Dave Ramsey
Appearances
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
So the contract is still under negotiation or are you signed for it?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Not the best of all worlds, but a whole lot better than some people we talk to.
The Ramsey Show
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
That's the letter Y-R-E-F-Y dot com slash Ramsey. Might not be in all states.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
Well, they are, but they don't have a soul. Hedge funds don't have a soul.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
They're not causing it. But Blackstone, yeah, those guys are buying up houses.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
It probably is to some extent, but not as much as TikTok says it is.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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?
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 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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Yeah, so these idiots are going to lose a $320,000 sale on a house over three grand of used refrigerator.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And how long have you been married? Eight years. Okay.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
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
Go Slow: Never Invest in What You Don’t Understand
Yeah, when are you getting married?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
The numbers you gave me don't equal that. Where'd you get that money?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
You did say that. You did. I'm lost. Okay. My plan just fell apart.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
You're moving straight into the obstacle.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
They're going to cave like last week. Yeah, they're going to. Okay. Yeah, they're going to cave.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Sharp young people serving their country.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Very cool. This is The Ramsey Show.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
The Ramsey Show
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?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So where'd you come from in California? San Diego? Uh-huh. Okay, so...
The Ramsey Show
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.
The Ramsey Show
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Baby step millionaires at 39 and 37.
The Ramsey Show
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
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Marie's in Sacramento. How are you, Marie?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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
Go Slow: Never Invest in What You Don’t Understand
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.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
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.
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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.
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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 –
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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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?
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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.
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Small Changes Now Mean Big Wins Later
Yeah, so it sounds like the majority of your life you've made under 100K.
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Small Changes Now Mean Big Wins Later
So in 19 years, you turned the whole thing around. Yeah.
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Small Changes Now Mean Big Wins Later
What was your, what was your, what'd you do for a living?
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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.
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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.
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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.
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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.
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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?
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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?
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Small Changes Now Mean Big Wins Later
Okay. And what was your income, best year and worst year?
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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?
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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.
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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.
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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.
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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.
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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. 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.
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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?
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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?
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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?
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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.
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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.
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You see them show up there all the time. We've been friends with these guys a long time. You can trust them because they've got a track record of over 30 years of supplying food, water, recovery to communities around the world. So if you live and give like no one else, you can donate and support their mission at convoyofhope.org slash Ramsey. convoyofhope.org slash Ramsey.
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My goodness, lady. You just keep going. That's amazing. Wow. Well, thank you for sharing that, Christy Sue. Merry Christmas. I've been doing this show for over 30 years, and some of the saddest calls I have taken are from situations that are completely preventable.
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And it doesn't cost much, because Zander shops among a gazillion different companies. It doesn't cost much. You just have to admit that someday you're not going to be here. You've got to say it out loud, and you've got to say, I'm going to say I love you to my family by taking care of them and taking the time to put this stuff in place. The cost of a stinking pizza.
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To get a free quote, call 800-356-4282. That's 800-356-4282, or go to zander.com. George Campbell, Ramsey personality, number one best-selling author, is my co-host today on our annual giving show, brought to you today by the fine folks at Convoy of Hope.
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They partner with churches and civic organizations around the world to help in times of crisis, hunger, and a lot of other wonderful things that they bring in to support literally around the world, but where you'll see them pop up is when you see something on the news like a an Asheville, North Carolina type event, you'll see their trucks and their people on the ground.
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They're immediately helping. So convoyofhope.org slash Ramsey. Be sure and check these guys out. We appreciate them sponsoring today's giving show. On the debt-free stage, live right here in the lobby of Ramsey Solutions, one of our own Ramsey team, Meg Loney is with us. And Meg, welcome. Hey, you're here for the generosity time, the giving show.
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So before we get into that, you've been with Ramsey, what, about six years?
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Seven years. Okay, cool. And tell everybody what you do here.
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Marketing operations specialist. You make things work. What the flip does that mean?
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We'll never understand. She's a senior digital marketing analyst. So, yeah, Meg is smart, people. That's what we're trying to say. She's dumbing it down for us. Yeah, she's trying to dumb it down for her CEO.
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Well, it didn't work. You didn't get down low enough for me. You've got to get the cookies down on the bottom shelf. All right, tell us your generosity story.
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They're our sponsor for our giving show today. No irony there at all. open phones. As we take your calls about your stories, you jump in. The phone number is 888-825-5225. It's all giving all day or receiving all generosity all day. Greg is with us to start the show off. Wichita, Kansas. Hi, Greg. Merry Christmas.
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The Make-A-Wish Foundation has an incredible reputation of making these dreams come true like this. They do a great job. Did they find out about you, or do you apply, or how did you make the connection on that?
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Wow. That's cool. That's cool. I can't think of anything better to do than make sure a child gets a wish like that. That's pretty incredible. Very cool.
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Absolutely, man. So tell us what your generosity story is.
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Yeah, absolutely. And the end of the story is a great one.
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Yeah, that's good. And you did today because you just told the world.
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Amen. And obviously you were part of this team here during all that time, right?
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Amen. Glory, hallelujah. I like that. Good stuff. Very cool. What a great story through a really painful and scary, terrorizing time. I mean, when your kid is sick, it just takes your breath away. That's a whole different thing. It's one thing to get sick. It's a whole other thing to have a kid or a grandkid sick. And that's a process. And then you just go through this slog of getting past it.
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And now we've got a tiger on our hands. That's awesome. Oh, yeah. As it should be.
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As it should be. Very cool, Meg. Thank you very much. Yeah, bring her up. Let everybody see her. Yeah, that's absolutely.
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Love it. Great outfit for the appearance, too. There we go. A great wave from Tilly. The princess. I love it. Very cool stuff.
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Yeah, George. I've never been an ambassador. Have you? No, but I'd like to be. I think we just were co-ambassadors just during the segment. That's right.
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For a moment, we act like we had something to do with it. Very cool. Good stuff, Meg. Thank you for sharing that. Excellent, excellent job. It's the annual giving show, the show on generosity, where we tell stories about giving that has happened to keep everybody inspired, to keep that ball rolling out there. Paying it forward, paying it forward. This is The Ramsey Show.
The Ramsey Show
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Our annual giving show here on The Ramsey Show. Thank you for joining us, America. We're glad you're here. George Campbell, Ramsey personality, is my co-host today. John is with us in Orlando. Hey, John, tell us your story about generosity, and Merry Christmas to you, sir.
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Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships. George Campbell, Ramsey personality, number one best-selling author, is my co-host on this very special edition of the Ramsey Show. Today is your favorite and one of our favorite shows to do in the entire year.
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So 24 years ago, you were 13. So you're 37? 36, yeah. 36, okay. Wow. I mean, because 9-11 feels emotionally, for most of us that were alive at that time, like yesterday. Of course. 24 years ago, you were a kid.
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And now you're a 36-year-old man who's taking people to Turks and Caicos. Pretty cool, man. Pretty cool.
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Wow. And I would imagine, I mean, I have the Todd Beamer story and several of the other stories around 9-11. I had friends that were writing the books and doing the stuff and were involved in getting the stories out on some of the heroes that were involved.
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And I would imagine you kept learning for years about different things with your dad having gone back in time and time again to get other people out, it sounds like.
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Wow. Wow. That's incredible. Fabulous story. Thank you, John. Thanks for sharing the details.
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Shifts everything. That's legacy. Yeah, and the thing about that is you don't get to choose your timing. If you're the person doing the giving, you've got to be ready when it happens. You've got to be ready for spontaneous giving. Exactly. You've got to have this instantaneous reaction there. Student loan debt is an epidemic. Defaulting on debt makes you feel even worse.
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But our question of the day sponsor, WhyRefi, refinances defaulted private student loans and builds a custom loan based on your ability to pay. You'll have a payment you can afford with a low fixed interest rate that you couldn't get anywhere else. Go to WhyRefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. Might not be in all states.
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Man. And that's like... Off the back end of an almost scam. Yeah. He was getting scammed and she puts a stop to it as a, you know, brilliant bank employee looking up and seeing, oh, this is not real. You're getting scammed because they were getting ready to do a switch on him is what they were doing.
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Yeah, it'd be a Hallmark movie if they use that. But yeah. Wow, man. That's good, George. I got more.
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Well, when you have a car and you didn't have a car, you can go to work. And when you go to work, you can provide for his family. That's what he's crying about. I mean, that's real. So, I mean, you give somebody a $2,000 car, you change their life. You have somebody a $4,000 car, you change their life. And by the way, you can do 10 of those for only $40,000.
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I mean, cars are like, you start giving away cars, you're like Oprah. I mean, come on, really. I mean, even if they're $2,000 cars or old minivans that come from the mechanic.
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And this lady felt like Oprah handing the keys over to that, and he's squeezing those keys in his hand going, yes, I now got a shot. I got a chance. Well, she gave him dignity. She gave him hope. Absolutely. Both. Very cool. Very good. Every year I collect money and donate items in my papa's honor. There you go, man.
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Annual giving show here on The Ramsey Show. Mortgage rates have dropped, so if you're thinking about buying a home in the next year, contact your local Churchill Mortgage team right now. If you wait, more people will be in the market competing for the same homes and potentially driving up prices. Churchill will help you do the math to be sure your budget is correct, making your home a blessing.
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Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, Do work that they love and create actual amazing relationships. George Campbell Ramsey, personality number one, best-selling author, is my co-host today as we do our annual giving show brought to you by Convoy of Hope.
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They're a faith-based organization that partners with local churches and civic groups to provide relief to people affected by disasters and hunger. This is a trustworthy organization. They've been doing this for 30 years, and they do a great job. We want to... Honor their sponsorship today by having you guys go to their website, convoyofhope.org slash Ramsey.
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It's an opportunity for you to support their mission, and they'll show up at places like Asheville, North Carolina, where they were some of the first on the ground, and they'll be some of the last on the ground because they're still there after the TV cameras left. I met Hal, the founder of Convoy for Hope, a couple of years back at an event.
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And he and I got to spend some time together, had an instant connection because he spends his whole life serving people that are struggling in one way or another and has devoted what is now hundreds of millions of dollars of donations annually of food and
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all kinds of things all over the world and so today we've got ed garvin with us ed is the vice senior vice president chief partnership officer at convoy of hope and ed's a former pastor joined convoy of hope matter of fact ed and i had spent some time together we were did an event at his old church down in orlando at calvary one time so welcome ed good to have you well it's an honor to be with you today
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Good to have you, sir. And we're honored to have Convoy of Hope as a part of our giving show. It fits in just perfectly because when those big trucks roll in, when people are hurting, they start smiling because they know help is on the way. They know there's getting ready to be some food, getting ready to be some water, getting ready to be some chainsaws on the ground or whatever is needed.
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Very cool stuff. So talk about how Hal began this 30 years ago and how this thing has evolved because the scale is enormous today. And, you know, this evolution over 30 years, what are you guys most proud of there?
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Right. And in the old days, they just started out, and the first thing they did was what, when Hal first started it?
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At scale. Yeah. All because Mother Teresa asks a pointed question and that begins the journey. And so what are some of the different areas you guys have that our listeners can jump in and support? What are some things where they would see you and know you're there?
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So it's not necessarily just a triage to stop the bleeding, but you also come along and help them completely heal so that poverty is in the rearview mirror. You have sustainable programs in these situations. That's important. Yeah.
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So we look at, in the Ramsey Foundation, one of the things we look at when we're doing giving to organizations, we look at their operations costs and how much is actually going to the need. And you guys are, man, the numbers are, you're only doing about 10% for operations. Everything else, 90% is going out the door to serve the needy and serve the distressed. How do you guys keep your ops so low?
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Very good. Good stuff. Ed Garvin, the Senior Vice President, Chief Partnership Officer at Convoy of Hope. He spent 22 years of his life serving as a lead pastor. Now he's serving this organization as they serve distressed and needy and hungry all around the world and in your backyard. They're our sponsor for our annual giving show today.
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First time we've ever had a sponsor in 30 years of this particular show. And it made sense to have Convoy be that. So we're honored to have you guys along and partnering with us and honored to let our audience know about you guys. Thanks for dropping by, Ed.
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Merry Christmas. Convoyofhope.org slash Ramsey. This is The Ramsey Show. Hey guys, I've never done this before, but I'm partnering with a nutrition company, Field of Greens. Each fruit and vegetable in Field of Greens is selected by doctors to support heart, liver, and kidney health, plus metabolism for healthy weight.
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And your doctor will notice your improved health, or Field of Greens will give you your money back. I can get behind a promise like that. Go to fieldofgreens.com slash Ramsey and get 15% off with promo code Ramsey. fieldofgreens.com slash Ramsey. Folks, the Ramsey Christmas Cash Giveaway is here, and you could win big. We're giving away $500 prizes each week and one grand prize of $5,000.
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Enter daily for your chance to win at ramseysolutions.com slash giveaway. It's that easy. Plus, our 50 days of Christmas deals is on right now. Get up to 30% off bestsellers and life-changing gifts that won't break the holiday budget. ramseysolutions.com slash store. George Camel Ramsey personality is my co-host today.
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This is our annual giving show where we take calls from you to tell your generosity stories where you were receiving or giving generosity and do that to inspire everyone out there and remind everyone out there there's a lot of good human beings walking this planet. They're everywhere. Brought to you by Convoy of Hope today. The phone number here, 888-825-5225. Jocelyn is in Knoxville. Hi, Jocelyn.
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Yeah, okay. Wow. So that was near home, of course, since you're in Knoxville, right?
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Okay. Very cool. Very cool. That's neat. So I'm thinking, so this guy's 85, and he was 20 when they were renting the cabin in Gatlinburg and got the money back from your great-grandparents, and he was friends with your grandfather. I got that right, didn't I?
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Did your grandmother even know the Gatlinburg story before they bumped into each other?
The Ramsey Show
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And that's pretty serious. That is so cool. I love this story because it took so long to unfold.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Oh, man. Well, he took that in his heart and for 40 years or whatever, 50 years, you know, he's
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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...
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
I really appreciate that. I'm proud of you. Good work. Xander chose well. Yes, they did.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And then he turns around with some of the profits from running that organization and does this. So what a great generosity story.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Well played. Danielle is in Grand Junction. Hi, Danielle. Merry Christmas.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Better than I deserve. Tell us your generosity story.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Love it. Love it. That's well played. And you said you've done how many scholarships so far?
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
George Camel, Ramsey personality, is my co-host today. Frank is with us in Nashville. Hey, Frank, Merry Christmas.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And, you know, where occasionally a hundred bucks makes a big difference. You know, just a hundred bucks. I mean, you got a million.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
One of the boxes teach kids to work. Oh, that's right. That was another box.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
I had nothing to do with the story, but it does. Yeah, it's all around.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
It's a generational gift, and it's a zero-turn John Deere. Who knew? I like it. Two of Dave's favorite things. I'm telling you, man, that's an expensive tractor. That was a nice gift. Nice gift. You paint green on them, they go up a lot. That's a pretty big deal. So good stuff. Very cool. It's the annual giving show here on The Ramsey Show.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
It's our annual giving show here on The Ramsey Show. George Camel, Ramsey personality, number one bestselling author of the book Breaking Free from Broke. He's my co-host today as we take your calls on your stories of generosity, either receiving or giving. And we're fired up about that. Interesting thing, the folks at EveryDollar, I just talked to our team over there.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Our budgeting app is one of the largest, best-run, best budgeting apps in the world. It's called EveryDollar. You give EveryDollar a name, you can download it for free and get control of your money, and that way Christmas won't sneak up on you next year. But one of the things we're able to do, since obviously the app is ours, we're able to look at the app and
The Ramsey Show
It’s Our 2024 Annual Giving Show!
see what's happening there we can tell in the charity or generosity category of the budget that people using every dollar are giving around 50 million dollars a month 30 to 50 million dollars a month so that's going to be you know somewhere around 500 million dollars
The Ramsey Show
It’s Our 2024 Annual Giving Show!
this year and we just started looking at this and started tracking it this year and so as we start tracking it and start encouraging it we're pretty sure that every dollar users will be easily giving a billion a year away. Wow. And we don't know where it goes. We don't, we're not getting in people's business. We don't, we don't have categories for it.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
That was it. You knew the answer. A real nail biter. Give you the look and you just pick it up.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
It's just the people that they have that in their budget, in their charity line. And it's running 30 to $50 million a month right now. Americans are some of the most generous people in the world. I know we hear about all these things negative in the press or this or that and all these things out there. Everybody's got an opinion.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
But when you actually get into the numbers, the amount that Americans give to each other, to causes inside the country and outside the country, there's not another country on the planet that's even close or ever has been in the history of humanity. This is the most generous group of human beings that has ever walked the face of the earth right now.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
People don't talk about that, but that's the actual data. That's the numbers that we know about generosity nationwide. And just with our app, we can tell easily $500 million just on that one thing there, easily.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
You're exactly right. And, you know, live like no one else so later you can live and give like no one else. There we go. Got it. We can get this down, George, almost like a routine here. Grace is with us in Waco, Texas. Hi, Grace. Welcome to the Ramsey Show. Tell us your generosity story.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Yeah, I cry at an Applebee's commercial, so we can be predicted that I'm going to have a problem. But yeah, the story, some of them are that way, and some of them are just, yeah, that was a good thing. It's okay. Because sometimes there's fireworks and emotion around generosity, and sometimes it's just, no, that's the right thing to do. That's simple.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Amen. Amen. The timing on that's amazing. And the amount matching up the whole thing. That's, that's the way the story should go right there. Yeah.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Exactly. Exactly. Very fun. Very fun. And I'm sure that inspires you guys to be keeping your eyes open for generosity as now that you're married and out there running around doing your own thing, right?
The Ramsey Show
It’s Our 2024 Annual Giving Show!
There you go. I love it. Way to go, Grace. Good job. Thank you for sharing that. That's good. Love that one. Christy Sue is with us in St. Paul, Minnesota. Hi, Christy Sue. Tell us your generosity story.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
So today's giving show is brought to you by the folks at Convoy of Hope. They are a faith-based organization that partners with local churches and civic groups to provide relief, people affected by disasters and hunger. For instance, they were some of the first and still on the ground in Asheville, North Carolina, when that disaster hit. They're that type of thing.
The Ramsey Show
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
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 –
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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.
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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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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.
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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 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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
And these people are not poor people.
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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.
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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.
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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
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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?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
You lose the power to make your own decisions.
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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.
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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.
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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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
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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.
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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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Oh, I've not done it.
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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.
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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.
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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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
It's ethically ridiculously bad. This guy has no ethics.
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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 –
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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
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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.
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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.
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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.
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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.
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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%.
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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.
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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.
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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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Yeah. So, no, full stop.
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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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
Thank you. Thank you. Thank you.
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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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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.
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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.
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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.
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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.
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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.
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Don’t Give All Your Money to Banks and Wonder Why You’re Broke
If you own a small business and you like The Ramsey Show, then you're going to love the Entree Leadership Podcast. 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.
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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.
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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.
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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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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
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
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
It doesn't make running a business easy, but it makes it easier because it's a clear path to walk through the five stages of business. It's like the baby steps for small business. not money, but how to grow your business, how to deal with team members differently as you go through the five stages, how to deal with profit differently as you go through the five stages, and so on.
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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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
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
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.
The Ramsey Show
How The Baby Steps Protect You From Financial Uncertainty
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
How The Baby Steps Protect You From Financial Uncertainty
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.
The Ramsey Show
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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How The Baby Steps Protect You From Financial Uncertainty
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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How The Baby Steps Protect You From Financial Uncertainty
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)
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The Ramsey Show
Cut Debt out of Your Life! (Literally)
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Cut Debt out of Your Life! (Literally)
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Cut Debt out of Your Life! (Literally)
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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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Cut Debt out of Your Life! (Literally)
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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
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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
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
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. With one unified business management suite, there's only one source of truth for the visibility and control you need to make quick decisions.
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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The Ramsey Show
You Can’t Win With Money if You Keep Ignoring the Real Problem
Then don't leave out an important step, which is having the right insurance. Don't make the mistake of thinking you can get by with minimal coverage or no coverage at all. Because when Murphy comes knocking, and he will, you'll start backsliding further into debt if you don't have the money to pay for it and if you don't have the right insurance. So take our insurance coverage checkup.
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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
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. Get up to 30% off bestsellers and life-changing gifts that won't break the holiday budget.
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
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.
The Ramsey Show
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
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.
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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.
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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.
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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.
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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.
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Don't Chase Money, Chase Freedom
Get connected at RamseySolutions.com slash SmartVestor. Again, RamseySolutions.com slash SmartVestor.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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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?
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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.
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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.
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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.
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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.
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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
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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
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.
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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.
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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
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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
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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Or consolidation, you know, when people. Exactly, because you don't change your habits.
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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.
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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,
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Anything like that goes to the front of the list because they're going to come get it anyway.
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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.
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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.
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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 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.
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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.
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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.
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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?
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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?
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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.
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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.
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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.
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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
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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.
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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?
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No, I didn't. At 25, we turned it all over to them.
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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.
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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.
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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?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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,
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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We just did an on-air baby announcement to mother-in-law.
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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.
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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.
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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?
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Now, do you all have any money saved?
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Okay. Is everyone in the home healthy? Yes. Yes, we are, yep. Is anyone overweight or smoke?
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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.
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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?
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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.
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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
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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.
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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.
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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.
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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?
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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.
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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.
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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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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.
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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?
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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.
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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.
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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.
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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?
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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
Quit Trying to Outearn Your Stupidity!
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 Trying to Outearn Your Stupidity!
If the mutual – the stock market since it began has averaged, meaning some years not, some years more.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
That all sounds good, but you've got to follow through on... But you're in your mid-80s, too.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And sit down with a smart investor pro, go to Ramsey solutions.com.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
But having a paid-for home going into retirement, it creates a sustainability way beyond somebody has debt going into retirement.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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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Quit Trying to Outearn Your Stupidity!
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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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Good for you. And your range of income during that time?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And what kind of debt was the 142? Our house. Our house.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
You leaned in on this house. These numbers. You've been on rice and beans doing the house.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Baby step two in it. Just all right. You didn't let off the gas. You just went on through. Yes.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So what is a house like this in Danbury, Connecticut sell for? About $450,000.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
If your broke friends are making fun of your financial plan, you're right on track.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
That's what his question really had under it.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
So way to go, y'all. Way to go. How's it feel?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Good for you guys. What do you tell people the secret is to getting out of debt?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
You're Danbury, Connecticut. Wow. 142 paid off in 37 months, making 115 to 180.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Count it down. Let's hear a debt-free scream. Three, two, one.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Jackie's with us. Jackie's in Charlotte, North Carolina. Hi, Jackie. Welcome to the Ramsey Show.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And, um, how much debt do you have not counting your home?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Okay, so $20,000 makes you debt-free and you make $130,000. Do you guys have any money saved?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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,
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Well, now I'm going to get rid of this car payment.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Okay, and so 15 years puts you at 45, 46, yeah. All right.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
No, I'm talking about how much money. Give me a dollar figure. We've had a podcast reach.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Nobody's paying you $75,000 an episode for a podcast that hadn't launched.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And they're going to pay her $75,000 for being a guest.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Like the actual podcaster or some goober agent? Like some goober agent. You don't know what's real and what's not.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Because they're already coming out of pocket for student debt. What's the difference in that and tuition reimbursement? None.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
To get paid – the ad revenue is very real. Yeah, yeah, yeah. That's why I said the first number is very real.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
It consumes everything if you're not careful. It's like a reality TV show being in your house.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Number two, we don't have to have quite the shoot schedule that you guys might have.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Because it's other-centered rather than self-centered, and all that crap is self-centered that you were dealing with before.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
And she paid off like $300,000 in student loan, I remember.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
Quit Trying to Outearn Your Stupidity!
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?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
There's a serious amount of pouting in this email.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
They make plenty of money. That's what I'm saying.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
I mean, my gosh. You ought to be able to write a check by that SUV and not even have this discussion.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
If she made the 700K, we might not have got the email.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Bob is with us in Pennsylvania. Hey, Bob, welcome to The Ramsey Show.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Be careful. Be careful. There's a hook in there. I don't know. Yeah.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
Um, so, uh, I'm trying to think what I would do. How old are these two? 32 and 26.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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?
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
Quit Trying to Outearn Your Stupidity!
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.
The Ramsey Show
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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.
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Nancy's in Las Vegas. Hi, Nancy. Welcome to the Ramsey Show.
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So have you gotten hit with the game show tax yet?
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Okay, so your $200,000 is left over after that, or you have $145,000 left? I have $145,000 left of that.
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Way to go, Nancy! I know! That's awesome! So what are you going to do with your $150,000?
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Right, but you don't have any other 401k retirement?
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Are you living on the Social Security or Social Security plus your income?
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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.
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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.
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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.
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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.
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And we can rebuild the $85,000 in just a couple of years doing that. Okay.
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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.
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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.
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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.
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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?
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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,
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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?
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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.
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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.
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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Awesome. Well, welcome to Nashville. Thank you. We had a snow just in time to make you feel at home.
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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
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Five and a half years. Did you pay off your house?
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You got $150,000 in student loan debt, right?
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Okay, most of the 260 was student loans?
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All of it between the two of you? Yes. Whoa!
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Wow. So you've been married about six years?
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And the first thing you had to do is climb a mountain of $260,000? Yep.
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Now the mortgage is going to seem like a piece of cake.
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You mean that house only costs that?
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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.
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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?
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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
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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. 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.
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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.
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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.
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Way to go, y'all. Very, very proud of you. Who was bragging on you on the way?
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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?
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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?
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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
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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.
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Oh, there's that. It didn't. This is The Ramsey Show.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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I'm talking about what you're – that's called take-home pay. It's not – your check is different than take-home pay.
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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.
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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.
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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.
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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.
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Yeah. All right. Are you sports betting?
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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.
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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.
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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.
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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.
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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.
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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
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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
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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
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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
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The Ramsey Show
It’s Time to Stop Surviving and Start Taking Control
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. 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.
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
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,
The Ramsey Show
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
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
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
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
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?
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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.
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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.
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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.
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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.
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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.
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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.
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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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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.
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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?
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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.
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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.
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The Ramsey Show
Financial Peace Starts With Clear Boundaries
Leona starts off this hour in Fairbanks, Alaska. Hi, Leona. How are you?
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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?
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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.
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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.
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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.
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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.
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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.
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Debt Isn't The Problem - Your Mindset Is
Okay, so now we're eating. Now, why are we whale hunting in a canoe?
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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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Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
I have a rental house and it had a water leak and I had to fix them all.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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,
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
If Patty makes $300,000 a year, stop whining and deal with it.
The Ramsey Show
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Selling it to get rid of an emotionally and financially draining situation, to quote her.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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
Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
You realize the interest payments aren't the real problem in your house, right? How long have you been married?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
Is she revenge spending because you're gambling?
The Ramsey Show
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.
The Ramsey Show
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?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
What's his income at the insurance company?
The Ramsey Show
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.
The Ramsey Show
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
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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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Debt Isn't The Problem - Your Mindset Is
So you had a book of business, but what did he come into? He didn't take over your book, did he?
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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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
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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Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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 –
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
The paper cost went up, and the labor cost associated with delivering that went up. And so anytime you pay people more,
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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
The Ramsey Show
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
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...
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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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Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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.
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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. 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.
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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.
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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.
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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.
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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.
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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
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
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The Ramsey Show
Slow and Steady Wins the Race Every Time
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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.
The Ramsey Show
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.
The Ramsey Show
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.
The Ramsey Show
Slow and Steady Wins the Race Every Time
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.
The Ramsey Show
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.
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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.
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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.
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Delayed Gratification Is a Key Ingredient to Building Wealth
R-E-F-Y dot com slash Ramsey. Might not be in all states.
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Delayed Gratification Is a Key Ingredient to Building Wealth
So this violates that. You know what I'm saying? It's more than half your annual income. So that's one rule I look at. It's not a hard and fast rule. The second thing is, the main thing I do today, if Sharon and I are doing something that feels kind of, Like a weird large purchase that strangely, or even a large amount of money we're giving away in generosity, the same thing.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And then they can decide. Completely agree. Because, Kate, you did not say she has this extreme passion and apparent natural talent and bent towards X, because you did not say that, that would have led her towards a business. The people that we've talked to that are –
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
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
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.
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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. 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
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
Quick, easy money that only the cool kids can get in on. And if you're not cool and you're not digital,
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
And this dispute, the legal bills have been going on one year?
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
Colby is next. Colby's in Des Moines, Iowa. Hey, Colby, how can we help? Thank you.
The Ramsey Show
Skip the Scams, Build Real Wealth
Okay. I'm confused as to why the judge hasn't ruled on this in four and a half years.
The Ramsey Show
Skip the Scams, Build Real Wealth
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?
The Ramsey Show
Skip the Scams, Build Real Wealth
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The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
The one that's a breeze, if it turns out not to be a breeze a year later, you could dump it too.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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
The Ramsey Show
Skip the Scams, Build Real Wealth
I don't have a house payment, so it doesn't work that way.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
Yeah, like throw that money at the debt so you kill the debt.
The Ramsey Show
Skip the Scams, Build Real Wealth
Instead of, you know, gee. Again, we're not trying to manage this. Now, changing subjects.
The Ramsey Show
Skip the Scams, Build Real Wealth
Did you notice, Jade, that the news people are melting down?
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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
The Ramsey Show
Skip the Scams, Build Real Wealth
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,
The Ramsey Show
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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
The Ramsey Show
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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.
The Ramsey Show
Skip the Scams, Build Real Wealth
Oh, geez. Take a dadgum chill pill. Seriously. Y'all lose your dadgum minds.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
Skip the Scams, Build Real Wealth
Not only are we all going to die, but we're all going to die broke. Yeah. Yeah. Neither one happened.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
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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
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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?
The Ramsey Show
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How are you? Better than we deserve, brother. Where do you all live?
The Ramsey Show
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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?
The Ramsey Show
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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.
The Ramsey Show
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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?
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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
The Ramsey Show
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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.
The Ramsey Show
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Yeah, would you like to be a millionaire before you had your first kid?
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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?
The Ramsey Show
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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.
The Ramsey Show
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But it's no longer fun to be there. No longer fun to be there. Need to be somewhere else.
The Ramsey Show
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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?
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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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.
The Ramsey Show
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Well, you're still going out to eat and going on vacation.
The Ramsey Show
Skip the Scams, Build Real Wealth
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.
The Ramsey Show
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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.
The Ramsey Show
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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
Skip the Scams, Build Real Wealth
No, you shouldn't be more gazelle intense. He should. And the two of you together need to get on your every dollar budget.
The Ramsey Show
Skip the Scams, Build Real Wealth
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
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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
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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. Brian is in Pittsburgh. Hey, Brian, welcome to the Ramsey Show.
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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.
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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
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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.
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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.
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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
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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
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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
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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
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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
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He did not support Elon or, you know, whichever side of that you want to come down on. So it's just stupid people.
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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
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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
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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.
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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.
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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.
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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.
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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.
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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.
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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
The Ramsey Show
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.
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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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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.
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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.
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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.
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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
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.
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
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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
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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
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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
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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
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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
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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
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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.