Daniel Boone did. And he was all right. He did okay.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
He actually died bankrupt. But anyway, but yeah.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Isn't it interesting how that word is interchangeable?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Credit as in I'm going to go in debt or I'm going to give myself credit. Credit. cred street cred i'm gonna i'm gonna give myself the belief in myself i'm putting that in the quick read And that's what I'm thinking. But that's why the credit cards and the FICO score really, when we talk about this, don't worship at the altar of the great FICO. Oh, great FICO, provider of all good things.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
We bring you offerings of interest so that you give us a bigger score that has nothing to do with nothing except how much we play kissy face with the bank. And we really, this is our provider.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Old FICO. Good old FICO. And I think of these bad B movies with like a pyramid with flames coming out of the top and the face made out of stone and the smoke coming out the ears.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Great FICO. Yeah. oh great fico we worship you you know like we're mayans or something oh my god give me a break no none of that yeah but i mean that not picking on her but i mean that's where i was too i get it we were convinced the best way to become wealthy is to go in debt stay in debt yeah By the people who want you to go into debt and stay in debt. Yeah. They've convinced us of that.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
The borrower is truly slave to the lender. Good. Hey, another one down. She's going to cut it up, Jade.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
She's going to do it. She's going to do it. Kyle's in Spokane. Hey, Kyle, what's up?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Well, that would not be true of a smart investor. Someone that has integrity would not do that. So a smart investor that's wanting to charge you, I buy commission-based. But most people do manage funds like you're talking about. The vast majority of our Smart Mr. Pros are managed funds or the 1% plan. Okay. The vast majority of them are.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
But there's nothing inherently automatically bad about one or the other. And you're right. Technically, you will come out cheaper with the commission-based than the managed-based. technically, okay, over the scope of your life, okay, mathematically. But neither one is a ripoff. Both are worth the money.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And so, like, I'm pretty sure, for instance, Rachel and Winston have theirs on the 1% plan, and I do the old-fashioned commission plan. That's more of an old-fashioned style, okay? But it is cheaper. They're called A-shares. You're buying A-shares. And the most you'd get charged is five and three-quarter on the front end, and then nothing after that, nothing ever after that. And so what's it take?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
It takes five and three-quarter years to break even on that, right? And so after that, you're making money. So 10 years in, you make – but either one are fine. Neither one are going to keep you from getting rich. Having a good financial advisor is going to make you rich because they're going to keep you in the game. They're going to have the heart of a teacher.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You just didn't think about it. All right. So $830,000.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Which one did she like best? Very good, sir. Which one did she like best? It's the fee-based. Then go with that. Okay. She just likes that guy the best. Well, he is handsome.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Oh, I didn't mean that. Oh, my gosh. Oh, my gosh. No, that's not a reason to pick him either. Otherwise, no one would ever listen to my advice.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Oh my, oh my, oh my, oh my, oh my. Who can find a virtuous wife for her worth is far above rubies. The heart of her husband safely trusts her and he will have no lack of gain. This is the Ramsey Show. Taking care of your health doesn't have to cost a fortune. That's why Field of Greens is in my house.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And now what's the other $200,000 in debt?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Field of Greens is made from fruits and veggies selected by doctors to support your heart, liver, kidneys, and metabolism. And here's the best part. They're so confident your doctor will notice your improved health, they offer a money-back guarantee, no questions asked. Try today and get 15% off at fieldofgreens.com slash Ramsey, promo code Ramsey, fieldofgreens.com slash Ramsey.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
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. Best-selling author is my co-host today as we take your calls about your life and your money. The phone number is 888-825-5225. Jack starts this hour in Cincinnati. Hey, Jack, welcome to The Ramsey Show.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Hey, Dave, how are you this afternoon? Better than I deserve. What's up?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. And $50,000 is a 401k now. $35,000 left. That's correct. Oh, $35,000 of the $120,000. Okay. $35,000 of that 401k is left. Okay. Yeah, so $35,000 of your $120,000 is a 401k loan. What is the other $85,000?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, so we've got a credit card with $11,800, credit card with $7,200, credit card with $19,200, credit card with $2,900, two cars at $31,800 and $22,400, my daughter's car at $2,900, which will be paid off very shortly, and a trailer for my losing business at $4,300.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. And what's your household income? About 200. Okay. What's the losing business? What's that mean?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So that sounds like an expensive hobby that's taking up a bunch of money and a bunch of time, both. That's kind of an easy decision, isn't it? I need the eight hours to spend on my marriage. I need the $10,000 to spend on something else rather than a losing business. Close it and sell off the stuff. Why wouldn't you do that?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah, you could. You'd have eight hours to spend on your marriage. You said you're spending eight hours a night on this?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah, that's good for marriage. Okay. And especially since you're not making any money. I mean, if you were making $10,000 a night or something, she'd probably be tolerant. But okay, so you have a $200,000 income. You have cars coming out your ears, credit cards coming out your ears. Now the credit cards are growing back. So that tells us that you guys continue to spend more than you make.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Well, he doesn't get murdered. You might, but he doesn't.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If the credit cards are growing back, right?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, no, there's a different problem. I disagree. The two of you have not sat down and said with a written budget that we're going to live on less than $200,000 a year. Why?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So you just didn't stick to it? Pretty much. So an example of something that comes in is what?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I mean, you walked around acting like nothing's happening, and he just assumed it was all okay. He's living his life like a, you know, just happy as he can be, happy as a little old clam. And then you came along and wanted to quit your job, and he couldn't do it. So you're the one that didn't do anything. I mean, he's got a mess. There's no question about that. We don't need to murder him.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
No, I don't understand why his credit matters to you.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So she knew she had that and the Verizon bill was hers too. Yes. She just didn't know when they were going to drop, but she knew these were unpaid bills. And if she's an adult, I'm missing something here, Jack. Okay. I don't understand why this is ending your marriage because the two of you can't get on the same page or what, what's the problem?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
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. Thank you for joining us, America. I'm Dave Ramsey, your host. Jade Walsh, our best-selling author. Ramsey Personality is my co-host today. So we're going to take your calls. The phone number is 888-825-5225.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So you just have a short term. That's your side hustle. Right. You have a $200,000 income, and the two of you can't decide to live on that. That's what's confusing to me.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
OK, I can give you four things right now that if you go do them by the end of the time you do those, which should be within two weeks, you're going to have a completely different scenario in your life. Sell both cars, sell the trailer, get out of the woodworking business, sit down with your spouse and do a written detailed budget where the two of you live on less than your day income.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And you guys can clean this mess up in no time. But you're, you know, you're screwing around with craft shows, losing $10,000 a year and eight hours a night and losing your butt. And you can't sit down and manage to make it through a $4,000 bill making 200K. So you can do this, but you got two stinking expensive cars. You got a stinking expensive hobby that you wish was a business.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And the two of you aren't working together. That's the answer, right? Those four things. Hang on. We're going to put you through Financial Peace University and see if we can help you, too. This is The Ramsey Show. You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
That's exactly why Berna launchers were created. Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several burners myself. They look like guns, but they're not. They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required. And because they're not firearms, they can be shipped directly to your door.
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Financial Peace Starts With Clear Boundaries
Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If your holiday ham tends to last longer than your New Year's resolutions, then I got a fresh challenge for you. Make this the year you take control of your financial future with an actionable plan. Sound intimidating? You don't have to do it alone.
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Financial Peace Starts With Clear Boundaries
SmartVestor pros are financial advisors who can walk you through what you need to know about retirement planning, wealth management, and anything in between.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Jade Walshaw, Ramsey personality, is my co-host today. Thank you for joining us. Hey folks, we know a lot of people who tune into every single episode that we do. Thank you for that. And you know all the answers. You can answer the questions faster than we can. But you're still stressed. You're still stuck. Why is that? Because it turns out knowing what to do isn't the deal. Doing it is the deal.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Well, they need to be. Okay. Y'all are broke people. Yeah. Because I'm guessing there's a little bit of equity in these houses you can use to clean up this stupid butt credit card mess. This guy spends like he's in Congress.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You can know what to do and not do it and have no success whatsoever. Thus, the problem with only knowing. Application is part of wisdom. And the proven way to change your behavior with money is by taking Financial Peace University. It's our nine-week class or nine-lesson class. A lot of people do it in nine weeks.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You get with a superhero called a coordinator that will encourage you and hold you accountable, act as your personal trainer as you go through. And you're in a class either virtually or in a group class over at your church. That's why this class has worked for over 10 million people. And after nine weeks, you will never handle money the same way again.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
The typical person has an $8,000 turnaround in 90 days. That's right. They typically pay off $5,300 in debt in the first 90 days and save $2,700 in the first 90 days. $8,000 is a pretty good turnaround. That's called a ROI, return on investment. Financial Peace University. Check it out, RamseySolutions.com slash FPU. RamseySolutions.com slash FPU. Calandra is with us in Shreveport.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Hey, Calandra, welcome to the Ramsey Show.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. You can dig through it pretty quick then. You might even get to keep the house you're living in, but the rental needs to go immediately.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah, about $2,000. You can't do it with $650.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And that's where the HELOC's laying too, right? Yeah.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Let me ask you something. When you took the banker job or the teller job at the bank, obviously you were looking for work at that point. What were you doing before that?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, so you took the—let me see if I can get in your head for a second. Did you take this job— I was also a part-time job. Did you, let me see if I can get in your head a second. Did you take this job to, uh, because it felt like it was like you were like being an artist, you might've felt a little bit irresponsible part-time and all that. This is like a responsible big girl job.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I'm going to get on a track here to build a career.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. And so, number one, the two of you, next time you meet with a coach, you have to raise your right hand and swear before the judge, I promise to never do anything with money ever again without my spouse knowing it. Both of you.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
The thing I'm thinking about is I would like for you to do something that maybe is not as – I don't know. I'd like for you to make twice as much money at something that doesn't sound as fun as banking or sound as professional as banking. If you were to clean houses and make $48,000 or you can be a teller and be $24,000, I'll take the clean houses right now.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I applaud your move in the direction you're going, and I applaud all the decisions you're making. I think you're an incredible young lady. It's fun talking to you. I would like for you to find a way to have a job that might not make everybody around you think you're cool or proud or whatever, but don't give a crap that makes more money right now. you need some more money.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah, if you could go make $48,000 on your day job and make another $20,000 on your side job teaching art to kids and create some kind of mentoring program or some kind of tutoring program or something along those lines.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah, you get paid. And, you know, if I could get your income, and then that increases your speed. Because part of the problem is that you're not making money.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I mean, it's not a put down because I think you're moving in the right direction. And you don't have good people around you to tell you to go do this or go do that. And so we're going to be those people.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, we're going to help you. I want to do a couple things. One is I'm going to put you through Financial Peace University, our nine-week program. I also want you to take Ken Coleman with the Ramsey Networks. He has a show on career and on jobs, and he has an assessment, a career assessment. It's $30, but I'm going to give it to you.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, and I'm also going to give you his book, From Paycheck to Purpose. I'm going to load you up, kiddo. because I think you've got huge potential. And we're going to come around you, put our arms around you, and love you, hug you, and say, get them, Tiger, get them. And you call back here any time and remind us of this conversation, and we'll talk to you and help you.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
We'll be the ones in your corner. But right now, I would rather you be in a job that is not as, I don't know what the right word is. It's not respectable. That's not the right word. But it's not as professional sounding. Yeah. You know.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Bankers, let me tell you about banking in general. Okay. Banking, big title, little money.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Both of you. You do not have the right to act surprised after this point. up to this point, because you walked into it begging for a surprise.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Just in general. And tell her bottom of that barrel. Mm-hmm. Big title, little money. Lots of walking around like I'm doing something, no money. So when someone says they're a banker, I always snicker. This is The Ramsey Show. People tell me about their experiences with big banks all the time.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Bad service, fees that nickel and dime them to death, and predatory lending that tries to catch them in never-ending cycles of debt. So if you're ready for a bank that puts people over profits, check out Fairwinds Credit Union. I recommend Fairwinds because they share our Ramsey values of helping people Get out of debt and live generously.
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Financial Peace Starts With Clear Boundaries
If you go to fairwinds.org slash Ramsey, you'll see the combined checking and savings account bundle they created just for Ramsey fans. This account bundle is designed to help you take control of your finances and stay out of debt. And Fairwinds also has a great mobile app that's safe and secure that so you can manage your transactions with peace of mind.
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Financial Peace Starts With Clear Boundaries
Fairwinds has been helping people avoid big bank traps for 75 years. So go to fairwinds.org slash Ramsey to learn more. It's easy to join, no matter where you live. That's F-A-I-R-W-I-N-D-S dot org slash Ramsey. Hey, Dave Ramsey here. Dr. John Deloney and I are coming to a city near you on the Money and Relationships Tour.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
and but but now after from today on he doesn't make any moves anymore because he's really not good with money we really can't trust his judgment he's really sucks at this and honestly you're lucky that he agreed to go through financial peace and yeah has the wherewithal to want to change it yeah you got lucky there yeah i think you guys get on a beans and rice budget you sell the rental follow what the coach is telling you you may have to sell the big house you may not how much you own your stupid cars
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You, the audience, will vote to choose the topics we talk about, things that impact your life, like investing in your future, money, stress, and marriage, and more. We're coming to Louisville, Durham, Atlanta, Kansas City, Fort Worth, and Phoenix in April and May 2025. Tickets are at their lowest price right now. Grab yours at ramsaysolutions.com slash tours.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Today's question of the day is brought to you by Y Refi. This is an interesting statistic. 93% of undergraduate private student loans are co-signed. So when you're a delinquent, Nana, Uncle Joe, whoever was signed it, they're going down with you. But there is a way out. Y-Refi refinances defaulted private student loans that other places won't touch.
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Financial Peace Starts With Clear Boundaries
And they give you a low fixed rate loan that's built for you. This is special, you guys. Go to Y-Refi.com slash Ramsey today. That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be available in all states.
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Financial Peace Starts With Clear Boundaries
Y'all are weird. Paige, y'all are weird.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
That's just both of you are weird. The fact that you ask somebody else to pay for stuff when they're staying in your home, regardless of who it is, is weird.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You have a little hospitality. They shouldn't have to buy their own freaking toilet paper. And if you're going to have a meal for a friend or a relative that's staying with you, you pay for the meal. And your parents are weird. They go home and send you a bill? No. That's weird.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I have never stayed at someone's home and they asked me to pick up something at the store and sent them a bill.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
They let me stay at their home. And I've never stayed at someone's home who expected me to pay for something, but I always try to leave them with more than when I came. It's like, how do you keep a tally of that? How about both sides of this grow a little generosity?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
yeah that's what's at stake here it's wow when someone stays in your home page you should furnish everything and take care of it you should not ask someone to pay for it period i don't care who it is oh by the way parents when you stay in someone's home and they ask you to pick something up pick up twice as much and leave it as a gift to say thank you for letting us stay there and don't send a bill y'all are weird
The Ramsey Show
Financial Peace Starts With Clear Boundaries
When you come to dinner, you bring a bouquet of flowers and a bottle of wine.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Hello. Wow. God, man. Wow. Y'all are weird.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Half a roll of toilet paper has been invoiced here. Toiletries. I'm just saying. Y'all are weird.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
you know for nine great first time i got the bill the next time they came to visit i'd be going motel six okay yeah you may as well stay in a hotel might as well go over there and you you settle up with those people there's free breakfast yeah you get those get those powdered eggs man six o'clock in the morning that coffee that's been watered down that orange juice has never saw an orange man you just stay yourself right over there baby wow wow
The Ramsey Show
Financial Peace Starts With Clear Boundaries
y'all are weird tracy's in boise idaho hey tracy what's up
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, what do you want to do with your share of the home? Are you going to just turn it over to them? Abandon it and walk away?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, if you're going to do that, then you can sign the letter. If you want your share of the home, you can't sign the letter.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah. So I, yeah, you got to decide, you got to decide if you want to reenter the battle. Or you want to walk away?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. But, but he kept the rest of the estate too, right? Yeah. So it's not messy. Both of those need to get sold yesterday. Did he, did he not probate a will or probate the estate?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
That's what the will called for. The executor of the will is supposed to execute, that's the name executor, the will. They don't get to make this up.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
and your sister your sister's been making it up and so if i'm in your shoes i'm gonna either go screw it it's not worth it y'all just take the money i don't want it and i'm gonna walk completely away and never think about it again or i'm gonna just tell this guy when you guys sell the house i'll take my fourth and no i'm not signing anything until the house is sold well i feel like in many ways you made that decision when you walked away from being an executive though no
The Ramsey Show
Financial Peace Starts With Clear Boundaries
No, she didn't want to stay in the day-to-day rough and tumble. I didn't. That's different than... I didn't. Yeah, yeah. I understand what you're doing. So, you know, the thing is, here's what you're really struggling with, is you know how pissed off everybody's going to be when you do this.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Oh, how many times can we spell conflict of interest?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I don't know how this attorney has kept his law license if he's allowing this. wow this probate attorney he should be going no ma'am you cannot do that the attorney needs to be oh my god is the attorney one of your siblings no you guys are confirming everything that my husband and i have discussed we've been following you since 2008 we became 100 debt free in 2010
The Ramsey Show
Financial Peace Starts With Clear Boundaries
I would just say, listen, I'm not angry. I'm not angry about this. This is not about revenge. I'm just asking simply, very kindly and calmly that you guys do what the will says. Do I need to hire an attorney? No, you just don't need to sign it.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If you want an attorney, you could go get one to get advice. I'm not an attorney. But if you just refuse to sign it and say, my instructions as one of the heirs is for you to execute the will properly, and that means the house needs to be sold, not rented. I do not want to be partners with these people 10 years from now in this house. I don't want the liability. No, thank you. Period.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If they want to buy me out, they can do that, too, by the way.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
But they can't even pay the payments, so they're not going to buy anybody out. This is The Ramsey Show. Jade Walsh, all Ramsey personality, is my co-host today. Thank you for joining us. Open phones at 888-825-5225. Hey, we were talking about the real estate market a while ago and how people are sidelined because they can't find a property because of supply.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
They don't want to walk away from their 2% loan or they're waiting on the presidential election or whatever. Yeah. Really, if you're ready to move, I wouldn't let any of those things hold me back personally. And if you need some help, get with one of the Ramsey trusted agents.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
All you got to do is go to ramseysolutions.com slash real estate, and our guys can actually help you get a house sold or bought in this weird market and help you pull this thing off. The other thing you need to know as this particular segment comes to a close, the show will continue on the Ramsey app, the Ramsey Network app.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And if you want to get the entire show every day, YouTube or podcast or whatever, you can get video or podcast. You can get the whole thing on the Ramsey Network app free. Doesn't cost a thing. Or, you know, if you're on talk radio, you're going to get what you've always gotten, wherever it is. Nothing has changed there.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
But a couple months ago, we made the shift to the last portion of the show is now on the Ramsey Network app. There was all kinds of data and stuff that went into that decision. And now that we are 60 days or so into that, it has proven to be true. So our YouTube listenership or viewership is up. Nice. Our podcast completion rate and everything is up.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
and we've still got the same amount of content, and you go to Ramsey Network app. You need to get the whole thing there or at least the last segment there. If you haven't downloaded the Ramsey Network app for free, we're not charging a thing for this, okay? You can go get it anytime you want to go get it.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So just go over to the Apple Store or the Google Play or whatever you're going to do and download the app and get the Ramsey Network app to get started. And so as this segment wraps up, we'll jump over to there with you. Or, again, if you're talk radio or whatever, you're going to get what you've always gotten exactly. Okay. Amanda's in Washington, D.C. Hi, Amanda. How are you?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, so this level of denial and deception that he has lived his whole life in has to change or your marriage is not going to work. And this level of not bothering to ask and walking around with your head stuck in the clouds the way you do it, that has to change or your marriage is not going to work.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. So why would you file bankruptcy and he wouldn't?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
How much do you make this month profit?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay, so you currently have a $12,000 a year job, which puts you at the poverty level if you don't get this business moving. You don't have a debt problem, you have an income problem.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
What's your main job? Yeah, what's your income?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. And so we have our income together, but we don't have our debt together. So here's the thing. Student loans are not bankruptable.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So you have a $40,000 bankruptcy or $50,000 bankruptcy, you're talking about, not a $90,000. And you make, you're not going to get relief from everything by filing bankruptcy. You're just going to get relief from about half of it. And do you own a home?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. It's going to be in jeopardy depending on how much equity you have. Do you have any equity in it?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So the two of you have to commit to a clean, clear way of living where we're not deceiving each other or anyone else. All right. And you can get these two cars sold. And do you have any debt on the two cars you guys are driving?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Okay. All right. Do you actually live in D.C. or do you live in Virginia?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
In Maryland. Okay. Just for fun of it, I'll explain this to you, but it's not going to change our answer. But knowledge will help you, okay? So when you file bankruptcy, you surrender all of your assets to the court, and the court starts doling them back out to you. So the court would take ownership of your home, not formally, but technically.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And then depending on what Maryland has, type that into Google right quick. What's the homestead exemption in Maryland, Jade, while I'm yakking. And depending on what the homestead exemption is in Tennessee, it's $7,500. Okay. And so the court would let you keep $7,500 of your house equity after they sold your house to pay your debt.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If you were in Tennessee. Now, I don't know what it is in Maryland.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
But in Texas, it's 100%, and you get to keep all of it. It's exempt, and so is it in Florida, okay? So each state's different, but let's say that it's $50,000, just for the fun of it. Jay will have it in a minute, okay? But basically, your home equity is going to go to pay your debt is what I'm telling you.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So your husband's suggestion is based in not knowing what's going to happen to you if you file bankruptcy. So you find homestead exemption and bankruptcy for Maryland.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
It doesn't say what it is. It should be just a little chart pop up.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Anyway, it doesn't matter. Unless they have 100%, which I don't think they do, exemption. Okay. $25,150. Kelly just found it in the booth. So $75,000 of your home equity would go to pay your $50,000 worth of debt. So you can't file bankruptcy. You'll lose your house and it'll pay your debt. You'd just be selling your house to pay your debts, what you'd be doing.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
No. And still end up with a stinking student loan debt. Correct. Yeah, no. So bankruptcy is off the table. Okay. Even if that wasn't the case, you still wouldn't file bankruptcy when you have $120,000, $130,000 income on $50,000 worth of debt because the $40,000 student loan is not bankruptable anyway. So even if you didn't lose your house, you wouldn't do that.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
If your side hustle takes off in doubles, you'd do it in 18 months. That's right.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So you guys need to get beans and rice, rice and beans on a plan. You need to combine your debts, combine your household, combine your incomes, and combine your efforts and focus and kill this. You're not bankrupt. You're not bankrupt.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
No, it doesn't. They just use the HELOC to buy the truck. That's all. Okay. So how expensive is his truck?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Yeah. Hang on. We'll let them pick up and give you that for free. Okay. We want you to not file bankruptcy. You're not bankrupt. You don't need to file bankruptcy.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
That's not too bad. I'm not sure I believe it, though. All right. So, yeah, you guys just got to dig in, clean all the... You know, get all the tangles out of the hair, get everything straight, and then decide what you're going to cut, how much hair you're going to have left after you finish this haircut. And then you've got to be clean with each other and everybody else.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Quit hiding stuff, both of you. Wow, what a mess, girl. This is the Ramsey Show. What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
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Financial Peace Starts With Clear Boundaries
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Leona starts off this hour in Fairbanks, Alaska. Hi, Leona. How are you?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey. Jade Warshall, Ramsey Personalities, my co-host today. I'm Dave Ramsey, your host. Joni's with us in Jackson, New Hampshire. Hi, Joni. How are you?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So the way you handled that, you have a daughter that wants to punish you, and you decide to buy a cabin with her.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And do you guys have any kind of written agreement on this at all?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
Why? Why? I don't know why you did any of this. If you had $200,000, buy the cabin, don't buy the cabin, why did you put them on here knowing that this one daughter is going to be a problem from day one?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
70 okay You have made a mess That's right. This is a mess, okay? And you're really left with only a couple of options. One is to convince your daughters to deed the property over to you, given that they put no money in it to start with, and they have no rights to this morally or ethically, okay? This is an absurd deal.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
It was a dumb deal. It was a bad deal. You set yourself up to get punched in the nose. Now you're getting punched in the nose, okay?
The Ramsey Show
Financial Peace Starts With Clear Boundaries
So now the only thing you can do with this is you can convince them to deed it over to you, or you can hire an attorney and sue them and force the sale of the cabin and show the judge that they put $0 into this and that at least you get your $200,000 back before there's anything split at the sale. Now you get to decide, are you going to be able to convince them That you guys are all stupid.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
What you've done here is all stupid. You're not stupid. But what you've done is ridiculous. It's a horrible plan. And your daughters are horrible. That they took a third of this knowing that they didn't get along with their 70-year-old mother and she paid 100% of it. That's kind of like being a thief. Okay? That's kind of what that's like. So I don't really like your daughters much.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
And so I don't know that you're going to be able to convince these two dweebs to turn the thing over to you. And I'm afraid you're going to be faced with a judge to do it or you've just gotten screwed out of 200,000 because you've lost control of this because you've got a two-to-one vote and the deed doesn't have any restrictions on it whatsoever.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
You've got three people and they have two of the votes. But a judge can untangle this, and a judge can force the sale of the cabin and give you $200,000 at the sale. One other option on the persuasion side you could do is you can offer the dweeb some money to go away. I'll give you $25,000 apiece if you've got it or whatever to sign the deed over to me. Oh, gosh.
The Ramsey Show
Financial Peace Starts With Clear Boundaries
which is immoral, thievery, blackmail, whatever you want to call it, but it's going to be cheaper than court.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
What are you getting started? What do you mean? I mean, you don't have any money?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Well, what do you think it takes to get this going? Why have you decided? What you're describing to me, you need a computer and some sweat.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay, you are not ready to open a business and leave your job when you have absolutely no customers. Whale hunting in a canoe means that you don't have a clue where your customers are coming from. You're not ready to open a business, and it has nothing to do with a loan. You need some customers on the hook.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay, so now we're eating. Now, why are we whale hunting in a canoe?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Well, I think you're... No, I mean, rabbits are more plentiful. Let's kill some of those and eat.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And little to no cash. Yeah. You need enough to eat on, but I don't want you floating in a canoe looking for a whale starving to death because you didn't have any plan or any background. But if you got a plan for cash flow day one on the 1099 side, and you think they'll do that, what's the probability of them doing that?
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This is so vague, and you have not proformed this out. The business you're in demands that you do a better job of proforming than you have done so far. This is a group of vague generalities, and I'm going to go borrow money. No, you don't need to borrow money. You need to organically cash flow this little service-oriented business, and you're going to be just fine.
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Debt Isn't The Problem - Your Mindset Is
And you need to put together a business plan and process that has the probability of you being able to eat and cover the cost of basic software services. But there's no big $500,000 or $50,000 or $20,000 outlay for you to come out of the ground being a consultant.
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yeah that's i think dave people think if you build it they'll come and i think it's the opposite you've got to go get them and then build it while like you've got to build it while they're coming if you build it they will come in the movie world is called the field of dreams and the business world is called a field of nightmares so no yeah you don't you don't want to do that you need to have you need to have the
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I tell our guys all the time, hey, elephant hunting is great, but they're a lot more rare than rabbits. You can eat really good on rabbits. There's lots of rabbits. Go get the rabbits, and occasionally you stumble into an elephant, then that's extra. But let's go get the rabbits. Let's get a business model that churns cash. Here, stack some cash. You're fine, JT.
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Do not borrow into the vagueness that you are describing us. You're really going to make a mess. This is The Ramsey Show.
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Jade Walshaw, Ramsey Personality, is my co-host today. Today's question of the day is brought to you by WhyRefi. If private student loan debt is taking away your peace of mind and you don't see any way out, you need WhyRefi. WhyRefi refinances defaulted private student loans that other places won't touch. And they give you a low fixed rate loan that's custom built for you.
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So go to yrefi.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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She does. And it's her in-laws. Uh-huh. The piece of information I would like is I'd like to talk to her husband and see if he feels the same way.
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If it's bothering him to the same degree or if this is in-law drama that you are now molding or laying over on this house.
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No, I don't think it was a hidden thing, but I think he went into it and went, I bought mom and dad a house and dad's disabled. Mom got, you know, not much of a job and they pay us what they can pay us and we fix the stuff that breaks.
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And she's going, oh God, I'm dying. Yeah. You know, it's like, so I don't, I, you know, $15,000 is not we are losing tons of money over five years.
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Debt Isn't The Problem - Your Mindset Is
If you own a house, you're going to spend more than $15,000 over five years on a house.
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Debt Isn't The Problem - Your Mindset Is
Mom and dad are going to pass someday, and you're going to have a nice asset that's going up in value that you can sell.
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So I think I would, first thing I would wonder is get to the bottom and say, where is all this resentment really coming from? Is it really coming from the house? I kind of don't think it is.
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Debt Isn't The Problem - Your Mindset Is
If your mother-in-law is calling you and asking you to fix something at a house that you gave to her at a deal and you already had, you know, mother-in-law-itis, then that would just make it worse, right? Yes. I mean, that's like, well, you know, the difference in what is needed and what's nice to have.
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But, you know, it's a modest home. They're modest people. She makes a modest income. There wasn't anything in there lavish. I didn't hear a jacuzzi being installed.
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I have a rental house and it had a water leak and I had to fix them all.
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that's right i just fixed it and it's going up in value tree fell on the back porch i just fixed it it's just you know it's just you own a house and crap happens right i mean it's like um the other question that i don't i'm with you i don't think we have enough information because it's very interesting question it is and i'm impugning a lot on you patty i apologize for that but i'm trying to figure out what's really happening here and therefore to what to do with this
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If they're 57... Kick them out. you know, sell it and give them the money that it brings, whatever it brings, give them the money from it. Um, because you didn't, you didn't buy it for money. You bought it to help them. And you know, if you want to give them the, whatever proceeds are, cause you're going to have made some money to your point from 2019.
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So, uh, yeah, that's, that's, that's part of it. And, um, yeah, yeah. And, and I think then I would want to just really ask, I don't know, um,
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I mean, I don't care if you give them the money. I mean, you sell the house and whatever. I don't know if there's a mortgage here or not, but pay off all the expenses and then whatever money you've made on the house. Give it to them. I don't care. Oh, I'll tell you the other piece I don't know right here is I don't know Patty's income.
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If Patty makes $300,000 a year, stop whining and deal with it.
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Debt Isn't The Problem - Your Mindset Is
If Patty makes $55,000 a year, then you did something you couldn't afford to do here.
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And that's where some of this drama is coming from is the pinch. um because it's like oh it's we're we're but we're uh it's been very taxing emotionally and financially yeah okay i don't understand it's um 15 grand is not taxing emotion i mean it's not but so uh that that's yeah it's a lot of details maybe call in sometime patty Yeah, we'd do that.
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Debt Isn't The Problem - Your Mindset Is
So you can contact them back off the email if you want to, James. We'd take the call. Because I don't know what to do. But I think we could give a couple of scenarios, if then. Okay, kind of flow charted. If they're super old and you make a lot of money, then this drama is in your head. Calm down and suck it up.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
If they're super young and you don't make a lot of money, maybe you need to move them out and sell the house.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I think those are the two variables that could be there. I don't hear a lot of mother-in-law drama, but I just think it was curious to me how much drama she had, and I wondered if her husband would feel exactly the same way. I bet he doesn't.
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Debt Isn't The Problem - Your Mindset Is
Okay. I don't care. The thing is, I don't... You're not selling it because you need money.
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Debt Isn't The Problem - Your Mindset Is
Selling it to get rid of an emotionally and financially draining situation, to quote her.
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Debt Isn't The Problem - Your Mindset Is
Could be, and it could just be that. The drama. I'm tired of giving them anything. I'd rather put it in my account.
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Debt Isn't The Problem - Your Mindset Is
Not going there. Not going to do that. You're right. You started the whole thing right when you said you shouldn't have done it.
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When you're trying to help your parents, you're trying to help your own kids, you do not enter into a process that does not bring them to sustainability on their own. And so you get them up where they're standing on their own feet and you let them go. So whatever you're doing, create a situation that gets them up on their own feet instead of a continuous drain.
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And so you people pay in your 28-year-old's private schools for their kids. That's not sustainable. You shouldn't have entered into that. This is The Ramsey Show.
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Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
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What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
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You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
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Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
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Jade Walshaw, Ramsey Personality, is my co-host today. Open phones, 888-825-5225. Sam's with us in Lansing, Michigan. Hey, Sam, welcome to the Ramsey Show.
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You realize the interest payments aren't the real problem in your house, right? How long have you been married?
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Don't think it is, do you? No. It's not been working for some time, like ever in your married life. It just was revealed. It was just revealed a couple weeks ago. Correct. Yeah, you all are not on the same page. Not at all.
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Debt Isn't The Problem - Your Mindset Is
Is she revenge spending because you're gambling?
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Debt Isn't The Problem - Your Mindset Is
And how, all right. So, um, I think the thing that, number one, when we're meeting, when we're researching millionaires, one of the things we find typically among, and we've done the largest study of millionaires ever done, Sam, is that the husband and wife are working together. and there aren't secrets, and there is not impulsive spending.
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Debt Isn't The Problem - Your Mindset Is
And the number of millionaires in our study that became millionaires in a casino is precisely zero. The number of millionaires in our study whose wife or husband hides their finances from them because they don't have good communication is precisely zero. So those are the things that concern me more than the actual credit card debt. Do you see what I'm saying?
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Debt Isn't The Problem - Your Mindset Is
What's his income at the insurance company?
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Debt Isn't The Problem - Your Mindset Is
So if you guys want to prosper and do extremely well, which is our goal to help you because we love you, we want you to win, it would entail combining your finances, only one checking account, and a budget meeting every month that the two of you sit down together. Both of you have a vote. For some reason, she doesn't think she's got a vote. She had to hide it.
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Debt Isn't The Problem - Your Mindset Is
from shame or guilt or something um and we've got to rebuild trust which has been violated here and uh the two of you together she has a vote you have a vote we are in agreement about what our future goals are and where we're going from there and so um you don't agree with this but i'm going to tell you what i think okay because you called here um i think you both did something stupid and the only good news is it cancels out
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Debt Isn't The Problem - Your Mindset Is
I think you got lucky. Instead of losing a pile of money, you came home with a pile of money. That's the worst thing that can happen at a casino because you're so dumb. Then you go back again thinking you're that guy. And so I'm cashing this money out, paying off these credit cards.
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Debt Isn't The Problem - Your Mindset Is
We're going to combine our finances and we're going to set a goal where we're very diligent, very steady, not flashy to save up a down payment for a home together. In the meantime, whatever spending we're going to do that is reasonable spending, the two of us are going to be in agreement every single month before the month begins.
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Debt Isn't The Problem - Your Mindset Is
And not following through on that, you or her is lying to your spouse. And so what she did here is not cute. It's not funny, and what you did here is not cute, and it's not funny. It can be devastating if it's extended out and forward. Both of them can be.
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Debt Isn't The Problem - Your Mindset Is
And so I'm fussing at you because I love you, and I want you to win, but if you were my kid and you're 30 years old, this is exactly how I would talk to you and what I would tell you as your friend. Not because I'm your dad, but because I love you and because I want you to win. And so, Sam, if you haven't had in our world, we call what she did financial infidelity. Yeah.
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Debt Isn't The Problem - Your Mindset Is
Because it activates the same place in you that sexual infidelity does because it's a violation of trust.
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Debt Isn't The Problem - Your Mindset Is
to run up $24,000 and destroy or rather delay your dream of buying a home because of financial misbehavior and a lie.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Thank you. Thank you. Thank you. Thank you.
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Debt Isn't The Problem - Your Mindset Is
The insurance agency was yours, and you sold it or gave it to him?
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So you had a book of business, but what did he come into? He didn't take over your book, did he?
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Debt Isn't The Problem - Your Mindset Is
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The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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Debt Isn't The Problem - Your Mindset Is
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Debt Isn't The Problem - Your Mindset Is
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Debt Isn't The Problem - Your Mindset Is
Okay. When you get that straight in your head, all of a sudden it changes everything. Because if everybody's fed and the lights are done and the water's paid and the house payment's paid, I mean, we live to fight another day. But if we pay MasterCard and then we don't have enough money to feed the triplets, dadgum, that's not fun. Been there, done that. That terrorizes your butt, doesn't it?
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Everydollar.com slash budgeting. Sign up for one of Jade's webinars. She'll walk you through what we just did. This is The Ramsey Show.
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I hear you're disgust for his behavior in your voice. And I also hear a dad that loves his son even though he's been stupid.
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All right, business owners, last call. The pre-sale for the brand new book, Build a Business You Love, ends April 15. Pre-order now and get over $350 worth of free bonus items to help you hire smarter businesses. lead stronger, and grow faster. This is not theory. It's the system I use to grow my company from nothing and the same framework we've coached thousands of business owners through.
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You can only get the bonuses at ramseysolutions.com. So don't wait. Pre-order now. Jade Walsh, all Ramsey personality is my co-host today. Open phones at 888-825-5225. You jump in. We'll talk about your life and your money. Jared is with us in Coeur d'Alene, Idaho. Hi, Jared. Welcome to the Ramsey show.
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So I guess there's two options. One is you bail him out, which doesn't sound real appealing. If you don't bail him out, what happens? He just has to work with the IRS for a lot of years and actually grow up.
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No, not – you know, your job is not the macroeconomy. Your job is to run your business, and that means take care of your family and the families that you pay. That's your job. The macroeconomy discussion is that when things go – when the cost of a loaf of bread, the cost of a service, the cost of a –
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pack of hot dogs whatever it is you want to call it a gallon of gas when when the cost of that goes up one of the reasons the cost of the item has gone up to the consumer when you raise your prices in business is because their cost of goods has gone up if their cost of goods are you know for instance if I make a if we print a book a total money makeover a baby steps millionaires book well the cost of paper has gone up 30% in the last 24 months and
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All right. And so that's going to be built into my pricing on the next book that we put out. Agreed. If the cost of that book includes a dock worker to do the shipping and a truck driver to deliver it, and both of those people get paid more by me to bring me that book, then now the cost of that book has gone up again.
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The paper cost went up, and the labor cost associated with delivering that went up. And so anytime you pay people more,
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inside your business you have to absorb that in price changes and so price increases are always not always but they they they're they have you have to do a price increase to stay open otherwise you're not profitable to cover your actual cost of goods and cost of labor and when the margin you're in a business and when the cost of labor goes up due to cost of living raises or any other races
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Just a shortage of workers. An example of that is, you know, we told when America got Fauci, we told all of the service industry, all the waiters and the people that make your beds at the hotel and the people in the service world that they weren't essential. And we sent them home, told them they couldn't work. If you're a restaurant worker, you're not allowed to work.
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And in some places, we did that for a month. Other places, we did it for a year. When you tell people they're not essential and then you want them to come back, they remember how you pissed on them last time. And so guess what? You want to hire somebody in the service world today? Pre-COVID, you might have done that for $10.
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Now you might be looking at $25 because there's a shortage of workers in those industries still to this day post-COVID. And so, you know, the economic implications of COVID are still shaking out. It created a labor disruption and a labor price change.
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uh and we've seen it in other areas of labor as well our cost of what we pay someone to work here at ramsey has changed in some of the areas pretty dramatically and some of the we do comp studies to see where they're charging so yeah then that means that if i'm gonna uh be profitable i have to raise a price somewhere and so that person that buys that pays more and that's called inflation
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Debt Isn't The Problem - Your Mindset Is
But I mean, what he's pointing out, and I think it's good for people to hear out there, is when you're walking around with a little picket in your hand and you're saying, I demand... 15 i demand 22 where i was making 10 to work at mcdonald's then the cost of mcdonald's goes up to cover your idea of you being worth more then you don't get to bitch about paying more for stuff because you caused it
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
That's what he's talking about. And so you can't go, I don't like the fact your fast food prices all went up. And yet you're walking around demanding that the cost of labor at a fast food place go almost freaking double. Yeah. And then can't, you know, of course, you know.
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It costs more. I mean, that's how it works. Because these businesses are not evil and greedy, but they also are not not-for-profit. That's right. They have to make a profit to stay open. And, oh, by the way, even nonprofits are profitable. A nonprofit that isn't profitable closes.
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It's out of business. It's gone. Nonprofit is not an actual dollar amount of they didn't make more than they spent. It's just an accounting entry and an IRS designation. But they actually, you know, your church has to take in more than it puts out. Otherwise, it closes. So nonprofits are profitable. Hello. And so if the cost of electricity at your church goes up, then there you go.
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Debt Isn't The Problem - Your Mindset Is
I mean, if the cost of staffing at your church goes up because you're competing in the marketplace for that creative position at the church, that music director at the church, you're competing with the marketplace, then it costs more to operate that organization. And some organizations haven't survived that.
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Debt Isn't The Problem - Your Mindset Is
So, yeah, inflation includes cost of labor. And when you had a labor disrupt disruption like the quarantines created, we haven't seen we've seen most of the end of it, but we haven't seen the complete end of it yet. It will calm down and smooth out eventually. But even a little three percent, five percent cost living raise. then gets built into the thing.
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Debt Isn't The Problem - Your Mindset Is
And you can't really, in business, I can't stand against that and go, well, I just refuse to raise my prices. Well, you're going to refuse to stay in business. You know, that's just kind of dumb. So the next book you buy from us, get ready. The price is going to be more. It's hello. You know, those $10 sales we run? Got to be $12.50. They're about done. I'm just saying.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
We're about done with a $10 sale because a $10 sale is about backward. It's about upside down now, and I'm about done with it. So that was helpful for a while, but been doing them for 10 years, and, you know, cost of paper kicked my butt, and so I'm going to pass on the butt kicking.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
That's how this works. That's how it works, y'all. I mean, it's just this is how it is. So if you think it's otherwise, then you're being naive. But it's interesting to me that we teach so little civics and so little economics today that people can't make a basic connection between.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I demand to be paid more, but then on the other hand, I'm going to bitch about inflation.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
When you freaking caused it. You're the essence of it. I mean, you know, I can't believe the cost of bread. Well, it cost about twice the labor to put the bread on the shelf now that it did. So, I mean, almost double. It's crazy. And you can't even get the help. Can't get people to show up because they're sitting at home in their other's basement playing Nintendo. It's nuts. So...
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We don't have that problem at Ramsey because we're not dealing with that level of labor. We're dealing with a high class generally here. So we got a whole different set of things that we deal with that are wonderful by and large. But yeah, it's a great discussion, Jared. And the problem was you pulled the string on the monkey.
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So you got the soapbox response because I can go on for days about this. But it is interesting how ignorant. You know, some of this wealthy quality stuff is and all this stuff. They're ignorant of the connection, the unintended consequences of their little shallow ideas.
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Just wow. This is the Ramsey Show. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio. All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards.
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They all store your info online, making them ripe for a cyber attack or data breach. That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim.
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It's the most thorough and affordable plan out there. I even have it for my family and our entire team. Visit Zander.com or call 800-356-4282. All right, this one's for my classroom superheroes, a.k.a.
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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. Jade Warshaw, Ramsey personality, is my co-host today. I'm Dave Ramsey. The phone number is 888-825-5225. Jeff's in Indianapolis. Hi, Jeff. Welcome to the Ramsey Show.
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Jade Walsh, our Ramsey personality, is my co-host today. Open phones at 888-825-5225. Sam is in Daytona Beach. Hi, Sam. Welcome to the Ramsey Show.
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I mean, you can put it in a mutual fund and add to that mutual fund and make that your down payment fund two years from now, three years from now.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay. So just go to RamseySolutions.com. Just go to RamseySolutions.com and click on SmartVestor. And you'll find a group of SmartVestor pros in the Daytona Beach area. You can choose from among them which one you would like to work with.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And you want someone with the heart of a teacher because it sounds like you're new to investing. And they'll sit down and teach you about investing only after you have learned and feel competent and comfortable.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Do you invest and don't ever invest in something you don't understand. But if I woke up in your shoes and if I had given you that gift with that guideline, I would be happy with you using some basic mutual funds to let that be parked in until and add some to it as you go along for a future down payment.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yeah, you should be able to do great with it. That should be excellent.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Jill is with us in Phoenix. If I push the right button, Jill's there. Hi, Jill's with us in Phoenix. Hi, Jill, how are you?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
um and i started saving for a house i went to basically i skipped partial step two and went to step three and we started saying we paid so all your you and your current husband paid off all your other pre-marriage debts from the other marriage except this debt and what is this debt how big is it it's a hundred thousand dollars and who's it oh two and the irs oh okay and how did you end up a hundred thousand dollars in debt to the irs
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Did you have an income during that time? You personally?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And you didn't file taxes on that income? Did you file taxes on your income during the seven years?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay. So his business was complicated. You didn't file on it. And how did the $100,000 come about? Who decided what that was?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Why in the world did you file filing jointly while you're going through a divorce? Why didn't you file separately? You would have only been responsible for the taxes on your income.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I don't believe you. I think your attorney just mailed it in. That's not logical. The judge required you file your freaking taxes. I don't argue that. But he didn't require you were as liable that you had to pay taxes on his business that he didn't file on.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
No, it's joint and several. She's liable for all of it until it's all paid.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
No, he's not. The divorce decree says that, but the IRS says you owe $100,000.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay. I got to tell you, there's a couple courses you can go through here. One course you can go through is you can pay the $100,000 and hope you get his $40,000 back out of him, and I wouldn't give you much hope for that, and you move on with your life. That's a fairly easy course to take.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
That's the easy one. Okay. Here's the one I would do, though, and it's the hard one. I would hire another CPA or rather a tax attorney, and I would go back before the probate courts where the divorce was done and challenge that judge's ruling and refile under the innocent spouse provision because I don't think you're liable for his taxes.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
and you're innocent of his, ask your tax attorney about the innocent spouse provision. This is where a spouse just signs off on everything, and the other spouse is running the business, and they just sign off on it. Then they don't get half the thing. They get out scot-free. And you'd be liable for your income, the taxes on your income during that seven years, but not on the business's income.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And I'm challenging that judge's ruling if I'm you. It's going to cost you $10,000 to do this.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yeah, but I would do it. This is The Ramsey Show. Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night. Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today. Jade Walsh, all Ramsey personality is my co-host today. Hey guys, if you didn't know, I love talking to you about money. We also help small businesses, about 10,000 of them across America. And we have a podcast called Entree Leadership.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
It was actually the very first podcast we ever did at Ramsey. And it was run by other Ramsey personalities and interview style and stuff over the years. I took it over about two years ago and started taking calls from small business people about leadership and small business questions. It's called Entree Leadership Podcast. It's Very popular in that world.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And if you want to be part of that and you'll run a small business, you got a question about it, you can call and leave us a voicemail there at 844-944-1070, 844-944-1070. Or you can go to entreleadership.com slash ask. Leave your question and our team will get you set up to be a caller on there. Also, a reminder that this is the last portion of the show that is broadcast over YouTube and podcast.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
There's another portion coming up that is on the Ramsey Network app and on some talk radio stations around America. And so if you want, the Ramsey Network app is completely free. So you can finish this version of the show, video or audio online. or both, and just jump over to the Ramsey Network app. It's completely free.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
There's all kinds of stuff you can do there, like search calls by subject, find out what we've got to say about any certain thing, type it in. You can type in an email and send it to us. We'll answer it here on the air. We do a lot of stuff that's really fun over on the Ramsey Network app, so be sure you check all that out. Ryan is with us in Hartford, Connecticut.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I'm sorry, I didn't hear you. You cut out. Apparently, the company your father worked for, what?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I'm sure you don't have an extra $55,000 laying around.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yeah, they have to withhold 20%. That's the rule if you take a withdrawal. But this is an involuntary withdrawal without any contact to you or anything, which is completely, at a minimum, unprofessional.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay. Under the SECURE Act that Biden passed, you have 10 years to liquidate the 401K completely. You should have been liquidating it at one-tenth a year from the time the SECURE Act passed two years ago, and you've not been doing that.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I know. So I'm trying to figure out how that plays into this and how hardcore. All right, let's pretend that we figure out a way to lean on them and they cancel the check and... put the money back into the 401k so that you can roll it over within 30 days, which is what they should do if they're people of integrity. This is a problem. It's not technically unethical.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I think these are two separate questions. Do you help him today? Yeah, they are. Yeah, do you help him today? Jade and I are both saying, sadly, I probably wouldn't. I probably would.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
It's just so nasty that it ought to be unethical. It's a big investment.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Go to RamseySolutions.com and click on SmartVestor and find a SmartVestor Pro in your area that you like after talking to them on the phone. They may be able to call on your behalf and talk them into undoing this and immediately rolling it, and they'll help you with the rollover. They may be able to cite a regulation or something that I'm not aware of.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
When you started talking, I thought you were going to tell me this was a tiny little 401k, like a $10,000 401k. And they were just cleaning out all the little ones. Sometimes they do that when a company sells or in the event of an inherited 401k like you've got. But this is huge. This is a lot of money. And with no notification at all, this is particularly nasty.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And so if they had simply notified you, you could have quickly rolled it over and avoided this.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And then do I change the will? In a few years, I might. You can change it now. You can change it later.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I don't think you've got a basis for suing them, but I'd be tempted to. I really would. I mean, because you're talking about $25,000 or $30,000 cost here. That is unnecessary.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
No, it's the taxes on $55,000. The $55,000 is going to be taxed, not penalized.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
They cut me a check for $245,000. I understand. They took $55,000, they sent it to the federal government as tax withholding, and it's not all taxable. Because you're going to roll the rest of this. If you take the check in your hand and you roll it to a 401k, the only harm that's going to come to you is the taxes on the $55,000, which is going to be $15,000 or $20,000.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Honey, you haven't paid anything yet. They withheld your money, $55,000, and sent it to the federal government. Then what you do is you file a tax return of what is actually due, and what will be actually due is not $55,000. It'll only be the taxes on $55,000 if you take the check in your hand and put it into an IRA traditional within 60 days of right now.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
So you need to get on the phone with SmartVestor Pro right now because at least we need to do that. Okay, I will. So the worst case scenario, if you follow through on what I just told you, is taxes on $55,000. Because the government has $55,000 of your money as if you're going to get taxed on the whole thing, and you're not.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Because you're going to roll the portion in your hand, which is 80% of it, into a traditional to keep you from getting taxed. You've got 60 days to do that from the time withdrawal. So, folks, you can pull your money out of 401k. They have to withhold 20%, but you have to put 100% into an account within 60 days to avoid taxation. He can't do that because they've already sent him.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
You could leave it in trust for the granddaughter and bypass it, bypass the kid that can't seem to find his way. Yeah, that's so sad. This is The Ramsey Show.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
But he can't do that because they've got 55 of his money over at the IRS now. And so if you just take the 55, then you're going to pay some taxes, but not 55. So there we go. This is The Ramsey Show.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Jade Walsh, our Ramsey personality, is my co-host today. Graham is with us in Knoxville. Hey, Graham, how are you? I'm doing well, Dave. How are you? Better than I deserve. What's up?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yeah. I would not buy until you're married, for sure. Is that what you're talking about?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
So you pay off the debt, you'd have an emergency fund, plus you'd have a down payment.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay. Then according to the baby steps and what we teach, you would be in a position to buy a home. Let me tell you an idea to think about, okay? And it's not a hard and fast, I wouldn't call you stupid if you didn't do it or something like that, but here's an idea to think about.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I think, because I'm old and I've seen a lot, that one year after you're married, you will pick a different house than one month after you're married. Because I think you will learn a lot about each other during that year. And I always joke and say it takes about a year of marriage to know how close to your mother-in-law to buy. But that's the kind, you know, you get to know each other.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I would rather relationally you spend the first year of your marriage, all of your energy on your relationship, not on hanging curtains. and picking wallpaper, and for God's sakes, doing a renovation. Okay? So, I mean, I just, I love the idea of the house not being the purchase, the move, not being an emotional, relational drain.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Instead, you all just get really comfortable with each other and pile up a big old stack of cash. And the following spring, buy a house. I like that. And it comes from the Old Testament biblical story in 2 Samuel that the young warriors in Israel in those days were not allowed to go to battle in the first year of marriage. They had to stay home and take care of the family.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
They were not allowed to go to battle until they'd been married at least a year. And so that – It's a bit symbolic or metaphorical, if you will, and it's not something that you would be completely unwise and stupid and foolish and all that. No, it's none of that. I just think you're going to make a different decision a year later.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
We've been dating six years. Yeah, you haven't been living together.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I mean, you've not been married together. You might have been living together. I don't know what you're doing. Yeah, but it's different. It's a different deal, man. And it's not that dramatic, really, but it's subtle. And the thing that that makes you do is it makes you push back against the whole culture that's yelling at you. Buy a house, buy a house, buy a house.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Oh, renting is throwing your money away. Buy a house, buy a house, buy a house. Oh, renters are going to hell. Buy a house, buy a house. You know, people are just go crazy. They're like a beagle chasing a rabbit, man. And it's just, you know, it's okay to have a little bit of patience. Home ownership is a great plan. Owning a home and getting it paid off is a great financial wealth building plan.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
But everybody doesn't have to buy a house right now. Just calm your butt down. You know, it's like, ugh.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And who knows what the interest rates will do during that time. It might be fun.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Okay, just checking. I'm just saying we'll be after an election at that point, and we'll see what's happening.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
That happens around here a lot because, yeah, I've seen things. You get old things circled back around. If you keep the suit coat long enough, it comes back in style. All right, here we go. JT is in Santa Fe, New Mexico. Hi, JT, how are you?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Yes. You just called the Ramsey show, JT. I know. You walked into the bear cave and asked the bear if it was hungry.
The Ramsey Show
Financial Chaos Can Derail Your Future
Folks, when you jump on your EveryDollar app and do your budget for the first time, and you say, this is how much is coming in, and here's where I know it's going, and then there's this big pile of money left over, you're going to go, what am I doing? I'm spending like I'm in Congress. What am I doing? You're going to have that moment where you feel like you got a raise.
The Ramsey Show
Financial Chaos Can Derail Your Future
Ouch. Okay, here's the thing. Not paying taxes is not a criminal act. Not filing taxes is a criminal act. That's what's weird. We do not have a debtor's prison. They don't put people in jail for not paying their taxes. But they do put people in jail, about $2,500 a year, for failure to file. Okay? So that's the danger that you're in. I'm more concerned about that than I am the payment plan.
The Ramsey Show
Financial Chaos Can Derail Your Future
The human brain reacts more aggressively and positively towards bad news than it does the unknown. You might have cancer. It's going to be three weeks before you tell you. That's three weeks of hell. And then they say, you got stage three. Bring on the chemo. You're like, at least I know what it is. The devil I know. Let's fight it. Here we go. Game on. But the unknown will drive you bananas.
The Ramsey Show
Financial Chaos Can Derail Your Future
This is the Ramsey Show. Ken Coleman, Ramsey Personality, is my co-host today. Melissa is with us in Rochester, New York. Hi, Melissa. Welcome to The Ramsey Show.
The Ramsey Show
Financial Chaos Can Derail Your Future
No, I'm talking about the structural issues. What did she change?
The Ramsey Show
Financial Chaos Can Derail Your Future
Well, no. If you didn't permit, you changed the square. She changed the footprint, right?
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, that's why. Well, they have no way of knowing what happened there. Right.
The Ramsey Show
Financial Chaos Can Derail Your Future
So, no, you don't have any liability. Nothing to worry about. There's nothing to worry about.
The Ramsey Show
Financial Chaos Can Derail Your Future
Right. Nothing to worry about. And that's why I asked the code question. Did she rewire the house without getting an electrical permit?
The Ramsey Show
Financial Chaos Can Derail Your Future
Did she replumb the house without getting a plumbing permit?
The Ramsey Show
Financial Chaos Can Derail Your Future
She added one bathroom. Yeah, okay. Is the construction done of reasonable quality?
The Ramsey Show
Financial Chaos Can Derail Your Future
I don't think you got a thing to worry about. Nothing at all. I think you got a thing to worry about. It would have been better to permit it, but lots of people do that kind of stuff. I mean, that's a fairly normal practice. Yeah. Some municipalities are much more strict than others. I can't tell you that, you know, Rochester, New York is not like the toughest in the world or something.
The Ramsey Show
Financial Chaos Can Derail Your Future
I don't know that. But in general... Most people, you know, it's inside the footprint. She didn't change the dimensions of the house. And, you know, she didn't illegally do a trade other than adding a bath. I really, truly, I don't think you get a thing to worry about.
The Ramsey Show
Financial Chaos Can Derail Your Future
She's going to borrow against it. Well, and here's what's going to happen is she's going to screw it up. And then she's going to try and leave it to you when she dies. And you got the mess again. You're going to get it back. This thing's a boomerang.
The Ramsey Show
Financial Chaos Can Derail Your Future
I don't think you're in trouble because 99% of the time that you're not some public figure that you come and self- five, you know, you, you catch up your filings. They're just all late. Um, you don't get into any criminal issues, but I want you to get it done now. I don't want them to come find you. Okay. I want you to go to them like immediately, no later than the middle of January.
The Ramsey Show
Financial Chaos Can Derail Your Future
And you have a paid-for house that's all run down?
The Ramsey Show
Financial Chaos Can Derail Your Future
You have a paid-for house, but it's all run down?
The Ramsey Show
Financial Chaos Can Derail Your Future
And what are you getting ready to do for a career now?
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. I would not deed it back to her. I would either sell it to an investor as is, and you guys go about your merry way, or I would sit there with a plan to gradually do the repairs that need to be done out of cash from your new job. Part of this is you want to get rid of all the negative things that your mom represents by getting rid of this house.
The Ramsey Show
Financial Chaos Can Derail Your Future
I'm sorry. The house is yours. How does she rent out your house and she collects the rent? Y'all are weird.
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. You don't have boundaries is the bottom line. I think you might be right, Melissa. Actually, I'm going to change my mind right here in the middle of this call. Wow. I think you deed it to her and let her have it, and you go have a life. And when she passes away, you auction it off. Don't you ever move in it.
The Ramsey Show
Financial Chaos Can Derail Your Future
I think this house and all the chaos that occurs around your mother in this house is all a huge negative spot for you, and a clean, fresh start in criminal justice system is a great thing for you. Clean, no chaos, simple little one-bedroom apartment, and you build up some cash again, and you've come out even.
The Ramsey Show
Financial Chaos Can Derail Your Future
She gave you the money back that you used to save the short sale, but you can just push all of this chaotic chaos weirdness over to the side and not have to worry about it anymore. And just, I would, yeah, I would talk to a title company and I'd deed it out of your name into hers and you go move.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah. You have to stay away. You rent your own place. You have to have your life completely separate, completely clean. All the chaos stays over there on her side of the fence. Don't help with the roof. Anything around this mom figure is chaotic. I can smell it in the air. She's a character. Yeah. Mom's a character.
The Ramsey Show
Financial Chaos Can Derail Your Future
And then you're sitting there trying to be a normal person in the middle of this character. And that's why I called y'all weird. So I couldn't figure out how you own the house and she's collecting the rent. But now I'm starting to understand. So, yeah, I think it is a good idea. Let's just get away from it. But not because of the remodeling. because of the chaos around your mom.
The Ramsey Show
Financial Chaos Can Derail Your Future
And this is never going to be, it's always going to be the weird part of your life until you give it a little bit of distance and a little bit of a boundary. All right, Casey's in St. Petersburg, Florida. Hi, Casey, what's up?
The Ramsey Show
Financial Chaos Can Derail Your Future
You know, that's the panic. Then the second issue is how do we pay it? Well, number one, we've got to assess the damage and figure out from the actual filings, what you actually owe. And then, you know, your worst-case scenario is you're selling some stuff and putting the KGB, I mean the IRS, on a payment plan. Okay?
The Ramsey Show
Financial Chaos Can Derail Your Future
What we're going to do is just do what we do in Financial Peace University. You're going to live on beans and rice, rice and beans. You make a wonderful income. And as a nurse practitioner, you can also pick up some side gigs called ER on the weekends, and it pays really well. I want you working all the time. I want you spending no money. No restaurants, no eating out, no vacations, no life.
The Ramsey Show
Financial Chaos Can Derail Your Future
And now we're making $150,000, $160,000. We're going to live on about $40,000, and we're going to throw $100,000 at this student loan debt. And you're going to be 100% debt-free in around two years. But it's going to be two years of hell, so get ready. It'll be worth it, though, because you'll be free. That's exactly how you're going to attack this, with great focused intensity. Good question.
The Ramsey Show
Financial Chaos Can Derail Your Future
I'm proud of you. Get at it. Holler if you need some more help. Ken Coleman, Ramsey Personality, is my co-host today. Thank you for joining us. Hey, guys, if you've been listening to the show and you're enjoying it, we could use your help. Literally. I mean, really, we need your help.
The Ramsey Show
Financial Chaos Can Derail Your Future
It changes everything if you will subscribe on YouTube or follow or whatever the method is on whichever podcast platform you're on or just tell people about the radio station you're listening to. Whatever it is, let people know. And a lot of people have like a share button on some of the things, and you just click it and send it to three friends and go, hey, check this podcast out.
The Ramsey Show
Financial Chaos Can Derail Your Future
Check this YouTube guy out. These people over here are making a difference. They're helping people. Leave a five-star review. That helps. Do the likes and that kind of stuff. That helps. Anything that helps the algorithm on those particular platforms, push our show forward. We know a bunch of you are sharing and subscribing and following. Because we see your numbers, number one.
The Ramsey Show
Financial Chaos Can Derail Your Future
But number two, we see our rankings going up in every one of these platforms. So thank you for helping us with that. It doesn't cost you a thing. And it's a way that, you know, we're not going to spend like $300 million on On a football stadium to tell you we're here like, or something like that. Excuse me, I got allergies. But yeah, you don't want to do that. And so we're not going to do that.
The Ramsey Show
Financial Chaos Can Derail Your Future
We're not like that. But you guys are our biggest champions to help us move this thing forward. We need to create a crusade in America and have a renaissance in the art of living well, having the right career, the right mental health. the right ways of handling your money. I mean, we the people can do better.
The Ramsey Show
Financial Chaos Can Derail Your Future
We don't need someone else to tell us how, but hey, we'll lead the charge if you'll help us. It's that simple. Kara is with us in Indianapolis. Hi, Kara. How are you?
The Ramsey Show
Financial Chaos Can Derail Your Future
So, because, I mean, if you were doing mortgage origination in 2020, you made some bank.
The Ramsey Show
Financial Chaos Can Derail Your Future
Did they pay you anything or pay moving expenses or a signing bonus or anything when you took this current job?
The Ramsey Show
Financial Chaos Can Derail Your Future
What we're saying is, are there any strings attached? The four-month-old job, do you have anything you owe them because they paid for you to move or they gave you a signing bonus and now you're going to take the signing bonus and run? Nope. Okay. All right. So you just took a job, didn't cost them anything, and okay. I'm with Ken.
The Ramsey Show
Financial Chaos Can Derail Your Future
I think you just be sensitive to how would you want to be treated if you were them. If I'm them, I'm disappointed, but this great lady is going to go. She's got something that she likes better. She's going to go do it. There's not a lot I can do about it, so I'm going to be classy about it and say, well, I certainly understand. Are we going to do a two-week notice, or what are we going to do here?
The Ramsey Show
Financial Chaos Can Derail Your Future
And, you know, just be honorable and kind and kind. Tell the truth and just be, you know, I think you say out loud, I'm sorry. I did not take this job intending to do this. This fell in my lap and it's something I've always wanted to do and I'm going to take it. But I do feel bad about the way this worked out and I'm sorry.
The Ramsey Show
Financial Chaos Can Derail Your Future
Oh, good. Okay. Because you're probably going to have a $100,000 tax bill.
The Ramsey Show
Financial Chaos Can Derail Your Future
Well, you understand as a human that has good relational skills that you've greatly inconvenienced someone and actually cost them money. That is correct. Because when we put somebody on at Ramsey, it costs us quite a bit of money to onboard somebody. And then they turn around 90 days later, they're gone. It's a net loss for us. That's correct. But I also don't want them to stay here if...
The Ramsey Show
Financial Chaos Can Derail Your Future
They have their dream job. That's right. And further down the line, though, I don't want to be, as an employer, used. You know, I'm going to take this job and then keep looking. Correct. And all over the place. If I can get 10 cents more, I'm going to jump. I agree with that. That is a lack of ethics. I agree. And job hoppers are very different. That's not hopping. That's just speculating.
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. If you've got two years of that, you will.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, that's wrong ethically. But that's not what Kara's doing. No, no, no. Good job. Oakley's with us in Cleveland, Ohio. Hi, Oakley. Welcome to the Ramsey Show.
The Ramsey Show
Financial Chaos Can Derail Your Future
How much debt do you have, not counting your house?
The Ramsey Show
Financial Chaos Can Derail Your Future
And so if you lived on $70 and made $120, that'd be $50 not counting taxes. You'd be out of debt in a year. You follow me? Yep. We've got to count taxes so you're not going to make it in a year. But that's the math. Yeah. That's the math. You've got a good-sized shovel and a medium-sized hole. This is very doable. Now, what do we do?
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah. So you're going to give them what you got to limit it, and then you're going to work out the payments. What you've got to have is a real tax pro in your corner right now. And if you'll go to RamseySolutions.com and click on the tax ELP for your area there in Oklahoma City, I know them. They're good people.
The Ramsey Show
Financial Chaos Can Derail Your Future
We get on a written budget on EveryDollar and go to EveryDollar.com and sign up for – slash budgeting and sign up for one of our free webinars on how to use the budgeting app. to get things under control, and you and your wife sit down. You stop all investing. You take any money you've got that's not in retirement, and you throw it at this debt. We're going to list the debts smallest to largest.
The Ramsey Show
Financial Chaos Can Derail Your Future
We're going to attack them with a great intensity, a great vengeance, like, ah!
The Ramsey Show
Financial Chaos Can Derail Your Future
like paint yourself blue and wear a kilt right i mean you're getting after it right you know what i'm saying and so you knock it in the head you knock it in the head you knock it in the head you're not doing we're not going on vacation we're not eating out we're going to take our lifestyle down to scorched earth and we're going to live on less than 70 000 so we can pay off 50 with a 120 income in around a year and you can do that what's your smallest debt uh it would be my
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. Yeah. And so you're going to have that done in a little over a month. Boom. One done. And you just keep doing it. Just keep doing it. Keep hitting it. Keep hitting it. Keep hitting it. Keep hitting it. And that's the process. So jump on everydollar.com slash budgeting and sign up for Rachel Cruz, Jade Warshaw, or... George Camel doing a webinar for free.
The Ramsey Show
Financial Chaos Can Derail Your Future
And get yourself into that EveryDollar app and get this thing going. You can do this. It's called the Debt Snowball. List them smallest to largest and attack them in that order. 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.
The Ramsey Show
Financial Chaos Can Derail Your Future
I'm Dave Ramsey, your host, Ken Coleman, Ramsey Personality, number one best-selling author and host of The Ken Coleman Show, where he helps you have a better life. at work and at your career and all of those kinds of things. So we're going to talk to you about your life and your money as we always do. The phone number is 888-825-5225. Josh is with us in St. Louis, Missouri.
The Ramsey Show
Financial Chaos Can Derail Your Future
They can sit down with you and help you first get the filings done and then secondly negotiate the payment plan and how much of this you've got to throw at them to keep them off your bank account. Because we don't want them putting liens on everything after you file, but also don't want them putting bracelets on you that connect because you didn't file.
The Ramsey Show
Financial Chaos Can Derail Your Future
So the prenup was for the potential inheritance?
The Ramsey Show
Financial Chaos Can Derail Your Future
When did the prenup discussion come up? After you were engaged?
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, okay. So... All right. You know, the only way I know how to answer a question is what would I do if I woke up in your shoes, okay? So when my children were married, my net worth was in excess of $100 million already at that point, and none of them signed a prenup. And we didn't ask them to. None of my in-laws signed a prenup, and we didn't ask them to.
The Ramsey Show
Financial Chaos Can Derail Your Future
Now, I have my estate plan set up to where certain things are controlled only by Ramsey Blood and trusts, so you can't get to them in the event of a divorce, thing number one. Thing number two, I'm just not that guy, so I'm not worried about it. This is God's money. I'm managing it. I figure he can take care of it. I understand their concern.
The Ramsey Show
Financial Chaos Can Derail Your Future
If you're making $30,000 a year or something, it would be more of a concern, but it's... Frankly, it's a little bothersome if I'm in your shoes. Not enough to cancel the whole thing, but it's troubling that these people, obviously they want to protect what they built and make sure it goes to their kids.
The Ramsey Show
Financial Chaos Can Derail Your Future
Let me ask you, here's another thing I would want to find out, and I don't know, in most states, The divorce stuff we've been involved in on the financial side, an amount of inheritance generally in the event of a divorce goes to the person that inherited the money. They don't split it in most states. So if you inherit your mama's house and you get a divorce, you get your mama's house.
The Ramsey Show
Financial Chaos Can Derail Your Future
So we need to get filed and then we need to develop how tough the path is that we've got to walk through. Do you own a home?
The Ramsey Show
Financial Chaos Can Derail Your Future
You don't split it with your ex in most states. I don't know Missouri law, and I'm not a lawyer, but I've experienced that in... you know, being called in in the middle of divorce situations where we're helping negotiate and all that. I've experienced that to be the facts that the judge or the statutes award that that way. So I would learn about that in Missouri, number one.
The Ramsey Show
Financial Chaos Can Derail Your Future
They may have that protection built into the law is what I'm saying. And then you've just got to decide how much you care about this issue. Um, because I don't think, um, and what this issue means, what does it mean to your relationship? What does it mean to the, uh, the family you are marrying? Cause you're marrying her and her family.
The Ramsey Show
Financial Chaos Can Derail Your Future
And so, um, you know, it's really low class that this came up after. You made a contract to get married. They bring up, oh, but by the way, after you've done a contract to get married called getting engaged, we're going to add something to the terms of the contract after you've already signed it. That's low class.
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. And what is your household income nowadays?
The Ramsey Show
Financial Chaos Can Derail Your Future
What else is going to come up after you're married that they tell her what to do?
The Ramsey Show
Financial Chaos Can Derail Your Future
Apparently? This has all been decided. Apparently? Wait a minute. This is my freaking house. There's no apparently.
The Ramsey Show
Financial Chaos Can Derail Your Future
I'm shooting up flares now. I think the two of you need to sit down with the pre-marriage counseling. You're getting married in June. This family has problems with leaving and cleaving. That's right. This is the Ramsey Show. Thanks for joining us, America. Ken Coleman, Ramsey personality, is my co-host today. Open phones at 888-825-5225. George is in Sarasota, Florida. Hi, George.
The Ramsey Show
Financial Chaos Can Derail Your Future
Do you have any money other than the $100? No. Do you have any money in retirement? I do. Okay. I do not tell people to cash out retirement to pay off debt. I might to pay off the IRS to keep from selling your home. You follow me? So that's what you've got to get into. You've got to ascertain. Because let's just say this, okay?
The Ramsey Show
Financial Chaos Can Derail Your Future
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. I'm Dave Ramsey, your host, Ken Coleman, Ramsey personality, number one bestselling author of the book, Paycheck to Purpose, is my co-host. Thanks for joining us. The phone number is 888-825-5225. Marcus is in Oklahoma City.
The Ramsey Show
Financial Chaos Can Derail Your Future
What was the actual business? You said it was auto wrecking? Yes. What's that mean?
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay, so you would buy a totaled car, part it out, sell off the scrap, and sell off the parts, right? Correct. Indoors. And when you were in Tacoma and you all lived there and the business was flourishing, what did you make? What was your best year profit, taxable profit?
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. What does it take to set that up? So you lost, up there you lost tools and some inventory in the fire. Mm-hmm. Tools, equipment, inventory. What's it take to set the business up and get it running, not counting the land and the building?
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. What I would do if I were in your shoes is I would take some side gig hustles, hustle and grind to make a living. And I would go rent an, uh, a warehouse somewhere, not an, and I would sell your land. Now, if you sell the land, you got 220,000 bucks, right? Correct. Okay. And we take 50 out of that. And now, now I've got 170 to put down on a house.
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. And I'm going to start the business in a rental property, not an owned piece of real estate. This time I'm going to put insurance on it. And you know how to make $150,000 a year parking out cars on the inside, inside of a warehouse, right? Yes. And you can turn a profit within 90 days of doing that, can't you?
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah. I figured you could. Cause that's a quick turn business. You have, you have the, uh, you have the access to the supply of the totaled vehicles. And do you have a distribution for the parts to part them out? You know how to get, get them sold right quick. Cause you weren't doing that on a local basis. You're doing that on a national basis. National and international. Yeah. We're selling.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah. The part, the parting out is a, it's an internet function, right?
The Ramsey Show
Financial Chaos Can Derail Your Future
Correct. Yeah. Okay. This is not like some good old boy in Sarasota wanders in and buys a transmission from you. You're parting this sucker out. You're sending a, every little piece all over the dadgum world out of this thing. And you know exactly what, you know, you know, the cars in your gut without even asking that have parts that are in high demand. So you know what to buy.
The Ramsey Show
Financial Chaos Can Derail Your Future
that's correct yeah because the parts on that particular vehicle will sell the parts on the other vehicle won't sell so i don't screw with it right that's 100 yeah you've got this is his skills it is the the issue that i want to address real quick is the relationship issue your wife wants you to get us what she's calling a stable job that means a salary
The Ramsey Show
Financial Chaos Can Derail Your Future
Let's say it's $150,000 and you throw $100,000 down and you say, okay, we're going to pay $2,000 a month for three years and we'll be out of debt. That's okay. But if it's 200 and you put 100 down and you're going to be in debt for a decade, you don't want that. You need to clean out something else, the house or the retirement accounts, and clean up the mess.
The Ramsey Show
Financial Chaos Can Derail Your Future
There you go. Okay, that's fair. That's a good answer. All right. Now... Yes. So I'm with Ken. You can do the parting out on the side at first until you get it up and running, but you can make more doing this than you can any trade job or any side hustle. Agreed? Yes. This is the way you make your family the most money is reopen this business and run it. But don't get in the real estate business.
The Ramsey Show
Financial Chaos Can Derail Your Future
Rent the dadgum warehouse from somebody. Let them deal with the real estate like you did before. This time, carry insurance on your stuff, for God's sakes. But other than that, yeah. And so you can drop 50K there. You can set 170 aside for a house. Start talking about when we're going to buy the house.
The Ramsey Show
Financial Chaos Can Derail Your Future
Actually, the truth is that you may want to rent for two years and establish a really good income as a self-employed person to qualify for a decent mortgage loan. out of this particular business. But you've got to get that business really rocking for two years to be able to use that money to qualify for the mortgage because you're going to have two years of self-employed income to prove it out.
The Ramsey Show
Financial Chaos Can Derail Your Future
60 or 80 doing a trade and that's the base of the house you're going to buy so if I'm you guys if I can get my wife on board I'm going to say let's get a rental and have a two-year plan I'm going to work my tail end off we're going to get this house get this business up and running and then I'm going to quit the side job and run the business full-time I'm going to come home at five o'clock and I'm going to I'm going to hire staff and people working for me so I don't have to be gone all the time
The Ramsey Show
Financial Chaos Can Derail Your Future
and we run a business during normal business hours, and we grow it, and we're going to make $250,000 because we're going to staff up, and we're going to hire some marketing people, some tech people, as well as some people to do the actual wrench turning, and let's get this thing up and going, and three years from now, you ought to be making serious money. That and buy a house with $150,000 down.
The Ramsey Show
Financial Chaos Can Derail Your Future
Keep $20,000 as your emergency fund. But, yeah, you're... Considering you had no insurance and considering you didn't have a good plan before, you've got a lot of good options in front of you.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, exactly. And if you'd have the insurance, you'd have been another 50 ahead or whatever it is or more. Lesson learned. Lesson learned. This is The Ramsey Show. Ken Coleman, Ramsey personality, is my co-host today. Thank you for joining us, America. I'm Dave Ramsey, your host. Open phones at 888-825-5225. Ben is in New York. Hi, Ben. Welcome to the Ramsey Show. Hi, how are you doing?
The Ramsey Show
Financial Chaos Can Derail Your Future
So the not filing – it's not the not filing. The not paying and the not filing, I hope it's not a ton more than the 100 when you get there. It's going to be something more than that. But you need to get – you need to – Understand the size of the problem. The not knowing is a bigger stress inducer than knowing the details. So you've got the cancer diagnosis.
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. How much do you have saved? Uh, 100 K. Okay. Uh, what keeps you from leaving there and buying a house?
The Ramsey Show
Financial Chaos Can Derail Your Future
You got a hundred K you got a hundred K. I mean, common sense tells me you could go buy a house in Albany with a hundred K you're 29 years old. How much do you make?
The Ramsey Show
Financial Chaos Can Derail Your Future
about 70 75 cool all right i i would definitely do it like this week you think you think that's a good idea because i didn't want to rent with the thing i didn't want to be throwing out money you know dude impulsive is not on your list of things to do yeah we don't have to worry about you being impulsive you're 29 you live at home you're not impulsive okay time to go yes go get you a house get you a life
The Ramsey Show
Financial Chaos Can Derail Your Future
What do you do? About $70,000. I work in accounting. Okay. You are risk-averse, aren't you? Man, you're just... It's time, man. Go out in the sun. See the sunshine. You are a numbers dude. I love you. I'm a numbers nerd too, man, so I'm right there with you, Ben.
The Ramsey Show
Financial Chaos Can Derail Your Future
You've been crunching numbers and crunching numbers and crunching numbers, and the problem with those numbers nerds is, and you're one, I'm one, so I'm owning it with you. We can get paralysis of the analysis, and you have a bad case. Sure. Get a house. Get a life. Go have some fun, man. And tell your mama you love her, and you'll see her in five months.
The Ramsey Show
Financial Chaos Can Derail Your Future
I mean, she's going to be glad to get rid of you, I promise.
The Ramsey Show
Financial Chaos Can Derail Your Future
I think that's part of the problem. He's an easy guy to live with. He is, but let me tell you something. It's not like he's having parties in the basement or something.
The Ramsey Show
Financial Chaos Can Derail Your Future
Let me just tell you, when you're out there on the wire and there's no net, it is terrifying. It's also exhilarating. And it's also what makes you a man or makes you a woman, my son.
The Ramsey Show
Financial Chaos Can Derail Your Future
So, yeah. Hey, you know, yes, Ben, you should go buy a house. And we're not picking on you, but you did open a can of worms, so we'll deal with it for a second. Yeah. Here's the thing. Moms and dads, you're not doing your kiddos favors when you leave them in the nest too long. A eagle that stays in the nest too long becomes known as a turkey. And Ben, I didn't just call you a turkey.
The Ramsey Show
Financial Chaos Can Derail Your Future
I'm talking about a concept here. OK, so Ben, you're free from this. We love you. We're happy for you. I'm glad you got 100K. You need to buy a house in the next month, and you need to move immediately for your sake. And it's good. It's good. You know, we're there. So our oldest, when she came out of school, easy kid. Oh yeah. Denise to this day, she's just a pleasant, easy person.
The Ramsey Show
Financial Chaos Can Derail Your Future
And, um, and she moved back to our, she's the only one of them that moved back to our house after college. And, uh, she was waiting on a roommate situation to develop so she could go get the first rental property. Right. And, um, so she was living there for about two months and we said, okay, that's probably enough. And she's like, what? I'm like, you know, you, you got it.
The Ramsey Show
Financial Chaos Can Derail Your Future
You just don't know what the treatment is yet. And you don't know whether it's terminal, you know? So the first thing they do is they scare you to death and you go around for about two months or two weeks with no information. And then they start going, okay, well, here's the treatment plan. Oh, you mean I'm not going to die?
The Ramsey Show
Financial Chaos Can Derail Your Future
You got to get this done. Because, not because we don't like you. She was not in our way. She's like Ben. She could have lived there and we wouldn't have noticed. She'd been there until she was 29. We wouldn't have noticed. But we're like, no, you are missing out on life when you're 22, 23, 25 years old and you live in your mama's basement. You're missing out on life.
The Ramsey Show
Financial Chaos Can Derail Your Future
And so you need to go be somebody. And it breaks our heart because we love you. We like having you around. But it's not about us. It's about you and your development. As a person, you're emotional, you're psychological, you're spiritual development, you're financial development. You become a different person when you buy your own eggs and pay your own light bill and fold your own clothes.
The Ramsey Show
Financial Chaos Can Derail Your Future
I think it's a great momcom. Matthew has done some really good work in his life, and that is not on the list.
The Ramsey Show
Financial Chaos Can Derail Your Future
I never thought I'd see the day. This is great. If your co-star is Terry Bradshaw, I'm just saying.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, I would. I'm blaming it on you. Joe is in Louisville, Kentucky. Hi, Joe. What's up?
The Ramsey Show
Financial Chaos Can Derail Your Future
Well, that would have been handy information about a week ago, you know, and that's kind of what you're dealing with. Here's that same set of emotions. So, um, You know, get with a tax pro today. When you hang up, open up RamseySolutions.com, click on Tax Pro ELP at Oklahoma City, and go sit down with them this week. I don't give a crap if it's Christmas.
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay. And why did you walk out the door without having anything to go to?
The Ramsey Show
Financial Chaos Can Derail Your Future
Wholesale or to customers? I mean, or to consumers?
The Ramsey Show
Financial Chaos Can Derail Your Future
Medical device sales, you can make two and a quarter.
The Ramsey Show
Financial Chaos Can Derail Your Future
There aren't doctors making the sales. There are salespeople making the sales to doctors.
The Ramsey Show
Financial Chaos Can Derail Your Future
Hey, we're going to send you Ken's book, From Paycheck to Purpose. I want you to go on his website and learn his book. Oh, no. Also, we're going to send you proximity principles. That's what he needs. Because that's what you do instead of job boards. It'll help you do what you're supposed to do.
The Ramsey Show
Financial Chaos Can Derail Your Future
Today's question of the day is brought to you by YRefi. 93% of undergraduate private student loans are co-signed. So if you have one and you're a delinquent, Grandma, Uncle Joe, whoever it is, is drowning with you. But there is a way out. YRefi. YRefi refinances defaulted private student loans that other places won't touch.
The Ramsey Show
Financial Chaos Can Derail Your Future
And they give you a low fixed rate loan built for you so you can get it paid off. Get current and get paid off. Go to Yrefy.com slash Ramsey today. That's the letter Y, R-E-F-Y.com slash Ramsey. Might not be in all states.
The Ramsey Show
Financial Chaos Can Derail Your Future
You know, you need to give yourself a gift to get this monkey off your back. Oh, man, that's scary.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, smile, act with class, do everything. So most employers, Andre, do not give references on formers because of the liability. And so we don't. If someone calls here, the only thing we'll confirm is that they worked here between this date and that date. And that's the only thing we'll tell you. We won't say whether they're awesome.
The Ramsey Show
Financial Chaos Can Derail Your Future
I've heard of that. I didn't know that was...
The Ramsey Show
Financial Chaos Can Derail Your Future
um we don't want to get sued right because we referred them or told or told somebody you know this guy's he wasn't good right and then you turn around you get you get all this other stuff on you so um yeah we just and that's not that unusual in the employment market we've learned when we're trying to check references the uh it's tough to get people to actually um give you a reference
The Ramsey Show
Financial Chaos Can Derail Your Future
I want to sidestep, Ken. I want you to coach for a second here, and I want to join you in it. Let's pretend that Andre, I'm going to make up something for Andre. I don't know anything about him, so this is all pretend. Sure. Okay. Let's pretend he's 26, and this is his second job, and he says, I'm being managed out of my job. Now, if you were working at Ramsey, we don't manage people out of a job.
The Ramsey Show
Financial Chaos Can Derail Your Future
We do manage them if they're not competent. We're going to talk to you about it and help you work on your competence. We do manage you and talk to you about it and create uncomfortable conversations. If you're not handling your relationships with others inside the building. Well, if you're being a twerp, okay.
The Ramsey Show
Financial Chaos Can Derail Your Future
And so, um, being the, being the potential employer of someone in this situation, uh, I wouldn't take the position I'm being managed out.
The Ramsey Show
Financial Chaos Can Derail Your Future
Unless you've got a pure political situation going on. I mean, just because someone tells you to suck it up, buttercup, and get better, that is not being managed out. That's correct.
The Ramsey Show
Financial Chaos Can Derail Your Future
No, and don't go ask the IRS what to do. Oh, yeah. Good Lord. Yeah. It's like asking a dog if it's hungry. You know, no, we don't do that. So, you know, where did you get your tax information from the IRS? Oh, my God, you're a fool. You know, no, no, no, no, no, no, no. We don't ask them. We don't ask the fox about the hen house. Hello.
The Ramsey Show
Financial Chaos Can Derail Your Future
We had one a while back that just couldn't seem to get to work on time, wander in an hour late. And we say, you know, well, you're creating stress by – Yeah, that's kind of like what we do here. We create stress for you. You need to be here on time. If that's stressful, just suck it up. I mean, that's – I know – oh, I'm sorry about your anxiety. Get your butt to work on time, okay?
The Ramsey Show
Financial Chaos Can Derail Your Future
This is what we do. And so – and that's about how it would sound. I mean, we might be a little kinder than that, but, you know, it's a pretty simple thing. We open the building at a certain time, and you need to be here by then.
The Ramsey Show
Financial Chaos Can Derail Your Future
I'm not creating stress, but it's like anyone that ever told me I'm not perfect in the apple of my mother's eye now is managing me out. That's just a bunch of crap. That's what I'm saying. Okay, so now there's two possibilities. You're being that. I'm not saying that Andre is, but be careful when you're using a phrase like I'm being managed out.
The Ramsey Show
Financial Chaos Can Derail Your Future
You are taking the position of victim, and you might not be the victim. That's right. That's what I'm saying. You might be the victim. You might be a bunch of political junk and they're moving the chess pieces around trying to knock you over and get you out because they don't want you there and they don't have the backbone to just fire you. Right.
The Ramsey Show
Financial Chaos Can Derail Your Future
Discomfort does not mean you're being mistreated.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, that's true. There's a wide gap. That's exactly what I'm saying. That's exactly what I'm saying because we spend a lot of time and money to hire you and get you in here. That's right. And so we're not going to manage anybody out. Yeah, it costs you more to replace them. Exactly. We're going to try to help you make it. That's exactly right. But that may involve discomfort. And it should.
The Ramsey Show
Financial Chaos Can Derail Your Future
Usually doing something you've never done before or something you suck at and you've got to get better is a discomfort. It's not comfortable. It's outside your comfort zone.
The Ramsey Show
Financial Chaos Can Derail Your Future
That is the ticket to the BME. Yeah. So step it up. Yeah. So again, I think that's a good clarification. Are you being coached? And if you are, expect discomfort because that's what's called growth. That's right. And you're moving up and in. If you're being mistreated, then you're being managed out. But either one of those could fall under this phrase. I don't like the phrase is what I'm saying.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, but it could be that he might be the victim of some toxic politics. It very well could. I mean, that happens all the time.
The Ramsey Show
Financial Chaos Can Derail Your Future
Because spineless leaders will do stuff like that that's passive-aggressive rather than just fire somebody. That's right. So you don't have that trouble here. We're going to tell you this is what we're doing. If it doesn't work, we're going to tell you it didn't work. We're not scared. We're not afraid and we're not mean and we're not unkind.
The Ramsey Show
Financial Chaos Can Derail Your Future
So, Hey guys, for all of you listening to the show on YouTube or the podcast, it's about to end. You can get the entire show, including the next segment. on the Ramsey Network app, which is free. Download it in the App Store or Google Play. You can go out the full video or audio podcast production, either one of the whole thing, but certainly the last segment every day.
The Ramsey Show
Financial Chaos Can Derail Your Future
So click in the show notes and check it out. We'd love to have you join us. The Ramsey Network app in the App Store. The whole thing's free. We're not charging a thing for this. This is The Ramsey Show.
The Ramsey Show
Financial Chaos Can Derail Your Future
You mean Grace Quinn? I used to talk to Grace. Yeah, right.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, and here's the last part of this, okay? These commercials that are on cable TV, do you have $10,000 or more in tax debt? We can get it forgiven. We have ex-IRS agents working for us. Just give us $5,000, and we will promptly do nothing for the next 24 months. Mm-hmm. That's what that is. That's a complete freaking scam.
The Ramsey Show
Financial Chaos Can Derail Your Future
There's a thing called the OIC, an offer in compromise that you can get your federal income taxes forgiven. About 1% of them are approved. You have to prove total paupership, meaning you don't have a house, you don't have a job, you don't have any potential income, and you don't have any assets of any kind.
The Ramsey Show
Financial Chaos Can Derail Your Future
And then they will forgive your debt after fooling with them for about two and a half years. Don't answer those stupid butt cable TV ads. Go get a tax pro and actually work a plan to get the mess cleaned up. This is The Ramsey Show. Ken Coleman, Ramsey Personality, is my co-host today. Oramar is with us in Canada. Hey, Oramar, how are you?
The Ramsey Show
Financial Chaos Can Derail Your Future
So you have a $3,200 mortgage, and what is your income?
The Ramsey Show
Financial Chaos Can Derail Your Future
Is $33.90 an hour or $33,900 a year? No. So $3,390 monthly plus $85,000 a year that my husband earns, which is I believe it's $4,900 a month.
The Ramsey Show
Financial Chaos Can Derail Your Future
Yeah, you're about $8,500 a month take-home pay, and you have a $3,200 mortgage, which leaves $5,000 to pay the rest of your bills. Why can you not do that?
The Ramsey Show
Financial Chaos Can Derail Your Future
Okay, and so that's another $1,200 on the $8,500. Now, what other bills have you got other than the $3,200? What other debt payments have you got?
The Ramsey Show
Financial Chaos Can Derail Your Future
Because you're all over the place just to talk to you. And that's where all your stress is coming from. Okay. So the numbers you've given me, because you haven't thrown me any numbers here that don't work. You've got $9,700 a month coming into this house, counting the $1,200 rent. Okay. The only numbers you've given me are $3,200 and $1,100 going out. So when you just start... No, no, no, no, no.
The Ramsey Show
Financial Chaos Can Derail Your Future
My turn. Just at the top of the page, write $9,700, and then write minus $3,200, minus $1,100, minus a little for insurance, minus some electricity and food, and then you're going to go, hey, where's all my dadgum money going? Because that's where I'm going right now. I can't figure out why you're stressed out about this. You should have plenty of money.
The Ramsey Show
Financial Chaos Can Derail Your Future
So what that tells me is you guys are very...
The Ramsey Show
Financial Chaos Can Derail Your Future
disorganized you're very chaotic it's chaotic talking to you i'm not being mean to you but that's the that's what's happening it's the stress is in the air i can feel it and honey you got to get this you guys got to get if you'll if when you push this down on the paper and transfer this financial stress into actual arithmetic the stress will start to dissipate
The Ramsey Show
Financial Chaos Can Derail Your Future
Because you are not out of control here unless you've left out entire segments in this conversation, which is possible. But you've got – there's something about writing it down that makes it come alive and makes it get under control. So, Ormar, it's kind of like –
The Ramsey Show
Financial Chaos Can Derail Your Future
Remember that time back in high school, Ken, when you have a problem, or you might do it as an adult, and you sit down with your friend who's going to help you with the problem, and you tell them the whole problem. And by the time you actually put it into cogent words, you know the answer, and it's not a problem anymore. Your friend doesn't have to say anything.
The Ramsey Show
Financial Chaos Can Derail Your Future
They just got to look at you like you're an idiot. Right. And so or worse than that, you write it down. If you write yourself a report on what's going on, by the time your brain goes from jumble to verbal and then one more step from verbal to written, you have processed this information very thoroughly. And the answer oftentimes will appear right in front of you.
The Ramsey Show
Financial Chaos Can Derail Your Future
You're on the other end of that spectrum right now. So you guys need a budget. That's what you need. And your time is not being managed well. Your kids are overrunning you. I bet your house is a mess. And so, you know, the chaos is in the air.
The Ramsey Show
Financial Chaos Can Derail Your Future
And when you get things orderly and straightened up, the calendar straight, the budget is straight, you're going to get on top of this and you're going to be able to run. It's so fast because you're really doing better than it feels like you're doing to you. Your numbers are not nearly as bad as your emotions are telling you they are.
The Ramsey Show
Financial Chaos Can Derail Your Future
Your emotions are managing this. Your emotions are managing, not your logic.
The Ramsey Show
Financial Chaos Can Derail Your Future
So get your critical thinking skills up on top of it. Open up an EveryDollar app. Get that thing going. You've got a total money makeover book. You and your husband sit down, turn the TV off, put the kids to bed, tell them to stay in bed. And we're going to sit here and we're going to read this book and we're going to freaking do these steps exactly.
The Ramsey Show
Financial Chaos Can Derail Your Future
We're going to get these forms out of the back of the book even. I don't care if you do it longhand with a yellow pad. But when you get organized, you will feel more in control. And the reason you feel that way is because you are more in control. And it changes everything.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
We'll be right back.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Yeah, they do. Delete.me actually goes in and removes your information from data broker websites, and it is an incredible service that everyone needs.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
That's right. And then once they remove your information, then they're going to send you a detailed report telling you where they found your information, when they removed it, how many hours they've saved you. I mean, it is incredible. So detailed and it's beautiful.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Again, that's joindeleteeme.com slash Ramsey. Make sure to check it out, you guys.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Hey guys, Rachel Cruz here. All right, I'm about to say what everyone already knows, but budgeting is a good thing to do. Now actually starting, well, that's where people freeze up. And you guys, it doesn't have to be that way. With the EveryDollar budgeting app, getting started is super easy. And so is sticking to it.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
You can set up your first budget in less time than it takes to go through the Chick-fil-A drive-thru. It's fast. And the best part? With unlimited budget categories, you can customize it to fit your life. Grocery runs, coffee runs, or planning your next family trip. Whatever you have going on, EveryDollar helps you see exactly what's happening with your money.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
You'll know what's coming in, what's going out, and what's left over for some fun. Because let's be real, you need some fun in your budget. EveryDollar keeps budgeting simple and stress-free, just the way you want it. So go download the app for free and get started today. Again, go download EveryDollar today.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
All right, Dave, you have some strong opinions.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
I think so. Okay, because you really prefer credit unions over big banks.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Well, and I think we have found one that is incredible, and that's Fairwinds. They are an incredible credit union that is really out with the heart to help the customer.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Yeah, absolutely. And I love it. The things that we teach, they so line up with. And you're right, their customer service is unbelievable. Winston and I just signed up and we got an account. And I'm not kidding. It took less than five minutes. It was so user-friendly. Like the step-by-step approach was unbelievable. And then the next day my phone rings and it says Fairwinds on my phone.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
So I answered it and talked to someone there and they said, yeah, they give calls to every new customer. And so again, they just really care about your experience. And I so, so appreciate that. Plus anything that you can do at a traditional branch, you can do with them at fairwinds.org or on their app. And you'll have free access to over 33,000 ATMs.
The Ramsey Show
You Can’t Build a Life You Love While Carrying Everyone Else’s Burdens
Yeah, you guys, it's so easy to join Fairwinds no matter where you live. So go to fairwinds.org slash Ramsey.
The Ramsey Show
Slow and Steady Wins the Race Every Time
If I were you, I would sit with your therapist and say, I need to know from her what she needs for this to be healed. Correct. And have her make that list because I think you have no idea.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Maybe two and a half years at the most no three years, so that part's not irrelevant So really they're asking you to sign a two and a half year two-year contract After you finish school right because obviously you wouldn't quit while you're in the middle of trying to get them to pay for school No, okay, so what do you make now?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah, amen. It's a mess. Daniel's in Washington, D.C. Hey, Daniel, welcome to the Ramsey Show. What's up? Hi, can you hear me okay? Yes, sir.
The Ramsey Show
Slow and Steady Wins the Race Every Time
If you have your Baby Step 3 done, you're out of debt, you have your emergency fund in place, and now you're choosing between whether I'm going to save aggressively for a down payment on a house or whether I'm going to save above putting some money into retirement. We call that Baby Step 3B. Baby Step 4 is 15% of your income going into retirement.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Some people in your situation, Daniel, choose to put nothing in retirement for one or two years while they pile up a big old pile of cash for a down payment. And that's nothing wrong with that if you're just now moving into your first apartment. You've just gotten married. That's wonderful. Yeah, take two years. See how big old a pile of cash you can come up with. Big down payment is good.
The Ramsey Show
Slow and Steady Wins the Race Every Time
More down payment, less debt. It's always good. And so how much can you do in two years or maybe three years if you did nothing into retirement? And you're young, you're just getting started. If you pause retirement for a little while, it's not going to kill you. It's not going to keep you from being a millionaire. I don't want you pausing it for six years. That's not what I'm suggesting.
The Ramsey Show
Slow and Steady Wins the Race Every Time
But I am saying if you take one, two years, and maybe even three, and you pile up cash for retirement, you'll be ready to roll. That's how that works. All right, open phones here at 888-825-5225. You guys jump in. This is The Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Dr. John Deloney, Ramsey personality, number one best-selling author, is my co-host today. John and I are going on the road. We're going to six cities doing the Money and Relationships Tour. This is going to be the coolest thing we've ever done, John. We were in a meeting this morning talking about how we're going to lay this thing out.
The Ramsey Show
Slow and Steady Wins the Race Every Time
You guys are going to be in the audience, and you're going to vote on what subjects you want us to talk about. And five minutes before we go on, we're going to put them in order and do them. This is going to be a blast. Wheels off. It's going to be fun, man. Wheels off. It's totally riffing. We're going to have so much fun.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Anything about raising great kids, handling money fights, estate planning, investing, millionaire numbers. We're going to be in Louisville, Kentucky, April 21, Durham. North Carolina, April 23. Atlanta, April 25. Then we head over to Phoenix, May 5. Fort Worth on May 7. And Kansas City on May 9. If you want tickets, go to ramseysolutions.com slash tour. They are not yet sold out.
The Ramsey Show
Slow and Steady Wins the Race Every Time
These events typically do, so I suggest you get them before you have a problem. It's going to be a blast. We're going to have a lot of fun that evening. It'll be John and I in each of the six cities. We're really, really pumped about this format. It's not something we've done before, and we like trying new stuff around here.
The Ramsey Show
Slow and Steady Wins the Race Every Time
All right, Travis and Aaron are with us in Houston, Texas, on the Debt Free Stage. Hey, guys, how are you?
The Ramsey Show
Slow and Steady Wins the Race Every Time
I love it. Welcome, welcome. And how much debt have you two paid off? $405,000. Whoa! How long did that take? Total of 17 years. Okay, that works. And your range of income during that time?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay. So why the income go up and down as teachers? I'm confused.
The Ramsey Show
Slow and Steady Wins the Race Every Time
So you chose your love and went into the classroom and coaching. Absolutely. Gotcha. Okay. Once you could afford to. Correct. Okay. So tell us the story. What happened 17 freaking years ago?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Total money makeover. Total money makeover, yes. I assume. Okay. All right, cool. So you just went hog wild on the baby steps. We did. Sold cars.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay, just reach over and knock it out. So you were just working a normal baby step four, 15% of your income going in, five kids college, and enjoying your budget. Right. And putting what you could on the house. Absolutely. But it slowed it way down. Correct. But you did a whole bunch of this in the first –
The Ramsey Show
Slow and Steady Wins the Race Every Time
Absolutely not true. Not true. Some businesses require a four-year degree. They're not necessarily people you want to work for. If you're a freaking sales manager and you know how to manage salespeople and you got five years or six years of sales experience busting shoe leather on the street causing stuff to happen, they don't give a crap where you went to school or if you went to school.
The Ramsey Show
Slow and Steady Wins the Race Every Time
five years of the 17 yes is that about right absolutely okay so this 405 is your house too 100% debt-free 100% done every brick we own all of it how much is in your nest egg your retirement nest egg a million dollars okay and the house is worth what 465 okay so you're worth a million and a half good for you and your uh your age how old are you two I'm 47. She's 46. All right. Very cool.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And you're millionaires. Yes. Plus. Well done, guys. So that stinking book worked.
The Ramsey Show
Slow and Steady Wins the Race Every Time
She kind of looked over there and went, these two could be okay to invest in.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah. Way to go. I'm so proud of y'all. Fantastic, guys. How's it feel to be – did you think ever – I mean, when you're 27, you know, you start this 17 years ago. Did you really feel like, okay, before I'm 50, I'm going to be worth a million and a half with a paid-for house and going to be 100% debt-free? Did you ever think that?
The Ramsey Show
Slow and Steady Wins the Race Every Time
it's hard to believe isn't it i mean i believed it but i don't know that i thought it yeah that makes sense yeah when you look at look at the numbers the numbers say yes right but then you go wow my emotions i don't know if i could catch up how's it feel now that you're there amazing great freedom and the peace of just being in that place thank you very much was the sacrifice worth it yes what have you taught your son about uh going to the dentist he's about to leave your house
The Ramsey Show
Slow and Steady Wins the Race Every Time
All they know is can you make sales happen. A four-year degree's got zip to do with it. Not true. Not a prerequisite in your world. If you want to go increase your brain power, I'm okay with that. But saying that's a barrier for you to move ahead in sales, nope. Sales is the most well-paid profession in America today.
The Ramsey Show
Slow and Steady Wins the Race Every Time
All right. Very cool. That'll do. That'll do. Is he going to join you for the debt-free scream?
The Ramsey Show
Slow and Steady Wins the Race Every Time
oh cody okay and cody is 18 or 17 19 19 okay close enough all right good well welcome guys congratulations we're very very proud of you guys very well done all right it's travis and aaron and cody houston texas 405 000 paid off in 17 years making 150 to 250 down to 135 working the dream job living life large and in the process became worth 1.5 million Count it down. Let's hear a debt-free scream.
The Ramsey Show
Slow and Steady Wins the Race Every Time
We're debt-free. Yeah. There's that trip to Nashville. Yeah, baby. Whoop, whoop, whoop, whoop, whoop, whoop, whoop, whoop. Yeah. That's how it's done. And that's a long trek.
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's right. They can't do anything. Yeah, it's nothing. That's perseverance. 1.7 seconds, yeah. Perseverance, baby. That's awesome. Wow, that's amazing. Well, great story. This is The Ramsey Show. What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down.
The Ramsey Show
Slow and Steady Wins the Race Every Time
AI will help us work or it will replace us all. But there's no such thing as a crystal ball. That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities. With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data.
The Ramsey Show
Slow and Steady Wins the Race Every Time
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. in counseling, Ramsey personality, best-selling author, host of the Dr. John Deloney Show, is my co-host today. I'm Dave Ramsey, and we're here to help you like we have been for 35-plus years now.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next. And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey. Dr. John Deloney, Ramsey personality, number one best-selling author, is my co-host today.
The Ramsey Show
Slow and Steady Wins the Race Every Time
The Dr. John Deloney Show, as of January 1st, just a couple months ago, passed the huge milestone. It is in the top one-half of 1% of all shows on YouTube with over 1 million subscribers. Huge milestone. Congratulations, John. That was a big breakthrough. We announced that staff meeting this morning with the golden plaque from the YouTube people, and that's pretty cool.
The Ramsey Show
Slow and Steady Wins the Race Every Time
It's pretty cool. Well, you're helping a lot of people, brother, and that's what you're there for. All right. Ashley's in Oklahoma City. Hi, Ashley. Welcome to the Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Sales people make more money than any other profession as a body, as a group, because it's all production-based. It's based on your ability. It is not based on your knowledge. It's not based on your resume. It's not based on your degrees. And God help you, your pedigree.
The Ramsey Show
Slow and Steady Wins the Race Every Time
What's your household income, hon? $275,000 a year.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Well, you're in a much better place than I thought you were going to be when we started this conversation. I was thinking this was going to be a hard no when we started, but you make $275,000, you're out of debt, you have your emergency fund, vacations are on the table. You're choosing between the size of your down payment or the distance of your down payment.
The Ramsey Show
Slow and Steady Wins the Race Every Time
You could easily say instead of spring with $87,000, we're going to do summer with $90,000 and an African trip. and that would put you about the same place, wouldn't it? I suppose so. What we're saying is you delay your home purchase and hit your exact same goals, but you delay the home purchase by three months.
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's really the only question. Would I trade an African trip that I get a $20,000 coupon towards, which it sounds like it's a dream trip for you,
The Ramsey Show
Slow and Steady Wins the Race Every Time
Actually, the voice tone, let me make sure I'm hearing this right, because the voice tone I heard was not your husband's excited, it's you are also excited.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay. And you can buy those. Again, this is the most Oklahoma call I've ever taken. This is so great. So anyway, yeah. If you were me. I would go to Africa and delay my house. I would too. By three months. Really? Go do it right. Yeah. Do it right.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah, but I'm delaying the house. Again, if you were in baby step three or two, the answer would be a hard no. You don't go on vacation in the middle of that crap, okay? And you certainly don't go to freaking Africa in the middle of that. But you guys make $275 a year. You're out of debt. You're saving for a house.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And all we're saying is we would rather go to Africa and buy a house three months later for the exact same money. And yeah, I think, you know, that that's not a bad trade. It's a reasonable trade off and baby steps four or five and six or three B four or five and six are where you go from intense to intentional. And that's what I would do. Sharon and I didn't shoot anything except with cameras.
The Ramsey Show
Slow and Steady Wins the Race Every Time
We spent three weeks in the incredible glamping or whatever you call it with these fabulous tents and situations out and got all the big five within just a few weeks on camera. And that is probably in the top five trips we've ever taken. It's an incredible trip.
The Ramsey Show
Slow and Steady Wins the Race Every Time
It's mind-blowing when you are, you know, sitting under a tree and the cheetah is above the tree or shooting with an iPhone. You know, it's mind-blowing. So I'll just, you know, it's a great trip. And it's a wonderful thing, and I will load up the grandkids and take them when they get old enough. But, yeah, you've got to do this stuff, folks, if you're listening out there, in order.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And so the point is not Africa, John. The point is do you do a dream thing when you have the money at the right time? That's where they are. Right. And when I saw this pop up, it says we want a hunting trip to Africa, should we go? That's what popped up on our screen. I'm already in hard no mode before I picked up the line.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Because most of the people calling us that question are going, I'm so broke, I can't pay attention. And I want to go to Africa because we entered a raffle for something we shouldn't even have done.
The Ramsey Show
Slow and Steady Wins the Race Every Time
It's kind of. They're not paying for everything. It's not somebody, some wealthy person is furnishing the whole deal for them. Sure. But it was a hunting trip raffle at a charity, and that's the way they're usually structured. Then you can make the decision about, okay, do we want to trade taxidermy for another month?
The Ramsey Show
Slow and Steady Wins the Race Every Time
right yeah for on the house and it sounds like her these are values-based decisions you can put in front of you at any moment and go yeah i really want a zebra rug okay yeah i was gonna say her husband needs to get her a zebra man i'm telling you there's guys out there that are hunters all over america going does actually have a sister i think oh man they're like man i'm married way wrong
The Ramsey Show
Slow and Steady Wins the Race Every Time
She's more excited about it than he is. I know. He's like, can we just move? Drew's in Chicago. Hey, Drew, welcome to the Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
If I pedal real hard, I can break even. No way, man. It's time to quit throwing money at this thing. Get the cash value out, put it in something that you don't lose when you die, get your term insurance in place first, and cancel this crap. This is the payday lender of the middle class.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Now, not true. The requisite to get an interview is, you know, somebody there that knows your reputation of being a stud salesman. That'll get your foot in the door. Listen, if you're working for corporate America, that is so freaking structured that they absolutely under no circumstances will interview you based on the fact you don't have a four-year degree. That is not a place you want to work.
The Ramsey Show
Slow and Steady Wins the Race Every Time
well the the person you signed up with didn't have the answers that's the problem and so and and you bought it a long time ago and a long time ago people sold more of this stuff very few people in the financial world sell cash value insurance of any kind now the only ones that do are insurance agents everybody in the financial world has figured out that this is an absolute rip and we've been telling people not to do it for you know a couple decades in my case but in your case you just you know
The Ramsey Show
Slow and Steady Wins the Race Every Time
about a decade late finding it but that's okay you you can fix it you know you know if what would i do if i woke up in your shoes i would get term insurance in place immediately for the proper amount to take care of my family if something happens to me which go to zanderinsurance.com you can get a quick easy quote there they'll shop it among a zillion different companies they'll get you the best deal and get that in place about 10 to 12 times your income is what you should have most of you
The Ramsey Show
Slow and Steady Wins the Race Every Time
to take care of your family because if they invested that amount, it would throw off enough income to replace you. That's the idea. Once that's in place, then cancel this crap and do some good investing with good investments. It'll be a lot cheaper than what you're spending now. You'll be in great shape. This is The Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
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. in Counseling, host of the Dr. John Deloney Show, number one best-selling author, is my co-host today. Open phones at 888-825-5225. You jump in, we'll talk. Nashville is calling. Nicole is on the line.
The Ramsey Show
Slow and Steady Wins the Race Every Time
These are fools. They're idiots. I'm serious, man. You don't want to work there if that's really happening. I don't believe you. I think you've been fed some information that you believe, but I think your information is bad. I promise you, man, I've been in sales my whole life. I love salespeople. Can you tell how I got amped up quick?
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's a hard no, but that doesn't mean I'm against the idea of doing the certification or against the heart with which you're approaching this, but never would I finance it. So let's talk that through. What does your husband make?
The Ramsey Show
Slow and Steady Wins the Race Every Time
And how much debt do you guys have, not counting your house?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay, all right, and a motorcycle. Right. What's the motorcycle worth?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay. I'm pretty sure that's being sold this week. You can't afford toys. You're a broke homeschool mom.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Oh, that's the only car he has? You have one van and one motorcycle. You don't own another car.
The Ramsey Show
Slow and Steady Wins the Race Every Time
I thought this was a play toy on the weekends. Okay.
The Ramsey Show
Slow and Steady Wins the Race Every Time
I love salespeople, man, and it's the ultimate ability to kick down a door on production and on ability based on nothing else. But once you have a reputation with one of those companies or this guy gets it done, this is a guy that knows how to leave the cave, kill something, and drag it home. He closes the freaking deal.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Oh, my. Yeah. There's so many jokes. I know. I know. Yeah. I'm sorry. I'm sorry. Okay. I got to clear my head.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay, so you're working together with some mixed level of enthusiasm on the together part.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Here's the secret sauce to you all getting out of debt is both of you turn up the heat about three more notches, and that includes him taking an extra job, probably trading his motorcycle for like a car because he's like a grown man with children, and he needs health insurance, and he needs to get like six jobs and get his family help straightened out instead of his wife calling me trying to do a Hail Mary with a $10,000 certification.
The Ramsey Show
Slow and Steady Wins the Race Every Time
The secret sauce is for the two of you to get fired up and wired up together, willing to do anything and sell anything to get this thing off a dead center. You can wander into debt. You cannot wander out.
The Ramsey Show
Slow and Steady Wins the Race Every Time
and you're really trying, but I get the sense that you're carrying 70%, 75% of the weight of this discussion emotionally, and that's what generated the call because you're the one trying to fix it. You're the one trying to get the certification.
The Ramsey Show
Slow and Steady Wins the Race Every Time
We didn't call with him getting a certification or him doing extra work or him getting rid of his toy that he bought so that your teenager could have a freaking car while you're broke. Um, so that's the kind of stuff that I'm hearing all woven into this. And it's not to fuss at you, but the answer to your question is not a simple hail Mary.
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's going to get you in the door more than any dadgum third night school business degree. I promise, man, don't bet. Listen, the ticket to success in America is perseverance, integrity, ability. It is not a degree. Get a degree if it helps you, but don't depend on a degree to get you in the door or open the door. That is not how it works.
The Ramsey Show
Slow and Steady Wins the Race Every Time
If I could just borrow money, if I could just get this certification, which honestly probably won't work, I didn't even ask what it is, but it's probably some scam. But if it wasn't even that, if it's, even if it's legitimate, I don't want this whole thing on you being the only adult or the main adult in this discussion, pulling this wagon along by yourself.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And, yeah, get a $2,000 car and get rid of the $13,000 motorcycle.
The Ramsey Show
Slow and Steady Wins the Race Every Time
yeah that's what you'll find that's the one request my father gave me after all the years in emergency rooms it wasn't don't do something great it was please don't ever get a motorcycle and i said yes sir like man but this is the police officer father yeah but you got to get radical guys you got to get radical and he's got to get on board that's what's happening here kiddo you can do this you can do it it's possible but you're ready to turn the notch up and he's got to be ready to turn the heat up this is the ramsey show
The Ramsey Show
Slow and Steady Wins the Race Every Time
Dr. John Deloney, Ramsey Personality, is my co-host. Thank you for joining us. Open phones at 888-825-5225. Joel is with us in Cincinnati. Hi, Joel. Welcome to The Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And I'll send you a book by Ken Coleman to prove it to you. It's called The Proximity Principle. It's the number one bestselling book. But man, I got to tell you, you're the secret sauce. for Isaac in Rochester, New York to be successful is in Isaac's mirror. Look in the mirror. You're your secret sauce to success, son. It is not where you went to school or if you went to school.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay. If you took on 100 cases, how many of them would be you only, him only, and how many would be combined because you would need both skill sets?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Because they would need A and B, and you have A and he has B. Yes. Okay. I'm trying to make sure I grasp the business model. All right. That lends itself to where most people would go with a partnership, and I'm always against partnerships. It's the only ship that won't sail is a partnership.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And so coaching 10,000 small businesses, the number of them that are still partners 10 years from the start date, other than medical and law, is almost zero. right they just don't make it a decade but for various reasons and life change life phase whatever one works one doesn't all that kind of stuff so um i don't know exactly how to um
The Ramsey Show
Slow and Steady Wins the Race Every Time
To structure this, other than to give you an uncomfortable suggestion, because it's going to make you flinch when I do it, but I'll go ahead and say it out loud anyway, and that is the more dominant of the two of you own the thing and the other one is the employee.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And so an example of that in my case is I have a, you know, I've got 1,100 team members, a $300 million company. Our senior leadership is called an operating board here. and they're the people that all get paid. They're the top leaders. There's 14 of them out of 1,100. They run this company as a group with me and my son, the president, and they get paid off the bottom line of the company.
The Ramsey Show
Slow and Steady Wins the Race Every Time
They get paid as if they were a partner, and they make very good money, and they should, okay? However, they have zero ownership, okay? So the comp struck the comp structure is they share in the comp as if they were in the, in the profits of the company as if they were a partner, but they don't own anything. I own it.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Well, or you get paid for your billable hours, he gets paid for his. Okay. So if you jump into a company and you end up putting 100 hours in it and he puts 10 in it, they did need a little bit of the B, but they needed more A, or vice versa, then you get paid billable hours and a percentage of profits or something like that.
The Ramsey Show
Slow and Steady Wins the Race Every Time
You pool your hours, a percentage of your hours, and make that go to the bottom line and split that up if you want. I don't care. But the actual ownership, who actually is anything with two heads is a monster. The actual ownership is one person or the other. Because at the end of the day, I can, I almost never do because I run this place on a collaboration basis.
The Ramsey Show
Slow and Steady Wins the Race Every Time
like it's a partnership in a sense, but with a large number of people. But because I trust their insights and I trust their intelligence and I trust their business acumen and so forth to run this business with and for me, so I don't really need to go against them all the time. But I do hold the final card.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And again, I've got a four-year degree. I'm all about education. John's got a PhD in higher ed, but am I wrong?
The Ramsey Show
Slow and Steady Wins the Race Every Time
I can play that trump card, that ownership card on top of the deck and win the hand any time I choose. I do that probably 2% of the time. I doubt, Deloney, I doubt you've ever seen me do it, have you? I wouldn't say that publicly. Not publicly?
The Ramsey Show
Slow and Steady Wins the Race Every Time
But you can also say 80% of the billable hour goes to me and 20% goes in the pool. There you go. And the pool creates profit and we split the profit. And so you can create some mix over like that. And that's just a comp design that's different than an ownership design.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And what that changes then is the power flow or structure. And then if you decided or he decided that you didn't need to be together anymore, you can quit. As an employee, if you make him the LLC guy, or he could say, I'm going to go a different direction. I don't need any employees, or I don't need this type of employee, and I need you to look for something else.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And that's a lot easier breakup than a partnership breakup because now we're selling the copier and the desk that the receptionist sits at to try to break this partnership up and split it right down the middle. And it's very difficult to break up. And, uh, uh, and so I always recommend trying your best to figure out some other way to build it.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And usually a comp structure change mentality is a place to do that. And that's what we teach a lot in entre leadership.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah, in this case, it would be called a general partnership agreement. Okay. And it would include all what we always call all the Ds.
The Ramsey Show
Slow and Steady Wins the Race Every Time
So what happens in the event of divorce, death, disability, drug use, default, disinterest? Okay. I always call them the eight Ds, all the bad crap that can happen. Yep. So if you're in a wheelchair, what happens to your share?
The Ramsey Show
Slow and Steady Wins the Race Every Time
You can't do this job anymore. Okay. From a wheelchair. Maybe you can, maybe you can, maybe you can't. But I mean, if you lose the ability due to some kind of disability to do the job, obviously if you die, what happens to your share with your wife? Gotcha. You know, if you get into, if you start doing cocaine, what are we going to do? Yeah. You know, so it's a default drug use disinterest.
The Ramsey Show
Slow and Steady Wins the Race Every Time
I just don't want to do this anymore. That's disinterest. Default is I quit coming to work, but I want my half. I had a guy do that on me one time.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah. He was saying we were in a deal together and he just quit coming and then he wanted his half.
The Ramsey Show
Slow and Steady Wins the Race Every Time
uh-uh, Bubba, that's not how this works. I would have liked to have been in that room.
The Ramsey Show
Slow and Steady Wins the Race Every Time
But even then, you could bust the filter is my point.
The Ramsey Show
Slow and Steady Wins the Race Every Time
It was still not fun. It was a long time ago. But I just hate that. That's how I learned all this crap is doing it wrong. And so, anyway, that's where we get to. So, guys, figure out some other way. Two guys. That's two great guys right there.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And that's the worst. And they're great friends. And it just seems like it's going to work.
The Ramsey Show
Slow and Steady Wins the Race Every Time
yeah and it's not yeah and they're and they're they're great friends they're both great employees they're both good thinkers yeah and then life happens yeah and um you know two guys having a beer decide they're going to start a construction company and here we go yeah nope don't think so um we're gonna just we've all got a hammer let's let's do it you know well it's the thing you talk about you got a hammer i got a hammer it's the thing you talk about with um
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah, it's not actually the two guys usually. It's actually some weird cousin. Tangential crap. Yeah, exactly. Exactly what it is. Everything was going good until his kid hit somebody head on and he's been in a lawsuit. Yeah, this is 20 years of hearing these stories. This is The Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Hey guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes. Pre-order your copy today and you'll get access to over $350 in bonus items.
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Slow and Steady Wins the Race Every Time
Only at RamseySolutions.com slash store. RamseySolutions.com slash store. Pre-order today. Dr. John Deloney, Ramsey Personality, is my co-host. Chris is in Orlando. Hi, Chris. Welcome to the Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Better than we deserve, man. What's up in your world?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Well, good to have you. I see on my screen you're a Baby Steps millionaire. Tell me about it. What's your net worth?
The Ramsey Show
Slow and Steady Wins the Race Every Time
All right. You're young millionaires. So you grew up, I mean, you were like a kid listening to this stuff. How do you get there at 30 freaking years old?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Very good. Good for you. Okay. And what kind of business is it?
The Ramsey Show
Slow and Steady Wins the Race Every Time
So what is the net worth made up of that you made a million dollar net worth by 30?
The Ramsey Show
Slow and Steady Wins the Race Every Time
So the pattern sounds like that you're a ridiculous saver and you've never borrowed money except the house in your life.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Okay. All right. I mean, because, you know, federal law is wife gets the good car.
The Ramsey Show
Slow and Steady Wins the Race Every Time
You're doing great, man. Congratulations. How's it feel to be a millionaire at 30?
The Ramsey Show
Slow and Steady Wins the Race Every Time
It's in order. You have $300,000. You have $300,000 left over. Do it today. You're 30 years old, and you're a millionaire, and you make $400,000 a year. You're in good shape, man. Just get on hold, do it, and then come back on and do it. That old uncle that was in your old house when you were growing up just said pay off your house. Yeah.
The Ramsey Show
Slow and Steady Wins the Race Every Time
put you on i promise hey congratulations chris well done well done i was curious what these millionaires particularly uh uh young millionaires what they're driving it's very interesting uh you know what the average is is a three-year-old toyota for just across the board yeah toyota and three of some kind three years old land cruiser whatever tundra
The Ramsey Show
Slow and Steady Wins the Race Every Time
whatever yeah taco whatever all that stuff but i mean they're driving some kind of stinking toyota maybe a honda or maybe a camry uh might be a ford f-150 yeah but somewhere in that range is what you get two to three years old that's the typical millionaire what they're driving and um now these are not billionaires these are millionaires
The Ramsey Show
Slow and Steady Wins the Race Every Time
And a million is, you know, a billionaire is a thousand million. Yeah. These aren't a hundred million. These aren't 50 millionaires, right? No, they're not even 10 millionaires. They're one millionaire. That means their net worth, what you own minus what you owe is a million dollars. But for you young parents, I think we just found the formula.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Put the show on and just play it over and over for the whole time. Your children are being raised until they hate my name.
The Ramsey Show
Slow and Steady Wins the Race Every Time
This is our uncle. This is the uncle. Our long-lost grandpa. He went away to the gold mines. We never saw him again. Exactly.
The Ramsey Show
Slow and Steady Wins the Race Every Time
He was yelling about something down in a hole somewhere.
The Ramsey Show
Slow and Steady Wins the Race Every Time
But it's something about debt-free or something. I don't know. I can't wait.
The Ramsey Show
Slow and Steady Wins the Race Every Time
It's happened before. I kind of worry about it. So that's why we call them financial peace babies. That's what that is. They were raised on financial peace. We don't call them Dave babies because we don't want people to be confused.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Lots of financial peace babies. No Dave babies but three. That's it.
The Ramsey Show
Slow and Steady Wins the Race Every Time
No, no. I put, I put at the end on that a long time ago. All right. Open phones here at triple eight, eight, two, five, five, two, two, five. In all seriousness, the beauty of taking a baby, why we call them baby steps. Millionaires is they became millionaires by following the baby steps. You can become a millionaire a lot of ways. You just need a net worth.
The Ramsey Show
Slow and Steady Wins the Race Every Time
What you own minus what you owe, your assets minus your liabilities, is a million-dollar net worth. That is a better measure of your progress with money than your income because you can make a lot of money and have none. So your income is irrelevant if you don't do something with it. And so, you know, the growth of your net worth is actually the growth of your wealth.
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's the proper measure of your wealth building. And so watching that number and measuring that, we're actually building out a tool. The EveryDollar team is working on it now in beta. And we're going to have a net worth measurement tool built into your EveryDollar budget. So it pops up. And so as you pay off a debt, your debt goes down, your net worth goes up.
The Ramsey Show
Slow and Steady Wins the Race Every Time
yeah i'm just having something there where you look at these are my investments these are my debts these are the things i own their assets these are my debts and of course no debt makes it real easy to calculate right and so that that's how we measure this stuff and how you help help you go forward with it so it's a good thing and um a million dollar net worth at at age 30 which you know if it's invested say not on a checking account but maybe it
The Ramsey Show
Slow and Steady Wins the Race Every Time
Something that made 10%, it will double every seven years. So at 37, it'd be two. At 44, it'd be four. At 51, it would be eight. At 59, it would be 16 million. At 66, it would be 32 million if he never adds anything to it and kept it invested at an average of 10%. That's compound interest. The eighth wonder of the world, Einstein called it. This is The Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah, that's the answer to your question. But the reason you're asking the question is based on faulty information. Yeah.
The Ramsey Show
Slow and Steady Wins the Race Every Time
I talk to people every day who want to know how to do better in two areas, money and relationships. That's why I'm pumped to bring the Money and Relationships Tour to a city near you. Join me and Dr. John Deloney for a night that will challenge the way you think about this stuff and possibly change how you live forever.
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Slow and Steady Wins the Race Every Time
Starting April 21st, we'll be in Louisville, then on to Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Grab your tickets at ramseysolutions.com slash tour before they're gone. Ramsey Show Question of the Day is brought to you by YRefi. Feeling stuck with defaulted private student loans? YRefi can reduce your payments, help you get control of your money, and that loan for sure.
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Take the first step by getting unstuck. Visit YRefi.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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Slow and Steady Wins the Race Every Time
My point still stands. I wouldn't work there. Yeah. You know, if you've got the ability to sell, dude, you've got the ability to make 200K doing something somewhere without a degree. Now, if you want to go get a degree, my business degree has served me well. I use accounting, statistics, finance, whatever, almost every day in my job as the CEO of Ramsey.
The Ramsey Show
Slow and Steady Wins the Race Every Time
You've done so much to take care of your kids. Don't signal your daughter that settling is a good idea. Yeah. Don't give her that example. Settling is not a good idea. It's a long freaking life. You settle. Don't do that. And you're definitely doing that here. You're definitely, you know. You know, I was talking to, I was on a leadership podcast earlier this morning.
The Ramsey Show
Slow and Steady Wins the Race Every Time
We're talking about hiring people. A bit of a corollary, but not exactly. It's not the same thing, obviously. But sometimes when we desperately need a job done and we own a company, like I've got this slot that's been open for four months. We've been trying to find somebody to do this work. We can't find somebody to do this work. Then you tend to get aggravated and you settle.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And you go, I've got to put somebody in there, for God's sakes. And this guy can fog up a freaking mirror. Let's put him in there. And it never works out. Never. When you settle when you're hiring people. And I understand they're different, but they're the same.
The Ramsey Show
Slow and Steady Wins the Race Every Time
The phone number is 888-825-5225. It is a free call. Some say the advice is worth exactly what you pay for it. Isaac is going to start off this segment in Rochester, New York. Hey, Isaac, welcome to the Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
You know in your guts. You're making a mistake. You're going to screw up the organization. And these are long-term mistakes. Yeah, they're not undone quickly or easily. And the unintended consequence is you're signaling the entire rest of the people that this is who you are when you hire this person.
The Ramsey Show
Slow and Steady Wins the Race Every Time
When you let this guy in the house, you're showing your kids that this is all you think you're worth.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Good point. Man, just don't, Amber. Just don't. Amber, we love you, and you're worthy of better. Yeah. For sure. Because you're a rock star. I mean, you're a warrior princess. You're out there making 100K, raising three kids. You're the mama bear fighting your way through the thicket. And, you know, don't put some guy riding your coattails. Oh, my God. No, thank you.
The Ramsey Show
Slow and Steady Wins the Race Every Time
The things I learned in academia were valuable. They were not, however, the actual sheepskin itself, the four-year degree, is not a prerequisite to me starting or running this $300 million company. And that is true all across America. That's right. If you want to get out of sales,
The Ramsey Show
Slow and Steady Wins the Race Every Time
You're worth more than that, kiddo. Open phones at 888-825-5225. You jump in. Nico is in Newark, New Jersey. Hi, Nico. What's up?
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's it. It's your I love debt score. How much have I played kissy face with the bank?
The Ramsey Show
Slow and Steady Wins the Race Every Time
So, Nico, I'll add one more thing. We did the largest study of millionaires ever done in North America. The Ramsey Research Team did. It's about four years ago. And we ended up studying 10,167 of them. It's a huge, massive study. Detailed, airtight research. Okay? And we asked these millionaires in detail multiple questions to determine how they became millionaires. Did they inherit their money?
The Ramsey Show
Slow and Steady Wins the Race Every Time
Did someone give them their money? Did they win the lotto? Are they professional athletes? Where does money come from? Where does wealth come from in America today? 89% of them did not become millionaires because of inherited money. Okay, that's number one fact. Let me tell you the number out of 10,000 millionaires that we talked to.
The Ramsey Show
Slow and Steady Wins the Race Every Time
The number of them that said the reason I became a millionaire was my credit score is awesome. How many out of 10,000? Precisely zero. So don't buy a lie from broke people that are going, well, you need to build your credit score, Nico, because that's what all the broke people do. That way we can borrow money up to our freaking eyeballs and we can't breathe, but we have a nice 880 score.
The Ramsey Show
Slow and Steady Wins the Race Every Time
We paid $150,000 in interest for this 880 score, and no one gives a crap. Because I have bought a bunch of stuff with money I don't have to impress people I don't really like, and I have a score that doesn't mean anything except I have given the bank half of my freaking life, and I can't breathe because some moron told me a few years ago that I need to get a credit card and build my credit score.
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's how it works, really, Nico. Just wouldn't want you to miss out, buddy.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Stay off the grid. Everybody is hurting. Haven't found anybody this works for except Citibank. I'm out. What's in your wallet? Money. I don't have any of your freaking plastic in my wallet. That's what's in my wallet. That's how this works, boys and girls. Oh, my gosh.
The Ramsey Show
Slow and Steady Wins the Race Every Time
so good question Nico thanks for it's a really good question thank you and let thank you for letting me get on my little soapbox welcome to our gang man good for me I need to use this caffeine I have for something but the uh yeah that's you know the truth is that I do not find people among the wealthy who have used credit to get there how many of you borrowed your way into wealth None.
The Ramsey Show
Slow and Steady Wins the Race Every Time
That's how this works. So don't need a credit score, buddy. What you need is money. Stacked and stacked and stacked. That'll work. This is The Ramsey Show.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Taking classes on leadership from a professor who's tenured and has never led anything.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Yeah. Yeah, this is very doable for you. Your career is fine. I don't mind you going and getting the degree. I don't want you to go get it because you think it's your ticket to success. That's my problem. This is The Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies.
The Ramsey Show
Slow and Steady Wins the Race Every Time
there's too little life insurance or none at all grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet i also discovered that there are a lot of rip-offs in the life insurance world like that whole life crap posing as an investment opportunity what you need is level term life insurance usually 10 to 12 times your income
The Ramsey Show
Slow and Steady Wins the Race Every Time
which is the smartest, most affordable way to protect your family. The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years.
The Ramsey Show
Slow and Steady Wins the Race Every Time
so you know they'll be there when you need them. Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Dr. John Deloney, Ramsey personality, is my co-host. Well, let me try again here. Taylor is with us.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Taylor's in Roanoke, Virginia. Hi, Taylor. How are you? I still didn't do it, did I?
The Ramsey Show
Slow and Steady Wins the Race Every Time
As far as your financial question, yes, stop paying down debt, pile up cash to survive a cancer diagnosis, whatever her diagnosis is, and to survive the divorce. I can't tell what's going on because you don't seem to know in your relationship. The one clue you did give me a minute ago was it's 20 years and it's been a hard marriage the whole time.
The Ramsey Show
Slow and Steady Wins the Race Every Time
I think she just reached the end and the switch flipped. I don't think that one's coming back. I might be wrong. I've only done this for 35 years, but Once that switch flips, it's hard to get it back. And so it's possible that the therapist can help you guys work this out. I'm hopeful. I hope that happens. But I would prepare for the worst as far as the marriage goes on the financial side.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And that's a big pile of cash is easier to split than reduced debt is easier to split. And both of you need some extra cash anyway if you're both facing health problems. So, yes. Let's pause on the total money makeover. Money is not the problem in your life today. Not even close. The problem in your life today is relationships and health. And that's what you concentrate on.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And you let the money flow towards those things rather than towards working the baby steps.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And we can show you how to do all that. But I'm not going to tell you it's going to be easy. It's not easy. It's easier to start a business today than at any time in human history. Oh, yes, yes. Any time in human history because your marketing is instantaneous. You've got this wonderful thing. Like the old country boy said, you got that internet?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I mean, you know, you got this wonderful thing out there that you can do anything with. And there's a ton of, you know, stand-alone plug-and-play products to help you, you know, run your business, help you do all kinds of things to –
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
to get something off the ground so uh you know the first time i ever saw that really was i i was just amazed that the first time i met the guy that he made a million dollars in one year this was god 20 years ago i met him i made a million dollars in one year uh selling used golf clubs on ebay Wow. He was buying. You go to garage sales and buy golf clubs for a dollar. Clean them up.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Buy the whole bag because people just want them out of the way. That's right. They collect. Generally, those are wives. Use golf clubs.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Yeah, and nobody wants the old technology, right? No. Yeah, everybody does when it's cheap enough. So he would take it, clean it, put it on eBay, and all of a sudden he had a business.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You know, so you can decide to do something like that. But then, like a friend of mine I was talking to the other day that's in his 30s who suddenly has millions of dollars of revenue, he's now overwhelmed. He's like, I now have a business. I thought I was just a dot, dot, dot. Yeah. And he goes, no, I've got people working for me, and I've got all this other stuff.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And he's kind of an accidental entrepreneur, if you will. And so, yeah, there's processes, though, that can get this back for you that can help you get your life back together. Build a business you love on pre-sale today. As I said, I don't do many books anymore.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Most of our book production and writing is done by the Ramsey personalities around here, and they do a great job, and we've got number ones with –
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
bestsellers with multiple number one bestsellers with all of them and um there's no need for the old man to get in the way of that but this is my material so i had to put it into a book we couldn't let it couldn't let it just wander off into the ethos so uh this way you can get your hands on it for only 29.99 and you can get a system to run and grow your business and
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I got to tell you, if you're running a small business, you deserve to win. You are the right kind of people. You're the kind of people people should work for versus corporate America who will piss on you. So, I mean, you know, you need to go to work for good people, family-run businesses. They're the best on the planet. This is The Ramsey Show.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
She is 71. Oh. What a horrible thing. I'm so sorry. Simultaneously makes me angry and sad. Wow. Okay, so I guess there's a couple of areas. Is your mom just lonely or is she diminished mentally?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
ken coleman ramsey personality best-selling author is my co-host today seattle is on the line jeremy is calling hi jeremy how are you good how are you better than i deserve what's up good hey i um just started your book this last month with my wife we are on baby step number two um and
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay, and what do you owe them? About $80,000. Oof. So they loaned you the money to... by a house put a manufacturer a trailer yeah yes sir on their property yes sir so you have an eighty thousand dollar trailer and you don't own the dirt correct oh god okay um wow um Well, what are the terms?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I mean, did you have a payment system with them, a certain amount you're supposed to pay them every month?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Well, not obviously. I mean, you've never been late, and yet they expected that you would prepay them rather than do anything else. Why did they expect that?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
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. I'm Dave Ramsey, your host. Ken Coleman, Ramsey Personality, is my co-host today, number one best-selling author, and we are here to help you. The phone number is easy. It's 888-825-5225.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay, there's two layers to this situation. The first layer is the simple four-wheeler question, okay? Yes, sir. On the simple four-wheeler question, I think you and your wife need to go over, ask them if you can come over and talk and have a cup of coffee and bring a pie.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And you just sit down and say, we thought that we had a monthly payment arrangement with you, and as long as we were doing that, we thought we were doing the right thing. Somehow there must have been more to the agreement than we understood. Because if we go on vacation, you're going to be mad. If we buy a four-wheeler, you're going to be mad. But we didn't know that was part of the deal.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And so we need to get on the same page about what our deal is. Because I thought our deal was I pay you monthly payments and you're happy. But now it's I pay you monthly payments and I have to check with you before I buy anything. And that's not a deal I'm okay with. Now, agreed, you shouldn't have bought a stupid four-wheeler in this situation, okay? That's a side. And you can say that.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I made a mistake. I shouldn't have bought the toy. But I'm trying to figure out what our boundaries are here so that I don't upset you again into the future. And basically call them out because they're out of line. You did a stupid thing, but they don't have a right to be upset about it because you kept your part of the deal.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I'm telling you, sell this four-wheeler and get yourself out of debt with that money. Yeah, definitely do that, but not paying towards them. Okay, that's layer number one. That's the easiest layer. Do you want me to get harder, Jeremy, or do you want me to leave you alone?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay. You guys have made a colossal mess. You've violated about six things here, and you're going to get – it's not going to turn out well, I'm afraid. Colossal rule number one is you never build a property – you never put $80,000 worth of collateral on someone else's dirt. I don't care whose dirt it is. Period. Because you do not have control of the situation.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
If they are in a car wreck in the middle of the night, fall asleep at the wheel, and these sweet little people hit somebody head-on, and they get sued for $200 million, the dirt under your trailer is gone in that lawsuit. And they have no control over that, and you have no control over that. So you have set yourself up, and I've seen this a thousand times in 30 years of doing what I do.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Not owning the dirt under your trailer is a massive mistake, number one. Borrowing $80,000 from your in-laws for anything, for any reason, is a massive mistake, number two. The borrower is slave to the lender, and as you have figured out, masters change the rules sometimes. You're the slave. Problem number three, you spent $80,000 on something that's going down in value, not up in value.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Trailers go down in value. They don't go up in value. So in 15 years, what's this $80,000 trailer worth? Nothing. You're burning $80,000 on your kitchen table every night. A little bit at a time. So you got a massive entanglement of mess here, and I don't know exactly how to get you out of that one as easy as I did the other one. This is not a cup of coffee and a pie.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
But if I'm in your shoes, I'm going to start trying to unravel this thing. If I can figure out a way to honorably do that, I'm guessing the trailer won't bring 80 grand now, right? No. Okay. What would it bring now?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay, if you can get out of it, I would sell it and start fresh renting somewhere. and give them their money back, and keep you from owning an asset that's going down in value sitting on dirt that you don't own. Man, this is just, you're playing Russian roulette, and there's three bullets in the gun, not one.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
It's going to get worse. The relationship's going to get worse. The finances are going to get worse. Everything's going to get worse. There's nothing in this story that turns out good. And the problem is, To stop and say that out loud is like walking up in the middle of the town square and saying the emperor has no clothes. Everybody's going to look at you and go, but wait.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Your wife's going to look at you, their precious little daughter, and go, my daddy wouldn't. Oh, yes, he did. He already bitched about the four-wheeler. Of course he's going to do it. It's coming. You know what your daddy's going to do. Right. Okay, I already know what your daddy's going to do. I read his mail.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Well, mom and dad have got some money, and they've got some land, and they were trying to do something nice, and they did a good thing in a dumb way. Yeah, that's a great way of putting it. You know, how could you do this differently? All right, I'll tell you how you could do it differently. You carve up your property, you put a property line on it, and you give a parcel of it to your daughter.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And if you want her to have an $80,000 property, have her build something on there that will go up in value and give her $80,000 of your money. Don't loan it to her and make her your slave and change the quality of your relationship. Thanksgiving dinner tastes different when you eat with your master. It changes the relationship, and you're not the exception. No one, none of you out there.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So mom and dads, quit doing a nice thing, a good thing, a bad way, and causing more problems than you were blessings. Yeah, that's right. That's, whew, poor Jeremy. I'm sorry, Jeremy, but you called and you asked. This is The Ramsey Show.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Who's in hospice, your grandmother or your mother?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Open Phones, this is our Ken Coleman. Ramsey Personality is my co-host. Our question of the day is brought to you by WhyRefi. If you're struggling with defaulted private student loans, WhyRefi offers a great solution to get you back on track. For a low fixed rate and more flexibility, go to WhyRefi.com slash Ramsey today.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
That's the letter Y, R-E-F-Y dot com slash Ramsey might not be in all states.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So how is your mom a successor? How is your mom reacting to all of this? Is she prideful towards you all? I can do what I want to do? Or is she scared and humbled, take over this? I'm not capable? No.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I've got a friend building a house in Cabo in Mexico. Yeah. And he just had some of his appliances and his plumbing fixtures shipped in from the States. Mexico adds a 33%. That's correct. 33% on top of that. So a $1,000 item becomes a $1,500 item. That's right. That's today.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay. So that does not happen when Mexico sends stuff here. Correct. So we need to keep in mind that's what's really going on. If you are an American company wanting to sell things to customers in Mexico, you face a 33% upcharge today. Okay. That's been in place for years. Did it crash either economy? No, no. Did it slow down the number of people that do business in Mexico? Yes. Hello. Yeah.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I mean, and that's the net, net, net effect of these things is – but this idea that somehow Americans are going to come up on the short end of the stick, not really. Canadians are really worried about this. They're very worried about it. I talked to three Canadian business people in the last week that were very, very afraid. Oh, absolutely. Of what it's going to do to them. And it's much more –
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
damaging to them no question so um but i do want to answer honestly yeah honestly too you will pay more there's no question if you buy something from canada you buy something from mexico and that goes into effect you will pay more that's right no question about it just a hundred percent the companies do not eat taxes we're going to raise corporate taxes no you're not you raise corporate taxes corporate taxes are built into the price of the item you buy from walmart
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Walmart does not pay taxes. You pay taxes when you buy potato chips at Walmart. You pay all their taxes for them. It's built into the price. They don't work for nothing. You can't raise corporate taxes. It's impossible. All you do is raise prices to the consumer. Same exact thing.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
The economics is not as simple as one variable. It's not. There's more to it than that. Here's the other thing, and this is what I told my Canadian buddy. He was in meltdown mode. I'll bet. I said, I'll give you an opinion, and it's worth exactly what you pay for it. There's not going to be any tariffs in Canada. That's my opinion. It already appears as though none of this is going to happen.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And unless she unless she is mentally diminished, you can't make her do anything.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And there's not going to be any in Mexico. That's my opinion. But it may require that Mexico and Canada start treating American goods the way we treat their goods. Fair. That's right.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Nobody wants to pay a 33% upgrade. Right. And we do today. And they want the borders closed. But I think that this is a negotiating ploy on those two countries. Now, I will tell you some of the other countries where there's a massive trade deficit and there is a tariff offset, like I'm talking about, where, let's say, Vietnam, where we pay –
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
If you want to bring American goods into Vietnam, you pay big money to do that. And if you want to ship Vietnamese goods to America, you pay nothing. And the trade deficit is huge, meaning that we import a lot more from Vietnam than we export to them. Mm-hmm. That's the trade deficit.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So all you can do is help her with her guilt once she discovers she's been scammed, and then she's probably going to need to sit down and see a good therapist, a good counselor.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So they are taking jobs from America in that sense, and then they're charging, overcharging for American goods coming in. So where he doesn't want a border closed with them, where he doesn't want something else in this negotiation – That one's probably in trouble. You're probably going to see one there. That's right.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And then you're going to see, if you're buying goods from Vietnam, you're probably going to see a huge increase in what the cost of that is, like I'm outlining with Mexico as an example. But I don't think Mexico or personally, I don't think Mexico or China. Or Canada, either one will ever see it. I think he was trying to get some other stuff, and he threw a grenade in the middle of it.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
He's a New York street fighter, and that's how he negotiates.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Well, and they're not picking up goods in their house going, made in Mexico. Wait a minute. Or made in Canada. Wait a minute. That's right. And there's probably not that much in your house that says that, truthfully. So, you know.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I don't think America wants a trade war with either one of their border neighbors. I just really don't. We'll see. We'll see. Let me tell you one other principle that we can, and we can leave this alone, get all the prognostication and bull crap out of the air. Don't act on worries that haven't happened. Yeah, that's right. When it happens, you can think about it.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Until it happens, it hadn't happened. Well, we might have this or we might have that. It might snow. It might not. We might have an outbreak of the bird flu. We might not. We might have a – and we might not. And if you spend your life doing that, you're going to eat up all your calories and have no fun. So I'm serious.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
It's just don't do that on anything, tariffs, politics, Trump being elected, Trump not being elected, whatever. Whatever it is you want to – until it actually occurs – and you actually see it in your hand messing with your wallet, then I would start making some adjustments to offset and say, well, I'm going to have to change the way I do that.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
No, I'm not scooting her any resources. She's not responsible enough to handle them. You've got to decide how she can manage. You can help her manage the resources she gets her hands on and manage those. And if you give her some food money, instead just give her some food. because we've got to get a long way away from this competency issue.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
But until then, it's all a bunch of malarkey on the news. And believe me, most of what's on the news is malarkey. This is The Ramsey Show. You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several burners myself. They look like guns, but they're not. They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required. And because they're not firearms, they can be shipped directly to your door.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
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. I'm Dave Ramsey, your host, Ken Coleman, Ramsey personality, number one bestselling author and host of the brand new super popular podcast that we just launched called Front Row Seat. Be sure to check it out on Ramsey Networks.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Open phones here at 888-825-5225. Joe is with us in Salt Lake City. Hi, Joe. How are you?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
All right. So she's going to give up her life and follow you and you're not even going to marry her.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Well, go ahead. Go ahead then. If you were her dad, you'd tell her not to do this.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I didn't think you're a bad guy. I just said marry the girl. Put a ring on it, buddy. That's all I said. Because I'm telling you, she's in danger. Not physically, not emotionally. You're not a bad guy. But she is very vulnerable economically because she's become dependent on a 19-year-old that she's not married to in another city where she has no connections and no family. And she has no income.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I can't tell why she's incompetent, whether it's just sheer loneliness and she's not a very smart person, or whether she's mentally diminished. I can't tell. And you can't either is what it amounts to. So, you know, you've just got to treat her like that and go, oh, man, it's so sad. Such evil people out there. Yeah. And have you turned this over to the FBI yet? Well, you can't if she's in denial.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
She's vulnerable. And that's not wise for her. And that vulnerability, that anxiety that goes with that is going to affect your relationship. And you guys don't see that. You're just young and in love, and you think this is all going to work as long as the sex is good.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
This is a disaster. Hey, listen, if you're going to do that, um, you know, that's when you get married now and moving in together is, um, she's, you would have to pay the bills cause she has no money is the answer to your original question. Isn't it?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Yeah, but I mean, she can't exist. She can't subsist if she follows this along without you. So she's trapped. That's what I'm telling you. And economically, and your brain knows the math. And your body stores the stress from your brain. And she can't keep that from happening. It's going to affect your relationship negatively.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So if you're going to go do this, just call the preacher and say, hey, we want to get married before we move over there. It will change the environment because then she knows you're legally bound.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
care for her she's legally bound to care for you because you're legally don't own anything separately anymore because you're now what we call married and so that's going to be healthier for her emotionally for your relationship long term and it will change everything and if you're not able to commit to that emotionally you should not put her in this state of vulnerability because you're a good guy and you wouldn't do that
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I don't like it. I think it's foolish. Joe, I mean, you called and asked, and we're being pretty brutal with you and messing up your plan. But what we're thinking like here is like her old ugly uncle because I pretty much qualify for all of that.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I said we, me, but yeah. But I'm saying, you know, what would you do? And you said, I wouldn't. When I asked you, would you want your daughter to do this? You said, no, I wouldn't. So you need to think about how you answered that because you answered that honestly. And I do think you're a good guy. I'm not questioning your integrity or your intent or anything.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And I'm not saying you're a substandard person in any way. But there's implications to what you're doing that you don't know about or haven't thought through. And then I'll just stop a second and say that for the rest of you out there. Because today in America, more couples live together not married than married. Statistically. Statistically.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Now, for those of you that grew up with Leave it to Beaver in an alternative universe, that's shocking to you. more people live together, not married than married. The downside is, is that the data is now in, we see the data and we track the data. It's our world.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And the data says that married couples far exceed unmarried couples living together in their financial goals and wealth building far exceed the researchers call it the marriage advantage. And it's probably deeper than just combining of the two incomes and that kind of a thing.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Our theory is, and we've not been able to research this and prove it, but you can just listen with me and think about it, guys. But our theory is simply this, that when both of you are permanently promised to each other's future with a contract called marriage, it causes a differentiation in your behaviors. Versus I've got to always have an out. I've got to always have an exit.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I've got to always have a, what happens if he moves out? What happens if he leaves me with these two kids? What happens if, you know, all those kinds of things. That can happen in marriage. It's called divorce, but you get this thing called child support, alimony, and half the assets. You don't get that when you're cohabitating.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Even with a cohabitation contract, they don't stand up in most states to the level that marriage does. So we can discuss how it gets there, but the data is undeniable. Married couples far exceed in wealth building to unmarried couples living together. Far exceed.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And you can just look at it through the wealth building lens or you can look at it through other lenses, but that's the one that I've got data on. This is The Ramsey Show.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
All right. And if there's anything you can do to try. Sometimes, once in a blue moon, they actually recoup some of this stuff. But, wow, I'm so sorry. What a horrible thing. So, yeah, you're there for her emotionally as she deals with the guilt of this level of screw-up, and you're there for her basic necessities, but we're not scooting her resources. She doesn't need any scooting. She needs care.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Ken Coleman, Ramsey Personality, is my co-host today. He is the host of the brand new show called Front Row Seat. Ken, Front Row Seat came out of the gate really fast, no pun intended. It's an interview program where you are the master interviewer, which you are, long form. One of the first ones you did was Nikki Haley.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And Nikki's been a friend for years and, of course, was governor and ambassador of the UN, governor of South Carolina, ran for president, last one standing against Trump running for president on the Republican ticket. And she was a great interview.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So most of the time you're doing about 80% of the question asking and the audience are doing about 20%?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And the first several are in the can, and you can watch them now on YouTube.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So you can get it as a podcast or as a YouTube product, and it's just really quality. We're real proud of it.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
The sad thing about Will – is he's unreasonably nice. One of the nicest people I've ever met. It's just ridiculous how nice he is. That's true. And yet we're still friends. He's unreasonably nice. Yeah, he's great. He's a great guy. Hey, be sure you tune in. You're going to love it.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And that particular episode I'll be watching because I love Will and I love his material and I love the way he thinks.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Really, really good stuff. Yeah, I'm sure he had some mic drops in there. April's in Indianapolis. Hey, April, welcome to The Ramsey Show.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You're going to have to treat her like she does not have competency because she obviously doesn't.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Indiana. I'm sorry, Evansville, Indiana, on the border of Kentucky. Yeah, okay.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
All right. Good news is it's not very expensive to live there. You're calling me from Indianapolis, and that's a little more. She has no income at all? She has Social Security.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
What is her Social Security? What's her income?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
off doing his own thing somewhere divorced a long time yeah okay yeah divorced a long time ago okay all right um well so we've the math will break your stubborn streak i know right 900 bucks doesn't pay for property taxes insurance on 175 000 house and food and lights and water Correct. Period. Period. It doesn't do it.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Not even in Evansville, Indiana, which is a wonderful community to live in and very inexpensive to live in compared to most places, especially metro areas. So, yeah, she could sell her house and buy a $75,000 one-bedroom condo there. Probably. That's probably real.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
and they would probably wouldn't be in the ghetto right probably wouldn't be in the slums and so um it's not going to be great but it'll be you know at least a place to live and renting is not an option because rent goes up every year and she'll run through her money it's not going to go up as fast as social security so she's working that's her only choice it's her only choice yeah
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Well, you're going to have to work on talking to finding out what Medicare does do in those situations and finding out exactly what the guidelines are. I don't know them off the top of my head. And start talking to insurance agents and finding ways to get care covered. But she's going to burn through the money from the house because you can't live on $900, right?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And then the money from the house will be the next thing that's gone. And then we're going to be back in this position because we don't want to admit that $900 won't work it. Won't work it. Right. And so you don't have a choice. One of you, somewhere there's going to be some money under this picture. Now, maybe you start giving her money. I don't know. Or your brother who's a dentist. I don't know.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I made that up. But I don't know who's giving her money, but somebody's giving her money. They're going to give her money to work or kids are going to support her. Because she can't make it on that.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And a caregiver would probably make more than she'd make there. I agree. And probably with the right care organization. Yeah, that was just a quick search. Hospital or whatever, you could get some health care.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Yeah. Okay. Let's check on that. But I think mom...
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
she's um i don't know how you help her grasp this but the math is going to be forced upon her yeah and she's going to have to create some income and the more income she creates the sooner the bigger chance we can build to be a be to build a little bit of a nest egg to to make it all the way through this and not have to work until you're 92 you know
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
This is why you invest $100 a month from age 25 to age 65 in a decent mutual fund is $1,176,000, and you don't have that trouble. If you're 25 and you're listening to me, listen to her story. Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards. They all store your info online, making them ripe for a cyber attack or data breach.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim. It's the most thorough and affordable plan out there. I even have it for my family and our entire team.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Visit Zander.com or call 800-356-4282. It's the last call for our two-night virtual event, Dave Ramsey's Investing Essentials. It's set for May 21 and 22, and you do not want to miss this. I'll unpack my personal playbook on investing and real estate and show you how you can feel confident in your investments too. Tickets are $1.99.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Snag a VIP ticket and you'll get two sessions with a Ramsey Preferred Coach. You can join from anywhere. Go to ramseysolutions.com slash events and get your ticket today. Ken Coleman, Ramsey Personality, is my co-host on the debt-free stage in the lobby of Ramsey Solutions. Andrea is with us. Hi, Andrea. How are you?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Better than I deserve. Where do you live?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Good for you. And your range of income during that two and a half years?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Nice jump in two years. What do you do for a living?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Ah, okay. Why did your income go up so much?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So you just built a business, built a business, but you had a real reason.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Yeah! Whoa! Small mortgage and knocked it out.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Very exciting. What's this house worth in Fort Myers, Florida?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
The call is free, and some say the advice is worth exactly what you pay for it. Allison starts us off today in Washington, D.C. Hey, Allison, how are you?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I'm 32. That's okay. You're rushing this. You're just rushing it. Way to go. Thank you. So proud of you. You're amazing.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You have to feel like you have a superpower.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
What started all this two and a half years ago? You were just kind of going along being normal.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
negative but that's the reality it's on the computer and the other end of something in russia or whatever you don't know where it's going there's no no telling the um it's really tough man yeah i i we've taken this call a bunch over the last 30 years for sure in different forms the internet has made it more yes uh prevalent i guess but um it's not that unusual um but but
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Love that. I'm a salesperson, and I know that when I've got something I'm aiming at that I want the money for, it makes me work a little longer, make four more calls, make sure I answer every single thing. I ring every drop out of the wash rag before I go home because I'm trying to get there on everything. And if I don't have that, then I'm a little bit lazier.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And so you were leaning in, weren't you? You were making every stinking closing.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You were closing every deal. But the interesting thing is you're 33 and you never really had huge debt. I mean, your mortgage is smaller than most people's student loans.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So you must have grown up with parents that had common sense.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay. Who's this over here in the gallery?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay. So that's where the common sense really came from.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay. Mom's there. Hi, Mom. Way to go. Well, they're all here cheering you on because they're real proud of you. Yeah. But you're the product of the way they have lived their lives, too. Yeah. Yeah. They taught me everything. Yeah. I mean, 33 years old and not over your head drowning in $400,000 or $500,000 worth of miscellaneous everything is unusual.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
But you just had a small one, and then you just killed it. You slayed it. You took a machete to it. You're something, man. That's so powerful. So you have no house payment, no payments of any kind. You are officially weird. How does that feel?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
That's beautiful. What you're showing is that when you set all this debt down that everyone else is carrying, they're walking around holding their breath.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And you can breathe. That's all you're showing. And it changes everything. So you're fabulous. Thank you. You're a rock star, man.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You're amazing. I'm so proud of you. Very, very well done. What do you tell people the key to getting out of debt is?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So I guess, yeah, be there for her emotionally, be there for her necessities. We're not ever going to put her in charge in the near future of any kind of assets because she's not responsible or capable or competent or whatever the phrase is we want to use. Those aren't insulting words. They're just observations of where she is, obviously. But, yeah, you don't... Wow. So it...
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And so those numbers were your accountability partner. You're looking at them and they're screaming at you.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Get after it or you're doing good. They're talking back to you. Yeah.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
By my birthday, and you beat your birthday, so you thought you were 33 because it was by my birthday. Yeah. I love it. That's good. That's good. I like this. That tells how much emotion you put into this. Yeah, that's fabulous. Good for you.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Well done. Well done. Man, that's what puts you in a different place. You're a different kind of salesperson now.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
But now you don't have any reason except doing the right thing for the people, making sure they get the right coverage. Yeah, good for you. Well done. Well, I'm sure Grandma and Grandpa and Mom are proud. I'm sure that's why they're here cheering you on. We're proud of you, Rockstar. Thank you. You're a hero. Appreciate it. You're absolutely amazing. Andrea, is it Andrea or Andrea?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
No, which is it? Andrea. Andrea. I'll get it right. I'll get it right. Andrea from Fort Myers, Florida. 121,000 paid off in 28 months. You're looking at a millennial with a paid-for house. You know how much whining I heard in this discussion? Zero. I'm telling you, the millennials are out there that are awesome, and she is a representative of them.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
There are some of them that are amazing, and she's an amazing one. 28 months did this, making $85,000 to $135,000. Count it down.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
amazing i've lost hope that i'm ever going to buy a home yeah the american dream the american dream is dead i can't buy a home well she just said hold my beer yes i mean come on love it wow that's done she just took away all your excuses out there some of you some of you can get with it you can decide i don't have to eat out every night
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I don't have to have a frou-frou pumpkin latte spice double backflip every day. I mean, I can do all kinds of stuff. I can do all kinds of stuff if I have a goal. I'm 33 with a paid-for house. What would you do to trade with her? What would you do to trade with her? Oh, maybe it's your turn. Yeah, you. This is The Ramsey Show. Hey, guys, good news.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes. Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
RamseySolutions.com. Pre-order today. After this segment, the rest of the show will be available only on the Ramsey app each day. And you can catch everything you want on YouTube and podcast. And after that, the rest of the show is on the Ramsey Network app. It's completely free. There is no paywall. There is no salesman will call. We're not going to start charging for it.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
We use the Ramsey Network app to give you things you can't get anywhere else. And we put everything else out here where you can get it for free. And so jump on this for free. Download the app and stay tuned. You guys on radio, stay tuned. You'll get what you've always gotten. We haven't changed any of that. And, you know, finish the show in the Ramsey app.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And you can listen to the whole show in the Ramsey app and watch the whole show in the Ramsey app. So it's all there. Hey, guys, you don't want to miss our two-night virtual event coming up, Investing Essentials. I've only done this one other time.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And there's a part, if I'm Alice, and I think it's normal for the family members, there's a part of them that are aggravated with mom. Oh, sure. For not having her crap together any better than this, you know. So those of you out there, this happens almost exclusively to elderly that are, and let me back it off, okay? Not even elderly, 50 years old and beyond.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
George Campbell and I are getting together, and George is doing a deep dive on some of the investing trends that are out there right now, some of the details of the Trump Tax Act campaign.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
that looks like it's going through we'll know by the time we do it that night if it does go through we'll be able to tell you exactly what that means in your investing if it means anything at all if it doesn't if it doesn't affect it we're not going to spend much time on it but we'll go go into that i'm going to open up only for the second time ever i did it about this time last year we did one of these and i spent a whole two and a half hours on real estate
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
investing in real estate. I own several hundred million dollars worth of real estate. I've been buying real estate since I was 18 years old. I actually went broke in the real estate business later doing stupid stuff, so I know what it looks like. I have a PhD in DUMB. So, yeah, I can pass along to you the real world knowledge there. And, you know, we own several hundred million today.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So I'm going to show you exactly how to do that. I've got a degree in real estate. It's what I love. It's my second favorite thing to do other than doing stuff around Ramsey. And we'll get into all of that. We're going to get into whatever, if there's anything at all, we don't know yet, but we'll see what happens with this tax act, if it even passes by then. We'll get into that.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And we're certainly going to get into all the fads and all the stuff that you hear about and the smart stuff that's out there and the dumb stuff that's out there and show you why and teach you to think properly about investing. It's a two-night event. It's a lot of information. We're going to nerd out. If you want to just be entertained and giggle, don't come.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You'll be asleep because we're going to go into the weeds, baby, with the sickle and cut the weeds and run the snakes out. That's what we're doing. So you wanted the Nerdville. George is natural at it, but I can do it. I know how to do it. My brain can do it. And so I forced myself for two nights. It's two hours each night. Two different sets of materials, March 4th and 5th. Tickets start at $199.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You can get them at ramseysolutions.com slash events. It is a virtual event. George Camel, Dave Ramsey, Investing Essentials, ramseysolutions.com, $199 for March 4th and 5th. That's only, what, two weeks away or something like that. So you probably ought to go ahead and get it on the calendar, get it signed up. Honey, I'm going to be doing this. We're going to be doing this.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
We're going to turn it on Apple Live. and put it up on the TV and watch it or however you techno people do that stuff, right? So there we go. Atlanta, Georgia, Luke is with us. Hey, Luke, welcome to the Ramsey Show.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So you have a lot of money in savings. That's the only way you can breathe. Because monthly, you're choking to death. You're choking to death, aren't you?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I mean, I know what your budget looks like with what you're telling me. You have a $400,000 mortgage and a $6,300 take home. I mean, you're starving to death.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
No, it is not. So something's got to go. Is your income going to be changing?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
If you're 20, that's ancient, okay? But if you're 60, it's not ancient, okay? But anyway, 50 years old and beyond, lonely.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Not yet. Well, you increased your income a little, but not enough to where you can breathe. A little bit. Right, right. I mean, you lost an $80,000 income and gained a $20,000 raise or whatever it is, right? Okay. So the reason I'm digging around here is this. You can fix this. with your suggestion. You drop 190 on this and you recast, you're going to have to refinance. It's not recast.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
They're not going to recast the mortgage unless you've got a bank loan. But you could just go get another mortgage. What's your current interest rate?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So you can get another mortgage and not see much difference there, a little bit maybe, but it's not appreciatively different. And you'll have a $200,000 loan, and you can afford that. Okay? Mm-hmm. Now, if you do that, though, you don't get another one of these. Yeah.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
and disconnected and not involved uh where like if allison is the um the successor trustee in the situation then you know she leans in and is very involved in mom to where she knows this is happening correct we're you know if they're disconnected even the least amount from the rest of the family and from friends where someone no one is raising a flag going you're doing what
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So you guys really have to do an autopsy on, that's why I'm busting your chops on your decision-making, because you can't sign up for this and go, yeah, but I don't want to work anymore. That's not an option. You just sold the house when you went home. Normal people don't have 190 K in the bank to bail this out. So, and you won't next time.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So the next time you do this, you're selling the house and moving down in house so she can be at home with the kids. And I'm okay with that decision, but make the decision. Don't stand around, act like nothing happened and starve to death because y'all are starving, man. I know what your budget looks like. I'm sad. I'm sad for you.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
The stress in your that's running down your shoulder blades has got to be unbelievable.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You can't afford the house. Yeah. If you want the gains, sell the house and move to a $200,000 house.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
All right. Then you made your choice. But you can't have both. I understand.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
You can't keep this house the way it's set right now. Right. It's killing you. Okay.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Staying home with the children is the right decision. Yes, it is. But then there's math that goes with that.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Okay, I'm with you on that. No problem. But you can't ignore the math, and you don't get a pass on math because you did the right thing. Math will still smack you upside the head. That's the problem with it. It's mean. It's nasty. It doesn't have feelings. And it will just mess with you. And then you wake up and you can't sleep and you don't know why. That's right.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And you're fighting with your spouse and you don't know why. I know why. Your house payment is 50% of your take-home pay. You can't breathe. And that's what – this is what – number one cause of divorce in North America today, money fights and money problems. And it's all exactly around issues that sound like this. Sweet little people. Luke's a nice guy. He's a nice guy.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Sell your house, Luke, or sell your stock. By Friday. This week, Friday. This is the Ramsey Show.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
But you've got to be in a conversation to be able to say that. And that's not on Allison. It's not her fault. But this is who it happens to. The lonely. That's who it happens to. Wow. How sad. This is The Ramsey Show.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
If you need health insurance for yourself or your family, you might be lost in a maze of confusing terms, overwhelming options and questions about networks, not to mention high costs and bad service from insurance companies that don't care about what you want. Common concerns like those are why I'm proud to recommend Health Trust Financial.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
They've been working with Ramsey for over 20 years, and they're the only Ramsey-trusted health insurance broker. Health Trust Financial takes an unbiased approach to finding you the best health insurance for your situation. They listen to your needs, and because they work for you, not the insurance companies, their service is free with no obligations whatsoever. and no pressure.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Here's the best part. Health Trust Financial customers typically save an average of $500 a month. Health Trust Financial is your one-stop shop for unbiased advice about health insurance options to make sure you don't overpay. So get out of the maze by going to healthtrustfinancial.com today. healthtrustfinancial.com. Ken Coleman, bestselling author, is my co-host today.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I am Dave Ramsey, your host. This is The Ramsey Show. We talk to you about your life and your money. Some of you are aware that we coach and train and do events for small businesses. We've got around 10,000 of them right now that we're coaching all across America. And I love small business people. 54% of the gross domestic product, the economy.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
is created by businesses with fewer than 500 team members. Small business is literally mathematically the backbone of the U.S. economy. And so people starting up new stuff and excited entrepreneurs are my people. I started this business of Ramsey on a card table in my living room 30-something years ago. And today, you know, we've got over 1,000 folks working here.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
We've got, you know, several hundred million dollars in revenue and helping people is our goal and our product. It's what we do. And I had a best-selling book teaching people about how we run this business several years ago, about a decade ago, called Entree Leadership. It still sells very, very well. Thank you guys for reading that, The Combination of Entrepreneurism and Leadership.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So today we are launching pre-sale on a book of mine. I don't do many books anymore. It's been, I think, four or five years since I've done one. And so this one is the system that we have used to grow Ramsey and that we teach the small businesses to grow around America. It's called Build a Business You Love, Mastering the Five Stages of Business.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
We have identified that there are six things that drive businesses forward, and as they go forward, they go through five stages, two different elements here. But much like you walk the baby steps in personal finance, this Entree Leadership System with the six drivers and the five stages that you go through in business, and it takes decades in most cases to go through all of it,
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
As you grow a business from an idea all the way into a multi-million dollar thing, this is the baby steps for small business in a sense. And this is what this book does. It's the total money makeover for small business in a sense because it's going to show you exactly what those five stages are, exactly what the six drivers are, and exactly how to do them.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And you're going to like your business better. One of the dichotomies is most of us start a business because we think it's going to be more fun than working for someone else. And then you find out you've got the meanest dadgum boss on the planet, which is you looking at yourself in the mirror. You will work yourself to death and you will crack the whip and do stuff. It's crazy.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
So you can end up hating the business that you started if you're not careful. It happens all the time. But you've got to get a thing where you're building something that you love and you're enjoying it like you did the first day you had the idea. And so build a business you love. It's on presale starting today. The book actually ships on April 15th, oddly enough.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Tax day for small business people, right, and everybody else. And if you preorder now for $29.99, you're going to get over $350 worth of bonus items, instant access to the Entree Leadership Hiring Playbook, which is one of the lessons we teach here. and hiring and firing is the biggest challenge small businesses face.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
It's a complete pain in the butt, and it's wonderful, both, because you get to meet some of the best people on the planet and some of the craziest people on the planet. Early access to the e-book is part of the package, and you get the enhanced audio book. I read the audio book, but we've also put a bunch of other stuff in there It's almost like a production of a podcast.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And so the audio book, super entertaining and super cool rather than just me reading the book. It's not that. OK, so preorder today at Ramsey Solutions dot com slash store. If you're watching on YouTube or podcast, you can click the link in the description. I've been doing this for 30 years. It was 30-plus years ago I started on a card table in my living room.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And I don't write about stuff that I have not done. Nothing we do at Ramsey is theory. It's all we're practitioners. We give you actionable things you can do. And, Ken, you've spoken at Entree Leadership Summit, which we're doing in May in Denver. It's a huge event. at Entrez Leadership Master Series, which is a smaller event for the owners of small businesses.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And these small businesses really, if you're thinking about or you are operating or running or even working for a small business, this stuff's important.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Well, and if you're 52 and you have eight employees and you own a heat and air company, hello. I know exactly what you're facing. That's right. Other than the heat and air part. But, I mean, the rest of it, I know it inside and out. And, you know, we've got you as a customer all over America, and I can show you exactly what the next steps are. It's not too late.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
This is not just what Ramsey has gone through. This is what we've coached these 10,000 businesses through. Build a business you love on pre-sales starting today. And Ken, I think that's a beautiful thing. If you've If you've got an idea of what you don't know yet, if you've not started a business, it's the three rules of business. Rule number one is it's going to take twice as long as you thought.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Rule number two is it's going to cost twice as much as you thought. And rule number three is you're not the exception. This is going to be hard. It's going to be harder than you thought. And you're going to make some mistakes, and your best ideas are going to turn out looking stupid. And some of your dumb ideas are going to turn out looking like you're a genius.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And you just, it's amazing to me how much of my personal stupidity this company has survived over 30 years. The number of dumb things that we have tried that did not work. And the reason they survived was the financial underpinning. We don't borrow money. And following these exact steps and these six drivers are staying true to our lane. This is what we do. This is what we do. This is what we do.
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.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Okay, and what do you make in a year?
The Ramsey Show
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?
The Ramsey Show
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?
The Ramsey Show
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?
The Ramsey Show
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.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
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 –
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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?
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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?
The Ramsey Show
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.
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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.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You need to put your spouse, your new spouse, ahead of your kids from the previous marriage.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
That's true. But everyone does have a concern that I want to leave some of my stuff to them. But I'll give you an example. If a guy, it's a little different than these numbers, okay? But if a guy says, okay, I'm coming into this with a whole lot of assets. The lady he's marrying doesn't. I've had that where they had $5 or $6 million. And he goes, I want to make sure my kids get everything.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Well, you're not very taking good care of your spouse when you die.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They shouldn't have to come in. But I mean, so, you know, in the case of that six million dollar guy said, hey, you need to set aside enough to make sure your new wife is taken care of in the event of your death. And, you know, I think you've got to, you know, what we're trying to do is love everyone well, but the fair is where the cotton candy and the tilt-a-whirl is. There's not a fair.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
There is no fair. Fair is your money. The two of you sit down and you decide. And whatever process or values you use to decide where she uses to use or her three million goes should also be equally that same value or process or principle should be applied to your side.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And so, you know, and I think you figure out in the event of death and the event of divorce. I think divorce is a lot cleaner. Because in death, you know, I got to make sure everybody's taken care of.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And it gets a little weird or, you know, legacy or whatever, all that stuff. So, but yeah, it's interesting. It's an interesting discussion.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Everybody knows. You all sit down and decide, draft it, and then tell them. They don't really get a vote. Tell them this is what's happening. This is what we decided. And here's how we came to that decision. And you can sit down and tell them together.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But I wouldn't cut anybody out. I wouldn't cut anybody in all the way. But there's not a requirement here. Somehow you've got to learn how to join your lives while you're honoring the past. And it's going to be a tightrope.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I also discovered that there are a lot of ripoffs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income, which is the smartest, most affordable way to protect your family.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Jade, one of my rules is to not tell people to do something I haven't done or I'm unwilling to do.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I was thinking during that break that... The vast majority of my assets, including the Ramsey Solutions Company, and a lot of our real estate is already in the name of the Ramsey Children's Trust.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
It's already been transferred for estate tax planning primarily, but also because whatever is not in that, is more than enough for Sharon to be taken care of. And the rest of it is intentionally left to the kids. And so we're out of Passaway and Sharon were to get remarried, it's already divvied up.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I mean, she would have a big chunk she would need to think about, but it would not be.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I'm trying to think of a number, but let's call it 70% is already in the kids' names.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
and or more and so um that's not even in play anymore in our case because we structurally did it for estate tax planning but it also reflects a value that we wanted it we wanted the legacy piece to go with that so interesting i just had to kind of think through what why i was highly uncomfortable there
The Ramsey Show
You Can Move From Family Drama to Financial Peace
All right, on the debt-free stage in the lobby of Ramsey Solutions, Riley and Claire are with us. Hey, guys, how are you?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
How are you? Great. Where do y'all live?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And how much debt have you two paid off?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And your range of income during that year and a half?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Way to go. What do you all do for a living?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
For speech therapy. For speech therapy, yes, sir. What year of medical school are you in? I'm in third year. Okay, at UK, I guess. University of Kentucky, yes, sir. Excellent. I'm so glad. Thank you for your service to the country, and I'm proud that we're doing that. And what a bright guy to get the taxpayer to pay for this. It's a beautiful idea. Thank you. Really smart. I like it. I like it.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I'm not being sarcastic. I think it's a, you know, these guys ask me all the time, how do I go to med school? It's too expensive. You just figured it out, right? What made you, let me ask before I get sideways, what made you go that route?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay, so when you become an MD, four years is your payback.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah. So the stipend is part of it, but basically it's your speech therapy income. Yes. Yes. Way to go. And how old are you two?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I'm 25. And how long y'all been married?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Oh, okay. So you've had this plan since before you got married?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, pretty much. And you were looking at med school debt going, oh my gosh, and then the Air Force appeared. Right.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You can make tough decisions about money. You can make tough decisions about almost anything. Right. Together. Unification. So then the real question is, Riley. Now that you're debt-free, what does Claire get to buy?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Wink at those broke people as they get in their car and drive away.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You should name it something. Make sure you take pictures that you can show your grandkids.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
That's what you drove while your husband was going to med school in the Air Force, and that's how we became multimillionaires, and I just wanted you to know the story.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I drove a freaking hoopty. You guys did it right. I've got pictures of my old cars, and, man, I tell you, it's –
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, it's going to be huge. You're going to be going ding, ding, ding, ding, ding, ding, ding. I like it. And your pay is not bad in the Air Force. No, it's not. For the four years once you come out of residency.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah. And you're going to be making some good money. Way to go, you guys. What a great plan. How mature and forward-looking and visionary and all that. That's pretty cool. Were there people in your friend group or family that were picking on you?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So when you were a teenager, my name was a cuss word. Yeah, okay. I got it. That's okay. I like it. I like it. It sets you up to be this. Right, of course. I like where you are. I'm proud of you guys. You're pretty amazing.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Very cool. Good stuff. Very good stuff. Man, that's good. Riley and Claire, Lexington, Kentucky. $66,000 paid off in 16 months. newly married, 75,000 to 90,000. That means they've been on beans and rice, boys and girls. That's what that math says. And driving an old hoopty and going to come out of med school or come out of the Air Force with zero med school debt. Just brilliant, brilliant plan.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Man, it can be done. Wow. When I see people like you guys, it just gives me a lot of hope for the future of this nation. You're incredible. Well done. Riley and Claire, count it down. Let's hear a debt-free scream. Three, two, one.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Wow. So med school's $250,000, $300,000. Yeah. Give or take. I don't know what UK is, but somewhere in there. And the payback is four years of service. And when you have good pay while you're doing the four years of service.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah. Amazing. Beautiful. This is The Ramsey Show.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer interest. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay. And how long ago was that? That was about three weeks ago.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
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You Can Move From Family Drama to Financial Peace
Glenn is in Toronto, Canada. Hi, Glenn. How are you? Good. How are you? Better than I deserve. How can I help?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay. And do you have a boat? No. A Sea-Doo? I have nothing. Snowmobiles? No. No toys with motors? Just a snowblower. Okay. Well, you probably knew that. Yeah. Well, the rule of thumb that we have run numbers on is that you're probably not doing serious damage to your finances if you keep the things that you have with motors and wheels. Okay? Anything with motors and wheels goes down in value.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Or just wheels, if it has a battery, like a Tesla, it goes down in value, okay? So if it's got wheels and or a motor, it goes down in value. And so you don't want all of those things added together to be more than half your annual income because you have too much invested in things that are going the wrong way. Right. You do not. Right.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay. You're not doing anything wrong as long as you're able to pay cash for college and run your household budget keeping the truck. If you want to sell it, though, you can sell it. It's your truck. You're not stupid for keeping it and you're not stupid for selling it. But what we're fighting against is people that make $65,000 a year and they're driving a $65,000 truck. Right.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And then they can't figure out why the flip they're broke. Sure.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, I regularly talk to millionaires on the millionaire baby steps, millionaires theme hour, and I regularly tell them to get a better car.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They're still driving a piece of crap. And you don't need to do that when you get a million dollars. It's okay. You don't have to drive a piece of crap. And you make, you know, 200, you make a quarter million dollars a year. You make enough money to not worry about it. And so, and a $69,000 truck.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But if you call me up and tell me you want to buy a $400,000 Lambo, I'm going to tell you, no, that's stupid. If you make 260, that doesn't fit the budget.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
No, that's Sharon. She has no idea what her cars are called. She's like, what kind of car is that? What kind of car is that gray one? She doesn't care.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah. I buy Sharon's cars because I want them, not because she does.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
That's, I mean, cause it's a car that I, cause I get to drive them occasionally, you know, it's something that's sitting in the garage there and I'm picking up the grandkids or whatever. So I don't want, you know, and so there you go. That's it. That's it.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah. But the rule of thumb is that guys, and, and if you have debt on it, the other formula that goes with the half of your income on things that have wheels and motors, the other formula is, can you be debt free? Everything includes, accept the house in two years if you keep the stupid truck. And oddly enough, it usually is a stupid truck.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I don't know why, but occasionally it's a car, but it's usually a stupid truck. But yeah, you're not required to put a lot of money if you don't care anything about it.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
It's fine. My point is you can buy something that goes down in value mathematically, and it doesn't keep you from getting ahead if you stay with that formula. That's the only thing I'm coming up with there. All right. Derek is in Kansas City. Hi, Derek. What's up? Hey, sir.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Oh, interesting. You mean like a real estate agent selling houses?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Do you have that kind of money laying around?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay. All right. So you're not going to be a real estate investor because you don't have any money? Yes, sir.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So you get full disability or do you go out on 20-year retirement?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, for the rest of your life. Okay. What's the nature of your disability, sir?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Physical work. OK. Yeah. You're not required to do the painting if you're managing a property. You can hire a painter. That's not the other world. But I promise you, I will.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
um let's see getting started though did you do a lot of the work with your hands no you didn't never touched it no i know how i grew up mom and dad you know we always working on some old house because that's what they did but so i know how to do it but that's what made me not want to do it um the um uh a lot of black fingernails from hitting them with a hammer um the um let's see
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You know, I think I'd go into the real estate business and go make some money as an agent before I started trying to flip houses with debt.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
No, there's not. It's horrible. Disregard. The VA home loan is a nothing down loan that is a higher interest rate and higher funding fees than any other loan. It's higher than FHA and it's higher than Fannie Mae. It's not a good benefit. Your other benefits are good benefits. And they're great. I'm glad they're there.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And I'm sure you've got someone in addition to the VA looking at your back, I hope. Yes, I do. Good.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, I wouldn't do the zero down, nothing down real estate flip thing. That's something that you see on TikTok. Real people don't get rich doing that. They go broke doing that. Yeah, that's my biggest fear. Yeah, I'd stay away from that. But I do want to encourage your entrepreneurial spirit. I want you to plug in. and start something to start earning an income in addition to the 48.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You've kind of got the basics of life covered, and so now you can kind of tinker with monopoly money, right, without going into debt. So you could start something pretty easy. and move in that direction. I'm going to send you a couple of business books to get you started for small business.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
It's the brand-new one that comes out this week, Build a Business You Love, and the book Entree Leadership, which is the playbook of how we grew Ramsey from a card table in my living room. I think maybe you'll get some ideas out of both of those.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Oh, I'm also going to give you Ken Coleman's book, Find the Work You're Wired to Do, and take the assessment in that, and it'll probably give you a wink and a nod in a certain direction. This is The Ramsey Show.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
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. Jade Walsh, our number one best-selling author and Ramsey personality. She's my co-host today. Andrea is in Philadelphia. Hi, Andrea. Welcome to the Ramsey Show.
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You Can Move From Family Drama to Financial Peace
Neither do you. You're broken in debt.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
No. The only rights you have are the questions that you've got that you can still get answered. Okay. As the siblings, you could file a suit after her death. to see the record still. What the flip does the will say? We're filing suit because we think fraudulent behavior has been involved.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay. And your mom and brother are in Ecuador?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
There's two possible answers, okay? In your culture, it is more normal for you to share with extended family than it is in an Anglo family. Okay? In my culture, the answer is a hard no instantaneously, and you're weird for even asking. Okay.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But in your culture, this is not quite as weird. Am I correct in saying that?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah. Okay. Because I got to tell you, in my world, when grandma asked for the kid's money for the brother... That means grandma needs to be smacked in my world, okay? No, you're not getting my dadgum kid's money for the brother's business because he's running business poorly. No, thank you.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
That's the world I'm in, but that's a little different world than you're in, and so we have to answer the question thoughtfully because there is a cultural difference. Is that fair?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
OK, but I still think the answer is a hard no.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
One of the reasons I work my butt off is so I would never be a burden to my kids. But in some cultures, it's normal for you to be a burden to your kids when you get old. It's expected. And you're paying honor when you when when grandpa moves in and because grandpa has no money because grandpa didn't take care of himself. That's a normal thing in some areas.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
It is not normal in an Anglo-Saxon African-American United States culture. OK, and even, you know, but it is. Again, a Hispanic culture, that's going to have a tendency to go that way. I learned some of these things the hard way as we've tried to help folks in different communities, and I stepped in it because I didn't know there was a cultural difference.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So I'm trying to acknowledge that but still tell you the answer is no. No, Mom. I am not comfortable with my children's money going to my brother. That makes me uncomfortable. And it really kind of makes me uncomfortable that you would even ask.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, I think this is all on your mom. And I think your mom has a lesson to learn here that your household is separate.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, but you get access to the will the same way. The will in most states is filed as public unless it's some kind of a trust set up. Um, but probate probate files are public files. I've gone and looked at them myself when I was trying to buy property from an estate where somebody died. I want to know what the will said. And so, um, but I don't know about Pennsylvania, but I have no idea.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
If you don't want to interfere in him doing his business poorly, that's fine. But when you tell your mom no, Jade's asking, Mom, no, I think we're going to keep our kids' money with our kids. What does she do? Hello? Did you drop your phone?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
The answer is no to your mother. Then what is she going to do? This is no is a complete sentence.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah. And so the answer is still mom. I love you. I love him. That's not in question, but this is my, this money set aside for my children. And the answer is going to be no, no matter how long we talk. So let's not talk long because it's going to aggravate your mom.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Exactly. This is The Ramsey Show. I've been helping people get out of debt and change their lives for over 30 years. So I know change isn't always easy, but it's worth it. And here's change that's actually easy and worth it. Switching to Boost Mobile. Boost gives you nationwide 5G coverage for reliable calls and streaming, and their plans start at just $25 a month for unlimited talk,
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The Ramsey Show
You Can Move From Family Drama to Financial Peace
This is a tangled mess. And honestly, Freddie, the answer to the question is y'all should have dealt with this like three years ago. like the first time you got an inkling instead of wait until she's on her deathbed, because now it just adds drama to everything. And if you smelled a rat early on, you should have pulled the plug.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Our question of the day is brought to you by YREFI. YREFI refinances defaulted private student loans, which are different than federal loans. It means you can't even make the required payments and you're in default. If that describes you, contact YREFI. They'll set you up with a low fixed rate loan, customized for you, get you out of default, get you out of debt.
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You Can Move From Family Drama to Financial Peace
Go to YREFI.com slash Ramsey today. That's the letter Y-R-E-F-Y. Dot com slash Ramsey might not be in all states.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
It's a teachable moment. Yeah. Yeah. Because when we're raising, one of the things we try to do when our kids are starting to hit that age group, we said, Andy Andrews says, we're not trying to raise great kids. We're trying to raise kids that become great adults, which means we have to teach them critical thinking skills.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They need to be able to think for themselves on doctrine issues in their faith walk, their Christian walk. They need to be able to think for themselves, what's a doctrine issue? And Rachel can have a good doctrinal argument with herself. You can just get her arguing with herself. Rachel can't argue a good argument on anything. It's a lot of fun. Rachel argued with a dog, with a fence post.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I mean, it's just – but anyway, the – I don't know where she gets that. But the – anyway, the – She would come home or they would come home and with something, as you said, that they learned somewhere. It could be school. It could be somewhere else that didn't line up with the way Ramsey's do things. As for me in my house, we don't do that.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And you could just go slam your fist down and go, we don't do that. And you could go yell at the teacher, but it's not going to change the teacher. And it's not going to help your kid. So teach your kid why credit scores suck, that the only way you build a credit score is go in debt, that the credit score is not a measure of net worth. It's not a measure of financial health.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
It's a measure of how much you've been playing kissy face with the bank and pull it out and show her the lesson. Pull out Financial Peace University and show her how fair Isaac developed the credit score, what the history of it is. It's set up to promote debt for banks, by banks.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Freddie starts this hour in Nashville. Hi, Freddie, how are you?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Then I'm stepped in, not, you know, and pull the plug on this relationship because that that's where you went wrong. You didn't deal with it soon enough. And I got to tell you, it's very, the story you're telling is very strange that your mother feels a unbelievable sense of loyalty and to this niece and a close relationship closer than her own kids.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So learn. And so just say, and honey, your poor little teacher has fallen into that. Bless her heart, which in the South could mean we're going to slit your throat. But bless her heart, right? And so we're just, here's what you're going to do. You're going to take a test and you're going to pass the test because you're going to answer it the way the teacher needs it answered.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But you know what the truth is because the real test is what you're going to do in the world. The real test is going to be what you're 27 years old. So Denise, my oldest child, when she was in college, took a personal finance class. The guy started the class, you know, 100 people in there. He doesn't even know who's in there. Started the class with a 20-minute lecture on how stupid Dave Ramsey is.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And she called. She said, what do I do? I said, what do you want to do? And she goes, well, I know that this is going to be a tough class because I'm dealing with an idiot.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So she's like, I can either drop the class or I can take it and answer the questions and get the credit.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
It's up to you. I said, I'm not making this decision. You're the one who's got to go to class.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And so she took the class, passed the class. At the end of the class, when she was turning her final paper, the guy looked down, saw her name, and realized what he'd done.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Because I'm an alumni that has donated substantially to the University of freaking Tennessee. I'm sure. And this guy's teaching there under tenure, maybe. Yeah. Maybe not now. I don't know. No, I'm kidding. Did you pull a string, Dave? But we didn't do anything. We just let the guy be. And then, boy, did he get to – you've never seen anybody crawfish as fast.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
That guy backed up like he was hiding under a rock.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But that's what you do. You just teach your child how to think.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And the other side is Hank, who is a Ramsey financial literacy teacher in high school in Alabama at Russell County High School. Hank, how are you? I'm great, Dave. I know you're doing better than you deserve. How's Jade doing? She's doing great. So did we give her the right advice, just leave that other high school teacher that doesn't know what they're doing alone? Yes.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Pass the test. Do what you got to do. That's right. But we don't teach that way at Russell County High School. No, you're teaching the Ramsey curriculum, teaching them the truth. Yes. I love it. How long have you been teaching the curriculum, Hank?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
How do you calculate the square footage of a parallelogram?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
That feels like that's on the kids. That sounds weird. I don't know. I can't tell what's going on in one radio phone call. But I'm not accusing you or anything. I don't know what happened here. But it just feels the whole story is strange.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You really can, and it'll be all your fault.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And you had a sponsor pay for the curriculum, a local builder, right?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So Houston Homes, is that how it's pronounced? Yes, sure is. All right, very cool. A local home builder bought the curriculum for the high school. Thanks to them. In a county that's title, or in a school that's primarily Title I, meaning free lunch. Wow. Right.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yep, that's right. $5,000 vacation and two or more teachers are going to win a $3,000 vacation. Go to ramseysolutions.com slash teacher to enter. We want to celebrate heroes like Hank, not the other kind of teacher.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I appreciate it. Great talking to you guys. You too, brother. Thank you so much. Real change in your money and relationships is possible. You can break the cycles that have kept you from moving forward. You can build a better future for yourself, and it starts here. Hang out with Dr. John Deloney and I live in a city near you for the Money and Relationships Tour.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Starting next week, we'll be in Louisville, Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Time is running out, so grab your tickets while you can at ramsaysolutions.com slash tour. Okay, guys, I got big news. Aldi is now the official grocery sponsor of The Ramsey Show. Yeah, Ramsey is teaming up with Aldi, the grocery store that cares as much about saving money as I do.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But if things are as you perceive them to be, that you have a great relationship with your mother and she's been co-opted by this cult leader niece, then you just get an attorney and sue the pants off of them. until you get enough records and you make their life miserable enough, keeping in mind that their attorney's fees are free because her husband's an attorney. You're going to be paying.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
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The Ramsey Show
You Can Move From Family Drama to Financial Peace
So stop paying more and start shopping at Aldi, where they have the lowest prices of any national grocery store. Find a store near you today at Aldi.us. That's A-L-D-I dot U-S. In the lobby of Ramsey Solutions on the debt-free stage, Steve and Michelle are with us. Hey, guys, how are you?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yay. And how long did that take? Four and a half years. All right. Love it. And your range of income during that time?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Awesome. That's very cool. What kind of debt was the $210,000? It was the house. Yay! Looking at weird people. Yeah. Love it. And Lake Tahoe real estate is not exactly cheapo. Yeah. So what's the price point on this puppy? What's it worth? Right around $1.6, give or take. Nice.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And it's all paid for. Yes, sir. And on top of that, you've got retirement savings. Yes, sir. Holy smokes. And how much have you got in your nest egg? The not including the pensions.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
nice way to go baby steps millionaires yes sir how much of this did you inherit none none all right there it is i like it so uh you did it a fireman and a teacher with a 2.1 million dollar net worth at 47 years old tell me the story how in the world well we were uh we were living the american dream uh which is a nightmare in our yeah in our in our last house and
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So that's what you're signing up for. And please don't expect anything to move fast in the justice system. There is nothing. Old Lady Justice is a slow woman, so she is not going to serve you quickly. So it may take four years, and I don't know how big the estate is. It may not be worth messing with, but apparently it is because everybody's fighting over it.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Now, the saver over here, where are you buying the saver? Because the saver needs something. She doesn't spend money. She's learned to spend a little more now. Good.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I got a feeling this is not a junk truck. It's a baby.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay. All right. The pavement princess, my son calls it. All right. I'm thinking.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
but this is the reason people this is the reason period and mom you you people out there that are going to be that 91 year old i'm going to be someday maybe your job is to not let this happen your job is to tell everyone what the will says hand out copies if you're going to piss somebody off in the will go ahead and do it while you're alive have a backbone
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Well done. Very fun, you guys. Congratulations. We're so proud of you. Thank you. Baby Steps Millionaires at 47. A couple million dollar net worth. And by the way, folks, that's a teacher and a fireman. Just write that down. making $180 to $250 between them.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They took on extra jobs, did everything, and the house went up in value dramatically while they were paying off the house in dramatic fashion. So all of this dramatic happens together here. There's a whole series of formulas happening at the same time in this story that are all beautiful. And the main one is that you guys looked in the mirror and said, oh, we're not doing this anymore.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And that changes everything. I'm so proud of y'all.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Thank you. How does it feel to be free? Unbelievable.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
House and everything paid off. $2.1 million debt-free net worth at 47. True Baby Steps Millionaires. They paid off the house in four and a half years, making $180,000 to $250,000. Count it down. Let's hear a debt-free scream. Three, two, one.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Jade, mathematically speaking in America today, there is no reason that everyone listening to this cannot become a millionaire.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Those two are very sharp individuals. Yeah, they are. But neither one of them are doctors or lawyers. Neither one of them have an expensive whatever.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They just worked. They believe they can do it. And did it on purpose instead of consumed and consumed and consumed.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They looked up and said toys are not the answer. He with the most toys when he dies is dead. Excellent stuff, guys. Proud of y'all. Well done. This is The Ramsey Show. All right, business owners, last call. The pre-sale for the brand-new book, Build a Business You Love, ends April 15.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Pre-order now and get over $350 worth of free bonus items to help you hire smarter, lead stronger, and grow faster. This is not theory. It's the system I use to grow my company from nothing and the same framework we've coached thousands of business owners through. You can only get the bonuses at ramseysolutions.com. So don't wait. Pre-order now. Well, it's tax day. Y'all ready? Yeah.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
instead of sneaking off into the grave and letting somebody else deal with their hurt feelings. Okay. That's so freaking dysfunctional. It's unbelievable.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Don't wait until the final hours to discover your missing forms or other important info you need to file. Need to get on this now. You can file an extension. Some states have been given extensions by the IRS this week, uh, due to natural disaster. Uh, but if you're not in one of those, it's time to file your taxes. And, um,
The Ramsey Show
You Can Move From Family Drama to Financial Peace
An extension will give you – not the IRS extension for a natural disaster, but a normal extension does not keep you from owing the taxes. The taxes are still due now, and the penalties and the interest will kick in now if you don't pay the taxes, even if you file an extension. The extension is only on filing your taxes. Again, that's a normal extension, not one on natural disasters.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So don't risk getting hit with these penalties. Get everything done. If you've got a quick, easy return, just jump on ramseysolutions.com slash smart tax. Download our smart tax software. It's very, very inexpensive. It's 100% accurate, and it's easy. And you can do it in just a few minutes, literally, if you have a simple return. A 1040 easy type thing.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You're going to do this so fast, it's going to be unbelievable. Don't put this off. Don't try to avoid taxes. Denial is not a strategy. It's a river. Okay. So, um, in Egypt. So you need to check that out. Get your taxes done. Ramsey solutions.com slash smart tax. Jasmine is with us in Washington, DC. Hi Jasmine. How are you?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Probably has never happened before just now, but I may use it again because it worked, but yeah, but you see the point guys, you guys, you, you, you create all this drama when you do your estate plan and you keep it a deep, dark secret. No, Like it's a freaking movie or something. This is not a movie. It's your life.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay, so you owe $165,000. You have $185,000 in the high-yield savings plus other money. You have no debt. You make $131,000. And your question is, should I pay off my mortgage because somebody said I need the tax deduction for the interest rate?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I thought you said you had 40 in the other account.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Wait a minute. Why would three months not be 30K? Okay.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I know, but why would three months, it's three to six months.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So how much are you paying on your house every month?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
But you average paying about $500 a month extra on a $1,400 principal and interest payment plus HOA, right?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So $2,000 a month could go into a savings account if you didn't have this payment, right?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Now, plus your other savings that you're already doing.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
How long has it taken you to build this 185?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You know you're going to get it. Have you filed your taxes yet?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You got destroyed. So... ironic i put more okay so that was what i netted from that 401k withdrawal um i mean you got destroyed they taxed you 10 plus your tax rate yeah so you got hit with a 30 000 tax bill for doing that crap yeah oh my god did you foresee that did you know that that was going to happen
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And so if you're the crotchety old whatever and you want to give it all to your niece, go ahead and tell all your kids that, you know, you never called me. I'm giving it all to her. Shut up. You can say that. That's perfectly legal. But go ahead and deal with it so they don't have to sit and wonder if the niece is stealing the stuff. You know, I don't know. But tell everybody.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, we would have yelled at you.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You need to write a check tonight and pay off the mortgage.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Have you paid the tax bill? No, you've already, your withholding is so stinking high. Have you adjusted your withholding back down now that the taxes are cleared?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I need to adjust that back down. So you got more money coming home. You'll have a ton of money coming home from the adjusted W four. And then you're going to, because you've been over withholding to cover this ridiculous mistake. And so, and you're not going to have a house payment anymore after tonight. And so you're going to be able to save three to $5,000 a month.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So you're going to put this money back in no time. So write a check tonight and pay off your mortgage, honey.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Never, never cash out your 401k ever until you absolutely have to have it for money for food. But other than that, don't cash it out. No, no, no, no, no, no, no, no, no, no. Now, and here's the thing. I've been doing this 35 years. I've told people for 35 years, pay off your mortgage.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You know the number of hate letters I have gotten or critical calls from people that said, I paid off my mortgage, Dave Ramsey, I hate you. Zero.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
We can bail our hate mail from ridiculous, trollish morons. We get stacks of stuff in here every day criticizing everything we do, but no one that has actually been the person who paid off their mortgage has ever complained about paying off their mortgage. I've never had one complaint on that.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Now, I have a lot of complaints with a lot of people that have theories about a lot of things, and they're broke people with money theories, which is actually kind of cute, but But no one who's actually been the person that paid off the mortgage goes, oh, that was a huge mistake. I shouldn't have done that. I'll never build wealth now.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
They all call me back and go, this is the smartest thing I've ever done in my life. Pay it off tonight.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Exactly. Just run and get you another one. If you hate being out of debt, call the bank up. They'll help you. They love to help people like that. And I've never had anybody take me up on that. You know, I was laying awake at night because debt free was keeping me up. And so I had to go get a mortgage. I've never had that call.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I've gotten some crazy butt calls on this show in 35 years, but I've never gotten that.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
That's one we don't get. So you're going to my point is, Jasmine, you're going to feel so different as soon as you hit the submit button. You're going to go, like you just were walking around with a 300-pound weight vest on, and you took it off and sat on the floor. You're going to breathe deeper than you've ever breathed in your life.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
What you think, the feeling of security you think you're getting from that savings account, I'm going to 10X it and say that's the feeling you're going to get from having a paid-for house.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Get your wills done and tell everybody what the stinking will says. Wow. Wicked. Weird. This is The Ramsey Show.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
People do not equate it the same that are savers. That's wonderful. But savers even discover that debt freedom takes a weight off of you like nobody's business. Yeah, you can start saving $5,000 a month in a year. You'll have another $60,000 in there. In two years, you'll have another $120,000 in there. That's right. Not counting the other stuff you do. Wow. Way to go, Jasmine. I'm proud of you.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
If you run a business or you're thinking about starting one, you probably already know running a business is hard. When you work for yourself, sometimes you have a jerk for a boss. I have worked me like a rented mule at times. I have worked me to death at times. And some of you city people need to look up rented mule. But anyway, yeah, that's like I ever had one either. But yeah, anyway.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Brought to you by the EveryDollar app. Start budgeting for free today. 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. Jade Walsh, our number one best-selling author. Ramsey Personality is my co-host today. The phone number here is 888-825-5225.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Hey, we wrote this book to walk you through the same proven system that we used at Ramsey and we've coached 10,000 small businesses on. It's the Entree Leadership System, the five stages of business, and the six drivers that take you through them. It's kind of like the baby steps for small business. It doesn't make it easier, but it makes it easier.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Because at least you know where you're going and you know what you've got to do to level up in your business. And you know what the clear path looks like. You know what the road to Florida looks like. You're going to need a map. You don't just wander around and hope you get there. Pre-order the book today by midnight because tomorrow it goes on sale and all the goodies go away.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
The book is on sale tomorrow officially. $29.99 before midnight. Get over $350 in free bonus items, including instant access to the Entree Leadership Hiring and Firing Playbook, the enhanced audio book. The audio book on this book is super fancy. We did it up like a podcast, so it doesn't sound like a boring audio book, which I hate doing those things. But this one's not. It's good.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
At least I think it's good. Pre-order today at RamseySolutions.com slash store, or you can click on the show notes, and we'll get you going. Mel is in Chicago. Hey, Mel, what's up?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You know, it doesn't matter. What really matters is that you decide in advance. Okay. Um, How many kids do you have?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay, if your mother has five children, why did she give her niece the power of attorney?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
I don't usually recommend prenups except in extreme situations. This is pretty much an extreme situation. If somebody wants a prenup to protect their classic car, don't marry them, right? Okay. But there's $3 million on the table. You've been divorced three years, and you've got $750,000 on your side.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So I think you would say what you come into it with is yours, what she comes into it with is hers, and what we do from that point forward is ours.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
She makes $300,000 a year if she makes 10% on $3 million in perpetuation. Her income does not end.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Well, no, you know. I mean, why the heck didn't she give it to you?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
No, I think what you've got to do is – number one, the question I always ask myself is am I making a statement – with this move that says I love stuff more than her, if that's the case, you probably ought to not get married.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, okay, but you just said that. You just said my income and my assets are going to go up, and I'm worried about that.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
So if you had agreed to something on the front end, it would not cause a dividing line for you, right?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
No, I'm not suggesting that. But I am saying, you know, you come up with something that says a formula on your business, and you come up with something that's a formula on her stuff, and then the rest of it we put in the middle and we just work it out. We take care of the minor children. You know, if you love her, you have to take care of them. That's an act of love.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
The kids are not a problem at all for us.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Are you not in a positive relationship with your mother? No, no, we're all good.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
You do need clarity. So the prenup can give you clarity in the event of a marriage ending, but also go ahead and state in there what the wills are going to say. So her three million goes to her kids or her three million goes a million to you and two million to her kids or whatever the number is. You're 750 and your business goes where and so on.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
In the event of death, how is she going to be cared for? In the event of death, how are you going to be cared for? In the event of divorce, how is it going to happen? And as long as you have that very clearly defined and then talk through the feelings that you have around that, I don't think the kids really get a vote other than the minor children have to be taken care of. But they, you know, I...
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282. Hey guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes. Pre-order your copy today and you'll get access to over $350 in bonus items only at ramsaysolutions.com slash store. ramsaysolutions.com slash store. Pre-order today.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
This is The Ramsey Show. All right, let's cut to the chase. It's easy to get discouraged about crazy house prices and interest rates. But when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions. Ramsey Trusted Agents aren't just experts who guide you through buying or selling.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
They're people you can trust to have your back from the first call to closing day. Find a Ramsey-trusted agent near you at ramseysolutions.com slash agent. That's ramseysolutions.com slash agent.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
Before you put down a ton of money on a new purchase like a car or a home, you probably spend countless hours researching. You read reviews online, make a list of everything you're looking for, and compare prices to get the one that's right for you. But it's also a good idea to put in the work searching for the right insurance coverage.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
We know it's not always easy to find someone who cares more about you than making a buck. but you shouldn't trust just anyone to protect your biggest assets. That's why we've done the work of finding trusted pros for you. Whether you're looking for home and auto insurance or any other type of coverage, Ramsey can help.
The Ramsey Show
Math Is Important but Behavior Change Is What Matters
Our Ramsey-trusted providers have all been vetted and coached to serve you like we would. I'm so confident in their quality service and coverage because I use them myself and recommend them to my team members. Find what you need at ramseysolutions.com slash insurance today. That's ramseysolutions.com slash insurance.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey. All right, let's cut to the chase. It's easy to get discouraged about crazy house prices and interest rates. But when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
Ramsey Trusted Agents aren't just experts who guide you through buying or selling. They're people you can trust to have your back from the first call to closing day. Find a Ramsey-trusted agent near you at ramseysolutions.com slash agent. That's ramseysolutions.com slash agent.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
Before you put down a ton of money on a new purchase like a car or a home, you probably spend countless hours researching. You read reviews online, make a list of everything you're looking for, and compare prices to get the one that's right for you. But it's also a good idea to put in the work searching for the right insurance coverage.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
We know it's not always easy to find someone who cares more about you than making a buck. but you shouldn't trust just anyone to protect your biggest assets. That's why we've done the work of finding trusted pros for you. Whether you're looking for home and auto insurance or any other type of coverage, Ramsey can help.
The Ramsey Show
You Need To “Happen” to Your Life Instead if It Happening to You
Our Ramsey trusted providers have all been vetted and coached to serve you like we would. I'm so confident in their quality service and coverage because I I use them myself and recommend them to my team members. Find what you need at RamseySolutions.com slash insurance today. That's RamseySolutions.com slash insurance.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I don't advise you using this loan officer. She's stupid.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Well, her thing is that borrowed money has no risk, so borrow all you can. Okay. My thing is I've met people who are up to their eyeballs in a mortgage and can't get out. They're stuck because of some idiot loan officer like this. By the way, she gets paid on what? What's her percentage on the loan amount?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
conflict of interest in this advice hello hey you need more money if you don't put down so much he needs to go to our real estate hub and find some folks who are going to actually help him go to ramsey solutions.com slash real estate there it is that's easy a whole bunch of stuff there that'll help you michael yeah but she's getting paid on that you do need a loan officer this woman's not smart this is the ramsey show
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Jade Warshaw, Ramsey Personality, is my co-host today. Thank you for joining us. Today's Ramsey Show question of the day is sponsored by WhyRefi. When you're trapped in a maze of defaulted private student loan debt, hard to find your way out, but WhyRefi can offer you a lifeline with custom refinancing based on your ability to pay and a lump sum payoff option you could qualify for after 24 months.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
at a discount. Go to yrefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be available in all states.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
How long ago did you take your job selling a whole life?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Dave, what do you think? Here's what's interesting. It is assumed that I have to move up in-house to move out of her house.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Move down in-house. It's a novel concept. So now we're getting to the root of why we really want to move.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I saw one with a jacuzzi and a skylight. Mine doesn't have that.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Well, I'm just saying that these are not necessarily the same thing. You could move down in-house or you could move to the exact same price of house and be out of the ex's house, which I completely would definitely want to do. I would too. But you're right. I would be yuck, yuck, yuck. That would gross me out.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Well, I mean, moving up in-house is one question. Moving out of the ex's house is another question.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I can tell you, once I got out, a herd of horses couldn't have dragged me back in.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And that includes a dissatisfied wife. Nothing going to drag me back in. You ain't going back. I know that. Never going back. I get you want to move. Let's just go. We'll go rent. I get you want to move. We're going to move down. We're going to get us a little condo. Oh, yeah. where the X hadn't been.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I get the move, but this lady is asking the same question we get when we have someone say, hey, I have a $10,000 paid-for car. It just got totaled. I don't really want to go in debt to buy a new car. Well, you don't have to. You get the $10,000 check from the insurance company, and you buy a $10,000 car.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
How did you sell policies if you're not involved in the industry? Oh, I am a licensed agent, but I haven't done it in a few years. Because you pretty much spouted their line perfectly. This is the whole life sales line. That's how I knew you were selling it. You nailed it. Like you were just trained like three weeks ago. That's what it sounded like.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
But instead, you're using the car totaling as an excuse to move up to a $20,000 car, and somehow that equates to payments, and you're going to act like the car being totaled caused this. No, you moved up in car.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
The ex didn't cause this. They didn't cause the move up. They caused the move out.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
What's the point? That's a good idea, too. I like that, the best thing we've said. Doug is in St. Louis. Hey, Doug, what's up?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
What is it you feel guilty about?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Does your budget account for those occasional purchases?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Are you able to accomplish your other goals with the occasional purchases?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
They don't get a vote. Who gave them a vote?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Not picking on you, but you are representative of the industry. Okay. So let me help you with this. Let me help you with this. Whole life does not grow tax-free. unless you lose money and your basis for tax purposes in a whole life policy is the total of your premiums.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
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. Jade Walsh, our Ramsey personality, is my co-host today, number one best-selling author, and we're here to answer your questions about your life and your money. Open phones at 888-825-5225. Andrew starts off this hour in Miami.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Exactly. Yeah, that's a good point. And as far as the other people getting a vote, I can tell you there's a high correlation between people that build wealth and those that don't give a crap what other people think.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So you pretty quickly go, ah, you know, whatever you want to think about, that's fine. I mean, I got people that want to tell us what to do, but they've even voted wrong for the president. So, you know, I don't even, why do I want to listen to them? You know, you got to be careful who you're listening to, man. You don't get a vote. You don't get a vote. This is The Ramsey Show.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Well, Christmas will be here in 20 seconds. Are you ready? I'm not. Man, it comes fast. I've got to figure out what Sharon's buying herself.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Anything she wants is what it is. Okay, shiny. SWI, Sharon wants it, whatever it is.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Whether you're shopping for yourself or you're looking for the perfect gift to help someone get their house in order, their money in order, now's the time to check out the 30% off on our best-selling products, including the Total Money Makeover, the Non-Anxious Life book, which is a number one bestseller, Georgia's number one bestseller, Breaking Free from Broke,
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
The classic questions for humans decks are just $12. All kinds of Christmas specials. Good stocking stuffers. And, hey, guys, I mean, you can buy an ugly tire. You can buy a book that will change somebody's life. Hello? Yeah. Yeah. So click the link in the description on YouTube or podcast or RamseySolutions.com. Kyle is in Salt Lake City. Hey, Kyle, what's up?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
She's filing for divorce. Yes, she already filed. Sounds like things were pretty rocky before.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So if you pay in $100,000 over a bazillion years into your whole life policy and your cash value is $90,000, you have lost $10,000 and so of course there's no taxation. You can borrow your own money and pay them an interest rate to borrow your own money. And by the way, 100% of the time, borrowed money is not taxable. So whole life in and of itself does not grow tax-free. That is a falsehood.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So let me ask you, if you were to put her shoes on for a minute, what do you think regarding this purchase that she's angry about? the deceit the betrayal good good that's good self-awareness yeah in our world we call this financial infidelity because it's you busted the trust almost as if you slept with someone yeah that's the way it feels it's the same part of the brain that you damaged yeah
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So how did you mess this up that bad? I'm confused.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Okay, so you didn't really buy $26,000 worth of Pokemon. You really spent some of this money on the website.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Yeah. trying to build a false front. Yeah. Yes. Look like you're bigger than you really are. Yeah. A hundred percent.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So let me give you a parallel. And we're not counselors. Dr. John Deloney is our counselor. But we work with people in these situations and have for 30 years so much that the parallel she's looking for, I'll tell you what, go pick up this book by Dr. Henry Cloud. It's called Trust.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Trust. That's what this whole call is about.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Broken trust. And in his book, he talks about how to build trust and how to rebuild trust when trust has been broken. Also recommend it for your wife. Okay. Because it'll give her the correct things, if she's willing, to demand of you that are the right things to demand of you. Okay? Okay. And it should sound something like this.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
The way you rebuild trust is over a period of time, you establish a pattern of never repeating the major offense here. And you already told me what the major offense here was. It wasn't buying things on the Internet. It wasn't Pokemon cards. It was lying.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
That was the major offense. And so if she enters back into this, if she were my daughter or my little sister, I would tell her to give you a shot, but you get one strike. Never again do you lie. You are so unbelievably honest that it's awkward all the time around your house. Do these jeans make me look fat? Yes. Okay. You have to tell the truth all the time. Awkwardly.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So let me kind of give you a correlation a little bit in my life. There wasn't a deception. But my wife did lose faith in me when we went broke because I was stupid, which was valid. It took years for her to trust 100% in my judgment. We made all decisions together and still make all decisions together, which gives her comfort that I'm not off chasing the moon somewhere like you were.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You went off chasing a get-rich-quick thing, and I did too, and that's how I went broke. Didn't cost me my marriage, did cost me bankruptcy because I was an idiot. Okay, I did it with more zeros than you did it, dude. So she... But it took her, I mean, we've been married 43 years. That was 35 years ago we filed bankruptcy.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
If it actually made money and you took the money out, it would be taxable. But they never do because they suck so bad. The rate of return is horrendous, and the fees are so high. And so, no, I would never consider that as an option.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
To this day, if I say a phrase a certain way, I'll see her head tilt because it reminds her body, it reminds her emotions of those old days, and then I have to stop and rephrase and go, okay, here's what I was really trying to say. I can see her body react.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
this day now it's not much it's very seldom today because it's been a lot of years of a good pattern trust has been rebuilt she trusts my wisdom now and and but it's with you know i had 30 years to work on that absolutely so you've got to rebuild trust in your integrity no strikes no lying no purchases That she doesn't know about the rest of your life. Not a freaking pack of gum.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
The rest of your life. Period. And it's like if you were if you were an alcoholic and she says, I'm done. And but I'm going to give you one more chance. One more time. You fall off the wagon. You're gone.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You're on you're on a one strike deal. And then you've got to lean into that. And it sounds like you're ready to do that.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
She may not be ready. She may not want to do it. But this is how it works, folks. You've got to tell the truth and you've got to work together on money. High correlation between that and winning with money. High correlation in not doing that and losing with money. This is The Ramsey Show.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
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. I'm Dave Ramsey, your host. Jade Walshaw, Ramsey Personality, is my co-host today. She's the number one best-selling author here on the show with me, and we're answering your questions at 888-825-5225.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Rex is with us in Columbus, Ohio. Hi, Rex. How are you?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You too. What's up in your world?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Instead, I would, listen, dude, if you put your money in a fruit jar as your side investment after you maxed out a Roth, you're going to end up with more money than you will screwing around with a whole life policy because they lose money.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So you make $100,000 if you lost your job, $1,200 don't help you. That's a good point.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
What's interesting is that this tiny little bit of stress really shined a big light on your career thing and means you need to get off your butt and do something about that.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Right. You need to act on it instead of wait and let something happen to you.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I hear that. $1,200 does not keep her from coming home. You losing your job might.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So these are way different decisions. One's $100K, one's 1.2% of $100K. Okay.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
and you yeah and also what's weird is this 10 years from now you'll forget you did it yeah it's such a small yeah it's such a small he'll remember it the rest of his life but you won't i promise you i don't remember what i have done yeah i don't i have no idea bailey is in fort worth texas hi bailey welcome to the ramsey show hi there thank you for taking my call sure what's up
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Too much time in 30 years being hated on by whole life people.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I would do two separate. I would do two debt snowballs, one for current debt and work it first and then work the old bad debt second.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Well, I mean, it's a scripted thing. Yeah, clearly. It's tax-free growth, which is a complete lie, y'all. It's not tax-free growth. If there is growth and you take it out, it's taxed. Period. Period. But there never is because the rate of return is so horrible and the fees are so high. So here's the way whole life works for those of you listening.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
That's on your list of current debts, right?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
It's not going to take you that long, then.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You better get more than two grand a month rolling out of 160, kiddo.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Okay. Well, you need to go ahead and cut your eating out off the budget, too.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
What do you owe on the car? $10,000. Oh, you'll knock it out. It'll be gone by summer.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You should be done with them by April or May.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Yeah. How fast do we go through 20 grand, 10 in credit cards, 10 in car, making 100 bleeding into 160? Pretty stinking fast.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Pretty stinkin' fast. This is The Ramsey Show. Jade Walsh, our Ramsey personality, is my co-host today. Open phones at 888-825-5225. The old motivator from another generation, before there was a Zig Ziglar, before there was a Tony Robbins, before there was a Dave Ramsey, Earl Nightingale said, what you can conceive and believe you can achieve.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Jade, with that last call, you said the same thing to her. You need to be so dialed in on your numbers that you are speaking out
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
the future march of 2025 as if it is fact that's right because the math is telling you that it is a fact and you don't use language like i hope maybe maybe hopefully sorta kinda tells me you haven't dialed in your numbers exactly you need to get a little bit nerdy with your numbers and because here here's what really happens out there in the real world
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Yeah, I think God just looks down and goes, oh, there's a smart one. I think I'll help this one.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Yeah, they want to get out of debt? I think I'll just lift them right along here. Fly, little bird.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And you look up and you go, well, that's supposed to take nine months, and it took seven.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And he's talking about it as an investment only, but let's talk about it as an insurance product, which is what it is purported to be. And you only have to have a life insurance license, not a securities license to sell the crap. Which is easy to pass. If you can roll out of bed, you can probably pass your life insurance exam. It's not that hard. Securities exam, on the other hand, very hard.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You know, like we're approaching the first of the year and we're going to do the goal setting talk.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And we always do that. And it's something I've taught entree leaders for 25 years. And I learned it when I was 12 years old, going to these motivational seminars with my dad and the real estate business. But I want to lose weight is not a goal. No. I want to lose 30 pounds, okay, over 10 years, and how many times? Do you want to lose 30 pounds? Hopefully just once. Well, I mean, hello.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So, okay, so these are still not a goal. It's a wish. It has to be specific. It has to be measurable. It has to have a time frame. As soon as it has all three of those things, then you will do the long division math immediately that you learned somewhere around the fourth or fifth grade, hopefully. and that is I want to lose 30 pounds. When? Oh, 90 days. Oh, you mean 10 pounds a month.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Oh, you mean two and a half pounds a week. Oh, I'm going to increase my aerobic activity, my water intake, and decrease my bread and sugar intake, and I will lose two and a half pounds a week. It's magical. You don't even need Oprah. I mean, that's how it works.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Because you dialed it in, but it's specific. It's measurable. You spoke it because it's in a certain time frame. And then you know if you're on track or not.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And that's why doing your every dollar budget works.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
This is how it works, ladies and gentlemen. So check it out. You can download every dollar for free in the App Store or Google Play. Do not miss this. People who win at anything are doing that intentionally. Winning is a series of intentional acts. David's in Fort Smith, Arkansas. Hi, David. Welcome to the Ramsey Show.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Okay. The agent that you're talking with is either an ignoramus or a liar or both.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Oh, okay. They're lying. It is not illegal... to issue insurance to someone with a low credit score. It might be unprofitable for them. And here's where this comes from. The University of Florida, in conjunction with the University of Pennsylvania, 25 years ago did a study that shows that people with low to no credit scores file more claims more often.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And so the insurance business across the board took the FICO score and used it to raise rates. But it has nothing to do with legal issues. So my credit score is zero and has been for 30 years. Do you think I have trouble getting insurance?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Now, whole life is 20 times more expensive than the same amount of term on the same person. So a 30-year-old buying a $100,000 policy, if, say, for instance, they did that for $5, whole life would be $100,000. So where does the extra $95 go above the cost of insurance? Because term is only insurance.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Okay. Well, then what you need to do is fire your stupid insurance company, because they're stupid, and get you another one. So go to RamseySolutions.com and click on ELP for Endorsed Local Provider, and you can find the insurance for home and auto. It's called PNC, Property and Casualty Insurance Insurance. And those agents don't work for a single company. They work for you.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
They will shop among many companies and get you the best deal. And you can decide, you know, how to do that. But it is not illegal.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
to issue insurance on someone that has a zero credit score. They are following a false premise because the research that I just referenced that's 20 years old or 25 years old was incomplete research in that it is valid in the sense that if you have bad credit because you don't pay your bills, you are more likely to file a claim and a higher claim. That does make sense because you're broke.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Now, but if you have a zero credit score, I'm not more likely to file a claim. I'm a multimillionaire. That's dumb. I'm less likely to file a claim. That's dumb. All right. So obviously the research is incomplete for a guy like David or a guy like me. David's got plenty of money. He just drives beaters because he wants to. That's what he said. Yeah.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
That are running debit card theft. Yes. They're stealing these. The size of the rental car business is unbelievable, and the size of theft that they deal with is unbelievable.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
That's exactly what does it. So we learned that when we had Dollar Rent-A-Car as a sponsor here for a while. We talked them into being the world's best debit card only. They took the debit card for Ramsey listeners. Uh-huh.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
uh and we did that for a while and then of course with covid everybody went bankrupt uh including hertz that owned them and so then they come back as dollar dollar came back as two dollar rent-a-car and um they got a new ceo and a new leadership team and decided they weren't going to take debit cards anymore which means we had to take them off the air because we can't endorse them anymore so uh we lost a sponsor and they lost a bunch of customers because that was stupid but
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Anyway, we learned all this. They showed us the data back in the day, why it was so risky, because they're literally, and I'm not making this up, gangs that steal cars from rental car companies.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And they use a debit card to do it. And the worst location in the world is Las Vegas, by the way.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Well, that's because they think they're going to get the car back at least. That's right. The idea that you're leaving California and never coming back is scary to them. This is The Ramsey Show. Jade Walsh, our Ramsey personality, is my co-host today. In the lobby of Ramsey Solutions, Casey and Jesse are on the debt-free stage. Hey, guys, what's up? Hey, guys, how are you? Hey! Welcome.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Where do y'all live? Ruston, Louisiana. Oh, fun. Welcome to Nashville. How much debt have you two paid off?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
How long did this take? 23 months. Whoa, you're cooking. And what kind of income range during that two years?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
It goes into an investment called cash value, which is what he was bringing up. The investment called cash value, the first three years on a whole life policy, your investment growth is zero. 100% of your $95 a month in our example, the extra 19 times you're paying for this, you get zero in your investment.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And what did you sell? These numbers don't work.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I love that. So what did the rent house nightmare bring?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You were normal. You had it all.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
That sucks. We had to have it all.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And how long have you been married?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Okay, so two years ago, three years ago, you had a I'm sick of this, sick and tired of being sick and tired moment. I've had it. What happened? Tell us the story.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You're the first person to ever do that.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And didn't change habits. No habits changed.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I'd given up. I was done. Well, did the weight of this add to the issue with depression? Correct.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And now you're here doing that for somebody else. That's it. That's it.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So you open a bank account and you put in $95 a month for three years and the balance is zero.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
But the snowball calculator did not include selling off everything. Right. It did not at first. It did not. When you plug that in, it changed the numbers fast. It did.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Oh, my God, this house is cursed.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
They do it all the time, but no one would do it if they understood that. You're right, which is our goal here is to make everyone understand it. Then once it does start making money, the average whole life policy in America today averages 1.2% with an inflation rate of 4.7.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
We had margin, yeah. It's been so fantastic. We get to buy.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Yeah, and 23 months out of your 17 years was hell. Oh, wait a minute. A lot of the other was hell, too. Okay, okay.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
but this hell got you out that's it you got it amen you paid a price to win way to go i'm proud of you all right bring the kiddos up let's get their names and ages looks like they survived the cutbacks they sure did we sure did we got emily here she's 15 way to go homecoming queen just turned 13 i love it i love it i love it well this is excellent you guys proud of you all thank you well done who was cheering you on friends and family
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Y'all are amazing. Well done. All right, count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free! $206,000 paid off in 23 months. Oh, but everything in the house has transformed.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Depression, marriage, everything's transformed. See, the debt's all tied into this. It's not a stand-alone subject that you can compartmentalize. It's woven its way into your life. It's time for you listening to get it out. They were here to tell you that. I hope you heard it. This is The Ramsey Show. Jade Walsh, our Ramsey personality, is my co-host today.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
losing money and so after you get past those two things here's the worst part of the whole thing so this little couple buys a hundred thousand dollar life insurance policy they pay into it for 20 years they have 20,000 bucks in there finally after they got 1.2 percent and has nothing for the first three years and then he dies you know what they pay they pay the life insurance just the premium
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Hey, guys, if you didn't know, I love talking to you about money. We also help small businesses, about 10,000 of them across America. And we have a podcast called Entree Leadership. It was actually the very first podcast we ever did at Ramsey. And it was run by other Ramsey personalities and interview style and stuff over the years.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I took it over about two years ago and started taking calls from small business people about leadership and small business questions. It's called Entree Leadership Podcast. It's very popular in that world.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
and if you want to be part of that and you'll run a small business you got a question about it you can call and leave us a voicemail there at 844-944-1070 844-944-1070 or you can go to entreleadership.com slash ask leave your question and our team will get you set up to be a caller on there Also, a reminder that this is the last portion of the show that is broadcast over YouTube and podcast.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
There's another portion coming up that is on the Ramsey Network app and on some talk radio stations around America. And so if you want, the Ramsey Network app is completely free. So you can finish this version of the show, video or audio. or both, and just jump over to the Ramsey Network app. It's completely free.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
There's all kinds of stuff you can do there, like search calls by subject, find out what we've got to say about any certain thing, type it in. You can type in an email and send it to us. We'll answer it here on the air. We do a lot of stuff that's really fun over on the Ramsey Network app, so be sure you check all that out. Ryan is with us in Hartford, Connecticut.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Hey, Ryan, welcome to the Ramsey Show.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I'm sorry, I didn't hear you. You cut out. Apparently, the company your father worked for, what?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I'm sure you don't have an extra $55,000 laying around.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Yeah, they have to withhold 20%. That's the rule if you take a withdrawal. But this is an involuntary withdrawal without any contact to you or anything, which is completely, at a minimum, unprofessional.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
the face amount what happened to the money i've been paying 95 extra to build up in my savings account uh insurance company keeps it you do not get the face value plus the cash value well let me ask this because let me finish okay so you have a savings account that the first three years you put money and they keep all of it after that you make one percent on it and when you die they keep your money who would open this savings account nobody
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Okay. Under the SECURE Act that Biden passed, you have 10 years to liquidate the 401K completely. You should have been liquidating it at one-tenth a year from the time the SECURE Act passed two years ago, and you've not been doing that. I didn't know about that. I know. So I'm trying to figure out how that plays into this and how hardcore.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
All right, let's pretend that we figure out a way to lean on them and they cancel the check and... put the money back into the 401k so that you can roll it over within 30 days, which is what they should do if they're people of integrity. This is a problem. It's not technically unethical. It's just so nasty that it ought to be unethical. It's a big investment.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
It's going to cost you $20,000, $30,000 that you don't have. It cost me two years. It cost me two whole years of...
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
All right. Okay. Go to RamseySolutions.com and click on SmartVestor and find a SmartVestor Pro in your area that you like after talking to them on the phone. They may be able to call on your behalf and talk them into undoing this and immediately rolling it, and they'll help you with the rollover.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
They may be able to cite something that a regulation or something that I'm not aware of because this is when you started talking I thought you were going to tell me this was a tiny little 401k like a $10,000 and they were just cleaning out all the little ones. Sometimes they do that when a company sells or in the event of an inherited 401k like you've got. But this is huge. This is a lot of money.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And so this is – and with no notification at all, this is particularly nasty. And so if they had simply notified you, you could have quickly rolled it over and avoided this. Right?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You're a truck driver. You're a truck driver. Once a week. You didn't – they did notify you then.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Ask them to prove that they did.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Good idea. I mean, I don't think you've got a basis for suing them, but I'd be tempted to. I really would. I mean, because you're talking about $25,000 or $30,000 cost here.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
No, honey, it's the taxes on $55,000. The $55,000 is going to be taxed, not penalized.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
They took $55,000, they sent it to the federal government as tax withholding, and it's not all taxable. Because you're going to roll the rest of this. If you take the check in your hand and you roll it to a 401K, the only harm that's going to come to you is the taxes on the $55,000, which is going to be $15,000 or $20,000.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
But people do every day. It's the biggest, let me tell you, it's the payday lender of the middle class. It's crap. Sorry, Andrew, but you asked.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Honey, you haven't paid anything yet. They withheld your money, $55,000, and sent it to the federal government. Then what you do is you file a tax return of what is actually due, and what will be actually due is not $55,000. It'll only be the taxes on $55,000 if you take the check in your hand and put it into an IRA traditional within 60 days of right now.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So you need to get on the phone with SmartVestor Pro right now because at least we need to do that. Okay, I will. So the worst case scenario, if you follow through on what I just told you, is taxes on $55,000. Because the government has $55,000 of your money as if you're going to get taxed on the whole thing, and you're not. Okay.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Because you're going to roll the portion in your hand, which is 80% of it, into a traditional to keep you from getting taxed. You've got 60 days to do that from the time withdrawal. So, folks, you can pull your money out of 401K. They have to withhold 20%, but you have to put 100% into an account within 60 days to avoid taxation. He can't do that because they've already sent it.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
But he can't do that because they've got 55 of his money over at the IRS now. And so if you just take the 55, then you're going to pay some taxes, but not 55. So there we go. This is The Ramsey Show.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Well, you can't get it before you die. The only way you could get it is cash the policy in. Because if you borrow the money out before you die, they repay the debt to yourself to make sure they keep the whole cash value before they pay out the face value. So if you borrowed $20,000 in a $100,000 policy and you died with the loan out, you get $80,000 instead of $100,000.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Hi, Andrew. Welcome to the Ramsey Show. What's up?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
They pay back the loan so they make sure they get to keep it.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
So the only way to get to keep the money is to cash out the policy.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
And you have lost money on it, so it's not taxable.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
No, you're better off putting money in a fruit jar, darling. At least when you die, it's there. Assuming the family knows where the fruit jar is buried. But be careful with that one. That did happen to one of my relatives. We got cousins out there with metal detectors in the backyard trying to figure this one out. Don't do that one either. This is The Ramsey Show.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Jade Walshaw, Ramsey personality, is my co-host today. Thank you for joining us. Open phones at 888-825-5225. Hayden is in Nashville. Hi, Hayden. Welcome to The Ramsey Show.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Because the one thing that changes the whole discussion is the marriage date. When are they getting married?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
If you quit your job and move in with somebody and sell your house that's rich, that's called a sugar daddy. We have a name for that.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
He might be a nice one, but that's what he is. No, you don't do that, mom. How did you get to be mom and not know that?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
If you ask your mom's dad, he's probably gone, right?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
yeah yeah but if we were to ask him a good relationship they didn't know that's probably not a good example if we were to ask her uncle he would have said no i'll bonk him on the head no right or i mean even if you flip the script and put yourself in that situation although i i would love to think that she would tell you to do the the opposite but she might tell you to do the same thing that she's doing so she would smell that one out um
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Sure. I'm an expert on my opinion.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
I don't, you know, your question is how to convince her of what all three of us know that this is a bad idea. Okay? Yeah. So I guess the thing is this. Okay, here's the thing. Anytime, Mom, you're making a great, huge decision, and there's a series of great, huge decisions you're making here, you have to play out the decision, is it a happy, happy decision? Now, the way that works is this.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You're happy if this works, right? and you're still happy if this doesn't work. If it all works and you just play house and the sugar daddy takes care of you, it worked, you're happy. That's your plan. But what happens if he dumps you in the street?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
for a 10-year younger version, trade you in on a new model, Mom, because he can do that pretty easily here by waving the exact same carrot he waved in front of you and be sugar daddy to somebody else. So when he puts you in the street with no house, no car, and no job, where are you going to be?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Exactly. So you don't make big decisions like this, Mom, when one of the possible outcomes is devastation.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Bad risk management, lack of wisdom, lack of wisdom.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
That doesn't enter into how stupid this is. Whether you give her money or not doesn't mean this is smart.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Is there anyone in her life that's wise that she trusts?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Have him call her and scream at her?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
If he's wise, he doesn't think this is a good idea. I'm not saying the guy's a horrible guy. I'm saying this is a horrible deal for your mom. Put a ring on it, buddy.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
The problem is she's not looked at the downside. Anytime you're making a big decision, you have to look at the downside. What's the possible negative outcome from this? And it'll keep you from doing some stupid butt stuff if you don't only consider that, you know, sunshine, rainbows and skittles.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You know, it doesn't always turn out sunshine, rainbows, and skittles, especially when the deal is set up poorly from the start. You're kind of asking for it.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
You're asking to have your butt kicked. Life's going to come along and go, you was stupid. Here's your butt kicking. Ready? Here you go. And we all get to pay some stupid tax. We've all done some stupid butt stuff, and she's signing up for one here. This is a trip that's going to be harsh. Please don't do this lady. Please don't do this. Put a ring on it or don't do it. It's pretty simple.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
Cause I gotta tell you, it changes the chemistry.
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
We need to bring back some of the vernacular from bygone eras. Let me hear it. A kept woman. You ever heard that one?
The Ramsey Show
Building Wealth Starts With Setting Aggressive Goals
that's that's ancient yeah that's um a kept woman she's being kept yeah for use yes oh yeah i'm gonna give you a little chill gives me a little chill i don't like it my my dad's stuff my grandpa's stuff gets angry right then so i just can't put a ring on it michael is in charlotte hey michael what's up hey i'm good how are you doing better than i deserve how can i help um i had a question um
The Ramsey Show
Skip the Scams, Build Real Wealth
So if you're anti-alcohol and anti-tobacco, I don't know where you're going to buy groceries because they sell tobacco.
The Ramsey Show
Skip the Scams, Build Real Wealth
I don't know how you're going to support me. And your bank supports United Way, which supports Planned Parenthood. So they're doing abortions with your bank money. But how far down this rabbit hole are you going to go to measure everything and try to figure out who's doing what and which CEO's got a personal life you agree with and doesn't? I can't keep up with all of it.
The Ramsey Show
Skip the Scams, Build Real Wealth
It's too much legalism for me. And so I don't I mean, there may be a Hustler magazine in the market inside when I bought gas out at the pump. And so I guess I supported pornography. I don't know. But I don't think that's that's not how my brain works. So like if I if I don't engage somewhere in the process, I don't have any influence anymore.
The Ramsey Show
Skip the Scams, Build Real Wealth
So I don't know. Those are some thoughts I went to. And so I quit worrying about it. I'm not flipping about it. I'm not going to directly invest in a company that's doing harm to people. And if I can't stand what they're doing, I generally quit buying their products in general just as a personal thing. It makes me want to throw up, so I just don't do it. But it's not really some big boycott.
The Ramsey Show
Skip the Scams, Build Real Wealth
It's not really some holiness thing on my part. It's more of just a temper fit.
The Ramsey Show
Skip the Scams, Build Real Wealth
Like I said, I'm fine with going with it. I'm just telling you how I... Yeah, yeah, yeah. And I don't... So I don't spend... An inordinate amount of time trying to only find quote unquote ethical stocks to invest in.
The Ramsey Show
Skip the Scams, Build Real Wealth
And that's my reasoning. Mainly because the company's not getting the money anyway. And I don't think George benefited. Because I'm positive George did not benefit Elon by buying a used Tesla.
The Ramsey Show
Skip the Scams, Build Real Wealth
Elon didn't get the money stupid that's how it works come on I mean this is dumb well it's ethical consideration who are you typing this on an iPhone you moron it was made by a child in China I mean come on jeez you people in your mother's basement with an opinion you drive me nuts this is the Ramsey show Hey, technology has changed a lot in the last 30 years.
The Ramsey Show
Skip the Scams, Build Real Wealth
Now the hot topic is AI, and I understand that it might seem intimidating. But if you use AI the right way, it's just another tool to help you work smarter and faster, like a calculator or a cordless drill. So if you run a business, you'd better get on board with it before you get left behind.
The Ramsey Show
Skip the Scams, Build Real Wealth
And NetSuite by Oracle offers AI-powered tools that help small businesses improve efficiency and make smarter decisions by bringing all their major business processes into one platform. That way there's one source of truth for the real-time data you need to take advantage of opportunities. Then you can forecast better, scale more efficiently, and streamline those manual tasks that take too long.
The Ramsey Show
Skip the Scams, Build Real Wealth
So join the more than 41,000 businesses, including Ramsey Solutions, that rely on NetSuite to help tackle some of their biggest challenges. And right now, you can download the CFO's Guide to AI and Machine Learning at netsuite.com slash Ramsey. That's free at netsuite.com slash Ramsey. Jade Walshaw, Ramsey Personality, is my co-host, 888-825-5225. Anna is in Austin, Texas. Hi, Anna. How are you?
The Ramsey Show
Skip the Scams, Build Real Wealth
What did he, how did he get scammed? What did he put it in?
The Ramsey Show
Skip the Scams, Build Real Wealth
Okay. Let me ask you this. Let me ask you this. Does he now own that this is stupid or is he still defending?
The Ramsey Show
Skip the Scams, Build Real Wealth
But, I mean, he's now saying out loud, I completely screwed this up.
The Ramsey Show
Skip the Scams, Build Real Wealth
That's important because otherwise he's going to do it again.
The Ramsey Show
Skip the Scams, Build Real Wealth
The good news is you have no payments. And so what he needs to do is max out his 401k, and you'll need to max out your Roth IRAs. And you need to tell him that if he makes any transactions without the two of you being in agreement ever again, that that will be the last time he'll do so as your husband.
The Ramsey Show
Skip the Scams, Build Real Wealth
He needs to understand that this has extreme consequences. Because he not only did something stupid, he lied about it at length, deceived, created a web, a full scenario of lies. That concerns me actually more than his stupidity.
The Ramsey Show
Skip the Scams, Build Real Wealth
And so, you know, that's a big deal. So, yeah, you guys can catch up. I mean, you can make $100, $120, and you can max out your 401Ks and Roths, max out your Roths and work another 10 years, 12 years, and you will have enough of a nest egg to retire on if you don't do this again. But as soon as he gets desperate and tries to pull off a fast one, that's when you get messed over.
The Ramsey Show
Skip the Scams, Build Real Wealth
Ouch, I'm so sorry, honey, with everything you're facing. It's just not fair. Wow. All right, guys, let me give you a couple principles on that. There's a guy who scammed a bunch of people and wrote a book from jail in the 70s. The book he wrote about himself was con man or saint. Obviously, he thought he was a saint, but he was in jails. He was a con man. Okay.
The Ramsey Show
Skip the Scams, Build Real Wealth
But I read that book in the early 80s as a teenager, early 20s. And the only thing I really got out of the book was he said, it's almost impossible to con someone unless they are afraid or greedy. Okay. This guy was afraid. His wife had cancer. He's trying to get a bunch of money so that he can not have to work and take care of her. And he got desperate based on fear.
The Ramsey Show
Skip the Scams, Build Real Wealth
And that set him up in the emotional category to be conned. The other crypto people that get conned are the greedy ones. They're trying to make double your money in 20 minutes because I'm the cool kid and I'm the smart one. And I grew up with a cell phone in my hand, a smartphone in my hand. So I know everything about digital. No, you don't.
The Ramsey Show
Skip the Scams, Build Real Wealth
You're a greedy fool and you're going to lose your butt in crypto also. The second thing you can do is who can find a virtuous wife for her worth is far above rubies. The heart of her husband safely trusts her, and he will have no lack of gain. If you have to hide the investment or the financial move from your spouse, warning, warning, warning, you're screwing up.
The Ramsey Show
Skip the Scams, Build Real 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. I'm Dave Ramsey, your host. Jade Walshaw, number one best-selling author, Ramsey personality. She's my co-host today. Open phones at 888-825-5225. Tanner's in Oklahoma City. Hey, Tanner, what's up?
The Ramsey Show
Skip the Scams, Build Real Wealth
I have no lack of gain because Sharon and I talk about it before we do it, and it keeps me on the rails. This is The Ramsey Show.
The Ramsey Show
Skip the Scams, Build Real Wealth
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Skip the Scams, Build Real Wealth
What's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Skip the Scams, Build Real Wealth
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Skip the Scams, Build Real Wealth
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
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If it sounds too good to be true, it is. That'll keep you from getting scammed too. If you think you've found the one place in the history of man that you can double your money easy and quick, you're about to be scammed. Sounds too good to be true? It is. It's one of my gripes about crypto. It's not the concept of crypto, it's the spirit that's around it, which is all of that.
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Quick, easy money that only the cool kids can get in on. And if you're not cool and you're not digital,
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just an old boomer dave you don't know oh yeah i do know absolutely i know completely understand how crypto works it's not the working of it that bothers me it's the spirit of greed that's around it which is um greed is different than ambition greed is simply i want something super fast and easy and honestly i just don't find that in the money world I find slow and steady.
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Every time I meet wealthy people that have built wealth and have sustained it, they are the tortoise, they're not the hare.
The Ramsey Show
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Slow and steady. Slow and steady. Slow and steady. Slow and steady. They're freaking boring is what they are. Slow and steady. There's no flash. They're not on the cover of Fast Company Magazine. They're on the cover of Slow Company Magazine. Slow and steady. Not in a hurry. It's okay. I'm not desperate. I'm not greedy. I'm not fearful. Slow and steady. Slow and steady. Just slowly roll, boys.
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You won't get screwed. That's what happens. But you step up into an old bear trap when you're trying to get something for nothing quick. And whatever your motivation, that's still where you're going to end up.
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You know, I ran into that when we used to coach all these NFL guys. And I would go into a rookie camp and try to explain to these NFL rookies that NFL stands for not for long. You're going to be there 3.8 years on average. And you can't buy all of your cousins a house. You don't have the money. But I remember talking to one of those guys. He goes, Dave, I got it covered. I got me a man.
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i got a guy i got a guy okay yeah you're screwed you're about to lose all your money when you say i got a guy that's exactly what you're talking about right there isn't it yeah that's what it is he's got it he's got it under control i know how to play football i don't know anything about money so i got a guy and i don't have to be responsible then because i got a guy yeah that's right and it's it's all floating um the responsibility yeah the the
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I didn't have to do anything. I didn't have to think. I didn't have to learn. I didn't have to grow. All I got to do is put the ball in the end zone. That's a good point. Because I told him, as soon as he said, I got a guy, I go, you're screwed. I don't even know who your guy is. You're screwed. I don't even care who it is because it's your responsibility to handle this money, not his.
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And this dispute, the legal bills have been going on one year?
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And so you're screwed. You're going to lose it all. You're going to be one of those people on the dadgum Sports Illustrated special of stupid athletes that lost all their money. You'll be the next one. And that's exactly where you're going to be. And the other guys are laughing as I'm doing that because that's kind of exactly how I answered the question from stage. But yeah, I got a guy.
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Colby is next. Colby's in Des Moines, Iowa. Hey, Colby, how can we help? Thank you.
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Okay. I'm confused as to why the judge hasn't ruled on this in four and a half years.
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I know, you told me that. You told us that. If it's been going on since 21, she's been reneging on what the divorce decree said, why is a judge not ruled on in four years?
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I'd put a million dollars in the bank if I were her, in a mutual fund if I were her, and I'd be out of the apartment business. And I love real estate. I'd probably buy that myself. I mean, I love that stuff. So that's not the question of the investment. It's a question of the appropriateness of the investment for the people that are involved.
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The one that's a breeze, if it turns out not to be a breeze a year later, you could dump it too.
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Yeah. Instead of working on cleaning carpet in his mother's apartment complex. Yeah, which is a pain in the butt. Yeah, I'm sure. It's been there, done that. It's not easy, so it's tough. Sunk cost analysis is pretend you have that pile of money and not that thing. Would you go buy that thing with that pile of money? Many times the answer is no.
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I'll bet you if I had a million one sitting in that lady's kitchen table and she didn't own this apartment and gave her the opportunity to go buy this apartment, she'd say not just no, but... Yeah, that's what she would say. I'm just betting that. I might be wrong.
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I'm thinking she'd be... But, I mean, I'm sure her husband would be like me. He was probably good at it. It's not a big deal. It's what he does, and it's part of running a business. Yeah, but it's a little different when it's left to her and the son to do it. So, yeah, don't.
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You can go buy some more real estate with the cash after she passes away if you want to be in the real estate business, TJ, but don't make your mom stay in it for your sake. This is The Ramsey Show.
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All right, business owners, last call. The pre-sale for the brand-new book, Build a Business You Love, ends April 15. Pre-order now and get over $350 worth of free bonus items to help you hire smarter, lead stronger, and grow faster. This is not theory. It's the system I use to grow my company from nothing and the same framework we've coached thousands of business owners through.
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You can only get the bonuses at ramseysolutions.com. So don't wait. Pre-order now. Well, let's face it, money and relationships are intertwined, and when they're out of whack, they're both out of whack. You don't have to stay stuck in that, though. I'll be with Dr. John Deloney in six cities in the next few weeks. We're going to be doing the Money and Relationships Tour.
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On the original child, yeah. Okay, so the overall answer to your question is this is not only consuming your money, it's consuming your brain.
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We want to have you come out. We'd love to have you. Dr. D and I will be in Louisville, Kentucky, April 21st. That's just about a week and a half, two weeks away. And Durham on April 23rd. That's a Wednesday. Atlanta on April 25th on a Friday night. Phoenix on a Monday, May the 5th. Fort Worth on a Wednesday, May the 7th. And Kansas City on May 9th, a Friday to wrap up the Six City Tour.
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It's going to be a lot of fun. We're going to be doing some stuff we've never done before on tour, and you guys are going to have a good time. The tickets are not sold out, but they're getting close. If you want to come, I suggest you go and get your tickets. We are in the last run here. RamseySolutions.com slash tour. The Ramsey Show question of the day is brought to you by Y-Refi.
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Y-Refi offers a different approach to paying off your defaulted private student loans with a low fixed rate for less stress. Go to Y-Refi.com slash Ramsey. That's the letter Y-R-E-F-Y.com slash Ramsey. Might not be in all states.
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and so um and you have relied on legal counsel that sucked so you need to get a lawyer that is much smarter and much meaner than the lawyer that you've had it's way past time playing nice here and so we need to make an example out of these people i'm going to start filing with social services i'm going to file
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I don't have a house payment, so it doesn't work that way.
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No, Tariq, a sliding scale would not be appropriate. A percentage is appropriate because a sliding scale would make the assumption that you're going to keep the stupid mortgage. I want you to pay off the stupid mortgage. And if you keep the percentages down, you can pay off the stupid mortgage. We're not keeping it. It's not a pet. We're not trying to manage our debt.
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We're trying to freaking kill it. So that changes the discussion, dude. If you want to keep it around like a pet, then a sliding scale would be applicable. But wealthy people don't do that. Wealthy people pay off their mortgage, as is told to us in the data when we studied more millionaires than anyone else has ever studied in the Ramsey Research Project. They pay off their mortgage, Tariq.
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They don't keep it around and manage it. So now you just want a bigger house. That's all it is. No. And get your stinking debt down and pay it off and kill it fast. Then you can build wealth and do anything you want to do at that point from that point on.
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Yeah, like throw that money at the debt so you kill the debt.
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Instead of, you know, gee. Again, we're not trying to manage this. Now, changing subjects.
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Did you notice, Jade, that the news people are melting down?
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Did you notice that the internet is ablaze? That we're all going to die because we've had three or four consecutive days of the stock market going down.
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I'm real. I think Chicken Little is alive and well. The sky is falling. The sky is falling. The sky is falling. The sky is falling. The market's down. Well, over the last two years, it's still net up 80%. Let's not forget that. So here's the rule boys and girls, if you're going to be an investor, the definition of investor is you are thinking long-term.
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If you're going to be a day trader, we can look stupid up in the dictionary and find your picture because 82% of day traders lose money. So stupid is what that is, but we don't do day trading here. We do investing. We have a long term mentality.
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60 different ways i'm going to make all of these people's lives miserable so we can put an end to this and so you guys have been trying to you've been trying to play real sweet real nice and your lawyer was old and then he died and he was playing nice with the small town judge instead of just going in there and raising hell and so um you need an attorney that you don't even like
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So when, if you have a longterm mentality and the stock market goes down, those of us that have been investing in the market steadily for 30 or 40 years, not 30 or 40 minutes,
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we smile when it goes down and buy more it's on sale when i was a little kid there was a company called kmart oh yeah i remember kmart go shopping at kmart the blue light and they had this little thing that they little cart they would roll up with a blue light on it and they would put something in the store on sale and turn on the blue light and all the redneck hillbillies would run to the blue light like moth
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And buy cheap crap at Kmart on sale for a blue light special. It was a blue light sale. The stock market, boys and girls, has a blue light over it right now. It's on sale. Not. I'm going to lose everything.
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Oh, geez. Take a dadgum chill pill. Seriously. Y'all lose your dadgum minds.
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one turn off the news in your computer you have to jeez you have to investors are like right now i i do i know how much it's going to fall under the trump tariff thing whatever the flip you want to call this thing is he's doing right now i can't tell but um aside from all that do i am i three doesn't matter 100 chance that the american economy is not going to crumble over this 100% chance.
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So 100% chance that a year from now, we're going to be sitting here smiling, those of us that did not take out our money. I know that's right. 100% chance. Y'all remember when COVID came and the world was coming to an end? Y'all remember the Fauci pandemic, right? And so, you know, you remember. And the stock market dropped 57%. Oh, my God.
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Not only are we all going to die, but we're all going to die broke. Yeah. Yeah. Neither one happened.
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no didn't die didn't die broke kept buying all the way down all the way up last two years the market's up dadgum 80 plus percent in two years you've almost doubled your money did you hear any headlines going you're so rich you can't breathe nobody said that what if they were as enthusiastic about reporting prosperity as they were a temporary dip in the market Think about this. You people, man.
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It's like the same thing. It's like we had thunderstorms come through and I got seven different apps on my phone going off saying, you're going to die. You're going to die. If you don't believe me, the other app just told you you're going to die. Good God, man. The anxiety inducing stuff we have in this culture today. It's unbelievable. So yeah, chill your butt out.
The Ramsey Show
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The only person that gets hurt on a roller coaster are those that jump off in the middle. Keep your hands inside the ride at all times, boys and girls, and wait for the coaster to come to a stop and you will be just fine. Yes, you might get a thrill. You might get a thrill. You might hear click, click, click, click, click, click, click, click, click when it's going up and then you go, right.
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You might get a thrill. Okay. It could happen. Welcome to investing, but investors stay the course. They stay the course. 20 years from today, 10 years from today, what do you think it's going to be? I just don't know. You didn't lose all your money. You didn't lose all your money. Calm down. Just ride the ride. It's okay. It's what I'm doing. I would put more in if I had a little extra right now.
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that kind of mean attorney, okay? And that's so smart, and they're a little more expensive usually, but they're worth it. And try to bring it to a head. That's the only answer I know for you. But just talking to you for four minutes is exhausting.
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In the lobby of Ramsey Solutions on the debt-free stage, Eric and Cassie are with us. Hey, guys, how are you?
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How are you? Better than we deserve, brother. Where do you all live?
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Oh, just up the road a few hours. Well, welcome to Nashville. How much debt have you two paid off?
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Good for you. And range of income during that time?
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Wow. Wow. You managed to get your income to go up as a mortgage lender in the last two years and eight months. You are a magic animal.
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Man, it's tough out there in the mortgage world right now. Oh, man. Hoping these rates come back down with the stock market movement. It'll be great for you. Yes, sir. So $283,000, two years and eight months. Would that be your house?
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listening to what you've been through uh and it's so chaotic it's all over the place it's left right turn flip back flip double flip turn right turn left turn there's all these different moving parts and it just takes up you're burning all your calories on these issues and um so you know you got to spend the right amount of money in a short period of time and blow everything up
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And a banker and a mortgage guy paid off their house. We did.
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So well over a million dollar net worth. Yeah. Way to go, you two.
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That'll work too. We can go with that one. I like it. I like it.
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or you've got to turn and talk about, you know, what's the right thing to do. I tried to be in my son's life. I tried to be in this child that was born outside of wedlock's life. I tried to do that, and instead what I got is crazy women. And so, you know, I don't know. I can't tell you. You're going to have to measure how far into this you go. But I can tell that there's no –
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Well, thank you. You know, being in the mortgage business, the banking business, and also probably some academic training in those areas gave you all probably a huge advantage because you're used to looking at numbers. Yes, sir. And you're used to thinking through, you know, how to win this process. And then all we did was just give you a clear plan that matched up with common sense for you.
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But, you know, like I got a degree in finance. I did, too. I remember distinctly the first time after Sharon and I were married that I sat down and this guy started showing me a stupid compound interest chart on investments growing. And I went, I got to do that.
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It didn't take me but about like a nanosecond to do it because I'd played in those numbers, but it never was presented to me like it was for me. It was just a math test I had to pass. you know, back in college or something.
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But then when I looked at it, I went, wait a minute, that magic of compound interest, as Albert Einstein called it, the eighth wonder of the world, you know, I can get that working on my favor instead of working against me.
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How does it feel to be millionaires, no payment on your house or anything, and you're not even 40 and a baby on the way? This is awesome.
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uh february so okay you know and the baby's due in may so we're kind of yeah figuring out what that big celebration thing is going to be way to go you know thank you so proud of you well done you're amazing rock star couple you've changed this baby's life you changed your family tree by doing this and by getting control and working together amazing amazing
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Eric and Cassie, Louisville, Kentucky, $283,000 paid off in two years and eight months. House and everything. Baby steps, millionaires, not even 40, making $189,000 to $240,000. Count it down. Let's hear a debt-free scream. Three, two, one.
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Yeah, would you like to be a millionaire before you had your first kid?
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That is just so freaking awesome. That is awesome right there. Man, I'm so proud of them. This is The Ramsey Show. Are you sick and tired of being sick and tired? You can take control of your money and your relationships, and it starts with just one night. Join me and Dr. John Deloney live in a city near you on the Money and Relationships Tour.
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We're covering the real-life stuff that matters so you can break the cycles that have left you stuck. It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today. Well, I've got a book coming out next week. It's going to be here, looks like.
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systematic anything in your description of this. And that tells me that you're getting the runaround rather than giving the runaround. And so in a lawsuit situation, sometimes the best defense is a good offense. And so I want you to file like I want attorneys filing like seven motions every morning just to piss everybody off, including the judge.
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And I'm really pumped about this because running a business is so hard. And we finally, working with our Entree Leadership team, developed the Entree Leadership System, which is basically the baby steps for running a small business. And if you know the baby steps, it makes it easier. It's still hard. What the last couple did, getting out of debt, it's tough. That's a hard process.
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It's a lot of work, a lot of sacrifice. But same thing is true running your business. But if you'll follow the steps, follow the five stages of business and the six drivers that drive you through the five stages in this new book, it's going to make your small – we've coached 10,000 small businesses. And this is what our company has gone through, Ramsey, over the years.
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So it's called Build a Business You Love. It comes out on the 15th. If you pre-order it for $29.99, you get over $350 in free bonus items, instant access to the Entree Leadership Hiring Playbook, hiring and firing big pain point in the old small business world, the e-book version of Build a Business You Love, and the enhanced audio book. Pre-order at RamseySolutions.com slash store.
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Or, of course, if you're watching on YouTube with a podcast, just click in the description and it will drop you right there. Carol is in Phoenix. Hey, Carol, how are you?
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So what's the unstable part of the living arrangement?
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I'm just going to screw with people for a living for a short period of time and just knock the snot out of everyone to where they're all back on their heels and they're all burning calories trying to keep up with you instead of the other way around. It's your only shot here or you need to flip and just walk.
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But it's no longer fun to be there. No longer fun to be there. Need to be somewhere else.
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Well, I think you need to keep shopping on both of those. The one bedroom that you picked out was just the first one you drove by because one bedrooms are expensive in a lot of areas of Phoenix, but there are some safe areas that wouldn't be quite as high as you found, although that is an expensive real estate market.
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I want you to learn a lot more about rental prices in different neighborhoods, and I want you to investigate the roommate situation a lot further. Because if you put down $50,000 on a townhouse, you're going to have a pretty substantial payment, right?
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And you're only going to have $100,000 to your name at that point. Right. Right. And I assume that obviously this is in a retirement account, so it wouldn't be penalized because you're over 59 and a half, but you would be taxed on it, right?
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Okay, so you could throw the money market at it. That's true. As long as you had a good emergency fund that you could get a hold of after that, that'd be fine.
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I'm okay with you buying, but what I would do is I would shop all three things until I became an absolute expert on roommates in the area, one-bedroom rentals in the area, and townhouses in the area, and see if the decision doesn't just present itself to you.
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Yeah, but it dropped in your lap because you were scratching around. You know, what I found is the more options I have, the more power I have and the better a decision I make when I narrow it down to only two things I can do. And they both suck. You know, that's that's that's the drama queen in my head. And I haven't done enough work yet to find all the possible things I can do.
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so yeah that was the panic button exactly exactly and that's that's and it kind of forces you into two things that are both untenable or three in your case stay with people where things are weird go take an apartment i can't afford or a roommate that's nuts you know those are three things we don't want to do right go from frying pan into the fire with roommate things so um
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You know, I think I'm going to work on that that way and just build up. And one of those is going to be okay. I'm okay with the townhouse move, but I'm not okay with using this whole situation to justify a bad townhouse move.
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and let the thing die and and then they'll come wandering in maybe wanting child support oh wait maybe maybe now we get a hearing okay hmm interesting money's tied to this so i don't know tanner i can't tell what's going on i can just tell that you're worn out and that you've been getting the run around rather than giving the run around i can feel that and that's where all your money's going because the legal system is is not a just system and it is not a good system it sucks
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Absolutely. Absolutely. That's the way to go on it for sure. Marissa's in Baltimore. Hi, Marissa. Welcome to The Ramsey Show.
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Well, you're still going out to eat and going on vacation.
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Yeah, I'm 100% sure. You make too much money to have only paid off $32,000 since October of 23. Mm-hmm. You're not gazelle intense at all.
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Are you and your husband both on board and doing a budget every month and talking about all this, or are you trying to pull this wagon by yourself? Yeah, I thought so.
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Yeah, in general. That's a general concept. But you're both not leaning into the details and treating this like it's a business, and we've got to try to stay open and get this done fast. He's not doing that. He's out just working. And, yeah, I hope that thing you're working on over there, honey, I hope it works out.
The Ramsey Show
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No, you shouldn't be more gazelle intense. He should. And the two of you together need to get on your every dollar budget.
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Let us get you signed up for that. We'll pay for the premium version and give it to you. And you guys sit down, do your budget like your life depends on it, because by God, it does start acting like it. Get this cleaned up. As a couple, you need to get more intense and focused, yes, because you make too much money to have not paid off any more debt than you have. This is The Ramsey Show.
The Ramsey Show
Skip the Scams, Build Real Wealth
and it will drain you dry. So I pray good luck for you, sir, but I think it's going to require some pretty aggressive moves beyond what you've been doing. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies.
The Ramsey Show
Skip the Scams, Build Real Wealth
there's too little life insurance or none at all grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet i also discovered that there are a lot of rip-offs in the life insurance world like that whole life crap posing as an investment opportunity what you need is level term life insurance usually 10 to 12 times your income
The Ramsey Show
Skip the Scams, Build Real Wealth
which is the smartest, most affordable way to protect your family. The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years.
The Ramsey Show
Skip the Scams, Build Real Wealth
so you know they'll be there when you need them. Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. Brian is in Pittsburgh. Hey, Brian, welcome to the Ramsey Show.
The Ramsey Show
Skip the Scams, Build Real Wealth
Well, there are a couple of thoughts that come. Number one, that way is you've got a small portfolio of single stocks and you can't keep up with good mutual funds regardless of the ethical standards of the selection. So just because he's investing, he's more diversified across many, many stocks and mutual funds and so forth, I would assume.
The Ramsey Show
Skip the Scams, Build Real Wealth
In other words, like you got 10 or 15 stocks, he's probably got 300. So that way, even if we take out the ethical considerations of the selection of those companies, it's not there. And so it's not just that sin pays more. Okay? It's the way you've structured your portfolio is the thing.
The Ramsey Show
Skip the Scams, Build Real Wealth
Now, then, if you want to investigate a mutual fund that has done pretty well with that, the Timothy Plan out of Atlanta has a long track record.
The Ramsey Show
Skip the Scams, Build Real Wealth
Oh, you're in funds. I thought you said you bought stocks.
The Ramsey Show
Skip the Scams, Build Real Wealth
So it's... Ding, ding, ding. Okay, number one, don't put money in things you don't know what they are. Okay? And the Timothy plan just rung a bell because it was one of the things on your list, but you don't know much about it is what you're telling me. Correct. Because it has kept up pretty close to the S&P the last time I looked at it.
The Ramsey Show
Skip the Scams, Build Real Wealth
And they are selecting stocks that are, I guess the best way to say it is anti-sin stocks, if you will. So no alcohol, no tobacco, no drug companies that are doing the abortion pill, anything that follows an evangelical belief system, no wines, no alcohol of any kind, no tobacco of any kind.
The Ramsey Show
Skip the Scams, Build Real Wealth
will be the two primaries, and then, again, anything having to do with the right to life, those sorts of things, is that that's where Timothy's going to fall, all right? And then you can get into... Now, I like the fact that your heart is telling you to try to do this, okay? I do want to give you – because my heart functions the exact same way.
The Ramsey Show
Skip the Scams, Build Real Wealth
I don't want to do things with money that God gave me to manage that is dishonoring to him. And that's your approach, I assume, right? Right. Correct. Okay. Now, once I did that, then I had to think through, okay, what is really happening here? All right. Let me give you an example.
The Ramsey Show
Skip the Scams, Build Real Wealth
If you disagree with something morally that Company A is doing, and so you don't buy Company A's stock, that does not – if you did buy Company A's stock anyway – that company does not get the money. I'm buying that stock from Jade who's selling it. Unless the company is doing a treasury issue or an initial public offering, they're not getting the money when you buy the stock.
The Ramsey Show
Skip the Scams, Build Real Wealth
So you're not funding the thing that they're doing when you buy their stock. Now, are you benefiting when they make money from the thing that they're doing? Yes, you would be. So that would be valid. But if I buy a, you know, like George posted the other day that his Tesla reached 200,000 miles, he was real proud the battery lasted that long. And we made fun of him for it and all this.
The Ramsey Show
Skip the Scams, Build Real Wealth
Well, some of these lefties that are going berserk on Elon all trash George in the columns because he has no ethics. George did not buy the Tesla new. He bought it from a guy named whatever, Joe. Joe got the money, not Elon. So there's no ethical consideration for George buying a used Tesla, positive or negative.
The Ramsey Show
Skip the Scams, Build Real Wealth
He did not support Elon or, you know, whichever side of that you want to come down on. So it's just stupid people.
The Ramsey Show
Skip the Scams, Build Real Wealth
posting in george's comments which is generally who posts in comments anyway but um you know and i was just laughing at him at lunch he's telling me about this because he reads the comments i don't read them and he told me about this i'm like george number one stupid people number two you didn't you bought a used tesla now rachel bought a new tesla So, Rachel, you could track. She has no defense.
The Ramsey Show
Skip the Scams, Build Real Wealth
Because she supported. And she didn't do it to support Elon. She did it because she wanted a car with a battery or whatever. And she didn't even do it for climate change. She did it because she thought it was cool. It's like the car. But anyway. But you see what I'm saying?
The Ramsey Show
Skip the Scams, Build Real Wealth
So the deal, Brian, is if you're buying stock in one of these companies, you're buying it from someone else who's selling it, not from the company. That's the thing. The second thing I had to consider in my decision-making period, and I'm not trying to talk you out of doing what you're doing.
The Ramsey Show
Skip the Scams, Build Real Wealth
I think you can do what you're doing successfully if you'll manage your portfolio closer and do stuff like the Timothy Plan has done. They have proven it's doable, okay? Now, the second thing I had to decide is I also do business in other places with companies that engage in things I don't.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You spend hours researching before making a major purchase like a home or car, but it's also a good idea to put in the work searching for the right insurance coverage. To protect your biggest assets, I recommend using Ramsey Trusted Pros. Whether you're looking for car, home, or any other type of insurance, Ramsey Trusted providers have been coached and vetted to serve you like we would.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Find what you need at ramseysolutions.com slash insurance.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
It's that time again, folks. Tax season is here. I know some of you would rather bury your head in the sand until April 15th than face your taxes. But here's a better idea. If your tax situation is complicated, get in touch with a Ramsey Trusted Tax Pro today.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That way they can take the stress off your shoulders once those tax forms come in and teach you how to keep your tax bill as low as possible. But don't wait. Ramsey Trusted Pros can book up fast. Go to Ramsey solutions.com slash tax pro to find one who serves your area with excellence. That's Ramsey solutions.com slash tax pro.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something? Well, I used to be one of those guys.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
If you need health insurance for yourself or your family, you might be lost in a maze of confusing terms, overwhelming options and questions about networks, not to mention high costs and bad service from insurance companies that don't care about what you want. Common concerns like those are why I'm proud to recommend Health Trust Financial.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
They've been working with Ramsey for over 20 years, and they're the only Ramsey-trusted health insurance broker. Health Trust Financial takes an unbiased approach to finding you the best health insurance for your situation. They listen to your needs, and because they work for you, not the insurance companies, their service is free with no obligations whatsoever. and no pressure.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Here's the best part. Health Trust Financial customers typically save an average of $500 a month. Health Trust Financial is your one-stop shop for unbiased advice about health insurance options to make sure you don't overpay. So get out of the maze by going to healthtrustfinancial.com today.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
It's the last call for our two-night virtual event, Dave Ramsey's Investing Essentials. It's set for May 21 and 22, and you do not want to miss this. I'll unpack my personal playbook on investing and real estate and show you how you can feel confident in your investments too. Tickets are $1.99. Snag a VIP ticket and you'll get two sessions with a Ramsey Preferred Coach. You can join from anywhere.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Go to ramseysolutions.com slash events and get your ticket today.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
This is The Ramsey Show. Hey, guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Pre-order your copy today, and you'll get access to over $350 in bonus items only at RamseySolutions.com. RamseySolutions.com. Pre-order today.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Dang, that would have been amazing, though. Caden was the first one ever. All right, I'll make it.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Do your research. That's what you're after. Find out what these schools cost and choose an affordable one.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
For free tools and resources to help you reach your home goals, go to ramseysolutions.com slash realestate or click the link in the show notes.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But the cost seems very reasonable. I mean, I'm seeing the stat here in 2023, average 60-year-old man paid $1,200 per year. That's about right. For a level policy.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So you can stomach the risk at that point.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
That's the point of insurance. It'll transfer risk to the insurance company instead of you. And right now, you guys couldn't stomach that with your net worth to take a $300,000 hit. Yeah.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, think about the cost, $350,000. So think about that as part of your net worth as the listener. If you can stomach that from your nest egg without it affecting your life, you could self-insure.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, I'm seeing the stat here. 20% will need it for more than five years. Okay. So one in five people will have a longer stay. Yeah. Like you said, most people, it's, you know, two years.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I'm guessing less expensive than the Philadelphia area that you're in now?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Today's question comes from Glenn in New York. Should I change my investing strategy? I'm 50 years old and debt-free with an emergency fund. I currently put 10% in a Roth IRA and another 5% in my 401k from work. Should I contribute more to my 401k to max it out or get with a financial advisor and start investing in individual mutual funds?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Currently, I have around 600 grand in my 401k and the Roth has about 20k. All right. So we're debt free. We're 50. That's good. We're investing 15%. So the question is, does he have a mortgage and is the house paid off? If so, I would continue to invest more and max out those accounts before working with the individual mutual funds outside of retirement.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Can you afford to live there comfortably? Are you debt-free with an emergency fund? This wouldn't really cramp your lifestyle too much? Yes.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And this played out in real life, Dave. I went back and looked at the actual stats. Under Trump's presidency, the first term, three and a half years in, the stock market was up 53%. Under Biden, three and a half years in, it was up 50%. So 103% return in exactly seven years. Exactly what you say. The stock market doubled in those seven years.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So this is not just an opinion or a math formula. It plays out in reality.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Absolutely. And maybe find a niche. You might find you like working with a certain type of client, and that might be your specialty that you dive into.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, I'd turn off the news if you're getting paralyzed by that.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Have you ever thought about that, though? When you're taxed on your income, you then use that money, it's taxed again, and then the person who gets that money pays taxes on the money they get as the business owners. It just keeps going.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
The death tax on your estate. So just an endless taxation of the dollar.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Oh, no. Soon I'll be yelling at kids to get off my lawn. Yeah, that happened to me this week, actually.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It sounds like an emergency to me. It's urgent, it's necessary, and it's unexpected.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Okay. What's the cost out of pocket?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
There's also an app. They're all taken, but they're out there. There's an app called, yeah, that's true. There's an app called Billy Dave. They're not a sponsor of ours, but they have this cool app where it shows transparent pricing for procedures, so you can type in the CPT code. It'll tell you in your area what the cheapest facility is for that specific procedure. It's pretty cool.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So it might be something you can check out as she does her research. I've never tried it personally, but I've heard good things, so it might be an option to at least know you're not getting screwed.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I don't know. I don't know if it's Billy as in the bill with the medical bills.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
billy goat we'll find out but it could be i'm all about transparency because i'm the one who hates getting screwed feeling like i overpaid for something so just to know i'm not getting screwed and this is actually a good deal makes me sleep better at night i've been paying cash for medical stuff for a long time out of pocket and all you gotta do is just go hey i'm paying cash it's not insurance and most of the time it's like discount yeah boom i used to work at a doctor's office when i was 14 years old as the receptionist and if they were cash paid oh wait
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
That was good money back then for a 15-year-old? Are you kidding me?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But I remember we'd get the bills for the procedures, and if they were a cash pay, the doctor would have me note it, and it would be a severely discounted rate. You got that at 14? At 14, I figured that out.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I'm a renaissance man, Dave. You answered the phone. Did you have a little headset? No, I mean, it was, you know, people walking up. It was more in person. I answered the phones, which I was really good at.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, you don't have debt attached to it. All that real estate cashflow is way better.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And if you just leave the investments alone, it'll grow.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, well, I think there's more than the numbers here that she needs to dig into. Is it the fear of just change at 54? She's going to do it anyway. Is the grass greener on that side? What if I move and life isn't different? And so that's the stuff you've got to grapple with on top of just doing the budget. And I think the numbers are going to work themselves out.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And the estate will pay off her debts and whatever's left. If there is anything, you'll get it.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It's more the other pieces that I think she's really concerned about.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
What kind of job are you looking for?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Exactly. It's going to be cold either way, Darlene. So just make the move. Be closer to family. And you're a hard worker. You're going to be fine financially.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So quit changing the story. And if she can move across the world, I think she can move an hour away. From her sister! It'll be okay. You can visit her on the weekends. Yeah. So I think there needs to be some compromise here.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Especially if it means a 50% pay increase. Well, that's what he's looking at. That's what he's looking at.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
In Tennessee, we have no income tax, so people don't realize if you get a job in Tennessee, even if a pay cut, it might be equal comparatively to California or New York where you have a lot of income taxes.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Wow, because we've been covering this since COVID with the migration.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And his solution is to Venmo you like a weird roommate situation.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It could be a wig. We don't know.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
That's the real flex. That's where I want to be in life. No movers ever again. I'm not doing it. I'm not lifting a finger.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I would rather support a GoFundMe for you to get movers than me help you load up that truck.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Don't ask Dave to borrow his Raptor. He will not allow it. No. Get your own Raptor.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Really? Is Sharon the online shopper in the family now? Apparently.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
They don't make them like they used to.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It's an exposed wooden box. Stuff's going to happen. So you need the emergency fund, three to six months of expenses. So add up what your expenses are for one month. Multiply it for a single guy like you. You could lean towards a three to four month mark. Anything above that becomes your down payment. And 20% down is a great goal because you'll avoid PMI, which is private mortgage insurance.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You don't experience that exact same thing. Yeah, our first townhome. You buy in a good area with good schools. You start to look at the stuff.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
That's right. Three bedroom townhome is all it was.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Oh, my goodness. I mean, three years we lived there, it went up over 200 grand.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So do it the right way. You want this to be no more than a quarter of your take-home pay on that mortgage, and make sure you choose a 15-year.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Because you're too young to have a 30-year mortgage sitting around your neck.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Find an old couple that wants to sell a two hundred fifty thousand one. Write down a contract that says I'm going to work for you for a year. At the end of that, I'm going to close on this. If I find out things to be the right thing, be the way that you say they are. And if I can get financing or if you provide me financing.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You're in Chicago going to Canada. Now you are an immigrant. I don't know what it means for an America to immigrate permanently and buy a business in Canada. I have no idea how to do that. I do know it's probably more difficult than it was 12 months ago.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And if the answer is I don't know what the flip I'm doing, no, I wouldn't hire me to do that, then that tells me not to go into that space until I learn some more about it. And I am 100% sure you don't know what the flip you're doing on this.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
There's no numbers around it. I don't doubt that. But you've never run a business of any kind – And you're stepping into this. I'm not trying to be a dream killer. I love killing nightmares, though. I love killing nightmares. So I want you to go forward with this slowly, carefully, and much more wisely.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And then while you're doing that, work like a crazy man and pile up some cash and come up with your down payment and get one of the old people to owner finance it. Because I don't think a bank's going to touch us with a 10-foot pole, dude. And that's probably good for you. That they won't. So. So, guys. The wonderful thing about America is that we live in the free enterprise system.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And the wonderful thing about America is that 54% of the gross domestic product is brought to you by small businesses. All the goods and services totaled up. Over half of them are delivered by small businesses. People like Caleb who started something. So I love encouraging the free enterprise system.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I also have spent 20 years coaching over 20,000 small businesses through our Entree Leadership brand. And I see all the things that go wrong when you're doing this. So, you know, you're not the exception. It's going to take twice as long and it's going to cost twice as much. Those are the three rules. And they do apply. They apply to me. To everybody.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
When I get ready to go into, we're going to open an app. We're working on one for Dr. John Deloney right now. Let me tell you what. Our projections on that are known as a guess. We have no idea what the stupid app's going to do. And we need to build out our business model as if the thing does nothing. And then when it does something, be pleasantly surprised.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You know, and so and you can get digital advice, but everybody's got a dadgum opinion. They're like armpits. They stink.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Let me send him one. Send him Entree Leadership and send him Build a Business You Love. I want you to do this. I want you to do it in such a way, Caleb, that it doesn't kill you.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Jade Walsh, always with me. One of our favorite things to do is get to talk to people who are heroes in their own story. They took control of their lives, and they come in here into our lobby, and they stand on the debt-free stage. That's where Colby and Mackenzie are. Hey, guys, how are you? Wonderful.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Awesome. Where do you live? Chattanooga, Tennessee. Fun. And how much debt have you paid off? $32,000. All right. And how long did this take?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Just? Okay. That's pretty good. Very good. So what kind of debt was this $32,000? It was all school debt. Okay.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
All right. So we had a student loan debt. And I'm just guessing, looking at this story, you might have been married about seven months.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay. All right. So first order of business when we get married is get rid of whose student loan debt? Mine.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
All right. And under door number two. I love it. Okay, so before you got married, you realized you had this, and there must have been a discussion at some point during the dating process. Please tell me this story. It's got to be awesome.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Then we did. I do what I did. Yep. I like it. I like it. So just listening to you and looking at your demeanor, I don't think it bothered you that he put that condition, Colby.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So, you know, it's weird because that's the exact same stipulation I put on my blessing.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
For Bill and Winston. I said, you know, you've got to go through FPU together as pre-marriage and you've got to go to pre-marriage counseling. And that's all I asked. And they're like, you mean I don't have to be out of debt? Nope. You just got to be working on it. And they both went, whew.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I thought he was going to be worse than this, Dave. I kind of wanted to mess with you, but I just thought I'd tell the truth. So very cool, you guys. Well, man, I like your dad.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
a good dude he's a big fan of yours well way to go you guys that's a beautiful way to start everything and what it amounts to is not just the debt but the what it represented as over the overarching thing in your whole lives is we're going to align on scripture um you know pastor's daughter pastor's uh employee uh we're going to align on scripture right and um we're going to we're going to
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
a line on money and we're gonna line on everything else and so you've set the table for an incredible life uh overall the money piece is just a little bit of it but uh absolutely beautiful very proud of y'all i bet they were all cheering you on weren't they they were so excited for us they were so ready to see it going for us we were so we were so pumped that's so cool all right so you tell people that are thinking about getting engaged
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Is all of the stipulation going through the thing and learning together and going to a stupid class and all that? Because, I mean, people roll their eyes sometimes, right? This happens. And rightly so. I understand that. But the young couple out there that maybe are not as enthusiastic as you all were to just dive in on this, talk to them and tell them, is it worth it?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Your older son has the three kids and they're safe? Yes, for now. Okay. Wow. What do you make a year? About $50,000. Okay. All right. And so the money that you're spending is for three years for a 13-year-old, or four years for a 13-year-old. And by the time it gets to court, the other two probably won't even apply, right? It's possible. They're going to age out. Yeah.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And what is your key to getting out of debt? What do you blame getting out of debt on?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
let's attack life so i'd send my high schooler to his youth group come on now preach it pastor preach it i was holding myself back over here i like it that's good man well said well said you're gonna be you're great at your job i'm sure i appreciate god's call on your life excellent brother well done you two well done all right mckenzie what do you tell people the key to getting out of debt is
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's good. You ain't tracking, you ain't trying. I like it. Well, the EveryDollar app does that and even more now. So well done, you guys. Very proud of y'all.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
There we go. By the time they're 30. Mm-hmm. Colby and McKenzie, Chattanooga, Tennessee. $32,000 paid off in seven months, making $82,000 as brand new newlyweds. Count it down. Let's hear a debt-free scream. Three, two, one.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And all the old people are going, I wish I'd done that in my first seven months.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
All the old people are going, where was that when I was that age? Oh, my gosh. Well, it was here. It was called Common Sense back then, too. But, wow, what a great start, man. Wow, powerful.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
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The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Field of Greens is packed with nutrients designed to support your overall health, boost your immune system, and increase your energy levels. And your doctor will notice your improved health or Field of Greens will give you your money back. Visit fieldofgreens.com slash Ramsey to save 20% and get free shipping. That's fieldofgreens.com slash Ramsey. You want to be Colby and McKenzie?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
If you're tired of living paycheck to paycheck, wondering where your money's going, your first step is getting on a plan. Our team is hosting a free budget training this month. You're going to learn step by step how to make to and stick to a budget using every dollar. Because if you ain't tracking, what was it?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Ain't tracking, you ain't trying. There it is. Plus, you can get your biggest budgeting questions answered in a live Q&A. We may just make that the new byline for EveryDollar.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah. Sign up for free at EveryDollar.com slash webinar. Spots are limited. It is a free budget training. Don't miss it. Terry is in Montana. Hi, Terry. How are you?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
It's a lot worse than a whole life life insurance situation. This is really scary because your financial planner is a crook and a liar.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
that's bad that would scare me if i were you because i obviously don't i obviously don't have whole life life insurance terry that's just completely asinine i mean that would be on the front page of the new york times okay that'd be like dave ramsey has a credit card you know i mean come on or i leased my car i mean how what kind of dumb butt would say dave ramsey leased his car a crook
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
OK, I don't lease my cars. I pay cash for him. You know, I mean, Dave has six credit cards because he likes the air miles. I mean, what kind of dumb butt would say something like that? I mean, this is not only a crook, it's a dumb crook, a desperate crook, you know.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Don't let your financial planner be a crook. Fire her. Okay. Fire her. Right. Get away from her. I will. You've got to get away from her, honey, because if she'll lie about this, what else is she going to lie about?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah. And she's not really a financial planner. She's an insurance agent posing as a financial planner. She works for an insurance company, doesn't she?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, that's an insurance company.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
It's a whole life life insurance company. They're not financial planners. They're whole life life insurance salesmen. And she's a crook. I thought they were financial planners. No, she's a life insurance salesman. And so, yeah, they're not financial planners. So financial planners represent many different products. She sells one, Thrivent. And so, no, you need to get away from her.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Listen, you need to go see someone else. Go to one of our SmartVestor pros or go somewhere else and sit down with someone that is an independent person that can sell mutual funds, can sell insurance, can help you, guide you through this, and will not shame you when you get ready to make a decision about your money.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah. So, I mean, here's the thing. You walk in on a car dealer floor and they say, you know, you need to lease the car. Dave Ramsey leases car. You don't just say, no, he doesn't. You just say, peace out. I don't do business with crooks that lie. And you walk to somewhere else, and you go somewhere else.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I walked in to buy a washer and dryer with my wife one time at an electronics store, and the guy tried to convince us to get an extended warranty. And I said, oh, we don't do extended warranties. I'm so arrogant. I thought he recognized me. He didn't. And he goes and says, Dave Ramsey gets extended warranties on everything he buys here. And I said, well, I'm pretty sure he doesn't.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And he goes, oh, yes, he does. I can show you the file. And I said, I'm pretty sure he doesn't. And I handed him my driver's license. And he said, oh, yeah, that's what he said. Yeah.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Oh, biscuits. Yeah, that's what he said. And and my wife is like and he's like, oh, we're going to make you a great deal. I'm so sorry. I'm like, there's you couldn't give me this whole freaking store right now. And Sharon's like, well, we need to. I'm like, Sharon, I need to leave here before I say something. And he has a real Dave Ramsey story. So we're going to Lowe's and buy it over there.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And so, oh, my God, you know. So this you just don't do business with crooks, hon. Because because once they lie to you about one thing, you know, they're going to lie to you about something else or you don't know when they're lying.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Or just say, you know, I agree with Dave on some things, but I disagree, and here's the points, and argue on the merits. Yes. But, you know, but that's so, yeah. And here's what's interesting. You know, 20 years ago, people said this, like whole life agents would say that. That's been going around for years. They also say I own a term life insurance company, which is absolute bull crap.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I don't own a term life insurance company. So I would have made a lot more money if I did. But but I don't. Xander owns it and he pays me ad money. I get money, ad money off of Xander. So but they tell this stuff. And back then you could get away with it. But now there's this thing people called the Internet.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And there's this thing called social media. And there's this thing called a podcast. And so Terry can call here and actually talk to me. And ask. And so if you start lying like this, it's going to cost you now at a different level than it used to cost you. There was a timeshare place that set up at the local mall. And they would tell people, Dave Ramsey's got three of our timeshares. Oh, my gosh.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And so our producer went over there with a microphone, Blake, back in the day.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And got him to say it. And he said, now we're going to put this on the air if you ever say it again.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
yeah put them on that kind of put an end to that crap so you know but it's the same stuff it's just people when you got no defense for your crappy product you lie you lie that's what you do and so and and Thriven's whole life life insurance product is crap it's knee-deep manure right along with the other whole life products that are out there so jeez man unbelievable That's so funny, though.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
It's so cute. I mean, did you actually think you could get in this current environment of the digital world we live in that you can just say crap and just get away with it? Of course, everything on the Internet is true, right?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, you need to find another way to save your sales, like actually logically defend your product line. But when you can't do that because it's such crap, then you have to go to these extremes.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
It's just really sad. So, Terry, when you're looking for a real financial planner, they're going to have the heart of a teacher. Now, the SmartVestor Pros are mutual fund brokers is what they do. They do not work for me. I am not on commission with them.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I don't own them, but I recommend them because they have to have the heart of a teacher or they will not be one of the SmartVestor Pros that we recommend. And they're going to go along with the stuff that we teach here on the air. The four types of mutual funds in your rollover IRAs and your 401ks. I hope you get your kids' college fund started. Make sure your will is intact.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, she's got charges, he said.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Me too. I mean, you're going to have a crisis here. And, you know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up. Or she's concerned how she's going to eat tomorrow. That's exactly right.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's exactly what it's supposed to be. It's saying I love you to your family. Term life insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
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. Thanks for hanging out with us, America. Jade Walshaw, Ramsey personality, number one best-selling author. She's my co-host today. The phone number is 888-825-5225. Sam is in Buffalo, New York. Hi, Sam. How are you?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Hi, Mr. Ramsey. Thanks so much for taking my call. Good afternoon. How are you, sir? Better than I deserve. What's up?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yes. Of course it is. Okay, okay, okay. I don't teach people to live in a cave and collect lint when they make a half a million dollars, unless you're working on getting out of debt. But you didn't exactly sacrifice when you got out of debt. You were still living on $200,000 while you were getting out of debt.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Sure. And then you went and borrowed money to get a car. So pay the stupid car off, and not by the end of the year, dude. Yeah, how much is it? What do you make? You make like $40,000 a month. Geez. Yeah, well, yeah. Yeah, pay off the car. And go on vacation. And go on vacation. $15,000 worth three times a year.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You're a doctor. You see sick people all day long. Could that possibly skew your decision making? Of course it could. One hundred percent. Yeah. So, you know, and so all you see is, you know, all these things. I'm a guy that helps people not avoid bankruptcy. So when I pull up to a stoplight and see a nice car, I see a car payment. You know, I don't see a nice car.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So, you know, anyway, all that to say, yes, of course, we teach people baby step one thousand dollars. Two is out of debt. Everything but the house that includes your car and your student loan. We're there now. Then baby step three is an emergency fund. Three to six months of expenses. I'm guessing you have some money saved for an emergency.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Pay it off tonight when we get off the phone, okay? Now, then you're 100% debt-free except your house, right? Correct. Good. Okay. Now we've got an emergency fund. We're at baby step four. Start bidding 15% of your household income away towards wealth building and retirement. And then let's start paying off the house.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
But when you leave baby step three and you are debt-free and have your emergency fund, we teach people to move from intense... which is where you don't go on vacation or out to eat, to intentional, which is where you do go on vacation and you do buy a nice car because you make freaking half a million dollars a year. You need a good car. Don't drive a hoopty.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And certainly don't put your wife in a hoopty. And so, yeah, you need to spend more than $15,000 on a vacation.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's not much of a vacation for a guy who makes a half a million dollars. I want her in a Four Seasons or a St. Regis. I want her enjoying this, which, by the way, is going to make you enjoy it.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You're in great shape. I just want you to do everything on purpose. That's all I want you to do. I want you to look at the whole picture and say, I have this much. If I put this much on a vacation, mathematically, it's irrelevant.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
$15,000 to $30,000 on a vacation when you make a half a million is 8% of your income. It's financially, mathematically irrelevant. You could take that much and burn it in the middle of the floor and your life would not change. That's the way you need to learn to look at it. It's the burn it in the middle of the floor example, the ratios.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay, so I assume your bank account's dry.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Now, if you make $30,000 a year and you want to call me and say I'm going to spend $30,000 on a vacation intentionally, I'm going to say you're intentionally stupid. Don't do that, okay, because that's 100% of your income. No, we're not doing that. But, you know, so I –
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
it's not because it's too expensive you're exactly right and here's the thing we need to make sure everyone hears the message more often because he didn't get the message of live like no one else so that so that is the key conjunction you can live and give like no one else i'll guarantee you that sharon and i are leaving in two weeks on a two-week vacation And it wasn't $15,000.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
We live like no one else. And I'm not being snobbish, but I mean, I've worked my butt off for a long time. Now I'm an overnight success, right? So, you know, it's an irrelevant amount of money. Of course. Mathematically in my life. So live like no one else so that... You can live and give like no one else. Increase your generosity too, people.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
These days, the Internet is chock full of so-called investing advice from random goobs with zero qualifications. Listen, folks, you deserve guidance from someone who knows what the flip they're talking about. That's why I recommend the SmartVestor program. SmartVestors can help you find a professional financial advisor who can teach you to make your own best decisions with your own money.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Get connected at RamseySolutions.com slash SmartVestor. Again, RamseySolutions.com slash SmartVestor.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Our question of the day is brought to you by YRefi. Some lenders won't touch defaulted private student loans, but YRefi was built for this exact problem. They'll explore refinancing options with a low fixed rate, custom built system. refi for your situation. Visit why refi.com slash Ramsey. That's the letter Y R E F Y.com slash Ramsey might not be in all states.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay. All right. Well, what I do when I'm facing these situations is I don't start with debt. I start with no debt. And I figure out how I'm going to handle a very difficult situation without debt. And it's very difficult. I don't have an easy answer for you. But, you know, it's going to involve selling things. It's going to involve no additional debt. You've already got $70,000.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Is there a Nigerian prince involved?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
No, he ran hypotheticals. Yeah, but... He pretended with... He ran the numbers as if he had done the investment. He... He ran the algorithm and the algorithm worked.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Which is the worst possible thing that could have happened to him.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
George Campbell put this in his book. I saw him the other day. I happened to flip up and see him on my Instagram watching George Campbell. Me watching George on Instagram. Imagine that.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
The number I had, the last piece of research I saw was 78% of day traders lose money. Interesting. George's recent piece of research he just picked up is if you persist in day trading longer than six months, 97% lose money. That's right.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
The phone number is 888-825-5225. Hugh is in Las Vegas. Hi, Hugh. What's up?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Let me help you with that, Nathan. Speaking from the perspective of an algorithm, 97% is all of them lose money.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah. So, honey, you need to find another way to make money instead of trying to beat a system that no one has ever beat.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That just screams of greed and desperation.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
What is wrong inside of you that's causing this? Because something's wrong, honey. Because this is straight up stupid.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You're putting your family stuff at risk here to do something that 97% of the people fail at. And you think you found the silver bullet. I'm sorry. Pride comes right before the fall. That ain't happening.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
If you like burning money, this is a good way to do it. You can just completely set it on fire in the middle of the floor. I'd rather buy a car that goes down in value to nothing. At least I get some fun out of it.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
It's not that fun. Losing money is just not fun. There's nothing hilarious about it.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Dave, don't come on. You and Rachel can go play craps, all right? Dave don't play craps. So I just work too hard for my money because I notice that the furniture and the chandelier right above that craps table is really nice. Oh, it is. And I know who paid for that. Losers! Losers! That's who paid for that.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
The people entertained. Are you not entertained? Yeah, that's it. So, yeah, there we go. Yeah, no, that's Nathan, honey. This is, you know, you need to... The rule for building wealth is those that can delay pleasure. The ability to delay pleasure is an emotional sign of maturity. And so this very email screams that you're 19. Right.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Even worse. Even worse, yeah. You're functioning at a 19-year-old level. So, yeah, this is one definition of maturity is the ability to delay pleasure. Every time I read the book The Tortoise and the Hare, the hare never wins. And you just described the game of the hair. Real investors invest steadily over a long period of time, and they are the ones that systemically build wealth.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
A high probability of becoming a multimillionaire by investing steadily over time, not looking for a magic bullet, not trying to find an algorithm or a Nigerian prince, and certainly not pledging your emergency fund. to be an investment because then you become the emergency. So, wow. You know what happened there, Jade? I just realized it. Kelly, you did this, didn't you?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
We don't need to add to that. So it's going to involve selling things. It's going to involve you working six jobs in order to pay attorney's fees. And again, the perspective is this is for a very short window because the vast majority of these kids, by the time this gets done, are going to age out because once they're 18, this is over.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
This is our, our team set us up.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Because they knew that I would be, I would go off on this. I mean, it's like, this is, this is so dumb. They knew I would lose my stuff on it. Yeah. So yeah, that's exactly, this is,
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I hope Nathan's actually real and they didn't just make this up. No, they don't make them up.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
But they do go through and try to find something to get Dave riled up. I know they do that. I mean, this is a Dave riled up meeting. It's our production meeting.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Going to the moon. Well, let me help you. There's not much life lessons on TikTok you ought to follow. Jeff's in Charleston, West Virginia. Hey, Jeff, what's up?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
We would tell people at your stage, I assume you have no other debt.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay. If you have an emergency fund, we would tell people you're at what we call baby step four, and you would be putting 15% of your income into retirement, and the rest of it would be going in your house fund. Okay. So I'm going to beef up the house fund a little bit, which could convert to an oh, crap fund if I lost my job.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, that's what I was talking about. Now, you're not going to lose the 401K. You understand you own it. Even if they go belly up, that doesn't affect your 401K.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So you're safe on that part. But, yes, I'd be putting 15% away, and I'd be putting the rest of it in the house fund. And in the worst-case scenario, it becomes an extra-large emergency fund.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
such a significant retirement 401k that i can't touch for another 15 years but you'll be okay my house you yeah you you look over there and see a million dollars in there it won't piss you off you'll be okay it'll be very happy that's how millionaires are born right there you just heard it you heard the birth did you hear the egg crack that was the beginning of a millionaire right then
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Hey, folks, how would winning $5,000 in cash change your life? This month, we're giving $5,000 to one grand prize winner, and we're giving away a $500 prize every week in May. It takes less than 15 seconds to enter, no purchase is necessary, and you can enter daily to increase your chances of winning. Enter the Ramsey Cash Giveaway until May 31st at ramseysolutions.com slash giveaway.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's ramseysolutions.com slash giveaway. Renee is in New Orleans. Hi, Renee.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Do you have a total amount?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
All right. And so do you and your sisters have $15,000?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Then the discussions are irrelevant, honey. You don't have the money. Your dad signed up for this.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And he feels bad. And he's not much of a, I mean, I got to tell you, I'm pretty disappointed in him for guilt tripping his own kids after it was a decision he made. Be a man of honor. Eat your broccoli, buddy. You signed up for this trip. Don't dump it on your kids every time they come over for Thanksgiving, or don't be shocked they quit coming over for Thanksgiving.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
They're going to get tired of you.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, nobody likes being a traveler. Nobody likes hanging out with a travel agent for guilt trips.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
If it's 40 today, I would just take it by three, which is 15 grand roughly. Yeah. Twelve grand, you know, and just write a check and hand that to him. Exactly. I'm done. I'm done. You talk to the other two.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
What do you make? You're in your 30s. What do you make?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So you guys make one hundred and twenty five thousand dollars a year?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And you don't have the dime? You don't have any money?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
How much is in your savings?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay. So you're not good. You're broke. You're your dad looking for this same thing to happen in a few years. Okay, so you guys need to get your ass crapped together, get this car paid off or get it sold, get you an emergency fund built, and then you can have a discussion about whether you want to reach over and help your parents.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
But today, you don't have a legal or a moral obligation in what you've told us. There's no ethical obligation here. It would be a gift, which is what Jade is describing she would do. If you get yourself in a good, strong financial position and you want to give someone a gift that's related to this discussion, that's fine. But this is a charitable gift.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You could write charity on the foreline of the check if you wanted to. Because you do not owe this money.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And you don't until you don't have a car payment and you have an emergency fund. That's right. And have a baby. You know, you got three things going on here that need money long before your dad gets any.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So... Okay. I just want to set you free from his guilt trips. He's not very honorable to do that. It's sad that an old man does that to his kids, his three daughters. And they do it all the time, though. And he's playing victim. He's playing victim for a trip he signed up for.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
It's been this way since he... It's in all other parts of his life, too. You're not the only place that he blames someone else for his own stupidity.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So number one, if you never pay it back, that's fine. Number two, definitely don't pay it back until you don't have a car payment. Deliver this baby successfully and have more than $3,000 in an emergency fund. Okay, you need a three- to six-month emergency fund. You need zero debt except your house.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And then if you want to save up $12,000 additionally, you and your husband agree on that, you do that in your budget, and you want to throw it at them, fine. That's a gift. That's fine. If you never pay him, that's perfectly okay with me. I'm really good with that. Me too. The only reason I would have you pay him is for you, not for him. He is not deserving.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I'm pretty disgusted with him right now. So, I mean, I can't imagine. I'm 64 looking at my grown kids in their 30s and go and... I mean, what a wuss. Unbelievable. My kids would look at me and go, who are you? You know, and because it just wouldn't happen. I don't know whether it's hillbilly honor or what it is. How do I just have too much pride?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Don't put on your kids. It's a lack of honor. It's just a problem. So I just, gee, yeah, we got a manhood crisis in America. Open phones at 888-825-5225. You jump in. There's one way to solve all that, by the way. No student loans.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
How about looking at these three girls when they're 17 and go get a job and go to community college?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Hello. You can't go over there. You can't afford it. We don't have the money. And I'm not going in debt. You're up a creek, kiddo. You're going to have to figure it out. I like that answer.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, so go to a school you can afford that will help you when we can and that you can work while you're in school. By the way, it's not child abuse. And you can get some scholarships and you can go to a state school because nobody really cares where you went to school. All they care is you actually learn something. That's all they care. You never hired a doctor based on where you went to school.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You spend hours researching before making a major purchase like a home or car, but it's also a good idea to put in the work searching for the right insurance coverage. To protect your biggest assets, I recommend using Ramsey Trusted Pros. Whether you're looking for car, home, or any other type of insurance, Ramsey Trusted providers have been coached and vetted to serve you like we would.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Find what you need at ramseysolutions.com slash insurance. If you're tackling debt or building wealth, or both, you can often forget about one of the more important steps to reaching those goals, and that's defense while you're playing offense. That's called insurance. Having the right coverage, whether it's too little or too much, can impact how long it takes to get out of debt and build wealth.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Skimping on insurance might seem like saving, but when life happens, then it's easy to fall back into debt without the right safety net. The right insurance acts as a shield. The wrong insurance acts as a drain on the checkbook.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So go to ramseysolutions.com slash checkup and take the free coverage checkup or click the link in the description on YouTube or on podcast and take the free coverage checkup. Jacob is with us in Milwaukee, Wisconsin. Hi, Jacob. How are you?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Wait a minute, you're taking side gigs what now?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay, why would that create tension?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
So your girlfriend ain't cool with you hanging out with the ex?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Are you taking money out of your employer's pocket?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
The business that you're doing with them, is it harming your employer?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay, so in other words, it's not competing. You're not assisting the competition.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay, and so you're not taking clients away from your – the guy you're working for is not taking clients away, nor are you taking clients away from your current employer.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Okay. So are you not getting work done when you're at your main employer because you're screwing off with the other stuff?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Well, that's – yeah, it's mainly you that we're concerned about. Listen, you've got to give 110% while you're on the job to relieve that concern. Okay. So here's the thing. The reason I'm asking all these questions, and, Jade, we talk about this all the time. Business ethics is fairly easy. You don't need a whole semester course in college on business ethics. Let me help you with business ethics.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Treat other people like you'd want to be treated. Do unto others as you'd have them do unto you. So reverse positions. You have an employee working for you that is working for his ex-employer on the side. It adds revenue maybe, but it helps the employee. He's got a good side gig, but you're a little bit worried that he's taking his eye off the ball while he's at work. That's you.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, so I think, you know, what we're doing is scratching up nickels out of the corner of the couch in order to try to pull this off. And that's going to be working an extra job and selling stuff. And you've probably already done a lot of that. And a lot of the things you've probably learned more about the legal system than you wanted to know.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You just switch places with your boss. Okay? Yeah.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
yep and so you know you solve all the problems then that's and so if you're not being unethical is the answer to your question and no you're not wrong morally the and the other reason that tells me that is you've been open with your employer yeah but now you know here's what i would say okay if you were the employer you would probably if you switch places with your boss you with me jacob
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You would love it if this young man that's a go-getter walked into your office and said, hey, I hear you loud and clear that you're worried about me taking my eye off the ball over here. I'm going to pledge to you that I put in an extra level of effort to prove against that concern.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
If you see me doing anything different, would you please come to me immediately because I want to honor your concern.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
If you heard that and you were the boss, you would go, I like this kid.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Because it's not a product line that your employer has. Now you just created competition.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
No, you just change the product mix of your current employer. He does not offer this service now. Mm-hmm. And now you rolled it in, and now he offers the service. So you've complicated it. No, you got a side gig. Take the side gig. And sometimes these guys, some guys, a small business owner, are so personally insecure that they're going to just lose their crap in spite of you being honorable.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And that's a possibility with your current boss, right? Yeah. I don't think so, but maybe. Okay, but I mean, it's always a possibility. But I've had a lot of different things where we've had team members, as long as they're not taking money out of the mouths of my children over here, I'm fine with a side gig. I'm perfectly fine with that with most positions.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Now, I'm not fine with Jade doing a side gig because she's got one gig. It's this thing. That's a little different.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, the demands on a Ramsey personality as a brand would be different. She'd be lending her brand to someone else, and that would not be okay. because it's our brand, and we've done it together, she and I and our team. And so that would not be cool. But if one of our guys who does video work wants to do some video work for somebody, as long as they're not in our space, that's their business.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And so you probably can file some things on your own to try to get some help down at the courthouse. Just somebody teach you how to do it and to redirect the child support to him. That'd be that'd be an amazing move right there. And then, you know, if you if you sell your house or you sell your car and you get a
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
They can go do that. I mean, it's not a problem. So just business ethics really take a hot second and really –
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
reconstruct the other side and step into their body do a body snatcher thing and go okay i'm looking at jacob through the eyes now of a different person not trying to defend my position and if you can walk a mile in their shoes and it still feels cool yeah you're probably okay yeah i agree and ask the question have i done anything so far that's made you feel like i'm Not giving 100%.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
If I do, please let me know immediately.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And I'm pledging to you to honor this relationship by pouring on some extra gas.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Brought to you by the EveryDollar app. Start budgeting for free today. 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. Jade Walsh, our number one best-selling author, Ramsey Personality, is my co-host today as we take your calls about your life and your money.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Moonlighting? No, they get bifurcated. They cannot keep from doing their side job while at work, which is stealing.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I'm paying you to work and you're not working. Instead, you're working on the other stuff that makes you money.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's stealing. Okay, so that's unethical.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's why a lot of people don't do it because sometimes the person doing the side gig doesn't have the discipline to keep them clearly separated.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Remember when they still do that?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, I talked to a developer the other day. Oh, gosh. He was telling me he has a lot of friends in the software engineering business. They have three full-time jobs.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And they work from home, and they get paid three salaries. And that's just straight-up theft, boys and girls.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, you can't work three eight-hour shifts. There's sleep involved here and food and showering and so forth, hypothetically. And so, yeah. Yeah, that's just.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I solved it. You know how I solved it?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That solved it. If you're here, we figure you're working. If you're not here, we figure you're not working. And that's kind of how it works. That works. It's got this big, beautiful building. It's got a wonderful cafeteria and a lot of really smart people you can hang out with. Yeah, we work from work. And then we actually work. Whoa! It helps you keep your life separated.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Leadership insights right here, I'm just saying. Deep thoughts from Dave.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
It's like a bad Saturday Night Live skit. Oh, my goodness gracious. Yeah. That's a good question, Jacob. And you know what I love about your question? Is that you have the integrity to be concerned about it.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And that's a good sign. You're going to do well, sir. You're going to do well, young man. Proud of you. This is The Ramsey Show.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's a fair trade because I can't think of anything much more important than saving the kids. And wow, what a disaster. What a mess. I'm sorry. I'm sorry you've been through this. Home security can feel like a big investment and you might be thinking, do I really need all that? But here's the thing. SimpliSafe gives you peace of mind every time you head out in the morning or lock up at night.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And it starts at about a dollar a day. So you really can't afford not to. Your first month is free and there's no long-term contract to worry about. and they offer a 60-day money-back guarantee. Plus, with SimpliSafe's industry-leading ActiveGuard outdoor protection, AI-powered cameras can alert monitoring agents to potential threats before they even get to your door. But it doesn't
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
only help prevent break-ins, SimpliSafe also monitors for fires and floods. So CY SimpliSafe has been named the best home security system by U.S. News and World Report for five years in a row. And if you're still not sure, this should make up your mind for you. Right now, you can get 50% off a new SimpliSafe system with 24-7 professional monitoring at SimpliSafeDirect.com.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
That's 50% off at SimpliSafeDirect.com. There's no safe like SimpliSafe. Caleb is in Chicago. Hi, Caleb. How are you? Pretty good. How are you guys doing? Better than we deserve. What's up?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
You don't have any money to put a down payment down?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Have you ever worked in a Canadian fishing lodge?
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And zero knowledge about business.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
A fishing lodge is 90% business, 10% fishing.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I'm going to buy a $250,000 house with $100,000 down. I'm going to have a $150,000 mortgage, and I'm going to start a new business, and I don't know anything about the business.î Other than I'm know about fishing and I talked to three people who said it's a good idea. Um, uh, you know, so the elderly people are going to owner finance the one 50 and hope you make a go of it. Okay. Yep. Um,
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Yeah, almost like I've done this. Okay. And so I'm your old ugly uncle that's 64 that loves you, okay? You are about 90% dream and about 10% reality in talking to you. You have no freaking idea what you're getting into. You just think you do. And it's very romantic with rainbows and skittles and unicorns in your head right now.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And when you get up there and get dirt under your fingernails and realize this is freaking mess... And what have I gotten my family into? That's about the time you're going to discover how this really works. So I really would love for you to go work at one for one of these people, operate it for them as a part of the purchase plan before you close on the deal.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
Like run it for a year and see the numbers and see what is wrong with this. Because the only impression you have is all positive. And there are three rules of business, Caleb. It's going to take twice as long as you think. It's going to cost twice as much as you think. And you're not the exception. Those are the three rules of business.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
And the way you're painting this is you are using fantasy language, not reality language, and it scares me for you. I'm afraid you're going to turn this dream into a nightmare if you're not real careful.
The Ramsey Show
Dumb Debt Decisions Won't Accelerate Your Financial Growth
I really want you to get some reality on you in this thing and get under the rainbows and the skittles and find out what the flip is really going on up there. And why is it that there seems to be a lot of these for sale? Yeah. And, you know, there's a problem here. OK, so I really want to go work up there. I want you to take your family up there on vacation for three weeks.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
If you need health insurance for yourself or your family, you might be lost in a maze of confusing terms, overwhelming options, and questions about networks, not to mention high costs and bad service from insurance companies that don't care about what you want. Common concerns like those are why I'm proud to recommend Health Trust Financial.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
They've been working with Ramsey for over 20 years, and they're the only Ramsey-trusted health insurance broker. Health Trust Financial takes an unbiased approach to finding you the best health insurance broker
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
for your situation they listen to your needs and because they work for you not the insurance companies their service is free with no obligations and no pressure here's the best part health trust financial customers typically save an average of 500 a month health trust financial is your one-stop shop for unbiased advice about health insurance options to make sure you don't overpay
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You Have to Know Where You Are Financially to Know Where You're Going
So get out of the maze by going to healthtrustfinancial.com today, healthtrustfinancial.com.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Running a business is freaking hard. It's easy to get caught up in the daily challenges and fears that keep you stuck. That's why I want you to reserve your copy of our new book, Build a Business You Love, where we share the proven system that helped us break through those challenges and build Ramsey Solutions from a card table in my living room to a $250 million company in the process.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
When you pre-order today, you're going to get more than $350 in bonuses for free, including an enhanced audiobook experience, early access to the Build a Business You Love eBook, and instant access to our hiring playbook, so you can start transforming your business right now. Build a business you love.
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You Have to Know Where You Are Financially to Know Where You're Going
The essential guide for every business owner like you that wants to grow yourself, lead your team, and scale your business. To reserve your copy, go to RamseySolutions.com slash store. RamseySolutions.com slash store.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Hey guys, our two-night virtual event, Investing Essentials, is almost here. There's a lot of confusion out there about building wealth. So George Campbell and I are breaking it down and teaching you how to invest with confidence. You'll learn how to maximize your 401k and mutual funds. Plus, I'll be sharing my personal playbook for real estate. But hurry, time's running out.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Hey, listen up. Everyone is at risk of identity theft. I don't care if you're a hermit living off the grid listening to the show on a battery-powered radio. All of your data, collected by every company you've ever done business with, lives online. Your bank, your doctor's office, retailers, the apps on your phone, the gas station where you have loyalty rewards.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
They all store your info online, making them ripe for a cyber attack or data breach. That's why I've been telling people for almost 25 years they need an ID theft protection plan, and the only one I've ever recommended is from Zander Insurance. They monitor your personal and financial info, even your home title, and take over the work if you become a victim.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
It's the most thorough and affordable plan out there. I even have it for my family and our entire team. Visit Zander.com or call 800-356-4282.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
I talk to people every day who want to know how to do better in two areas, money and relationships. That's why I'm pumped to bring the Money and Relationships Tour to a city near you. Join me and Dr. John Deloney for a night that will challenge the way you think about this stuff and possibly change how you live forever.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Starting April 21st, we'll be in Louisville, then on to Durham, Atlanta, Phoenix, Fort Worth, and Kansas City. Grab your tickets at ramseysolutions.com slash tour before they're gone.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. The truth is you get to decide what happens with your money. And if you want to start winning with money, you have to get on a budget.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
The EveryDollar Budget app makes it easy for you to plan every dollar you've got coming in and every dollar going out, plus it's free. So no more excuses. Go download EveryDollar in the App Store or Google Play today.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Money Stress Isn’t Always About Money
Hey guys, this is Dave Ramsey from the Ramsey Show podcast. If you're sick of money stress and tired of living paycheck to paycheck, we're here to help. Check out our latest episode streaming now on Amazon Music. Brought to you by the EveryDollar app. Start budgeting for free today.
The Ramsey Show
Money Stress Isn’t Always About Money
Okay, guys, I got big news. Aldi is now the official grocery sponsor of The Ramsey Show. Yeah, Ramsey is teaming up with Aldi, the grocery store that cares as much about saving money as I do. Get this, Aldi branded products save you up to 63% over similar name brand products at other stores.
The Ramsey Show
Money Stress Isn’t Always About Money
It's great quality and big savings on everything you need with no gimmicks, no membership fees or coupons required. See for yourself how Aldi is saving Americans across the country $8.3 billion a year. So stop paying more. and start shopping at Aldi, where they have the lowest prices of any national grocery store. Find a store near you today at Aldi.us. That's A-L-D-I dot U-S.
The Ramsey Show
Money Stress Isn’t Always About Money
You know one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. And there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Money Stress Isn’t Always About Money
I also discovered that there are a lot of ripoffs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
Money Stress Isn’t Always About Money
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
Money Stress Isn’t Always About Money
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282.
The Ramsey Show
Money Stress Isn’t Always About Money
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer service. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Money Stress Isn’t Always About Money
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Money Stress Isn’t Always About Money
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Money Stress Isn’t Always About Money
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Money Stress Isn’t Always About Money
Big news, business owners. It's here. My brand new book, Build a Business You Love, is officially available to start reading now. Look, running a business is tough. Some days it feels like you're just duct taping the whole thing together. I get it.
The Ramsey Show
Money Stress Isn’t Always About Money
That's why I put 30 years of hard-earned lessons into this book to help you grow faster, make smarter decisions, and stop learning everything the hard way. Don't wing it. Get your copy at ramsaysolutions.com slash store and start reading today.
The Ramsey Show
Money Stress Isn’t Always About Money
Real change in your money and relationships is possible. You can break the cycles that have kept you from moving forward. You can build a better future for yourself. And it starts here. Hang out with Dr. John Deloney and I live in a city near you for the Money and Relationships Tour. Starting next week, we'll be in Louisville, Durham, Atlanta, Phoenix, Fort Worth, and Kansas City.
The Ramsey Show
Money Stress Isn’t Always About Money
Time is running out, so grab your tickets while you can at ramsaysolutions.com slash tour. Welcome back. 888-825-5225.
The Ramsey Show
Money Stress Isn’t Always About Money
I have high standards, I don't cut corners, and I only recommend the best. That's why I partnered with SimpliSafe Home Security for over 10 years. They're the industry leader. SimpliSafe has been named Best Home Security System by U.S. News and World Report for five years straight.
The Ramsey Show
Money Stress Isn’t Always About Money
They've also been ranked number one in customer service among home security providers by both Newsweek and USA Today, and they're the innovators in the technology, too. Their ActiveGuard outdoor protection can help prevent break-ins before they happen. And SimpliSafe agents can see and speak to potential intruders to help stop trouble before it even makes it to your door.
The Ramsey Show
Money Stress Isn’t Always About Money
And the best part is protecting your loved ones with SimpliSafe won't break the bank. Monitoring starts at around a dollar a day. Your first month is free, and they offer a 60-day money-back guarantee. Plus, right now you'll get 50% off a new SimpliSafe system with professional monitoring. So head to SimpliSafeDirect.com to save 50%. That's SimpliSafeDirect.com. There's no safe like SimpliSafe.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
You know, that's why we're partnering with them, because they've got a scope to be able to handle the Ramsey audience, and they're the right kind of people with the right kind of values. And they've done a really, really good job with customer service, and the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
All right, let's cut to the chase. It's easy to get discouraged about crazy house prices and interest rates. But when you have the right real estate agent to help you buy and sell the right way, you'll have confidence to make smart decisions. Ramsey Trusted Agents aren't just experts who guide you through buying or selling.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
They're people you can trust to have your back from the first call to closing day. Find a Ramsey-trusted agent near you at RamseySolutions.com slash agent. That's RamseySolutions.com slash agent.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Hey guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Pre-order your copy today and you'll get access to over $350 in bonus items only at ramsaysolutions.com slash store. ramsaysolutions.com slash store. Pre-order today.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
This is The Ramsey Show. You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies. and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
I also discovered that there are a lot of rip offs in the life insurance world like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income. which is the smartest, most affordable way to protect your family.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
The key is finding an independent broker who represents a ton of companies and works for you, not for the insurance company. This is exactly what my friend Jeff Zander and his team at Zander Insurance are all about. They shop the term life companies to find you the best options, and they've been around for over 95 years. so you know they'll be there when you need them.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Zander is the real deal, and that's why they've handled all my personal insurance for over 25 years. I trust them, and you can too. Visit Zander.com for instant online quotes or for a more personal touch. Give them a call at 800-356-4282. The Ramsey Show continues.
The Ramsey Show
The Key to Financial Success: Slow and Steady
If you need health insurance for yourself or your family, you might be lost in a maze of confusing terms, overwhelming options and questions about networks, not to mention high costs and bad service from insurance companies that don't care about what you want. Common concerns like those are why I'm proud to recommend Health Trust Financial.
The Ramsey Show
The Key to Financial Success: Slow and Steady
They've been working with Ramsey for over 20 years, and they're the only Ramsey-trusted health insurance broker. Health Trust Financial takes an unbiased approach to finding you the best health insurance for your situation. They listen to your needs, and because they work for you, not the insurance companies, their service is free with no obligations whatsoever. and no pressure.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Here's the best part. Health Trust Financial customers typically save an average of $500 a month. Health Trust Financial is your one-stop shop for unbiased advice about health insurance options to make sure you don't overpay. So get out of the maze by going to healthtrustfinancial.com today. healthtrustfinancial.com.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created. Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several Bernas myself. They look like guns, but they're not.
The Ramsey Show
The Key to Financial Success: Slow and Steady
They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away. And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And because they're not firearms, they can be shipped directly to your door. Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Running a business is freaking hard. It's easy to get caught up in the daily challenges and fears that keep you stuck. That's why I want you to reserve your copy of our new book, Build a Business You Love. where we share the proven system that helped us break through those challenges and build Ramsey Solutions from a card table in my living room to a $250 million company in the process.
The Ramsey Show
The Key to Financial Success: Slow and Steady
When you pre-order today, you're going to get more than $350 in bonuses for free, including an enhanced audiobook experience, early access to the Build a Business You Love eBook, and instant access to our hiring playbook, so you can start transforming your business right now. Build a business you love.
The Ramsey Show
The Key to Financial Success: Slow and Steady
The essential guide for every business owner like you that wants to grow yourself, lead your team, and scale your business. To reserve your copy, go to RamseySolutions.com slash store. RamseySolutions.com slash store.
The Ramsey Show
The Key to Financial Success: Slow and Steady
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. and live generously.
The Ramsey Show
The Key to Financial Success: Slow and Steady
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
The Key to Financial Success: Slow and Steady
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 to learn more. And while you're there...
The Ramsey Show
The Key to Financial Success: Slow and Steady
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.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Hey guys, our two-night virtual event, Investing Essentials, is almost here. There's a lot of confusion out there about building wealth. So George Campbell and I are breaking it down and teaching you how to invest with confidence. You'll learn how to maximize your 401k and mutual funds. Plus, I'll be sharing my personal playbook for real estate. But hurry, time's running out.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Investing Essentials is March 4th and 5th. Tickets start at $199. Grab yours today at ramseysolutions.com slash events.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something? Well, I used to be one of those guys.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I didn't even think about it. And one of my buddies said, hey, the only reason to not have life insurance is if you hate your wife and kids. And I immediately went and got term life insurance. That's a gut punch. For decades, Dave, I've sat across people who've lost a spouse. They've lost somebody important to them. Me too.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And they don't know what to do next. Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Term Life Insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramsaysolutions.com slash tour. Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Hey, when you're gazelle intense, you sell so much stuff the kids think they're next. But when you've gotten rid of all you can, save money by switching your cell phone plan to Boost Mobile. It's just $25 a month for unlimited talk, text, and data forever. Boost is a major nationwide network that offers reliable 5G service, and here's my favorite part, transparent pricing.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
There's no hidden fees, no contracts, and there's a 30-day money-back guarantee, which means no risk. Go to BoostMobile.com slash Ramsey to switch today. That's BoostMobile.com slash Ramsey.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Get your tickets at ramsaysolutions.com slash tour.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
This is The Ramsey Show. All right, business owners, last call. The pre-sale for the brand-new book, Build a Business You Love, ends April 15. Pre-order now and get over $350 worth of free bonus items to help you hire smarter, lead stronger, and grow faster. This is not theory.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
It's the system I use to grow my company from nothing and the same framework we've coached thousands of business owners through. You can only get the bonuses at ramsaysolutions.com. So don't wait. Pre-order now.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Are you sick and tired of being sick and tired? You can take control of your money and your relationships. And it starts with just one night. Join me and Dr. John Deloney live. live in a city near you on the Money and Relationships Tour. We're covering the real-life stuff that matters so you can break the cycles that have left you stuck.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
It's coming up fast, so get your tickets for Louisville, Durham, Atlanta, Phoenix, Fort Worth, or Kansas City at ramseysolutions.com slash tour today.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something? Well, I used to be one of those guys.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And they don't know what to do next. Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Term Life Insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Hey guys, Dave Ramsey here. Me and Dr. John Deloney are coming to a city near you on the Money and Relationships Tour. It's happening soon, so don't wait. Get your tickets at ramseysolutions.com slash tour.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family. Term Life Insurance.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
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. and live generously.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
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. It's easy to join, and Fairwinds partners with more than 5,000
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
thousand 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 fair winds 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 Have To Mentally Take Debt Off The Table If You Want Financial Peace
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. If you own a small business and you like The Ramsey Show, then you're going to love the Entree Leadership Podcast.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Almost 200,000 listeners tune in every Monday to hear me take calls from real business leaders and give tactical advice based on my 30 years of experience leading. This is not a podcast about business theory. It's real insight from a practitioner who actually does this stuff. Find it anywhere you listen to podcasts.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Or if you're listening on YouTube or Podcast Now, just click the link in the description.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
What's their problem with the degree?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
What's their problem with that?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Hey guys, good news. Pre-sale is on now for my new book, Build a Business You Love. If you're a business owner, you know running a business is hard. That's why I wrote this book, to share what we learned over the last 30 years so business owners can grow your business faster with fewer mistakes.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Pre-order your copy today and you'll get access to over $350 in bonus items only at ramsaysolutions.com slash store. ramsaysolutions.com slash store. Pre-order today.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Listen, guys, I've heard just about every excuse for why folks think they can't get ahead with money. So let's go ahead and settle this right now. You get the final say on what happens with your money. That's why you have to start telling your money where to go so you can stop wondering where it went. So if you're going to start winning with money, you have to get on a budget.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
The easiest way to get started and stick to it is with the EveryDollar budget app. It'll help you make a plan for every single dollar coming in and every single dollar going out every single month. And guess what? It's free, so no excuses. Download EveryDollar in the App Store or Google Play today.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
You Can Change Your Life TODAY!
Thanks for the call. What does the future hold for business? Ask nine experts and you'll get 10 different answers. Economic growth or a recession. Business taxes will go up or down. AI will help us work or it will replace us all. But there's no such thing as a crystal ball.
The Ramsey Show
You Can Change Your Life TODAY!
That's why more than 40,000 businesses have future-proofed themselves with NetSuite by Oracle, the number one cloud enterprise resource planning system. Ramsey Solutions uses NetSuite, and you should too. Whether your company's earning millions or even hundreds of millions, NetSuite helps you respond to immediate challenges and seize your biggest opportunities.
The Ramsey Show
You Can Change Your Life TODAY!
With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions. NetSuite's real-time insights and forecasting help you see into the future with actionable data. And when you're closing the books in days, not weeks, you can spend less time looking backward and more time focusing on what's next.
The Ramsey Show
You Can Change Your Life TODAY!
And speaking of what's next, download the CFO's Guide to AI and Machine Learning at netsuite.com slash ramsey. It's free at netsuite.com slash ramsey.
The Ramsey Show
You Can Change Your Life TODAY!
You shouldn't own a gun. You're not willing to shoot. In moments of self-defense, a Berna launcher lets you protect yourself in a non-lethal way. That's exactly why Berna launchers were created. Everyone from parents and nurses to pastors and even special forces veterans rely on Berna to protect themselves and their families. I own several burners myself. They look like guns, but they're not.
The Ramsey Show
You Can Change Your Life TODAY!
They shoot a 68 caliber round kinetic or chemical irritant projectile that can disable a threat from up to 60 feet away. And they're powered by compressed CO2 cartridges, so they're classified with paintball and airsoft guns. But they're more powerful than those for increased protection. Not to mention, Burna launchers are legal in all 50 states with no permits required.
The Ramsey Show
You Can Change Your Life TODAY!
And because they're not firearms, they can be shipped directly to your door. Plus, Ramsey fans can get 10% off an exclusive bundle, which includes a Burna pistol, CO2 cartridges, and ammo. And other Burna products like safety alarms, defense sprays, and body armor are also 10% off for our listeners. Just go to Burna.com slash Dave to learn more. That's B-Y-R-N-A dot com slash Dave.
The Ramsey Show
You Can Change Your Life TODAY!
Hey, Dave Ramsey here. Dr. John Deloney and I are coming to a city near you on the Money and Relationships Tour. You, the audience, will vote to choose the topics we talk about, things that impact your life, like investing in your future, money, stress, and marriage, and more. We're coming to Louisville, Durham, Atlanta, Kansas City, Fort Worth, and Phoenix in April and May 2025.
The Ramsey Show
You Can Change Your Life TODAY!
Tickets are at their lowest price right now. Grab yours at ramseysolutions.com slash tours.
The Ramsey Show
You Can Change Your Life TODAY!
Statistics show that half of Americans don't have enough life insurance or they don't have any at all. I don't understand this, John. Why don't people want to take care of their family? They think they're not going to die or something?
The Ramsey Show
You Can Change Your Life TODAY!
They don't know what to do next. Terrifying. You're going to have a crisis here. You know, you got two options while you're sitting and talking to a young widow. She's concerned about how she's going to invest all this money properly and not mess this up, or she's concerned how she's going to eat tomorrow. That's exactly right. These are the two options. It's saying I love you to your family.
The Ramsey Show
You Can Change Your Life TODAY!
Term Life Insurance. Jeff Zander and the team at Zander Insurance makes it easy and affordable. I've used them personally for 25 years. They're the only people I trust. Go to Zander.com or call 800-356-4282.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Why are you doing it? It takes time to build up to be able to have that schedule, like a full-time schedule. That's what I've heard flight attendants say, right?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Is there something you can do alongside it until it does start to pan out? Because there is a seniority play there. So is there something that you can do with it? Because you can't.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, I think you have to do two jobs until this turns into a full-time job.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, you're not going to be there hardly much once this takes off anyway.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Why did you say it would only be that much for the first three or four years?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
What's on fire, dude, that would cause you to be this stupid? Yes.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
So the 160 of debt, is that 30% of the overall debt or is that, Is there more debt besides that, is what I'm asking, that others are on the hook for?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
The truth is, and earlier in the show, we had Brian Buffini on and we were talking about this very thing, okay? Real estate, I get it. It feels very expensive. Sometimes it feels out of touch. Sometimes it feels like it'll never happen. But that's not true. However, your time horizon for when it will happen may be different from what you expect.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's also true. You said it's a very hot neighborhood.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
So what would it look like to look in a different neighborhood or what would it look like to just change your expectation a little bit? Because to put yourself in a situation where you're at 50 percent for you to be trying to convince us that that's a good idea.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And let me tell you something else, Jerry, because we get this call all the time. You're married, probably newly married, yes? Yes. What happens when you decide to have a baby, and what happens when suddenly a wife or a spouse decides to stay home and say, you know what, I want to stay home with the baby? Now you are locked in.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And so the best advice I can give you is to think about that future now.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah. There's not room in the budget. That's what I'm saying. There's no foresight here, and we're here to help you with that. You've got to think about daycare.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
You weren't, and we don't even know, Jerry. You didn't tell us if you have no other debt. My guess is you probably already have other debt. Oh, my goodness.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And for new listen, for new couples, that's some of the best advice that I can think of what Dave just said. And think about what your life will be once you have children, because most I'm not saying it's for everybody, but most people get they get married and they plan on having children. And daycare is expensive. If you have two kids, you're at least spending $2,000 a month on daycare.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Think about that now. Think about what it does. Somebody want to stay home? Could that possibly be in the future? Because a lot of times we say, no, I'm going right back to work and you don't know what you're going to do.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
So please consider that because I hate those calls, Dave, when they call in and they just they feel like they're between a rock and a hard place because there was no foresight on really what they wanted their life to look like in the future.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah. It will be more painful to get this house and have to let it go in two years. You know what I'm saying?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And then you start to resent the house because it's got you locked down. Yeah. It's not good.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Or he resents her for saying, I want, I want, I need, I need. Remember? I need, I need, I want. Remember that from... Oh, yeah. What about Bob?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
I knew you'd get that.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah. Why would you be on the hook for 100% of the debt if you own 30% of the business?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
We'll be right back.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
i recommend contacting my friends at laurel road today through their online application you can get an initial rate quote in less than five minutes and if you have a more complex situation you can schedule 30 minutes to talk to an actual human being thank goodness laurel road makes it simple there are no fees involved and you could save thousands over the life of your loan remember you
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
We'll be right back. Again, that's laurelroad.com slash Ramsey.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And it makes sense. It feels presumptuous to go in and say that I understand that, but it does make sense. And if they're logical people, I feel like they would understand that.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And she needs to lead that conversation, no? No.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Okay. In honor of Financial Literacy Month, today's question comes from Ava at Agape Christian School. She says, is it necessary at some point to get a credit card? My mom says it is, but I want to think otherwise. Well, you are very wise, Ava, to want to think otherwise. Yeah. It's not necessary and it's not wise really to get a credit card.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
If you're getting a credit card, you're probably doing it for one of three reasons. You're doing it, A, because you think you're going to build credit. B, you're doing it because you have no money and you're relying on credit cards to fill the gap. Or C, you've convinced yourself that the points are worth it. And so my guess is that you're probably thinking about building credit.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And I would tell you that.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, your mom is. And the truth is, people don't talk about it enough. We're some of the only ones out here saying that you don't need credit to get through life. You can get through life just with the cash that you earn from your income. And a lot of times people fall back on, well, how are you supposed to get an apartment? How do you get a car? How do you get a house?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Those are the three things that people are looking at. And the truth is you can't have an apartment without a credit score. Not a big deal.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Most of them. Yeah. If you if one doesn't take you to you go to the next one. Obviously, when it comes to buying a car, we would say the best way to do that is to save up and pay cash. The first car that you buy is probably the only way to do that. Yeah, what did I say?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Oh, the only. Yeah, Dave got me on that. The only way. Yeah, your first car is probably going to be a junker. Maybe you pay $5,000 for it, but you save up and you trade it in and you add cash with it every time. And before you know it, you're going to be driving the car that you want to be driving. And then, of course, with the house, Ava, we suggest manual underwriting, okay?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And that's just them looking at your actual income to decide if you can borrow this money. And they're looking at things like trade lines and they're looking at things like your income, your actual money. And so that's how that works. I say all the time, credit, it's a product. It's something that's being sold to you and people benefit from that.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
What we're teaching, the only person that really benefits from it is you. It is for you. We don't get paid because we tell you to live a life with a zero credit score. So that's one good way to sniff it out.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Listen, I'll filter. I'll take that one step further because my husband and I were working to pay off our house. So in a similar situation, and I kind of have this checklist, Sarah, that I go through in my head when it's time to buy something or spend money on something. It's a financially responsible adult checklist. All right. And if you check green on everything, then it's usually a yes.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And then it's just deciding what the parameters are. So, A, if you're a person who's debt free, which you are, green check. B, if you're a person who is consistently budgeting, like you are a budgeter, you live on a budget, you've practiced the habits that a budget puts in place for you, green check. Are you a person who carries the proper insurances?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Have you done your checklist, you know, your coverage checkup and you're making sure that you have everything in place? Yes, green check. Are you a person who values and is saving for the future? And Dave went through that. Or do you have your three to six months emergency fund? Yes. Are you investing 15%? Yes. And are you actively paying more towards your home, which is a forced savings account?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yes, green check. And then finally, are you a person who prioritizes generosity? So if you're checking green on all five of those things on that checklist, that is a really good indicator. And it kind of gives you. Yeah. Buy some clothes.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Is there any cash anywhere?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Financially responsible adult checklist.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's what I'm doing in my mind.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
You can keep that one.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
But I love telling people yes when we can see.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's right. That's not the issue. That's right.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Do you have your frackle? Do you have your frackle in place?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, I mean, I definitely would offload one of these. Did you pick yours just because it's a little bit older?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Okay. I mean, yeah, I would definitely do that. Truthfully, if you wanted to, you don't have to. But if you wanted to, you could offload the other one and maybe take 10 of it and finish out the debt completely and then buy another one with the other nine. I don't know if you want to get that extreme. You don't have to because you're going to have these paid off so quickly.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
But because of the equity in them, it's kind of nice to have access to that.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
But there's zero cash in the business? After you close?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's important. That changes things a lot.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, he's going to do this. I'm glad he told us about the $17,000.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yep. It ain't going anywhere.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
It's so wonderful. That was the main motivator when Sam and I were getting out of debt is I was like, how can we have a family? We have to clean this up. And I mean, that was our choice, but there was no way I could foresee us starting a family with that amount of debt. And so it was necessity.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Oh. What's causing you to consider this? What's going on?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Not have a blessed day.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
I mean, you said you'd been there for four years. Was it fine, and then suddenly it just kind of got weird, or has it always been like this, and now you just can't take it anymore?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Right. I was going to say, do you foresee any issue with them understanding how we've broken it down? Because it's based on what you guys said, how it's divvied up. Do you foresee any issue with that?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
So what would you be bringing home every single month?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yes, sir. That's a lot of peace. What's causing the non-peace? Like, what about working is causing the non-peace? Help me understand that.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Okay. So let's put all the pieces together. So we're about to take a major pay cut. We're about to increase rent because you can't live with old boy anymore. There's no contract. And since there's no contract, you can basically leave at any time.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
You still have to give 30 days. Okay. So those are the pieces of the puzzle that I see. And you mentioned that you want to save for a down payment on a house. So it feels like you're wanting to do a lot of things that are going to cause, that are going to need more money. Uh-huh.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's very good. Yes. Yeah.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
And you're probably going to have to prioritize what's more important, these master's degrees or saving up for a down payment. You're probably not going to be able to do all of it at one time. So, yeah.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's very accurate.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah. I like to think of it as trades. You are trading. You're always trading one thing for another thing. And then you get to decide, what would I rather have?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
I think that's a good thing to have.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
It's a good question. It's a good question.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, it's just, okay, I'll just cash flow it.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, I don't want to dip into the emergency fund.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
You've got to put staples in it. Some of it, too, is like a – I don't know. I don't know if it's – I don't know the right word to describe it, but we hate touching the – it's in a completely different bank.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's Jade and Sam. It's over there. I will do anything to never touch that money. I just want to look at it.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's good. That's good. I'd do the same thing.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yes. And let them... And they're free and clear. Their name is no longer... Yeah, they've got the PPP.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
It does. Yes, it does. That's where it's hairy.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah, because the cash that they get from the sale, they have to also split that 30-40-40.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That is true, but then they have to decide what goes first.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's why I was saying I'd want that PPP done.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
That's true. They'll knock that out fast.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
He didn't say what kind of business it was, so hopefully they have more than that.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Today you're asking, do I take the money that I have to pay off the $7,500 of debt, or do I wait two months until I start getting paid regularly and then do it? Is that the main question? Correct. Do you have any other savings anywhere? or this is the only money, like what's, what are you using to pay off this debt is what I'm asking.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yes, but you didn't answer the question of do you have any money saved?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Yeah. If I were you, in many ways, you're kind of in like a storm mode. You're transitioning, but the transition isn't complete. And if I were in your shoes, I'd want to know, okay, I've crossed over. I made it through training. I definitely am getting a paycheck. And then I feel like I'd hit play on paying this off.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
98% of the time, God sends us an upgrade. And so if they're going to leave and the stuff I've taught them is going to help them be a better version of them and they're going to go out there and win somewhere else because of that, and that's most of the time the case, and I'm going to get an upgrade in their slot, there's really nothing to be sad about. Yeah.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
other than just the personal loss of not being in fellowship with that person on a daily basis. You know, that, that, that relationship, that relationship. And that's real. Yeah. And that's sad. But, um, you know, if you thought that when you let someone go, that their life was going to be destroyed because you let them go, you would be really sad.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But the reality is after doing it for 35 years, most of them get an upgrade. And most of the time, the slot they left, we get an upgrade because it was done. It was either wasn't a fit to start with or the season was over. And God says, OK, next for both of you. Yeah. Everybody take a step up.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And you get to do it over because you did it wrong. Yeah. And it's kind of akin to, I've got a bunch of rental property and I grew up in the real estate business. And so if you get desperate for a tenant, You'll put a cocaine addict in. I mean, you know? And then you'll go, oh, God, they're changing the Harley oil in the living room. I mean, it's, you know.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And you'll just go, because I got desperate, I got stupid. And when I get desperate on hires, I get stupid. Slow your butt down. Slow down. Take your time. Because you are going to expend a lot of energy, a lot of calories, a lot of money to get this person in. And you're going to invest in them. And eventually, someday, they're going to move along probably. But we want to have gotten an ROI.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
on them and they want to get an ROI on the process too. And, you know, really when you hire somebody, it's about six months before you make money on them. Right. Cause you got to onboard them and train them and give them the culture. You know, they don't even know where the bathroom is, you know, for two weeks. And so it's much less be productive at their job. And so it just takes a little while.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Some people were able to get into the seat faster than others, but, but, um, this idea that, you know, the by Friday, I'm going to be making money on this payroll. No, you're not. It takes a minute.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
There's always something. I think the thing that aggravates me the most, and it's more of a we than it is a me around here because we do so much with collaboration, the leadership team these days. Dave is not the Lone Ranger doing hardly anything. nor are any of our other leaders. They're not in silos. We're very much in pockets of people, and we all sit down and go, what are we doing here?
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But I think we all, I think we have revisited and reset some of the things we say when we're hiring someone. And because we were We were getting really high-quality people in that were excited to be here, but they were not. We had a drop-off in Crusader, and our people need to be Crusaders for what we do. What does that look like? What does that mean, being a Crusader?
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
It means around here that you're a hypocrite if you're working in this place and making $150,000 a year and you go rent a car or you go lease a car or go buy a car on payments.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
We don't, we don't check your wallet, but you know, and we don't come around and say, have you got a credit card? We don't do that.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But, um, we're not big brother, but, but you know, it's, if you're here trying to get people to get out of debt and do not borrow money on cars and do live debt free the way we teach or be on a budget the way we teach and you're working on the every dollar team, uh, and you're not doing a budget, uh, Hello.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
I mean, that's just kind of, you know, and it affects your work because now you're, you're doing a J O B. You're here to click to check and execute a task. That's not that you don't fit in here. You're not living the mission. You know, we're missional, man. We're just, we're charging the gates of hell with a water pistol. You know, you gotta, you gotta load up the water. Here we go.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
That's what we're doing every day for 35 years. And we, Let our foot off the gas and started bringing in some high quality humans that were nice people. They're good people, good values, all those kinds of things. But they weren't crusaders.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And they, you know, they didn't like if Dave interviewed Trump or they didn't like if Dave said Jesus or something like that. And so that you probably aren't going to like it because I'm going to do all that stuff, you know. And so. And I'm not mad about it, but, you know, what did you think you were signing up for? But, yeah, we did a bad job. We let our guard down on that.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And so we changed some of our discussion in the hiring process with the person to make sure that they know. This is what it's going to be when you get here.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And then they can self-opt out in the interview process, which is much easier and less painful for them and us.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
I don't know that it is like a little prayer list or something on my phone. That's not what it is. But it's more when we went broke all those years ago before we started this, I had met God on the way up. I got to know him on the way down. And not only did I go broke, I was broken. I mean, I lost my confidence. And I needed to be knocked down a notch. Believe me, I was an arrogant little twerp.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But, I mean, I was not just humbled, I was humiliated. And so I'm laying flat on my back looking up and going, okay, I am not – if we're going to open a business – I'm not going to do everything by myself. God, you're going to have to show us what you want done. This is yours. We'll manage it for you. This is yours. We'll manage it for you. But this is yours. We'll manage it for you.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But you're going to have to speak. You're going to have to show. You're going to have to give us some answers to some of these equations through circumstance, through just a random scripture popping up. Oh, let's answer that. Or through whatever, through someone teaching us or whatever it is. I don't care where it comes from, but whatever. We need to know how you want your business run.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And that was at the foundational thing, that idea of stewardship, that I'm not the owner, I'm the manager, was foundational. And so that is the undercurrent that runs through, you know, every morning I walk my little dog this morning three miles. We go around the golf course and teaching her to, you know, do the commands, working on all that.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And the undercurrent while I'm doing that and praying and I'm just going, okay, what do you want to do today, God?
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And what is it you got? And if I'm going to be in there with my friend Lewis and what is it that he needs and how can we be helpful to him and how can this book be helpful to people and what do you want to do, God? And then I just come down here and it ends up working out okay.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But it's kind of an undercurrent and it's not a special pump yourself up or something because some days you come down and the day is a tragedy and it sucks. Right. And you're like, okay, God, what are you doing? It's not fun. Yeah, exactly. Yeah, I mean, you get in the middle of some of this stuff we get into when we're running stuff. It's all this stupid stuff you deal with.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But, yeah, but that's the under thing. And you go, okay. But that also even in a tragedy day, in a day that makes you angry or your feelings are hurt or whatever and you're frustrated and you come home and you go – Well, if it's God's and we're running it for him, that's probably not the last day we're here.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
We'll go back tomorrow and rejoice in your tribulations because tribulations produce perseverance. Perseverance, character, and character, hope. This is called the method of success. People that are successful are perseverers. They don't quit just because there's problems. And you got to have a mindset to get above that because it hurts.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And you question yourself and you question your own judgment. And I don't do that as dramatically, as we said earlier, as I used to, but it's still, I'm not, I don't have everything figured out. I'm like, okay, what are we going to do for the next 10 years around here? Yeah. I mean, I don't think podcast, I mean, are we all going to be a hologram? I mean, what's coming next? You know what I mean?
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
How are we going to teach this stuff?
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Really, really, really finally coming to grips with the whole idea that I'm not necessary for this place to win. And that's the succession handoff. We started that 16 years ago. We started working on succession and handoff and so forth. And so I planned to be less important. And dadgum, it didn't work. It didn't work. It did work. It did work.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And that's distressing. Interesting. So, I mean, you know, the noble, the intellectual, the wisdom says that's a good thing, but the little boy likes to be important, okay? I'm like anybody else. I want to be... I want to be a big deal, you know, and so everybody does. And I'm kidding a little bit, but not much.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
As soon as some of those succession plans started working, I looked up and emotionally the ground started moving around under my feet. And so, you know, I took six weeks off last year in a row for the first time in my life. And we have the Ramsey personalities on the Ramsey show.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
and uh we've had the Ramsey personality on the Ramsey show for four years and so and everything's fine we know what they we know they can handle it we know they're there but they know that even if I'm not there we know they can handle it and we know the audience likes them and um you know we've worked through all the little kinks and stuff to get all that ready and so I'm like okay I can take off and they can just do the show and I did and the ratings went up come on no way while I was gone no way really hurt my feelings
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You're like, we're making all this money, but no one cares about me, right? Wow. Yeah. You realize you're not the Messiah. Wow. Job's taken.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Um, I think it, I think it's at that point now, and that's what we've worked really, really hard on for 15 freaking years, you know, uh, and had a lot of false starts and a lot of problems, but we're, we've kind of got that part of it working. We got the leadership team working and I'm the CEO. My son, Daniel is the president.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
We did that three years ago and he and I were carrying about 50, 50% of the load of running the place. And then we went to 60, 40 and we're at about 80, 20 now. Wow. And, um, because you know, I, I, the last thing you need is the old man showing up and throwing grenades, you know. What do they call it? The seagull management? You fly in and poop over everything, you know?
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Yeah. But the irony is that you kill things that you love if you don't turn this loose. Because we've coached 10,000 small businesses, and we've coached the 85-year-old dad with a 65-year-old son who still isn't in charge. Wow. You know, he's been neutered. Right. I mean, that's just ridiculous. But the old man just won't let go because he's a freaking control freak.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And the Gen 1 to Gen 2 is a hard head. That's emotionally the hardest of the succession plans because they have – built this with their hands in the dirt you know which is true but this thing of prying their hands off of it is it's just an emotional experience and that actually oddly enough is the last stage of the five stages is the legacy stage where you plan an exit of some kind
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Succession is one version of that. Obviously, you could sell. You could sell to team members. You could let family come in, which is our case. The next generation of Ramseys will be running this 100%, and we'll be the owners of it. If I died today, my wife does not get Ramsey.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
she doesn't no she doesn't want it and she's not capable of doing it and it's not it would bring her pain and everybody else involved right so no i mean that and that's been that way for a long time believe me she's okay right she'll get paid out yeah so no no she didn't get paid out of this really no she but she we've got enough wealth she's she's sharing gonna be okay but the um and uh
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And she just is, that makes her into the cheerleader for her children who will be, aren't children, but her adult children. Adult children, yeah, yeah. That will be the next generation of that. And so we just had to work on that and you have to do it intentionally because too many people on that last stage of the five stages were,
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You know, they grab their chest and as they're falling back in the grave, they toss the keys out, you know, and the probability of that working is almost zero. Wow. Because it's there's so much that's left unsaid, undone. Nobody knows what's going on. Everybody's surprised. And it's very, very difficult. turn that.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Processes aren't in place or whatever it might be for the transition. Well, trust is not there in the next, the person that catches the keys. The customers don't know them and trust them. The vendors don't know them and trust them. The team doesn't know them and trust them. They just happen to be standing there because they were family and the keys came out of that grave and they're like, Oh no.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And everybody else goes, Oh no, it's a problem. So the more gradual the handoff, the higher the probability of success.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Yeah. Well, I mean, there's two possible scenarios. One is the spouse works in the business, and two is they don't. The second one is what we've done. Sharon never one time has worked here. She's never been a part. She never had a responsibility at Ramsey. from the time it was a card table in our living room all the way to where it is now.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Um, but I did discover, and you and I have talked about this before, uh, I'm looking for principles of success, financial and otherwise in scripture, because, you know, I'm flat on my back and I'm like, okay, God, you're going to run this. And one of the things I found was Proverbs 31, who can find a virtuous wife for her worth is far above rubies.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
The heart of her husband safely trusts her, which indicates that virtuous part. She's trustworthy. This is not a flake. This is not a high-maintenance princess. This is a person that's solid. He safely trusts her, and he will have no lack of gain.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And so the way that what we translated tactically out of that was that we don't make major decisions anywhere in our life anymore, and we did before I went broke. I've owned real estate, Sharon, and I don't even know where it is. and didn't even know what happened. And not because I was hiding it from her. She just didn't care, and I didn't care to tell her. And I was getting it done.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
That was my job, and her job is to take care of babies, and we're just getting it done. And dumb, really dumb. So we don't make major decisions for 40 years without both of us being in agreement.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Everything.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But major decisions. Is defined by ratios, right?
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
What is a major decision? In the early days, buying a $12,000 phone system was a major decision. Yeah. There were 10 employees. And so Sharon comes down and doesn't want to. She's out running around buying groceries. I'm like, come by here. You got to meet this phone guy. You got to look at this. You got to... She, I don't know nothing about phones. I don't care. I want you to look at this.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
It's a $12,000 decision. $12,000 is a lot of freaking money. And yeah, it is. Okay. Well, make sure... Help me just... I want you to just walk in the room. And then I don't, I learned pretty quickly. I mean, she's got a degree in home ec and she's a full-time mom and she's, so she's not a, uh, a sophisticated business person, but she has powerful intuition.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And what she always says, she's real country frat. She says, I got common sense and she does have common sense. And so I'll, I'll ask her when we're driving away from having a meeting, I don't ask her what she thinks. I scratch your fields.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And and again, we always laugh because it's a seven syllable word. And she goes, oh, I got a really good feeling about him. OK, we're hiring that dude.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Or now it's something wrong. It's a bad feeling. And I don't even know what that is. But every time I go against it, it cost me 10 grand. So I quit doing it. I don't know what that means. I don't know how God, the Holy Spirit is using that little hillbilly woman, but it worked out good. I'm just saying. So yeah, we don't do that. Before we're given a big gift.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
In the old days, $500 was a big gift of generosity. Now it's got more zeros on it. And so we say, okay. And my daughter runs our family foundation. So often if there's a large gift involved, Sharon and my daughter will go visit the people and walk around and feel the air and the organization. And then we can come back and Sharon can say, okay, I got a good feeling or I don't have a good feeling.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And my daughter's done all the due diligence and looking into the operational part of it to see if it's a good investment of God's money in this ministry, but all that stuff. But, you know, same exact thing. So, you know, copy her paper. She's no longer involved in purchasing. Yeah, yeah, yeah. And she has no idea what we spend on coffee here, which would blow her mind with 1,100 people.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You look good in that seat right there.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
I mean, can you imagine my coffee bill? Yeah. That kind of stuff. So it's stuff like that. But if we get ready to build one of these buildings. She's checking it out. She's feeling it out. She sits in with the architect and with the builder. And then we pull the trigger and we go execute it. And she's like, I think that architect will be fine. I like her. She's sweet. And I think she's smart.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And we walk away and we're ready to go.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
So no, not a lot of it. That would be 2% of it. Okay. The big single stuff. If something's big. In the early days, it was a hire. Right, right, right. Hire's a big deal. Yeah. When you hire your first 10 people, every one of them's a big freaking deal. Wow. And so we would go to dinner with them and their spouse. before we would hire them and ask their spouse to pray about it.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Is this woman or this man going to be, do you think they work with these people across the table from you? And y'all talk about it. Because if y'all don't believe this is going to work and you're just collecting a check, it's not going to work. And we've done that from, we still do spousal interviews as the final interview. But it's not me and Sharon.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
It's the leader and their spouse go with the person we're hiring and their spouse. And we're pretty much already hired at that point unless somebody really gets a red flag and they shoot up a flare. And occasionally a spouse on the hire or a spouse of the leader will save us from making a mistake.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Nope. So at the end of the day, it's a- Because I've talked her into it a few times. I'm like, you sure? Because this one's really good. Well, I'm not real sure it's okay. Whatever y'all want to do. And I'm like, she'll back off, you know? And then I get, then I got drama for the next six months because I hired somebody I shouldn't have hired, you know? So I don't, I don't go against it.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And sometimes I'll tell you one that really happened in the early days. We had a young guy. He was like a little model. He looked beautiful. He was as sharp as a tack. It's like everything you'd want. We go to dinner with him and his wife. It's like Ken and Barbie, you know, it's ridiculous.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And, um, Sharon, the guys like everything you, you know, and we come home and she goes, woke up this morning. She goes, I there's, I really feel dumb saying this, but I've got a bad feeling about this. And she almost never plays this card, by the way, which is part of being virtuous. I mean, 5% of the time. She's not crying wolf every day. 95% of the time.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Because if she was playing the card all the time, that would be the definition of not virtuous. I mean, we've done a lot of good work to get to this point. We've already culled a bunch of bad flavors. Anyway. She woke up, and I called the guy, and I go, hey, we don't know what's happening, but I tell you what we're going to do. We're just going to push pause.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
We may want to revisit this in a couple weeks. I didn't just run him off because I couldn't. I was super stupid. Yeah. And he called me back six days later, and he goes – he was, like, in tears. He's like, I – I've never met any people like you people. Y'all are weird. And I went, yeah, that's true. We are. I'm sorry.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
I'm, and he's like, no, I mean, I don't know how this happened, but I got a job offer this morning for twice what you were offering me. And I'm like, see, you weren't supposed to come. Wow. Go take that dude. Yeah. And he goes, yeah, but how did you, I said, I didn't do I called Sharon and she's like, told you. But it wasn't that he was a bad guy. It was God had something better for him than us.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And he told us to, you know, he gave through her sense or her, her Holy Spirit, common sense or whatever you want to call it, this intuition, you know, and that's how that kind of stuff has happened over 35 years enough that you go. Yeah, this is a good idea. Just trust it.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You change processes, but you don't change principles. People that never change principles or that never change processes and change all their principles are called bureaucrats. That's what they do in the government. But entrepreneurs, we iterate, we change, we make up a new thing every day. But you don't change the principles that guide you, the values, the system. Okay, I trust my wife.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
That's a principle. I don't borrow money. It's a principle. And I don't change that. But, you know... When we started, there wasn't even an internet. So obviously you got to change processes.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
I made the mistake in the early days on radio of, uh, taking some ad endorsements that I wasn't proud of.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And, um, and every time I did the ad, I felt like a jerk. Um, And, um, and obviously they didn't work. Hello. And so they're not there anymore and they, they didn't last very long, but it was, that was, I was, I was trying to make an ad sale cause I'm a salesman. I'm trying to make a sale. And so I've made the sale and I didn't sell myself. I just sold them.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You didn't sell yourself in the product. Exactly. Exactly. And so we, in those days we came up with the, the metaphor and we still talk to our sales team about it to this day is, um, If I wouldn't be really, really excited to tell my best friend's mother To do this? No, I'm not doing it. I'm not doing it. Yeah. Because my best friend's mother would knock a knot on your head.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You know what I'm saying? You know what I'm talking about? That kind of thing. You know what I'm talking about? Just put it in that rather than, oh, because you can justify your butt away and your integrity too if you're not careful. And we didn't ever do anything like perpendicular. Like we didn't sell credit cards or something like that.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But we did, you know, I did bring on products that are like, Yeah, it was a little slimy. I'm not sure about that. But the money's good. But now we don't put anything on, even if it's not in our voice, even if it's not a personality's voice. And we don't ask any of our personalities to say, if you won't use this product, then don't.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
I mean, you know, the freaking sports betting, they were actually big chicks. Big chicks. For anything that's on the air. They don't even care who you are. Yeah. They've got an unlimited budget, I think. Yeah. I mean, sports betting is a huge problem with our audience. That's why they go into debt. Yeah. It's breaking up people like crazy. It's a huge addictive issue. Yeah.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And so now we're not going to have so-and-so sports betting either. It's the same thing. I mean, that's one we would not have had in the old days either. But this is more like, okay, you know, this company – Food's not really good at that restaurant, but we're going to send them over there anyway. It's a restaurant. They got food, but no, we don't do that. And that hasn't happened in 25 years.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But in the early days, I was trying to get some cash in the place. Pay payroll. Of course, of course. I think that's when you're most likely to cut a corner.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Usually those things have real good short term feeling and a horrible long term. We had a major retailer that everyone knows talk to us about 15 years ago. They wanted to take some of our, in those days, CDs and books and stuff and build a Ramsey package custom for them. which was really exciting. And the order was going to be $10 million. And it was really exciting. It's a lot of money.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
There's good mark, not great margin in it, but it was decent margin. And it was, the other thing was it was really good, uh, branding because we're going to be on major shelf position all over America in this major retailer. And people walk in and go, Oh, look at that. So-and-so says Ramsey. Yeah. Ramsey says so-and-so. Okay. Yeah. And that, so that had a, the shelf positioning had a value, uh,
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
uh, unquantifiable, but, but I had a value like mine, a billboard, you know? And so, um, we're looking at that and looking at that and we get really excited about it. We got way down into it, got into the contract negotiations on the final thing. And, and they said, uh, we were printing, uh, packaging and re-recording stuff that was only for them, had their name on it.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
So you're already doing that work. No, I was going to do that in this deal. That was how the deal was set up. And then they come in and go, okay, yeah, and we have full returns. And I'm like, you want me to put your name on $10 million worth of crap and send it over there and you can send it all back if your $8 an hour stock boy don't get it on the shelf and it doesn't sell? Uh-uh.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
we're not doing, because what happens is I got $10 million worth of stuff in the dumpster and I'm out of business. Uh, and so we walked, you know, we talked about it. They said, well, that's our, that's our, that's our policy. Everybody does that. And I said, well, now you can't say that because you found somebody that doesn't do it.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
So I, you know, if you want to take some of our existing stuff that when we take it back, we can repurpose it. We didn't print your freaking name on it. Yeah. We'll do $10 million worth of that with full returns all day long. I can figure that part out. I can absorb that blow.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But throwing it all in the dumpster because it's useless, because you've got somebody's name on it that didn't want it anymore, we're out of business with $10 million. So we had to walk. And that kind of stuff falls right in that category. That's the bucket for me is you've got to go, ha, ha, ha.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
It's very weird, but it does come down to we don't tolerate, and I don't want that to sound like a bully, but we don't tolerate it to be otherwise. And so if someone does come in late, we're going to talk about it. What's wrong? If someone's negative and grouchy to each other here or a customer here,
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You know, it's so funny. Those of us that are entrepreneurial, we're like, I want to work for myself. And then you find out your boss is a jerk. You find out he's a slave driver. Yeah, yeah. 16-hour days and cracking the whip, and you're exhausted.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
what's wrong what's going on because that's not we don't do that and if you want to be a we we got to fix this otherwise you don't get to be a we and so uh because the people who work here they're on it they're game on and they're on time and they're excited and sometimes they have bad days or sometimes they go through personal stuff you know their spouse has cancer they've got a sick kid you get a pass that's great okay but but we're gonna ask you what's your problem
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Why? What's going on? And why are you late? And, you know, well, the kids say, okay, I'm sorry, what's wrong with your kid? How can we help? Okay, now we can, you know, but that's a temporary and a fixable thing. I chose not to come to work on time. You know, you get about one of those. Really? You know, we're not mean about it, but it's like, come on, man. I mean, really.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Act like you own the place. You know, the people that work here care. And, you know, can't be a J-O-B. You stand out like a sore thumb in this place. It's like, bing, if something's off, it stands out. And someone that, you know, we had a guy a few weeks ago blew up and, or a few months ago, rather, blew up in a meeting and started cussing it. Really? At two or three people in there.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And we're like, hey. I don't know where you think you are, but you're not in that place. Wow. Yeah, yeah. You know, we sat down, and he's like, well, I've just had it. You people don't know what you're doing, and the leaders, blah, blah, blah. And I said, yeah, I guess you have. See you later. Yeah. Yeah. And sorry, man. And, you know, he just – He didn't, his spirit had left the building.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
He forgot to take his body with it, you know? And so. And you made sure his body left as well. Yeah. I mean, we helped him, you know, but yeah, we're not, we're not mean about it, but it's just like, come on, man. I mean, this is. The people love working here because we don't do that. Yeah, yeah. And we don't mind arguing with each other.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
We argue all the time about which play to call to win the Super Bowl, but not about you're calling me a jerk or you start calling my mother names or something. We're not doing that. That's just nuts.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You don't even know what you're doing, and you're scared, and you're lonely, and you're stepping and fetching, and you're leaving the cave trying to find something to kill and drag back. Oh, my gosh, it's hard. It's really hard. And then add a bunch of outside societal variables to it that are all yelling at you that you're going to fail. It gets scary. It's hard.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
We've got to fix it or they can't stay.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Because what you're doing is you're shutting down all the other talent. You're shutting down everybody else. Everybody else is like, I don't want to. I'll do anything to keep from being in a squad with that guy. Wow. I don't want to be with him. He's really good at what he does, but he's a complete flipping twerp. I just don't want to deal with him. And that stuff happens.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You know, that happens at Ramsey. And sometimes it happens because someone has just, again, their spirit left. And we joke about that, but they really, their season is over and they didn't activate. Right. They became disillusioned for whatever reason, and that can happen. Yeah. It does happen. And, you know, they get tired of my personality or whatever. I mean, that's okay. I understand that.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Yeah, yeah. Yeah. Don't be here then. Yeah. It's just because that kind of goes with the package. You know, it's like, you know, it's just that. But people, what happens is you get what you tolerate and, you know, and you get what you allow. And Maxwell says don't sanction incompetence. And behavior incompetence is just like being incompetent at the actual task. And that can destroy culture.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And let me tell you, culture creates trust and stuff moves at the speed of trust. So this 1,100 people in Ramsey, we get the work done of about 4,000 people because of the speed at which, because you don't have to look over your shoulder all the time because there's not a dagger coming at your throat. And we bust it.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And it's like – but it's like a team that's in a flow, a team that's in a zone where, you know, the quarterback knows he's okay to throw the ball because he's not going to get his knees taken out on the blind side. You know, that guy – that left guard's got him or that right guard's got him depending on which way he's throwing, right? And so –
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Once he knows that, it makes his efficiency go up and it gives the guard that's protecting him great pride and dignity because we say, that guy's more important actually than the quarterback because without him there is no quarterback. The guy that ships books here, when you ship a book at Ramsey, you probably could have saved somebody's marriage. You could have led somebody to God with that book.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You definitely could have gotten them out of debt. They might be millionaires because you put that book in an envelope and shipped it out of here today. And you did it on time. And the spirit on that envelope was fun and smiling. Not I hate my job and I don't want to come to work today.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And I've never met anyone that was an exception to that. The ones that think they're the exception to that scare me because that means they're getting ready to hit the wall because of their pride. They don't have any idea. If you're not a little scared, you're weird, and you should be a little scared.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Well, like you said, the answer is obviously to get both. Of course. And to just solve for that in the interview and the recruiting process. But I'll choose, you know, the emotionally competent C-plus player because they'll get to A-plus when they're running with a bunch of other thoroughbreds. You put them in the stable with a bunch of thoroughbreds and they all like each other.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
The other horses will get them up. They'll get them moving. But if you put a donkey in there, them thoroughbreds don't like donkeys.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You know, I think that I am a huge small business guy. 54% of the gross domestic product in America today is created by companies that have 500 or fewer employees. Small business, mathematically speaking, with arithmetic is the backbone of the American economy, the free enterprise system, the ability to get up, leave the cave, kill something and drag it home and believe you can do it.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
The people that fight through the pain and the insecurity and the ADD and the dyslexia and the stuff that we all fight through. to get to be who we is. Those are the heroes in the American economy. So anything we can do to help those guys, that's what I want to do because I'm one of them.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
If you're not a little bit lonely and a little bit overworked and a little bit stressed, welcome to self-employment. Welcome to running a small business. That's how it works. That's the bad news. The good news is that it can get better.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
that, um, I distinctly remember those days. They're emotionally, uh, scarred into my brain from the old days, so to speak. And, uh, been doing this 35 years, you know, this Ramsey thing, 35 years. And so, uh, But I remember those early days when you had to do everything yourself. And I would get home and I would lay down across the couch exhausted after 16-hour days.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And my wife would say, what did you do today? I have no freaking idea. But I did a lot of it. And I remember that and that sense of feeling like you're on a treadmill, which is the first stage of the five stages in business. Uh, it's a natural place to be.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
The good news is you don't have to stay there that you can move on up and you'll face different problems as you go through the different stages, but you'll also start to get some relief because I think the hardest year ever work is when you first kick it off.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Oh yeah.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You just own your job.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Because if you don't come to work, the stuff doesn't get produced and the revenue doesn't get produced. It's all the production of the good or service that you're in and all of the revenue. I mean, so if you get hurt or sick or take a vacation week, you just expect the revenue to go whoop, and there's no widgets being made.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
So if you're a veterinarian and you're the only person there, no dogs are getting help. You know, if you're a dentist, you're the only person there. Nobody's teeth getting help, you know, and so on. And it's just it's all dependent on you. And you know that and that's what you signed up for. So it's OK, but you don't want to stay there because it feels like you're on a treadmill.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And so the way to level up out of that is to start to talk about, OK, how do we get some team on board that can create some revenue and that can make some of the widgets and can provide some of the services?
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And I've got to learn to manage my freaking time because you, you know, when you're in the treadmill stage, when I was in the treadmill stage, you're, you're running from crisis to crisis to crisis. You just wear a fireman's hat all the time and you're not doing any thought past the moment. all you're doing is living in the moment. And that just is chaos, chaos, chaos, chaos, chaos.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
The customers feel it. Your spouse feels it. You feel it. And you don't feel like you're getting traction cause you're not, you're on the treadmill. And so you've got to start managing your time and going, okay, I'm going to set up blocks of time to think about something other than the flavor of the moment, the crisis of the moment. And I'm going to start talking about How can I add team members?
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Um, just a few key ones just to get this off of my shoulders. They're tired. Yeah. And that sounds very obvious, very primitive, very simple, but that is exactly how you level up out of, out of that and move on.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Number one, know that the first thing that you try, you think it is a beautiful baby, and it is an ugly gargoyle. That thing's not going to survive. Prototype is not going to make it. And I know you love it, and I know you think it's your thing, and I know you think it's your first child. It's not. It's just a bad idea that hasn't told you yet. Oh, man.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And so it's just every – nothing – no one launches a – gets their first idea. Very few people does that ever even get to market. It never gets past test market or beta or whatever you want to call it because your customers look at you and go, you're an idiot. This thing sucks. And you go, okay, I've got to change that because I still want to do this idea.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
I still want this service to be provided, but the way I'm doing it, the model – Or the shape of the widget is not right. And so just get your little feelings hurt. Go ahead and get ready because your little baby is ugly. And so, you know, it's hard. That's hard. The second thing is, for God's sakes, don't borrow money. Of course you knew Dave Ramsey was going to say that.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But what happens is you're going to make mistakes. We just talked about that. There's no one that's the exception to that. And when you borrow money into your mistakes, you magnify the size of them. And so if you buy $42,000 of that widget and go put it on a credit card, and then you figure out they all have to go in the dumpster, now you've got credit card debt. Mm hmm.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And because, you know, but, you know, the optimist in us, the abundance mentality in us says, oh, it's going to work. And it's not. Yeah, it's it's going to work eventually. But it's going to be it's pretty cousin to the thing you thought was really pretty. And it's not really pretty. So don't borrow into it because you're really going to hasten the end of this endeavor.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
It's going to come down on you hard. And then the other thing, I guess, is the old three rules of business. It's going to take twice as long as you think. It's going to cost twice as long as you think. And you're not the exception. Those are the three rules of business, and that's true here today inside of Ramsey. We get ready to launch something. We got this little thing.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
It's coming out in two months. Yeah, yeah. No, and I sit down. I talk to the tech guys, and I'm going, okay, we ought to be able to put this out in about, what, a week and a half? And they're like, no, try six months. Oh, my goodness. And I'm going, no, I don't write code, but we're not waiting six months. Let's figure something out. But they're going, no chance your six-day dream.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
You can just end that right now. So we end up settling reality somewhere in between. But it costs twice as long or takes twice as long, costs twice as much, therefore, even if you're building a digital product because you've got the man hours and the stinking thing. And, you know, the team on it. And so, yeah, those are the things that pop into my head first when you ask that.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
But it's still a great adventure.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
The things I thought were going to kill me didn't. And so the little drama queen that lives inside my head got smaller and smaller and quieter and quieter. The first person that left, Ramsey, that was on our team, I was emotionally devastated. Why would anyone want to leave? We're perfect. It's me. Why would they want to leave? And now, you know, we've got 1100 people. People leave every week.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
And I don't even know some of them. It's not an issue. Yeah. And I'm not mad. I mean, I'm not being I don't flip and I don't want them to leave still. But the thing I thought was going to kill me didn't kill me. And, you know, the death of the prototype and the rebirth of it as a prettier version of it didn't kill me. It hurt my feelings, though. And now I expect it more.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Now I expect, you know, I'm probably about the only one here at Ramsey that's not going to leave. Right. Someday, you know, and so I kind of expect it. I hope nobody leaves today. I hope nobody leaves 10 years from now. I hope they stay with me until I'm gone. But the reality is that that's probably not so. And so I've just got to go now. And we survived that. And we're sad, but we're sad. Yeah.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Especially when somebody is key and that we love deeply and we've been with for a lot of years. But.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
you're sad and uh so but again that's just drama it's like because you're like oh the whole thing's good no it's not yeah no it's not and so the more i had things i thought were going to kill me didn't or that i thought were the end that weren't then i went okay the drama queen it really has to shut up and it's inside my head yeah really got to sit down and take a back seat out there
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
So I just practiced it. And now when I look back on the things 10 years ago or 20 years ago that we thought were the end, this is it. I don't know if anybody else has these thoughts, but that's the way it rings in my brain. And then I look back and it's like, that's almost funny that I thought that because that's so stinking small. There's no chance that was taking us out.
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Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
We were so much bigger and stronger than that by then. And it's like, nope, not going to take us out.
The School of Greatness
Dave Ramsey: How To Create Financial Freedom & Become Your Own Boss
Well you know there's. Two things that happen when someone leaves whether they leave on their own or whether we ask them to leave two things that one is they go on and have a much better life. And two is some of them don't. You know. But. But you know most of them. Go on and have a better life. Yes. And here's the other thing the slot that they leave open.
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How To Heal Your Relationship With Money To Create More Abundance
Well, I think the first thing is you have to have, I mean, we were sitting in one of our leadership team meetings yesterday, as a matter of fact, here at Ramsey, and we were looking at a business unit. And they kept going, well, we need to do this, we need to do this. And we did not have agreement on the baseline data of what was actually going on.
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How To Heal Your Relationship With Money To Create More Abundance
person thought one thing was going on one thought another was going on and we i said we got to back up we got to put data in front of us and once we all agree on exactly where we are then we can discuss right where we're going and i i think um you know building wealth or having a high quality life in any area is a little bit like that you need to back up and say okay what are the principles
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
before I worry about the tactics. And the principles should lead us to the tactics. And the five money principles, if we wanted to pull some out, there would be common sense biblical things that are kind of boring. But if you lay those principles in place, then they'll lead you to the tactics. I mean, here's one, live on less than you make. Right.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Now, that sounds kind of almost glib, you know, but the Bible says the borrower is, I mean, it says a foolish man devours all he has. Live on less than you make. You need to be on a written plan. In anything you're doing, if you don't do it intentionally, it's not going to occur. No one wins anything accidentally. Mm-hmm. It's an intentional act. Winning always is.
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How To Heal Your Relationship With Money To Create More Abundance
At marriage, at taking care of your body, building a business, money. No one accidentally gets wealthy. It's just, oh, what happened? No one does that. So that's a written plan. That's called a budget. And so we've got to have a budget. We've got to live on less than we make. If you get out of debt mathematically, what it does is you have money to invest.
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How To Heal Your Relationship With Money To Create More Abundance
Because when you have a $750 payment on your Ford F-150, you've got no money. That money's going to Ford instead of to you. It's not going in your 401k. And so that's what the borrower is slave to the lender means. But also what happens when you get out of debt is you have this sense of freedom. You have this sense of autonomy, the sense of agency.
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How To Heal Your Relationship With Money To Create More Abundance
You're not being controlled by the man stinking Bank of America. It doesn't tell you what to do. Ford Motor Credit doesn't tell you what to do. So you don't have to keep a horrible job. You can move to a better job.
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How To Heal Your Relationship With Money To Create More Abundance
And take that risk. But if you've got to pay payments, you don't feel free. And so, you know, being out of debt, living on less than you make, having a written plan, obviously saving and investing. Obviously in the house of the wise or stores of choice food and oil grandma said have money saved for a rainy day.
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How To Heal Your Relationship With Money To Create More Abundance
We start with an emergency fund and then we long term invest in the largest study of millionaires ever done in North America. We did it here at Ramsey. We discovered that the typical way someone gets their first one to five million is they have a paid off house and they have a really healthy 401k or Roth IRA combo in good mutual funds.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And so they'll be sitting there with a million dollars in their in their retirement accounts. after 10, 12, 15 years of doing this, and they got a half million dollar or $700,000 paid for house. So they got a $1.7 million net worth. And so save money, save money. And the weird thing is that there's no, all the get rich quick stuff on TikTok and all that. It is all crypto and everything.
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How To Heal Your Relationship With Money To Create More Abundance
There's always some way. There's a new version of stupid every year.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Well, taking the long haul, being the tortoise versus the hare, is not human nature. Our brains are wired by God for efficiency. We want to burn the least calories possible to get the job done. whatever it is, which in the financial world causes us to look at get rich quick. And we don't think of it as stupid. I didn't think of it as stupid when I did it in the 80s.
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How To Heal Your Relationship With Money To Create More Abundance
I started with nothing, had $4 million worth of real estate, lost everything because I had borrowed too much money on the real estate and crashed my own life down on my head. I didn't think I was being foolish, foolhardy, impulsive. I thought I was burning the least calories to get to the goal. Yeah, you were being smart. I thought this is the way to go.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And people that are buying crypto, that's what they think. I mean, no one thinks they're gambling. They don't think, oh, this has worse odds than a roulette wheel, which it actually did mathematically. But they didn't think that. They thought this is the least calories to burn to get to the goal. So that's just the human brain doing what it's supposed to do.
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How To Heal Your Relationship With Money To Create More Abundance
We're just efficiency experts all the time in everything we do. What's the least effort to get to the goal?
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Well, there's two reasons. One is they don't believe there's only a 1% chance. They believe, again, it's the most efficient way to get there. I didn't think that there was a high probability I was going to fail doing nothing down real estate. I did not. It never occurred to me, number one. And then number two, pride comes right before the fall. There's an arrogance. Yes.
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How To Heal Your Relationship With Money To Create More Abundance
I understood that debt knocked over some people. I understood that sometimes people got in trouble, but I thought, oh, I can do this. I'm smart enough.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
That's right, man. After 24 and a half years and a college degree in real estate, by God, I can do this. And there was that in there, that arrogant little twerp. He was there. And so there's a combination of this pride and that then leads you to, again, these principles that lead you to bad tactics or principles that lead you to good tactics.
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How To Heal Your Relationship With Money To Create More Abundance
And the principle was a bad principle that I was functioning in. And, you know, just put a little icing on the cake of a little pride, a little arrogance that says, oh, yeah, I know that for that guy, but I'm really good at math. And I grew up in the real estate business and I know, I know things. Just ask me, you know?
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How To Heal Your Relationship With Money To Create More Abundance
And that you see this, you can actually see that dripping off of some of the stuff that's posted on the Get Rich Quick stuff. Stuff that criticizes you, stuff that criticizes me, stuff that criticizes our friend Craig Groeschel or whoever. I mean, you can see anybody that's playing a long game or Simon Sinek's infinite game, right?
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How To Heal Your Relationship With Money To Create More Abundance
Anybody that's playing a long game, the short-term thinkers all have to pile on, and there's always that dripping arrogance around it. I couldn't recognize it because I was the same guy. I did the same. I would have been the guy trashing that guy. I would have been the guy trashing me when I was 26 because I would have been going, no, that doesn't apply to me.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Yeah, I understand, Ramsey, but that's for regular people.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I'm not regular. So there's that in there. So we've got get out of debt. We've got live on less than you make. We've got to have a budget. We've got to save. And the last one is you need to be outlandishly, outrageously generous and walk around with an open hand.
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How To Heal Your Relationship With Money To Create More Abundance
See, generous is not an action. Generous is a character quality. And like integrity, it's a character quality that you choose. You're not born with it. It's not installed. You have to say, I am a generous person. As our friend James Clear says, he says, our habits come from our identity, so change your identity and your habits will follow, right?
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How To Heal Your Relationship With Money To Create More Abundance
The whole essence of Atomic Habits, his best-selling book. And it was wonderful material. And so the but I am a generous person. OK, now, what does that mean? Yeah, there's obviously a money thing that might mean I give 10 percent of my church a tithe. That might mean I pick up the bill at dinner. It might mean I look across the room and someone's wearing military fatigues and I buy their lunch.
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How To Heal Your Relationship With Money To Create More Abundance
Or a policeman or a fireman or a nurse. You know, I'm in scrubs. It might mean something that simple tactically, but it could mean I just opened the door for someone. Yeah, a generous heart. It could mean, because here's the thing. We all know the difference in a taker and a giver. We know the difference in selfless versus selfish.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
When you hang out with self-ish people, you feel like you need to take a shower when you're done. And when you hang out with selfless people, so I can just decide to do that. I don't have to have a lot of money because generous people are highly attractive. Not because they give you stuff, but they're highly attractive and they're very seldom depressed. They almost always have a positive outlook.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
they don't have a scarcity mentality. They have an abundance mentality. It, and all of this is just a decision. I just, I'm going to, instead of being, but, but what happens is we become overwhelmed with the financial stress and we turn it in and we became navel gazers worried about me, me, me, me, me, me, me, me. Cause I got to take care of me, me, me, me, me, me.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And if I don't take care of me, me, me, me, the lights get cut off and it doesn't take much margin to to push all of that back as a decision and just say, no, I'm going to leave a tip that's outlandish. I watched a guy the other day park a Mercedes. He pulled up in a car. I know the car because I looked at it one time. It was a $140,000 car. And he hands the valet five bucks.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I'm like, dude, this is Ferris Bueller's day out. You just gave a guy five bucks to park 140,000. You are out of your mind. That's a lack of generosity that could really cost you. I want them taking care of Mr. Ramsey's car like it's their daughter. That's the tip I want to leave. For selfish reasons, hello.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Yeah, yeah. It was year before last. Because I had a goal. I met this – I've been hanging out with these generous guys, these guys that have a lot of money and gals, and trying to learn from them. And one of the things I learned is the intentionality behind their generosity. They're very careful. They do large gifts as if they're doing an investment.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
They do due diligence.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Well, they do due diligence on the organization. If they're wasteful, they're not handling money well. They don't treat their people well behind the scenes. If 89% is going to overhead and 11% is going to hungry children, then this is a problem. That means somebody's got too nice a car in a pile, right? And so they investigate and go into it. That's one thing they do on large gifts.
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How To Heal Your Relationship With Money To Create More Abundance
And two, if you've got an organization that's weak and their money is struggling and you give them too much, you can destroy them. Really? Much like a lottery winner. Right. They're not ready for it mentally or emotionally. They don't have the character to carry it. Interesting. They don't have the processes and the systems and the organization and the nonprofit or the ministry to carry it.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And so you can actually, you know, you go into a church of 30 people and you tie the million dollars, you can ruin the place.
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How To Heal Your Relationship With Money To Create More Abundance
My daughter, Denise, runs our family foundation and handles all the Ramsey philanthropy. And the thing that she and I have agreed on in that is I want her to approach the ministry like we are venture capitalists and we're going to buy them. Like looking at their books. I'm going to buy them. If I'm going to buy them, I want to know how they're running the place. I want to know their HR issues.
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How To Heal Your Relationship With Money To Create More Abundance
I want to know their systems and processes for growth. I want to know how they manage things. How chaotic is it? How is their accounting systems in place? I want to know the delivery mechanism of the actual goal of the ministry. Again, feeding hungry kids. How are we feeding hungry kids? What's that look like? What's it cost per kid? How many kids do we feed?
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How To Heal Your Relationship With Money To Create More Abundance
And what's our goals and what's our vision for that? And just like you're buying it and And then you can come alongside them and partner with them. And we're not trying to take them over. We're not trying to run them. Don't want to do that. God gave them that to do, not me, not Denise. But we're going to approach it that way as due diligence. And then that gives us a different set of eyes.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And here's what's weird. Because we teach leadership, And because we run a large business, we actually can help them sometimes by advising them and say, you know what, if you would just change that a little bit, then we could change our giving like this. And we're not trying to tell you what to do.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
We're not trying to bribe you, but we're just trying to come alongside you and love you well, help you, you know, increase your capacity, increase your efficiency for the goals that God's given you to do here. And it's a lot of fun. It's a lot of fun. And so it changes our mindset of just instead of like, we're going to throw some money over the fence, hope it all works out.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
If we come alongside them as if we're buying them or if we're a venture capitalist and we're going to partner with them or something like that, then we're going to bring our advice. So obviously then the Ramsey Family Foundation does not give to ministries that borrow money.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
obviously right right that's a deal killer for us yeah that doesn't have to be for everybody but we teach people not to borrow money why would we then give money to someone who's borrowing that's kind of dumb right so we wouldn't do that so but back to the other thing i my goal was i saw one guy he gave away a million dollars in a year i thought that would be very very cool
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Figure out a way that we... And many years ago, we were able to do that the first time. Many years ago. And then I thought, well, what can we do next? I want to give away a million dollars in a day. Wow. And we pulled that off. Come on. We pulled that off.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
It included the gifts to our team for Christmas.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
It included supporting several ministries simultaneously at Christmas, a children's home in the area. It included buying some stuff for this thing and that thing. We did it all, brought everybody under this roof here and did it all, this huge celebration one day. Not to point at us, but it was, I got to tell you, it was one of the most fun days I've ever had in my life because generosity is life.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
It feels good too. It does. It's a blast.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
No. But it will be over a decade. Yeah, yeah. I mean, because I mean, we're being impacted by outside variables like everyone. I mean, we got supply chain is affecting, the economics are affecting, energy costs are affecting, hiring, cost of labor is affecting us, everything. So no, we're actually not up immediately following that. But I am 100% convinced that over a decade, we'll be way up. Yeah.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Because I've done it before. I've stretched and done it before, done an unusual thing, had the celebration with no thought of the return. If you do it with a thought of a return, then that's you telling God what to do. That doesn't work. He thinks he's God, so that won't work. But this idea that, again... Generous people are just more fun to do stuff with. They're more attractive.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
They're more fun, more attractive. And you just end up having opportunities come. Let me think about it in a simplistic way. Let's say you were a leader in an organization and you had two people working for you vying for a promotion. And obviously, what are we going to do here? One's the selfish, look like he's weaned on a pickle. And the other lady is she's generous and she's kind.
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How To Heal Your Relationship With Money To Create More Abundance
She's always stepping outside of her own job description and helping someone else get the project done and not taking credit for it. Who gets the promotion? Of course. Of course. And it's not because, you know, it's not because you're somehow beholden to her for that. It's just that's who I want to work with every day. People with good attitude. That's who I want beside me.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I don't want Mr. Weaned on a pickle hanging out. I don't want to hang out with this guy. Right. You know, he's awful.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I think their growth is stunted.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Yeah. But, you know, to me, again, it falls in the same category as integrity. What happens to someone who cuts corners? You can win. You can prosper to a degree. But all the data tells us and all the life experience tells us that the people with fanatical levels of integrity are the ones that do the biggest stuff. Right. The crooks really don't get ahead at the end of the day.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
The people that are selfish, they could they could get some stuff done. But the people that are selfless, they just have a tendency Because people trust them. That trust factor comes in. Things move at the speed of trust, as they say. And all those things come into play. And you just don't become all you were designed to be.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
The other thing that happens with generosity is your creativity increases. Because you're releasing chemicals that you don't release when you're selfish. Your productivity increases. The quality of your relationships increase.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I was speaking at a little Baptist church in Kentucky one time, beautiful little church, and the guy, many, many years ago, and the old pastor had been there for 40 years, and I did a tithing lesson, hardcore, you know, Baptist tithing lesson, which I love. And the guy came up afterwards, and he goes, well, you left one thing out. Sure, pastor. I mean, you've been doing this longer than me.
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How To Heal Your Relationship With Money To Create More Abundance
What did I leave out? He goes... You know, I've been doing this 40 years. I've never had a tithing couple in my church get a divorce. And I went, why? Because the tithe is magical? Because some people think that in Christianity, you know, because I don't think that. He said, no, because when you're unselfish with your money, you're unselfish with your wife. And you're unselfish with your husband.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And you serve each other in the marriage if you're serving the community with your giving. It's the same muscle. And he goes, you're just easier to stay married to. When you're tithing, when you're giving. When you're giving.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
When you make giving a standard part of the rhythm of your life, you build that generosity muscle, and it affects every relationship you're in, particularly the key relationship in a marriage.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Because it's a character quality. Interesting. You know, it's like the guy that says, Ah, well, you know, I hate the IRS. I hate taxes, so I don't really put everything on my tax return. Okay, so you're a liar. You're a cheater. Where are you going to cheat me? That's what I start thinking. I'm not impressed.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I hate taxes, but I pay every stinking penny, not because I believe in taxes and not because I'm scared of the IRS because neither one of those things are true, but it's because it says something about me. I got to look at me. And that's an integrity issue. Every penny, every cash sale of a book on the back table goes into the accounting system, and we pay freaking taxes on it.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I got audited not long ago. I paid precisely zero in the audit. We were so stinking clean. And it's not because I'm scared of those doopers, because I'm really not. They're a pain in the butt, but I'm not scared of them. It's a matter of... Integrity is integrity is integrity is integrity. Generosity is generosity is generosity is generosity.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
These things, this stuff, these are character qualities of the successful people that I've met.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Well, there's a couple things to keep in mind. I'm talking to a young couple about this, and I do often in a marriage seminar or something like that, or a pre-marriage counseling session or something like that. The number one cause of divorce is money fights and money problems out there, the stress of money and the arguments over money, okay?
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And so if you said the number one cause of death is getting killed by a bear on the way to the mailbox, right? then you would analyze how not to get killed by a bear on the way to the mailbox. And so if you're going to get married, you should really look at the number one freaking thing. Hello.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And the odd thing is it's actually circular. It's an infinity loop because it feeds back on itself, meaning that it also, the quality of your marriage is a high data point indicator as to whether or not you build wealth. Yeah. And so very few people drag a spouse kicking and screaming into millionaire status, you know?
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
You know, so I'm bringing the princess with me, right? Come on, baby. I'm going to put you on my back, and we're going to haul you over there. It doesn't usually work, okay? Or I'm bringing the guy who's lazy and won't work, and I'm going to outwork him, and the lady says, and he's a little boy, and I'm going to be his mommy, and I'm going to drag him all the way into millionaire status.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Not working, baby. Right. It goes both directions. So that's thing one. If it's the number one cause, then yeah, it ought to be something really you discuss. So preventative maintenance, right? Yes. It's preventative health. If the number one cause of death is obesity, we probably ought to think about obesity.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Yeah. Well, money is a reflection of our values, how we handle money. And that's another reason that it's very important, because if your values are not aligned, you're going to struggle in any relationship, but certainly in a marriage relationship. And so, you know, talk about the basics of money. Debt. I love debt. I'm going to use it all the time. You know, I want zero down everything.
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How To Heal Your Relationship With Money To Create More Abundance
I'm going to buy a zero down truck. I'm going to buy a zero down stereo. I'm going to buy a zero down couch. I'm going to put nothing down on the house. And you hate debt. OK, we got a problem. We're going to have to work through this or we're going to have to. This is a deal killer. OK, how about saving? I don't think you've got to save money. You can always get you something.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I always thought you could out-earn your stupidity. I tried that for years. It didn't work. So my wife, however, is a natural saver. So when I joined her club is when we started winning. So bless her heart, she didn't know this going in, but I made a hard life for her the first seven years. So saving and debt, how about generosity? I don't believe you ought to give.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
If you give, you end up with less. It's mathematically factual, which it is actually. But that's short-term thinking. That's a finite game instead of an infinite game, again, using Simon's premise on his book. So generosity. The things we just talked about. How about living on a – are we going to live in chaos? Are we going to live with a plan? Yeah, want to live with peace or chaos?
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Are we going to live with future-minded or YOLO? You only live once. Thank God it's Friday. I'm living for the weekend. Our marriage theme song is Huey Lewis and the News, right? I mean, come on. Is this us? And if it is, then, you know, because what's this tell you? Anyone that lives short-term thinking, we know they're emotionally immature. Yes.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
spiritually immature and so you're marrying someone or you're dating someone that's emotionally immature and they're fun they're always fun but they're but it's not fun in the long term because it brings about stress the fruit of this is nasty And so now do we have to be perfectly aligned on all those things? No, we just need to understand where the other person stands.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And are they so far over away from us that it's a deal killer? Yeah, because my wife is more of a saver than I am by nature. I had saving for me as an intellectual act. a spiritual act of my will. It is not a natural rhythm, okay? She naturally saves everything. The leftovers in our refrigerator are grotesque. I mean, it's just, I mean, you know, she saves everything.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
So to the extent that I can stay close to her on that, then we've got harmony. We have both obviously with what we've been through agreed, no doubt. We are both have become planners over the 40 years of marriage. I've always been a detailed planner. I had to get her to join me more on that. But it's better if you do it on the front end than the way we did it.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
It's a lot harder the way we did it, but kill each other. So you want to be in agreement on that. And all the data tells us on marriage and divorce statistics, and we've studied this for years, is number one cause of divorce, money. The other three, if you can be in agreement on them, religion, kids, whether to have them and how to treat them.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And how to deal with crazy people in your extended family, your mother-in-law and your crazy brother, your lazy brother who does cocaine and whatever it is. How are you going to deal with it? How to manage it all. How to manage boundaries with extended family.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And, you know, if one of you thinks that children should just be let run wild and the other one is an over disciplinarian, we're going to problem or I want no children and I want 17. That's going to be an issue. Or I don't believe there's a God, and I think anyone who believes there's a God is an idiot. Oh, by the way, I think there's a God. Oh, see, this is a problem because now I'm an idiot.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
So there you go. And so these are the things. Because all of these things are representative of your values and what your beliefs are. So when you can agree on your money, what you've ended up agreeing on is your dreams, your fears. your visions, you're in agreement, you're in alignment on those, not only what they are, but how we're going to go after them then.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And now you've got real harmony and you've got a high probability of building wealth. That's the odd part of it. That's the infinity loop. It comes back in on itself.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I think you've got to be close. You don't have to be exactly aligned, but you got to be generally think. Cause the problem is this resentment is going to set in and resentment will kill love.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
The eye roll. When you roll your eyes, That's the beginning of the end. Is that called the Four Horsemen? Exactly. The Four Horsemen of the Apocalypse. Les Parrott teaches about that, and that's some standard John Gottman background stuff. But that's one of the four, and that's the big one, by the way, of the four.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And so if he won't work, he won't keep a job because he just doesn't think that that's that big a deal. That's not a problem. Eventually you lose respect and the eye rolls. And that's the beginning of the end. That's one of the most, the largest of the four horsemen by far. So if you can't keep, now again, My wife and I joke about our differences on saving.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
But they're not that far apart.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
I mean, we freely admit hers is a natural rhythm, mine's a built-in, I had to decide to do it because I see the benefits of it, so I intellectually will it. It's against my DNA. You don't like it. Yeah, I really don't. I mean, the only reason I save money is so I can give more and have more.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
The only reason I don't do it because I get joy out of saving money. Zero. Right. You know, but I can give more and I can buy more.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
But but that but that again, that at least we, though, are in alignment that saving is important, even if it might be for two different reasons. If I absolutely believe it was ridiculous to keep any money saved. And she's had to have some money saved to have peace. because she's constantly in anxiety because there's no rainy day fund, then that's going to eventually tear up anything you do.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Savings is short-term, investing is long-term. Okay. Pretty simple. And you can define what that is. But I generally eat things three years and less. I'm just saving the money. I'm really not putting it in something that's going to be going up and down because I need the money there.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
You know, and so I've got to have access to it. So it needs to be, it's not going to earn a lot, but it's stable.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Investing, I can ride a wave because I'm playing a long game.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
Well, you should have an emergency fund personally of three to six months of expenses, the standard rainy day fund. Past that, you need to save up and pay cash for whatever you're purchasing. So if you've got a car purchase in your future, Christmas this year is in December. If you didn't know, you've got to get ready for that. And, you know, that kind of stuff.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
They move it occasionally, but just in case, yeah. But just in case, a reminder. And so, you know, those are savings items. And then past that, everything else would go to investing. Because basically one saving is for protection, the emergency fund, and the other is for purchases to avoid debt, paying cash for my car, paying cash for my couch, paying cash for my trip.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And those are short-term savings. Christmas, I'm saving short-term savings items. And then long-term saving items, obviously retirement, kids, college, general wealth building, beyond that to do other things. And so then I get into, at our level, now that we make a lot of money, we're a little bit mixed up in that, We get so much over in the investing pile.
The School of Greatness
How To Heal Your Relationship With Money To Create More Abundance
And a lot of it is not for 30 years from now. A lot of it is for six years from now. And so I'll throw money over into a mutual fund until I use it to buy a piece of real estate or something like that. But that's a little different.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It is the easiest time to start a business, but that doesn't mean it's easy. If your only purpose in business is to make money, you will not last. If you help enough people, you don't have to worry about money.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so we had a caddy, and he would say, just aim it that way, and you're just hitting a ball off into oblivion. You have no idea. where it's going, none whatsoever. And it was really, really, really a frustrating experience. And then we went about three days later, it was foggy again, and we went to a different one.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And these people had taken bicycle seat lights that were strobes and put them on little posts about every 50 yards out through the fog. And so you couldn't see the hole where you were hitting to, and you couldn't see really a lot of the nuance of the terrain that you were hitting into, but you could see one light blinking in the fog.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so if you could hit the ball towards that light, you knew you were going to be okay. And that changed the whole experience. Exact same weather, but it was nowhere near the frustration, even though it wasn't as enjoyable as being able to see the whole thing and place the ball where you wanted to place it.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But at least we had the sense that what we were doing was getting traction and it wasn't just a random freaking chaotic thing. And so you land out there and then you could see the next light and get up onto the green, and then you've got a whole different process. So the point of that is that having a clear path in anything gives you huge hope and energy and belief to move forward.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It's very difficult to move forward when you're in the fog, when you can't see and you don't know what you don't know. Not only do you have all the frustration and the angst of being in business and working your butt off and not knowing, but you can't see where you're going. So one of the things we attempted to do is to lay out a clear path
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
through the process of business that we've observed in our business. And back in about the year 2000, we started coaching small businesses and we've now coached about 10,000 of them. And as we've coached them, we've watched them go through the same five stages of business. And that's the clear path. That's the light in the fog.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, the first one is treadmill. Everything depends on you. And then the second thing is you start. And then when you've done that, you'll level up and you go into the Pathfinder stage. And then we move into Trailblazer. The next one is a sweet spot, Peak Performer. Oh, you're making so much money. Everything's going so good that you forget to break it, but you better break it before it breaks.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It is the easiest time, but that doesn't mean it's easy. Ease of entry into the world of content creation, as an example, you can just decide one morning and you have a YouTube channel. You only have two people watching it, but you can decide and start. You can start a podcast. You can start and print a book today very easily. You can become an author very easily.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
The ease of entry into, for instance, your world, my world, is amazingly easy in terms of the actual tactical things. But starting and running a business is hard. As soon as you become self-employed, you realize you have a jerk slave driver for a boss. Your boss will work you to death when you're self-employed because they think about it all the time.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And they think about what you should be doing all the time. And you're just consumed with it. And you do stupid stuff and it hurts. And you make mistakes, lots of them. And you have to survive them. So ease, easiest time to start a business, that's the tactical thing and all that.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But it's still hard because the first prototype you come up with is your sweet little baby and then you figure out your baby's ugly and it's never even going to make it to market. We've got to iterate this ugly baby and get it because it just sucks. It's awful. And we do that at Ramsey to this day. We're messing with products. We're putting them out for tests. We're doing beta with them.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We're doing all kinds of stuff. We'll test stuff on a reel and throw it out there. And if the reel goes crazy, we ask ourself why. And does that indicate we should be in a product lane and all that? No, it's not easy. But it is easiest to start that it's ever been. So you ought to do it. The other thing that's happening right now, too, that's super exciting.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I've got 1,100 people on our team right now. And somewhere around 650, 700 of them are millennials and Gen Zs. Most of them are millennials and Gen Zs, in other words. And those two generations are the most exciting entrepreneurs I've ever seen in my life. They are amazing entrepreneurs.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They don't trust the standard way of doing things, and they color outside the lines, and they've grown up with a magic wand in their hand that if they push a button, stuff happens, and you can get the answer to anything. And so they believe anything's possible. They have an abundance mentality, not a scarcity mentality.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They distrust traditional processes and bureaucrats, which is what every entrepreneur should do. And so these two generations, the ones that you work with a lot and I work with a lot, I'm a huge fan, especially from an entrepreneur standpoint. So you're uniquely suited for this moment in time.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And then once you do that, you will naturally roll into the last one, which is.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Do it.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
What are the things that drive a business? We started asking ourselves, what are the components of business that we had to continually get better at? And as soon as we got around and got better at each one of them, by the time we came around, it was a whole new set of problems and we got to get better at them all again. So these things spin out.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And I would say we've rolled through these six drivers probably somewhere around 10 or 20 times. over the years, over the 33 years here. And so there's not a set thing, but the point is you've got to get competent in each one. And as soon as you do, you get the opportunity to solve a new set of problems in each one.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so it starts with most of the time one of us wants to start a business, we have a product or service idea. So we skip ahead and start with product, which is a mistake, but it's normal. It's what most people do. It's I've got this great idea. And that's what causes you to be a business person, causes you to be an entrepreneur. I've got this great idea. And that's okay.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You've got to start working on the prototype. Like I said, it sucks. You're going to get to do it over. But you can start working on the first version of the show, the first version of the book, the first version of the app, whatever it is, and start getting it out there.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But really, the first thing that you had to work on before you got there and you didn't even realize it, number one, is personal. The person. And John Maxwell, my friend, one of the top leadership gurus in America today, has written a bazillion books. And his bestseller and my favorite of his is the 21 Irrefutable Laws of Leadership. The third law is the law of the lid.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And the law of the lid says that my business will never outgrow my competencies and character. And so personal growth is 1,000% necessary to move forward. The person that started Ramsey couldn't even get a job at Ramsey today. That's me. Okay, the 33-year-old version of me, I couldn't even get on here. And so obviously I'm not the same guy.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I've learned a lot from experiences, books, friends, mentors, events, taking notes, learnings. Learning, learning, learning, learning, learning, learning, learning. So the problem with my business is in my mirror. That's the bad news. The solution for my business is in my mirror. That's the good news. This is a controllable I can control.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I can continually fight scratch and claw to get better, smarter, faster. wiser, all of those things. So you got to do that one. The second one is purpose. And if your only purpose in business is to make money, you will not last. Business is too hard. It's too painful. There's too many emotional ups and downs. You work too freaking hard.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And if all you want is a stack of cash, as soon as you get a stack of cash, you're going to figure out it doesn't do it. Now, I want you to make money. I like making money, and I believe in making money. I'm not against profit. I'm a capitalist pig. I love it. And so I want you to go do that, but it does not get you there. It doesn't fulfill you spiritually, psychologically, anything else.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And we always just say, when I was a little kid, I... Never had lobster until I was like 14 years old because I grew up in a redneck neighborhood. And the red lobster came to town. That was the first lobster I ever got. But I loved it. It was my favorite. And I thought, man, if I ever get some money, I'm going to eat lobster every day. No, you won't. If you eat enough lobster, it tastes like soap.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
If you get enough cars, they're just a stupid car. If you get enough jets, it's just a stupid jet. I mean, you cannot get enough money for the stuff to give you fulfillment. Your spirit is not built that way. So you need a bigger purpose, a reason for doing it. At Ramsey, it's we provide hope.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And we get great fulfillment from giving people instruction and a clear path in this book or in the Total Money Makeover on finances or whatever. We get great psychological income, spiritual income, fulfillment from meeting someone and go, hey, our business was doing 2 million a year. We came through one of your entree leadership programs and we're doing 25 million a year. That just makes me high.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I love that. Because that means the small business gal who's one of my great loves in life is succeeding and I was able to be a helper. I want to help them. I want to give them hope and I want to give them a process. So that's purpose. And then that leads you to people where you start adding people to your team. Oh, that's so fun. I love my team. And there are days they drive me nuts.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Hiring and firing is probably the hardest thing a small business person does. And you get better at it and better at it and better at it, but you never really arrive. And building culture inside the team, building unity and loyalty and high levels of communication and conformity to a set of values that we call core values.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And if you're not doing those, you're not a we, and you can't stay if you're not a we, because this is who we are. And so we're working and working and working on the hiring and firing piece. And so we just go all the way around to planning, laying out a strategic plan, a tactical plan, a marketing plan to go to market. Most entrepreneurs don't plan enough.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We just go throw something against the wall, see if it sticks. And then product comes up and then profit. Product should be a byproduct of having that purpose. of who you are growing as a person, of the quality of your team that is gathering around. And in collaboration, we create this product. We develop a plan. And out of that, a product comes.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But we often start with product and skip over those others. You'll get to do them again if you do skip over them. You don't really get to skip them. And then the last one is if you help enough people, you don't have to worry about money. If you put out a really good product or service, people will give you certificates of appreciation with president's faces on them.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Profit is the byproduct of serving well. It's the applause your customers give you, Ken Blanchard says.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Because you get to do it again. And it does fly wheel and pour into each other. You're exactly right. So for instance, once we get around the wheel of the six drivers, you're sitting on that profit one. Okay. And you're making some money. Well, you're going to grow. And in order to grow, we go back to personal. And the person has to get bigger to grow.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so if you haven't changed since you left the thing and came around, it's going to stall out. You've got to get better. And then you've got to drive the purpose deeper into the team and deeper into the client base and deeper into the vendor base.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
than it was before or it won't spill over and go to the next and now we're gonna get better at hiring and we're gonna maybe start developing our a second layer of leadership a higher level of competence because we're able to hire more people or and or better quality people people that are smarter because now we got a lot more money
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But it brings with it a whole other set of problems as well as opportunities. And so, again, they just keep pouring around. And then by the time you make a little more money and you come around, now you've got to grow again. And here the thing cycles again. So it never really stops. And it's not necessarily tied directly to the five stages, meaning it doesn't turn like once per stage.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You know, sometimes you might turn all the way around that three or four times in a stage. That's very possible. I know we have at Ramsey as we've looked at it.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, thank you for having me. I'm honored to be with you.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
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Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. The ownership has already passed. The leadership team can carry this without me. We now have multiple other brands other than me on the stage, on the microphone, called Ramsey Personalities.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You know, we've been teaching this stuff for, gosh, almost 40 years now. And I think the thing we've discovered more than anything else is if I can get folks or if we can get folks to just be intentional and just think about, look at what they're doing instead of just impulsing every single thing in the financial arena and not considering the unintended consequences, not considering the downsides.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And the show actually gets higher ratings when they're on than when I'm on, which is distressing to me personally, but it was the plan. So... It's kind of insulting, but yeah, it's real. It means our plan's working. We've been working on that for 16 years, by the way.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
While we were riding along in Peak Performer, we've been working on how we were going to create a succession plan, how we're going to implement it. We kept asking ourselves, if Dave dies this year, how much of this place survives? When we started, it was 3% would survive 16 years ago because I was 100% dependent on my being the product, even though we were in the Peak Performer stage.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But nowadays, it's 97% would survive without me. And so I've worked myself out of a job, so to speak, which means I'm a fabulous leader. But it also hurts my feelings on a personal level.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
When you're intentional, you automatically consider the downsides. And when you're intentional, that's going to lead you to being on a budget. That's going to lead you to avoiding debt. That's going to lead you to investing. Because no one says, hey, I want to work my whole life and have no money. That's not an intentional thing, right?
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Anything that's new or broken is going to start at Treadmill. And so you can have a company, an organization that's running all the way up at Pathfinder, but when you launch a new product, everybody on the brand new product starts a treadmill. We're all gutting it until we get the thing up and moving.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And when that product starts to monetize or that service starts to monetize, you can fill positions to carry it. But in the meantime, somebody's got two jobs. I got to lift this new baby out of NICU.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So anytime you're launching, or if you have something that gets in the ditch, we've had product lines that got the flu and then they got pneumonia and they were sick, you know, and we had to stop and take care of the ill patient. And then how do you get them going? Well, you paddles clear, you know, and you're boom, and you get them going again. And that's like starting a brand new product almost.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So, yeah, it's going to start a treadmill. The good news is those departments or those product launches or recovering areas, they'll blast through the stages and catch up with the organization pretty quick because the organization is not functioning at that level.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I want to be broken deeply in debt and hundreds of thousands of dollars of student loan debt and car debt, and I can't breathe. No one sets out for that to be their goal. They fall backwards into it from a lack of intentionality.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
What I did was I read every book I could get my hands on. of successful people. I read a lot of biographies of business people that were successful, and I started noticing a trend in the leadership literature and in the biographies that the best leaders in the world, the world-class leaders, are other-centered. They're serving.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They care about the outcome of the individual and of the organization at the same time, and even the personal situation of the individual, the team member. And so I can love my team, And one act of love is not allowing them to work here because they're incompetent here, which means they must be competent somewhere else.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so working with them and teaching them and lovingly guiding them and then having a difficult conversation or two or six and saying, you know, this is not working. We probably need to find you something else to do. You're not fitting here. This isn't working. We have 1,100 team members. We probably have close to 2,000 people over 35 years that used to work here.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And they either left of their own accord because they got married and had kids, or they left because they moved, or they left because they got a better job, or they left because we let them go. The vast majority, we did not let go. We don't have that many firings around here. But we are not going to sanction incompetence or misbehavior or lack of character interacting with each other.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We don't have people messing with each other and that kind of stuff. We don't do that here. And you can't be a we if you do that. So what it took me a while to figure out was that I was loving someone well by not allowing them to sit in the poop. If they're just sitting in the poop, it doesn't work. And we've all been in situations where we're just not good at something.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And it's just, it's frustrating for us. Oh, by the way, it's frustrating for the customer. Oh, by the way, it's frustrating for that person's leader. Oh, by the way, everybody's pissed. But we're not admitting it because we don't want to do anything about it because it sounds like it's mean to do conflict. It's not mean. It's mean to not do conflict.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We say around Ramsey, it's unkind to be unclear. We need to be very kind and clear and very blunt. with folks. And we don't have to wait to do annual reviews. If we're in the middle of a project and something's not going right because of an individual, we pull the individual aside and talk about it right then.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, when I got out of college, I got married and Sharon and I were broke. We had no money. And I went through a couple of jobs and then I started buying and selling houses, doing flips. And that's before there was cable TV and before Chip and Joanna were born. So this is way back there in the early 80s. I was good at it.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Then we don't embarrass them or shame them in front of the rest of the team, but we don't let this stuff lay around. And consequently, we have an incredibly productive, wonderful culture where people trust each other and things move at the speed of trust.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And it works the other way too, that for the team member, they don't have to sit and wring their hands and feel like they let everybody down or everybody's going to be mad or whatever. This is a probationary period. And so we don't require a two-week notice anyway, but you don't need a two-week notice. You just need to come in and go, you know, I'm just, this isn't working.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And we've had some funny ones, some weird ones over the years during that time. We had one guy come to work here about a year and a half ago, and he sat down, and we do a three-day in-depth onboarding. And after the three-day in-depth onboarding, he sat down at his desk, and he had like a panic attack. an anxiety thing. And he's like, I just can't do this. And we're like, what?
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
He goes, I, this, I, what I signed up for, I just, and he really even couldn't verbalize what was wrong, but he quit that day. Four days he'd been here. Well, that's better than 40 months of lack of productivity and everybody around him is frustrated and he's angry and he doesn't even know why. He couldn't even verbalize what the panic was from. But that's okay. I get it.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I mean, it's hilarious when we hired a kid that owned a landscaping company and he sold it. And he was like 22 years old or something. And he wanted to work in an office. He wanted to work in a white collar setting instead of pushing a lawnmower. And, you know, we went through the whole interview process, the whole onboarding thing. He was going to be in customer sales.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And he had put on the headset, sat down, started making calls, started taking calls. And he was there about two hours. And he like at lunch, he ripped the headset off, went running out the door. We never saw him again.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It took two days to get in touch with him. And we said, what's the thing? He goes, I just can't work inside. I'm like, what part of working at our company did you not think was inside? I mean, you know, how did you miss that part in the interview? It's like hilarious, but I can't work inside. So, yeah, we laughed at the HR team and the recruiters.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We said, hey, you have to start telling people that we work inside as part of the onboarding. But yeah, I mean, that's okay. Let them go. That's better than the pain of somebody staying in a job they hate. They start to hate themselves. They start to hate the boss. They start to hate the company.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I grew up in a real estate household, and I was doing a lot of flips and making profit. But I borrowed a lot of money to do that, and I continued to borrow short-term notes to do the flips because we weren't holding the property. We were flipping it. The largest bank we were dealing with got sold, and they looked down and said, there's a kid, 26 years old, owes us a million, too. This is scary.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They start to detest the very organization that feeds their family, which is betrayal and lack of loyalty. That's ridiculous. And it happens because leaders aren't strong and aren't strong enough to let somebody go during that 90-day period.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, leadership is service. Again, doing a task is one thing. Leading people doing that task is a whole different skill set. Leading people is different than task orientation. We've got probably 500 people on our tech team. writing code for software engineers, platform people, architect people, so on, all the way through the whole organization, because everything's digital today, of course.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And a lot of those tech guys, our gals, are really, really good at the execution of the tech, writing the code, building the code, making the website do what it's supposed to do. That's a whole different skill than leading tech people. Leading tech people, it's a science unto itself. Because they're different. Most of them are introverted.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So you're really looking at how we're going to lead, how we're going to love them well, how you're going to serve them well. So in other words, a great salesman might not be a great sales manager because sales management leading salespeople is different than making a sale. Now, they can empathize and sympathize with what's going on naturally because they've been there.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And the natural path is for them to move into leadership from having done the task. But we just have to identify that the rest of the leaders have to train the new leader to be a leader, not just a salesman, not just a tech.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Do it. Start it. Don't get married to your first microphone, your first set. I think I'm sitting in my seventh or eighth studio I've built in 30 years. Don't get married to a platform, like we said earlier, platform agnostic. I would be on everything. I wouldn't just be a YouTuber or just be a TikToker. I think that's a mistake.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Now, each of the platforms we all know watching this or participating in this, they have different personalities and you have to put different versions of you in that. I know that. I'm not saying that at all. But you need to get good enough at all of them and start using all of them. And it doesn't cost anything. Just go do it. You'll mess it up. Well, so what?
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I'm convinced about 90% of the ideas that we've had at Ramsey, including me during the 33 years I've done this, about 90% of them suck. that we survived them. We lost money. We lost reputation. We look back on that stuff and we look, that's pitiful. You were awful. Those old tapes make me laugh. But do it anyway, because you don't know which 10% is going to work.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Quit doing the stuff that doesn't work, obviously. And every idea I have is a good one when I'm out walking in the morning, right? Or having a cup of coffee. Every idea is a good one. But when it hits the market, most of them aren't. So go do it anyway and keep going, keep going, keep going. Don't stop. Don't stop. Never quit.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
me and two in 1982 with some money. And so they called our notes. And then another lender heard we were in trouble because we were in trouble. And so we had to come up with all of the $3 million worth of debt that we were in in like six months. And that was impossible in the real estate business. So it started a crash of foreclosures and lawsuits and
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Make sure you're always wearing your customer's shoes. Quit thinking about how you can make money. Think about how you can make their life better, and they'll give you money.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, in my case, when we went broke, I had met God on the way up. I got to know him on the way down. My walk with God has changed my entire life. I'm a different man. I'm a different dad. I'm a different husband. I'm a different leader. And that faith journey is woven into any story that is a Dave Ramsey story. That might not be true for others, but that's the answer to my question.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Oh, it's pretty well everywhere. I think you can find it. But RamseySolutions.com is the mothership website, and you can find all the stuff going on there.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Honor to be with you. Very good job. Thank you for having me.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
stress that lasted two and a half years and finally with a brand new baby and a toddler and our marriage hanging on by a thread we hit bottom after two and a half years i made two hundred fifty thousand dollars one year the next year i made six thousand because I spent the whole year selling everything, trying to pay the bill. So at 28 years old, I got the opportunity to start over.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I went to buying and selling real estate again, but this time I was just doing it as a wholesaler, just pitching it to other people that are in the business, because I had no credit and I had no money. to eat to feed the kids.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And then gradually I started learning common sense financial principles from old people that were rich and from the Bible as a Christian and started telling people to live on less than you make and be on a budget and get out of debt. And that's what Sharon and I were doing to recover, to heal. And so that started as just a little Sunday school class at my church.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And then we went on a broke radio station, as you said. It was talk radio. It was huge in those days. It was just beginning in those days, actually. Rush Limbaugh was just coming on the scene, that kind of thing. And we went on as just a lark, just for fun. We weren't paid. There was no money. It was just to help people. And we were horrible. We were awful at it.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
The accents were super thick and the country fried and hillbilly. And if you heard those tapes, you would really get a good Saturday Night Live skit laugh. But that's how we started. And people got helped and they kept calling because they kept getting helped. And that was 34 years ago. It's...
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Like you, I'm an entrepreneur at heart. And so we see a need and fill it. And I'm looking around getting people out of debt. This is not exactly a niche market. This is huge. It's mammoth. And we always laugh and say, me and Jenny Craig got a big job. It's crazy out there. So we knew it could be huge based on the need.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But what I didn't know at 33 years old when I started, 32 when I turned on a microphone, that I had no idea how much work it was going to be to monetize it, to scale it, to build business models and systems and products that would insert themselves at volume into people's lives. I had no idea how much work. And I had no idea what I didn't know. I didn't know what I didn't know.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I probably wouldn't have done it if I didn't know how hard it was going to be. But it's a lot of work. We've worked our tails off for a long, long time. But it's fun, and we've helped a lot of folks, and it's turned into a wonderful, wonderful life.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You know, it's really insightful for you to notice that. Most people don't. I have to explain it to them. So thank you. That's impressive. Because we're not talk radio people and we're not podcasters and we're not YouTubers and we're not best-selling authors and we're not a live events company and we're not a curriculum company. We are content creators.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
What that means is we have a message that helps people that we believe in and that we're effective at teaching. And once you say that, then the answer is we're platform agnostic. I don't give a crud. I personally, I'm a boomer. I personally detest TikTok. I make fun of it. But aside from my personal flavor, we utilize that medium because we're able to reach a lot of teens.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We're able to reach a lot of early 20s, Gen Zers that are kicking off. And so we're wearing TikTok out. My social media team, aside from my personal taste of it, I actually don't consume any personal media personally anymore. I check my Instagram a little bit, but that's about it. I have never been personally on Facebook.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
When Twitter started, I got on it big time because it was a lot of fun way back before it got taken over by the trolls. And I've not been on it since it's X. I'm on it, but I'm not on it. So anyway, we're platform agnostic. So talk radio. And then the first thing that happened was in the 90s, two satellite companies put up satellites, one called Sirius and one called XM.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And talk radio people were freaking out like, oh, that's going to be the end of talk radio. It's going to take over everything. And then we're like, nah, probably not. But that's kind of fun. And so we did a deal and got on both of them. Well, they both financially struggled and then ended up combining. And so today I have a whole channel on Sirius XM.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But I was one of the first people on there because I'm platform agnostic. And we kept doing talk radio. And then Mark Cuban sells broadcast.com for $11 billion because broadband was actually starting to get some penetration. Of course, when I started on talk radio, there wasn't an internet. So when we come along past that, now this thing pops up called the Wild Wild West, www.daveramsey.com.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We used to say that. You know, it's crazy. So the broadband where you could actually get something that was streaming and it was clean like you and I are doing right now and that kind of thing. And so a guy walked into my office, one of my team, and he goes, we need a podcast. I'm like, what the flip's a podcast? And we were one of the first people in the podcast space.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We were there very, very early. We didn't shift the whole business model to that because we don't really care what it's on as long as we can help somebody with it. And we're not going to abandon all the others. We're not radio people, so we don't have to worry about radio. We're not podcasters, so we don't have to worry about podcasting.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And if one of them gets mad at us or the other, that's their problem. We're going to be on everything.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You're right. We do three hours a day of talk radio that turns into a podcast and also turns into a YouTube show that's much less than that because there's so stinking many commercials and radio. So by the time we extract those with the algorithm, put it back on. But we're sitting in this seat every day doing a three-hour show and have 430 plus years. So you're right.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I'm both the product and I am the CEO. And so what do I do? Well, I've got to be able to and master the task of shutting off one and turning on the other. So while I'm on stage talking to 4,000 people in an auditorium, I can't be up there thinking about business strategy. I need to be the best product. And when I'm not up there and I'm doing something else, I can't be thinking about that stage.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I've got to be the best CEO. To compartmentalize and to say, okay, once I get off the radio show, this is what we're doing. Or once I get off the microphone, this is what we're doing. We're gonna sit down, I go straight into that meeting. And so today I've done two podcasts and I'll do ours as a guest and I'll do ours.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So I've been the product a lot today, but I had an early morning meeting over coffee with one of our team leaders, on some stuff we were dealing with as the CEO. And I'll have another meeting after I get off the air today. And so it's just switch on, switch off is what it amounts to. And what that means is that my calendar has become very, very important.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We are very selective and intentional about what I'm going to spend my time on, whether it's being the product. And so I can't go speak to a group of 35 people. I don't have the bandwidth to do that and still run the company. I have to turn that one down. I'd love to. I like the people. I'm not arrogant about it. I just have to be doing the other stuff.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so my calendar is 15-minute blocks is 100% full from 8 a.m. to 5 p.m. when I'm working. And it's probably out through about August right now that way. And so if something gets on there, that means something else got bumped off. right now, between now and then. And that will happen periodically. My personal assistant's been with me 23 years.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
She helps me manage that so that I don't get all fatigued and stressed out and become a jerk or too much caffeine and become a jerk. But yeah, we just got to navigate our way through that and manage those time blocks.
Young and Profiting (YAP) with Hala Taha
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Yeah, I went to Scotland recently and played golf. I'm not a good golfer, but I had a lot of fun because it's the home of golf. And Scotland is famous for its horrible weather when you're playing golf. Among the horrible weather is fog. And so we played one course one day, my wife and I, and it was super, super foggy, and you couldn't see 40 feet in front of you.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It is the easiest time to start a business, but that doesn't mean it's easy. If your only purpose in business is to make money, you will not last. If you help enough people, you don't have to worry about money.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so we had a caddy, and he would say, just aim it that way, and you're just hitting a ball off into oblivion. You have no idea. where it's going, none whatsoever. And it was really, really, really a frustrating experience. And then we went about three days later, it was foggy again, and we went to a different one.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And these people had taken bicycle seat lights that were strobes and put them on little posts about every 50 yards out through the fog. And so you couldn't see the hole where you were hitting to, and you couldn't see really a lot of the nuance of the terrain that you were hitting into, but you could see one light blinking in the fog.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so if you could hit the ball towards that light, you knew you were going to be okay. And that changed the whole experience. Exact same weather, but it was nowhere near the frustration, even though it wasn't as enjoyable as being able to see the whole thing and place the ball where you wanted to place it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But at least we had the sense that what we were doing was getting traction and it wasn't just a random freaking chaotic thing. And so you land out there and then you could see the next light. and get up onto the green, and then you've got a whole different process. So the point of that is that having a clear path in anything gives you huge hope and energy and belief to move forward.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It's very difficult to move forward when you're in the fog, when you can't see and you don't know what you don't know. Not only do you have all the frustration and the angst of being in business and working your butt off and not knowing, but you can't see where you're going. So one of the things we attempted to do is to lay out a clear path
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
through the process of business that we've observed in our business. And back in about the year 2000, we started coaching small businesses and we've now coached about 10,000 of them. And as we've coached them, we've watched them go through the same five stages of business. And that's the clear path. That's the light in the fog.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, the first one is treadmill. Everything depends on you. And then the second thing is you start. And then when you've done that, you'll level up and you go into the Pathfinder stage. And then we move into Trailblazer. The next one is a sweet spot. Peak Performer. Oh, you're making so much money. Everything's going so good that you forget to break it, but you better break it before it breaks.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It is the easiest time, but that doesn't mean it's easy. Ease of entry into the world of content creation, as an example, you can just decide one morning and you have a YouTube channel. You only have two people watching it, but you can decide and start. You can start a podcast. You can start and print a book today very easily. You can become an author very easily.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
The ease of entry into, for instance, your world, my world, is amazingly easy in terms of the actual tactical things. But starting and running a business is hard. As soon as you become self-employed, you realize you have a jerk slave driver for a boss. Your boss will work you to death when you're self-employed because they think about it all the time.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And they think about what you should be doing all the time. And you're just consumed with it. And you do stupid stuff and it hurts. And you make mistakes, lots of them. And you have to survive them. So ease, easiest time to start a business, that's the tactical thing and all that.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But it's still hard because the first prototype you come up with is your sweet little baby and then you figure out your baby's ugly and it's never even going to make it to market. We've got to iterate this ugly baby and get it because it just sucks. It's awful. And we do that at Ramsey to this day. We're messing with products. We're putting them out for tests. We're doing beta with them.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We're doing all kinds of stuff. We'll test stuff on a reel and throw it out there. And if the reel goes crazy, we ask ourself why. And does that indicate we should be in a product lane and all that? No, it's not easy. But it is easiest to start that it's ever been. So you ought to do it. The other thing that's happening right now, too, that's super exciting.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I've got 1,100 people on our team right now. And somewhere around 650, 700 of them are millennials and Gen Zs. Most of them are millennials and Gen Zs, in other words. And those two generations are the most exciting entrepreneurs I've ever seen in my life. They are amazing entrepreneurs.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They don't trust the standard way of doing things, and they color outside the lines, and they've grown up with a magic wand in their hand that if they push a button, stuff happens. And you can get the answer to anything. And so they believe anything's possible. They have an abundance mentality, not a scarcity mentality.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They distrust traditional processes and bureaucrats, which is what every entrepreneur should do. And so these two generations, the ones that you work with a lot and I work with a lot, I'm a huge fan, especially from an entrepreneur standpoint. So you're uniquely suited for this moment in time.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And then once you do that, you will naturally roll into the last one, which is.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Do it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
What are the things that drive a business? We started asking ourselves, what are the components of business that we had to continually get better at? And as soon as we got around and got better at each one of them, by the time we came around, there was a whole new set of problems and we got to get better at them all again. So these things spin out.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And I would say we've rolled through these six drivers probably somewhere around 10 or 20 times. over the years, over the 33 years here. And so there's not a set thing, but the point is you've got to get competent at each one. And as soon as you do, you get the opportunity to solve a new set of problems in each one.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so it starts with most of the time one of us wants to start a business, we have a product or service idea. So we skip ahead and start with product, which is a mistake, but it's normal. It's what most people do. It's I've got this great idea. And that's what causes you to be a business person, causes you to be an entrepreneur. I've got this great idea. And that's okay.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You've got to start working on the prototype. Like I said, it sucks. You're going to get to do it over. But you can start working on the first version of the show, the first version of the book, the first version of the app, whatever it is, and start getting it out there.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But really, the first thing that you had to work on before you got there and you didn't even realize it, number one, is personal. The person. And John Maxwell, my friend, one of the top leadership gurus in America today, has written a bazillion books. And his bestseller and my favorite of his is the 21 Irrefutable Laws of Leadership. The third law is the law of the lid.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And the law of the lid says that my business will never outgrow my competencies and character. And so personal growth is 1000% necessary to move forward. The person that started Ramsey couldn't even get a job at Ramsey today. That's me. Okay, the 33 year old version of me, I couldn't even get on here. And so obviously I'm not the same guy.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I've learned a lot from experiences, books, friends, mentors, events, taking notes, Learning, learning, learning, learning, learning, learning, learning. So the problem with my business is in my mirror. That's the bad news. The solution for my business is in my mirror. That's the good news. This is a controllable I can control.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I can continually fight scratch and claw to get better, smarter, faster. wiser, all of those things. So you got to do that one. The second one is purpose. And if your only purpose in business is to make money, you will not last. Business is too hard. It's too painful. There's too many emotional ups and downs. You work too freaking hard.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And if all you want is a stack of cash, as soon as you get a stack of cash, you're going to figure out it doesn't do it. Now, I want you to make money. I like making money, and I believe in making money. I'm not against profit. I'm a capitalist pig. I love it. And so I want you to go do that, but it does not get you there. It doesn't fulfill you spiritually, psychologically, anything else.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And we always just say, when I was a little kid, I... Never had lobster until I was like 14 years old because I grew up in a redneck neighborhood. And the red lobster came to town. That was the first lobster I ever got. But I loved it. It was my favorite. And I thought, man, if I ever get some money, I'm going to eat lobster every day. No, you won't. If you eat enough lobster, it tastes like soap.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
If you get enough cars, they're just a stupid car. If you get enough jets, it's just a stupid jet. I mean, you cannot get enough money for the stuff to give you fulfillment. Your spirit is not built that way. So you need a bigger purpose, a reason for doing it. At Ramsey, it's we provide hope.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And we get great fulfillment from giving people instruction and a clear path in this book or in the Total Money Makeover on finances or whatever. We get great psychological income, spiritual income. fulfillment from meeting someone and go, hey, our business was doing 2 million a year. We came through one of your entree leadership programs and we're doing 25 million a year. That just makes me high.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I love that because that means the small business gal who's one of my great loves in life is succeeding and I was able to be a helper. I want to help them. I want to give them hope and I want to give them a process. So that's purpose. And then that leads you to people where you start adding people to your team. Oh, that's so fun. I love my team. And there are days they drive me nuts.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Hiring and firing is probably the hardest thing a small business person does. And you get better at it and better at it and better at it, but you never really arrive. And building culture inside the team, building unity and loyalty and high levels of communication and conformity to a set of values that we call core values.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And if you're not doing those, you're not a we, and you can't stay if you're not a we, because this is who we are. And so, you know, we're working and working and working on the hiring and firing piece. And so we just go all the way around to planning, laying out a strategic plan, a tactical plan, a marketing plan to go to market. Most entrepreneurs don't plan enough.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We just go throw something against the wall, see if it sticks. And then product comes up and then profit. Product should be a byproduct of having that purpose. of who you are growing as a person, of the quality of your team, this gathering around. And in collaboration, we create this product. We develop a plan. And out of that, a product comes.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But we often start with product and skip over those others. You'll get to do them again if you do skip over them. You don't really get to skip them. And then the last one is if you help enough people, you don't have to worry about money. If you put out a really good product or service, people will give you certificates of appreciation with president's faces on them.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Profit is the byproduct of serving well. It's the applause your customers give you, Ken Blanchard says.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
because you get to do it again and it does fly wheel and pour into each other. You're exactly right. So for instance, once we get around the wheel of the six drivers, you're sitting on that profit one. Okay. And you're making some money. Well, you're going to grow. And in order to grow, we go back to personal. And the person has to get bigger to grow.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so if you haven't changed since you left the thing and came around, it's going to stall out. You've got to get better. And then you've got to drive the purpose deeper into the team and deeper into the client base and deeper into the vendor base. than it was before or it won't spill over and go to the next.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And now we're going to get better at hiring and we're going to maybe start developing our second layer of leadership, a higher level of competence because we're able to hire more people and or better quality people, people that are smarter because now we got a little more money. But it brings with it a whole other set of problems as well as opportunities.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so, again, they just keep pouring around. And then by the time you make a little more money and you come around, now you've got to grow again. And here the thing cycles again. So it never really stops. And it's not necessarily tied directly to the five stages, meaning it doesn't turn like once per stage. You know, sometimes you might turn all the way around that three or four times in a stage.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
That's very possible. I know we have at Ramsey as we've looked at it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
What's stalling the flywheel?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It is one of those buckets has stopped up.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, thank you for having me. I'm honored to be with you.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
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Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. It's kind of insulting, but yeah, it's real. It means our plan's working. We've been working on that for 16 years, by the way.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You know, we've been teaching this stuff for, gosh, almost 40 years now. And I think the thing we've discovered more than anything else is if I can get folks or if we can get folks to just be intentional and just think about, look at what they're doing instead of just impulsing every single thing in the financial arena and not considering the unintended consequences, not considering the downsides.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
While we were riding along in Peak Performer, we've been working on how we were going to create a succession plan, how we're going to implement it. We kept asking ourselves, if Dave dies this year, how much of this place survives? When we started, it was 3% would survive 16 years ago because I was 100% dependent on my being the product, even though we were in the Peak Performer stage.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But nowadays, it's 97% would survive without me. And so I've worked myself out of a job, so to speak, which means I'm a fabulous leader. But it also hurts my feelings on a personal level.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
When you're intentional, you automatically consider the downsides. And when you're intentional, that's going to lead you to being on a budget. That's going to lead you to avoiding debt. That's going to lead you to investing. Because no one says, hey, I want to work my whole life and have no money. That's not an intentional thing, right?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Anything that's new or broken is going to start at Treadmill. And so you can have a company, an organization that's running all the way up at Pathfinder, but when you launch a new product, everybody on the brand new product starts a treadmill. We're all gutting it until we get the thing up and moving.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And when that product starts to monetize or that service starts to monetize, you can fill positions to carry it. But in the meantime, somebody's got two jobs. I got to lift this new baby out of NICU.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So anytime you're launching, or if you have something that gets in the ditch, we've had product lines that got the flu and then they got pneumonia and they were sick, you know, and we had to stop and take care of the ill patient. And then how do you get them going? Well, you paddles clear, you know, and you're boom, and you get them going again. And that's like starting a brand new product almost.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So, yeah, it's going to start a treadmill. The good news is those departments or those product launches or recovering areas, they'll blast through the stages and catch up with the organization pretty quick because the organization is not functioning at that level.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I want to be broken deeply in debt and hundreds of thousands of dollars of student loan debt and car debt, and I can't breathe. No one sets out for that to be their goal. They fall backwards into it from a lack of intentionality.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
What I did was I read every book I could get my hands on. successful people. I read a lot of biographies of business people that were successful, and I started noticing a trend in the leadership literature and in the biographies that the best leaders in the world, the world-class leaders, are other-centered. They're serving.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They care about the outcome of the individual and of the organization at the same time, and even the personal situation of the individual, the team member. And so I can love my team, And one act of love is not allowing them to work here because they're incompetent here, which means they must be competent somewhere else.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so working with them and teaching them and lovingly guiding them and then having a difficult conversation or two or six and saying, you know, this is not working. We probably need to find you something else to do. You're not fitting here. This isn't working. We have 1,100 team members. We probably have close to 2,000 people over 35 years that used to work here.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And they either left of their own accord because they got married and had kids, or they left because they moved, or they left because they got a better job, or they left because we let them go. The vast majority, we did not let go. We don't have that many firings around here. But we are not going to sanction incompetence or misbehavior or lack of character interacting with each other.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We don't have people messing with each other and that kind of stuff. We don't do that here. And you can't be a we if you do that. So what it took me a while to figure out was that I was loving someone well by not allowing them to sit in the poop. If they're just sitting in the poop, it doesn't work. And we've all been in situations where we're just not good at something.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And it's just, it's frustrating for us. Oh, by the way, it's frustrating for the customer. Oh, by the way, it's frustrating for that person's leader. Oh, by the way, everybody's pissed. But we're not admitting it because we don't want to do anything about it because it sounds like it's mean to do conflict. It's not mean. It's mean to not do conflict.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We say around Ramsey, it's unkind to be unclear. We need to be very kind and clear and very blunt. with folks. And we don't have to wait to do annual reviews. If we're in the middle of a project and something's not going right because of an individual, we pull the individual aside and talk about it right then.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, when I got out of college, I got married and Sharon and I were broke. We had no money. And I went through a couple of jobs and then I started buying and selling houses, doing flips. And that's before there was cable TV and before Chip and Joanna were born. So this is way back there in the early 80s. I was good at it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Then we don't embarrass them or shame them in front of the rest of the team, but we don't let this stuff lay around. And consequently, we have an incredibly productive, wonderful culture where people trust each other and things move at the speed of trust.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And it works the other way too, that for the team member, they don't have to sit and wring their hands and feel like they let everybody down or everybody's going to be mad or whatever. This is a probationary period. And so we don't require a two-week notice anyway, but you don't need a two-week notice. You just need to come in and go, you know, I'm just, this isn't working.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And we've had some funny ones, some weird ones over the years during that time. We had one guy come to work here about a year and a half ago, and he sat down, and we do a three-day in-depth onboarding. And after the three-day in-depth onboarding, he sat down at his desk, and he had like a panic attack. an anxiety thing. And he's like, I just can't do this. And we're like, what?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
He goes, I, this, I, what I signed up for, I just, and he really even couldn't verbalize what was wrong, but he quit that day. Four days he'd been here. Well, that's better than 40 months of lack of productivity and everybody around him's frustrated and he's angry and he doesn't even know why. He couldn't even verbalize what the panic was from. But that's okay. I get it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I mean, hilarious when we hired a kid that owned a landscaping company and he'd sold it. And he was like 22 years old or something. And he wanted to work in an office. He wanted to work in a white collar setting instead of pushing a lawnmower. And, you know, we went through the whole interview process, the whole onboarding thing. He was going to be in customer sales.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And he had put on the headset, sat down, started making calls, started taking calls. And he was there about two hours. And he like at lunch, he ripped the headset off, went running out the door. We never saw him again.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
It took two days to get in touch with him. And we said, what's the thing? He goes, I just can't work inside. I'm like, what part of working at our company did you not think was inside? I mean, you know, how did you miss that part in the interview? It's like hilarious, but I can't work inside. So, yeah, we laughed at the HR team and the recruiters.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We said, hey, you have to start telling people that we work inside as part of the onboarding. But yeah, I mean, that's okay. Let them go. That's better than the pain of somebody staying in a job they hate. They start to hate themselves. They start to hate the boss. They start to hate the company.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
They start to detest the very organization that feeds their family, which is betrayal and lack of loyalty. That's ridiculous. And it happens because leaders aren't strong and aren't strong enough to let somebody go during that 90-day period.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I grew up in a real estate household and I was doing a lot of flips and making profit. But I borrowed a lot of money to do that. And I continued to borrow short-term notes to do the flips because we weren't holding the property. We were flipping it. The largest bank we were dealing with got sold and they looked down and said, there's a kid, 26 years old, owes us a million too. This is scary.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, leadership is service. Again, doing a task is one thing. Leading people doing that task is a whole different skill set. Leading people is different than task orientation. We've got probably 500 people on our tech team. writing code for software engineers, platform people, architect people, so on, all the way through the whole organization, because everything's digital today, of course.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And a lot of those tech guys, our gals, are really, really good at the execution of the tech, writing the code, building the code, making the website do what it's supposed to do. That's a whole different skill than leading tech people. Leading tech people, it's a science unto itself. Because they're different. Most of them are introverted.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So you're really looking at how we're going to lead, how we're going to love them well, how you're going to serve them well. So in other words, a great salesman might not be a great sales manager because sales management leading salespeople is different than making a sale. Now, they can empathize and sympathize with what's going on naturally because they've been there.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And the natural path is for them to move into leadership from having done the task. But we just have to identify that the rest of the leaders have to train the new leader to be a leader, not just a salesman, not just a tech.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Do it. Start it. Don't get married to your first microphone, your first set. I think I'm sitting in my seventh or eighth studio I've built in 30 years. Don't get married to a platform, like we said earlier, platform agnostic. I would be on everything. I wouldn't just be a YouTuber or just be a TikToker. I think that's a mistake.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Now, each of the platforms we all know watching this or participating in this, they have different personalities and you have to put different versions of you in that. I know that. I'm not saying that at all. But you need to get good enough at all of them and start using all of them. And it doesn't cost anything. Just go do it. You'll mess it up. Well, so what?
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I'm convinced about 90% of the ideas that we've had at Ramsey, including me during the 33 years I've done this, about 90% of them suck. that we survived them. We lost money. We lost reputation. We look back on that stuff and we look, that's pitiful. You were awful. Those old tapes make me laugh. But do it anyway, because you don't know which 10% is going to work.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Quit doing the stuff that doesn't work, obviously. And every idea I have is a good one when I'm out walking in the morning, right? Or having a cup of coffee. Every idea is a good one. But when it hits the market, most of them aren't. So go do it anyway and keep going, keep going, keep going. Don't stop. Don't stop. Never quit.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Make sure you're always wearing your customer's shoes. Quit thinking about how you can make money. Think about how you can make their life better, and they'll give you money.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Me and two in 1982 with some money. And so they called our notes. And then another lender heard we were in trouble because we were in trouble. And so we had to come up with all of the $3 million worth of debt that we were in in like six months. And that was impossible in the real estate business. So it started a crash of foreclosures and lawsuits and stress that lasted two and a half years.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Well, in my case, when we went broke, I had met God on the way up. I got to know him on the way down. My walk with God has changed my entire life. I'm a different man. I'm a different dad. I'm a different husband. I'm a different leader. And that faith journey is woven into any story that is a Dave Ramsey story. That might not be true for others, but that's the answer to my question.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Oh, it's pretty well everywhere. I think you can find it. But RamseySolutions.com is the mothership website, and you can find all the stuff going on there.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Honor to be with you. Very good job. Thank you for having me.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And finally, with a brand new baby and a toddler and our marriage hanging on by a thread, We hit bottom after two and a half years. I made $250,000 one year. The next year I made $6,000 because I spent the whole year selling everything, trying to pay the bill. So at 28 years old, I got the opportunity to start over.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I went to buying and selling real estate again, but this time I was just doing it as a wholesaler, just pitching it to other people that are in the business because I had no credit and I had no money. to eat to feed the kids.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And then gradually I started learning common sense financial principles from old people that were rich and from the Bible as a Christian and started telling people to live on less than you make and be on a budget and get out of debt. And that's what Sharon and I were doing to recover, to heal. And so that started as just a little Sunday school class at my church.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And then we went on a broke radio station, as you said. It was talk radio. It was huge in those days. It was just beginning in those days, actually. Rush Limbaugh was just coming on the scene, that kind of thing. And we went on as just a lark, just for fun. We weren't paid. There was no money. It was just to help people. And we were horrible. We were awful at it.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
the accents were super thick and the country fried and hillbilly. And if you heard those tapes, you would really get a good Saturday night live skit laugh, but that's how we started. And people got helped and they kept calling because they kept getting helped. And that was 34 years ago. It's,
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Like you, I'm an entrepreneur at heart. And so we see a need and fill it. And I'm looking around getting people out of debt. This is not exactly a niche market. This is huge. It's mammoth. And we always laugh and say, me and Jenny Craig got a big job. It's crazy out there. So we knew it could be huge based on the need.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But what I didn't know at 33 years old when I started, 32 when I turned on a microphone, that I had no idea how much work it was going to be to monetize it, to scale it, to build business models and systems and products that would insert themselves at volume into people's lives. I had no idea how much work. And I had no idea what I didn't know. I didn't know what I didn't know.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
I probably wouldn't have done it if I had known how hard it was going to be. But it's a lot of work. We've worked our tails off for a long, long time. But it's fun, and we've helped a lot of folks, and it's turned into a wonderful, wonderful life.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You know, it's really insightful for you to notice that. Most people don't. I have to explain it to them. So thank you. That's impressive. Because we're not talk radio people and we're not podcasters and we're not YouTubers and we're not best-selling authors and we're not a live events company and we're not a curriculum company. We are content creators.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
What that means is we have a message that helps people that we believe in and that we're effective at teaching. And once you say that, then the answer is we're platform agnostic. I don't give a crud. I personally, I'm a boomer. I personally detest TikTok. I make fun of it. But aside from my personal flavor, we utilize that medium because we're able to reach a lot of teens.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We're able to reach a lot of early 20s, Gen Zers that are kicking off. And so we're wearing TikTok out. My social media team, aside from my personal taste of it, I actually don't consume any personal media personally anymore. I check my Instagram a little bit, but that's about it. I have never been personally on Facebook.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
When Twitter started, I got on it big time because it was a lot of fun way back before it got taken over by the trolls. And I've not been on it since it's X. I'm on it, but I'm not on it. So anyway, we're platform agnostic. So talk radio. And then the first thing that happened was in the 90s, two satellite companies put up satellites, one called Sirius and one called XM.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And talk radio people were freaking out like, oh, that's going to be the end of talk radio. It's going to take over everything. And then we're like, nah, probably not. But that's kind of fun. And so we did a deal and got on both of them. Well, they both financially struggled and then ended up combining. And so today I have a whole channel on Sirius XM.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
But I was one of the first people on there because I'm platform agnostic. And we kept doing talk radio. And then Mark Cuban sells broadcast.com for 11 billion because broadband was actually starting to get some penetration. Of course, when I started on talk radio, there wasn't an internet. So when we come along past that, now this thing pops up called the Wild Wild West, www.daveramsey.com.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And we used to say that, you know, it's crazy. So the broadband where you could actually get something that was streaming and it was clean like you and I are doing right now and that kind of thing. And so a guy walked into my office, one of my team, and he goes, we need a podcast. I'm like, what the flip's a podcast? And we were one of the first people in the podcast space.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We were there very, very early. We didn't shift the whole business model to that because we don't really care what it's on as long as we can help somebody with it. And we're not going to abandon all the others. We're not radio people, so we don't have to worry about radio. We're not podcasters, so we don't have to worry about podcasting.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And if one of them gets mad at us or the other, that's their problem. We're going to be on everything.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
You're right. We do three hours a day of talk radio that turns into a podcast and also turns into a YouTube show that's much less than that because there's so stinking many commercials and radio. So by the time we extract those with the algorithm and put it back on, but we're sitting in this seat every day doing a three-hour show and have 430-plus years.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
So you're right, I'm both the product and I am the CEO. And so what do I do? Well, I've got to be able to and master the task of shutting off one and turning on the other. So while I'm on stage talking to 4,000 people in an auditorium, I can't be up there thinking about business strategy. I need to be the best product.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And when I'm not up there and I'm doing something else, I can't be thinking about that stage. I've got to be the best CEO to compartmentalize and to say, okay, once I get off the radio show, this is what we're doing. Or once I get off the microphone, this is what we're doing. We're going to sit down, I go straight into that meeting. And so today I've done two podcasts and I'll do ours as a guest.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
and I'll do ours. So I've been the product a lot today, but I had an early morning meeting over coffee with one of our team leaders on some stuff we were dealing with as the CEO. And I'll have another meeting after I get off the air today. And so it's just switch on, switch off is what it amounts to. And what that means is, is that my calendar has become very, very important.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
We are very selective and intentional about what I'm going to spend my time on, whether it's being the product. And so I can't go speak to a group of 35 people. I don't have the bandwidth to do that and still run the company. I have to turn that one down. I'd love to. I like the people. I'm not arrogant about it. I just have to be doing the other stuff.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
And so my calendar is 15-minute blocks is 100% full from 8 a.m. to 5 p.m. when I'm working. And it's probably out through about August right now that way. And so if something gets on there, that means something else got bumped off. right now, between now and then. And that will happen periodically. My personal assistant's been with me 23 years.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
She helps me manage that so that I don't get all fatigued and stressed out and become a jerk or too much caffeine and become a jerk. But yeah, we just got to navigate our way through that and manage those time blocks.
Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Dave Ramsey: 5 Stages to Build and Scale a Business That Lasts | Entrepreneurship | E344
Yeah, I went to Scotland recently and played golf. I'm not a good golfer, but I had a lot of fun because it's the home of golf. And Scotland is famous for its horrible weather when you're playing golf. Among the horrible weather is fog. And so we played one course one day, my wife and I, and it was super, super foggy, and you couldn't see 40 feet in front of you.