George Kamel
Appearances
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
True confessions. That's right. So we talked about what you are willing to splurge on to treat yourself. What's one thing you still refuse to spend money on? You're just like, I'm not going to spend a dime on that. It's not worth the upgrade or the charge or whatever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I guess your Amazon history is pretty light compared to Rachel's. I don't have an Amazon history.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's a fun life on the other side. There's a lot of... There's so much stuff on Amazon. You should check it out sometime. That's a fun one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
This is a Black Manhattan, which is mixologist Michael Reddish's signature cocktail. He made it extra special. Oh, it's a signature.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
21 years ago with five scores.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You chose a good day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You chose a good day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's good. But you never bought like a massage chair that was like, I don't never use the dang thing or a sauna, which you guys love.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
So stick around until the end. We're going to give you our rating and reveal the cost per glass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
We use the sauna. So no regrets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It was like 13 tiny courses?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Well, paired with that, what is your kind of guilty pleasure, like just fast food, late night, no one needs to know about this? Where are you rolling through? What are you getting?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
We asked the people, if you could ask Dave Ramsey one question that is not a financial question for the Ramsey Show, what would it be?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
A McRib, good sir.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's where you get it from. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Come on. You've interviewed many now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Bring Rachel along.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Bourbon. Neat or on ice?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What about the Angels Envy Unicorn?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Which is the ultimate flex, I feel like. It's kind of like, yeah, it's a band you can never listen to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What is one financial principle or piece of advice you've changed your mind about over the years?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
More fun than the others, we could say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
She always loved the drama. Don't throw no Fiat's. You've said if we didn't aim her at something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Me? Yeah. It was like you were such a wild child that we had to like give her some structure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Just be glad you end up in the chair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Me and Sharon Ramsey, I think, are holding it down in that department. We like frugality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You had the bowling bumpers so that you didn't end up in the gutter. They turn into something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I've got one. What are you most proud of personally and professionally? Maybe and or professionally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Let's get to the fishbowl.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Well, I can speak to that, because I met my wife here, and my joke was, if she's good enough for Dave, she's plenty good for me. If you can make it through the interview process... You can get through Ramsey's interview.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Exactly. Person of high character right there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's not just Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
She's part of the team. Technically, you're part of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
When you have co-stars like me, I imagine it's easy to enjoy your job.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I felt so lucky. I couldn't even get co-star out in Menin. It was that. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
People ask me what my favorite part of my job, and I'd say it's not a thing I do, it's the team I work with. I mean, seriously. It's the meetings behind the scenes more than in front of the cameras.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
There's the humility showing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yeah, that makes sense.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And try this at home. Google your name, your email address, your phone number. You're going to be shocked at how many weirdo websites have your personal info. And I love knowing that my info is secure and safe and delete me is constantly protecting me from the risks of online scams and data breaches. So check them out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
They're going to give you a crazy discount as a listener, 20% off any of their plans. They're already crazy affordable. Go to join delete me.com slash smart money to get the deal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Thank you. I'm going to end on a fun one. Okay. What has been your most awkward or challenging moment as a consumer? So maybe Dave's out in public and he's buying the thing. I imagine you've had some awkward interactions.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'm sweating thinking about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What's that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It might be worth its own line item in your every dollar budget.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'm a man who's now willing to spend on luxury goods. Oh. And I like getting a discount on said luxury goods, which is what you get from Cozy Earth because you're a Smart Money Happy Hour listener.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And just like that, I'm a tiny king. I will just hold your hand. I feel loved. I feel seen. I feel known. I feel like... There's not a lot that a big, giant, luxury blanket can't fix.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Do you do the flights that have like their own bathroom and like when you go international?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You ever just like hug a big, fluffy dog and it just gives you so much joy? That's what this feels like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
But it's not made of dog at all. Just to be very clear.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Sheets, PJs, hoodies, blankets, you name it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Up to 40% off when you use the code SMARTMONEY or go to CozyEarth.com slash SMARTMONEY because we love a good deal and we love nice things. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You're right. This would be awkward to wear for the rest of the episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And we're back. So sad. I feel cold and lifeless without my blanket, but we have a guest here, Rachel. Back to the conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
There we do. Hopefully it didn't feel like an interrogation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, it's awesome. Best show you've ever been on? Oh, yeah, definitely. Best show I've ever been on today. I'm sure you're proud. It's on the Ramsey Network and one of the best shows on the Ramsey Network.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Because the other ones are like our shows, so we're kind of competing with ourselves. Well, before we spill the tea in our Guilty as Charged segment, Rachel, let's share the drink details and reveal our ratings.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And the difference here in the Black Manhattan, the Michael Reddish Mixologist signature, it's got rye whiskey and amaro instead of sweet vermouth, and it's got black walnut bitters, orange bitters, and of course a brandied cherry. And it costs $4.52 for each of these. So drink up. We paid cash for these, Dave.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I'm going to rate this. I mean, I would order this at a fancy cocktail bar and happily pay good money for it, so I'm giving this a 10 out of 10. Whoa. I could not improve on it. Wow. I can't make a better Black Manhattan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Not your thing these days.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Look at you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That means you're becoming middle-aged. Stop it. That's what happens. It's a rite of passage for all moms. No, really? Eventually they switch to dirty martinis. Stop. It's fine. All right, what's your rating, Dave? Did you give it a rating? You don't have to be generous. You know Michael very well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You're not really a cocktail guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
6.5.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Well, hey, if you want to see who's right, is it me or Dave? It's Dave. But you can get the recipe in the show notes. If you want to try it for yourself, you decide.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
If I could ever veto Dave, I'm going to use that card right now to say, please tell this story.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It can be edited out later.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
This cannot end well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You're not seven.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
What I really want to know, I want to hear Bobby Flay's version of this story.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yes. Wow. Well, Rachel, if it makes you feel better, I'm guilty too. Mine's way more recent. I was in my early 30s. Okay, tell us. And Dave was there, and Dave reminds me of this story all the time. I was at an event that Dave put on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Dave put on an event for guys. Okay. Men that he respects. I happened to get, I was a late addition to the list. Say that. No, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
There's some big-time people there. I'm not going to name drop. This was a famous comedian. He's got a big podcast. I was filming a magic trick that was happening that he was involved with. I thought this will be a cool moment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
To see this magic trick come to life. We're four and a half minutes into this trick. Things aren't going as planned. And he sees me filming and goes, hey, are you filming? I'm like, oh, I'm just, anyway, I got to get out of here. And I apparently, to Dave's version, I forced him to leave the party. Because of how uncomfortable I made him. And to this day, I think about it every night before bed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And I feel terrible. I didn't know that it was going to make him uncomfortable. You know? Yeah. We're used to cameras. He's used to cameras. This particular incident, he wasn't having it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Oh, my gosh. So I haven't lived that one down. Don't know if I'll make it back on the invite list.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I've learned. I've learned. Ask for consent before pulling out the phone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
That's a good one. Yeah. And Dave has never been awkward around anyone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You were a guest on the set.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Maybe put the scissors down. The scissor hands attacks Katie Couric. Don't approach Katie with scissors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Those are big scissors you have there. Wow, all right. This is the first time we're all guilty.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
This was a lot of fun. One of my favorites. Not the favorite, but one of my favorites. We had Sharon on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And that's not a type A OCD thing. You just want to know we're doing something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Don't think that was ever on his bucket list. There's so many things about that I would be terrible at. What is one financial principle or piece of advice you've changed your mind about over the years?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
And today we've got the one and only Dave Ramsey in studio. You guys asked, we delivered. And he's going to be answering your questions. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's crazy that we had your wife on way before you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I just leave. They leave. Because you love work. But when you're in play mode, you go hard.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
You won't find them out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
I think Sharon will be watching the view count on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Not traditional stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
Yikes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Dave Ramsey Answers Your Most-Asked Questions
It's my turn.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yes, trousers. That's the word I'm looking for. Trousers. Wide leg, that's in right now. Yes, yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
But you have some nice tennis shoes, I feel like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Those were all the rage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Do you wear them a lot?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Would you say that was like a trend that is sort of like, are people still rocking them?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's a good one. Everyone wants to know, what are the earrings?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Can I just tell you, I'm a little upset. Everyone in the comments is always like, Rachel, where do you get that dress? It's never, George, where do you get those tiny jeans from? I'd love a pair. It's offensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Why is that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I don't like things like life is too short to not have quality things in your life, especially as I get older and, you know, head toward the old dusty trail. I don't know why it got real dark real quick.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's a good reason.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I just got the socks. I'm rocking them. They're amazing. Oh, they're great color. Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I didn't realize clothes could be that nice. I know. I know that sounds stupid to say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Does it stay quality when you wash it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Fantastic. Well, they're giving our listeners and viewers a sweet discount up to 40% off when you use the promo code SMARTMONEY at checkout. So go to CozyEarth.com slash SMARTMONEY or click the link in the description and shop Bougie Frugal and maybe you'll become more of a quality person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's a good one. I didn't get to say mine. I'll go quick on this one. Oh, yes. I'm middle of the road. I have a lot of quality items, but I wait for a good sale. Like even these boots, these solo boots. I've had them for years. They did a five for five. So you pay $500 one time and you get two pairs of whatever you want per year for five years. So 10 pairs of boots, 500 bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So instead of 250, you essentially paid 50.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
For a quality boot that will last you forever. So that's where I'm kind of like on the fence of my quality and my quantity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I do go quality products. You're right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh. Man. Yeah, for this one, life's too short to drink cheap beer and liquor. But, you know, if you're into that, that's fine. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You feel it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And I want a quality cocktail. I don't want like a Sprite and vodka or something or Jack and Coke. That's not me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I want something a little more complex, a little more elegant. Okay. Some presentation. And that usually means quality. Even at home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I've gotten into mixology and so... You know, like even for friends, when they come over, I want to make them a nice Manhattan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I did. And I was like, dang, George. It was with Empress Gin, which is purple. I mean, it was a gin and tonic with Empress Gin.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's got a beautiful color to it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Makers and Sprite. Why would you? They're not equally yoked. It's just not okay. I don't know. And then have you had a Midwestern old fashioned? Y'all, check on your Midwestern friends. They're not doing okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
They make an old fashioned with brandy. They throw a bunch of fruit in there and they top it with Sprite and they call it an old fashioned.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And it sounds disgusting. Yeah, that's terrible. But I'm going to get roasted in the comments for that one. It's fine. I can handle it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So have seven pairs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You're not going to leave Ohio. All right. Moving on. What do we got?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I am tech. Technology. Okay. You are screaming quantity on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Headphones, chargers, phones.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I think we need a tour of Rachel's closet. I think we would be flabbergasted.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Smart home stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
When's the last time you put on headphones?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
AirPods. Are they AirPods Pro?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Are they AirPods Pro, AirPods Pro 2, or the original AirPods?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Do they have the longer stem?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Okay. We'll look into it. Then yes, I am quality on this one. As a former Apple Store employee, I love technology.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah. Apple Watch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh, but I don't need the latest and greatest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Because truthfully, the technology from this one to the latest Apple Watch, not that much more impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Apple, step it up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I like my AirPods Pro 2. That was my big, like, fun, I'm going to get nice headphones because I wear them a lot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
With a baby and a wife who doesn't want to hear what I'm hearing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I've heard the EMF, but it's always from these like weird, sketchy Instagram accounts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And like my mother-in-law is sending me these clips, like you got to stop wearing. I'm like, I don't know. The jury's out. Okay. If that's how the Lord takes me, it's because of my AirPods. I'm fine. I had a good life. You had a good life. I'm not wearing, you know, whatever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Off-brand headphones. That's even scarier. But I can't just listen to music through speakers all day like a psychopath.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I have respect for others.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So tech is definitely one I'm quality on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I love technology.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Because of Winston.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So if you're not a tech quality person, you got to be with someone who is. Otherwise, your life will suffer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah. Turning off my lamps with my voice and TV. It's the best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Sorry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
She didn't mean it, guys.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
What is it, like Voldemort? I don't understand. I can't even say the name.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I'm quality because of my wife. My wife does all the research. Left to my own devices, I would not spend that much on- I was quality on baby gear. Cribs and strollers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I did not know how expensive car seats could be.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Or they just thought you were out of control. Like a hoarder. And they went, oh, she only has 70 pairs. I thought it was going to be like multiple. Like 200.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's crazy. But we did, you know, we did go quantity on the crib and the reclining chair in the nursery. Yeah. Facebook Marketplace for both.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
But it's for the baby. I feel like it's an easy one to want to spend more money on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh, wow. Quality all the way on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
They're the best in the biz. For sure. I don't even know how you go quantity on this one. You gotta just use a quality service.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
If you ever Googled yourself and be like, how do they have my address? Why is my phone number on there? Well, Delete Me goes in and deletes all of that information. They send you a report showing you what they've done and how much time they've saved you. I'm at 86.5 hours. Wow, so good. And they've deleted my info from over 250 websites. Okay. And they scanned 25,000 now, which is crazy. So crazy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
There's just more and more every day. So I sleep better because of it. So if you want to take control of your online privacy, go check them out. Go to joindeleteme.com slash smartmoney, and you'll get 20% off any of their annual plans. Sweet deal. Or click the link in the description.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh, man. That's funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
What's left? I'm nervous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Just food?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Am I quantity or quality when it comes to food? I guess quality as far as ingredients. You famously didn't look at a single label until your early 30s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Because you like quality food.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh, Jacqueline Hyde, yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I will say this, you're not pretentious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Where is she now? Won't she stop at Taco Bell on the way home? Yeah, yeah, yeah. We don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Left to your own devices, I think you'd be a quantity gal. Like you'd be happy with just... You know, give me some fast food, some pizza.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And you're never like, this is not gourmet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Never heard you say that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Like a tasting menu and something fancy. Yes, like that to me is so fun. Dressing up, fancy date night. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's just sustenance to get to another day for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I think being a gluten-free family, it just forces you to be quality because you have to get the gluten-free stuff. It costs more. You got to be more in tune with what's going on with the nutrition labels. We've tried to get rid of all like the bad seed oils and whatnot, food dyes that are in food. We try to avoid all that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So I guess that makes me quality and probably pretentious, but I'm okay with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It doesn't affect your life. What are you so upset about?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It takes more time. That's the thing, is it takes time to do the research, know the brands.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Can you rattle some off? Oh, are you ready? Let me guess.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Potato salad. No?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Like the BK chicken fries? Yeah. Like that one of those situations? Yeah. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Was there any mozzarella sticks at all?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's a staple. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's generous to call that cooking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's like nostalgic food that your parents wouldn't let you have growing up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's a good party idea, actually. I know. I like that. It was fun. And Winston felt seen and loved?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
He should have been more specific.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
He's had bagel bites.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Might as well serve some Hot Pockets while you're at it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Wow. Our little vegan. All right. Ready for the next one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
See, I'm not falling for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Pets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You're a quantity. You're nine cats, Rachel. You're a quantity person. No, but I mean like... You know my life of my two French bulldogs. They have to have the hypoallergenic food, the best of the best. They only get fridge water to drink. I know. So I think I have to be quality on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Tell us your ways. You've heard the quote, Rachel. No. If you follow the trends, you'll fall for the traps.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I think you have to be quantity here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
What food does your dog eat? Name the brand. Where do you get it from? You've never fed your dog, have you? It's not your dog. Is this dog alive? Is the dog in the room with us?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Who loves her?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
She probably saw that wheelchair clip.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Have you ever bought anything for your dog personally? Okay, I think we're done here. I think we're done. I got my dogs matching vests that they can wear when it gets cold. So it was only $10 per vest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh, yeah. They have specialty wipes. They got a lot going on. As you know, they were born broken. They require a lot of maintenance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Do you though? I don't think she actually wants me to say it again. No. You know what? You'll have to rewind the tape to hear that one. But I do. Like, I've been rocking skinny jeans for far too long, and Gen Z's like, it's out. We're not doing it. I'm just going to keep wearing it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Like even their food bowls, like we have the wet food, we've put on the dry food. They have little treats they need to eat that have vitamins in them to help with their joints and skin and coat. You wouldn't understand. Forget I said anything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
She's a wild, undomesticated dog that has access to a very nice pool. To our bed. Have you let June swim in the pool?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
She tried the hot tub yet? Just kind of like pause up?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Crisis over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Peter, where you at?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Here's the over-under. If you're doing this with a budget, you're doing it with cash, then you can make these purchases without, you know, impulse and regret and guilt. And the best budgeting app out there is called EveryDollar. It's the one that we use for every line item, from the groceries to the fun self-care stuff to the shopping.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And you can have it all out there so that you don't have to go, ooh, should I be buying this? No, Rachel has her fun money in that line item.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Just playing for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So if you want to check it out, we'll drop a link to every dollar in the description and show notes below.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Well, even as a quality person, I have a lot of junk in my life still. You just accumulate it and you go, well, I might need it one day and you sort of justify it. And you can't take it with you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Ephemeral beings? We're all going to die. We're all going to die one day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I haven't seen them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Get nine of them if you want. Get one great one if you want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And if you do it with a budget, with cash, you won't have the buyer's remorse. You're not going to have regret.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And realize that stuff is never going to do it for you. More stuff won't make you happy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And for the quality people, don't let it eat you alive. And I need to like just loosen up a little bit sometimes when I prefer this level of standard or, you know, it comes across as pretentious if you're not careful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I'll tell you this. Men aren't wearing skinny jeans. Boys may be. Me and the boys.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So don't push it on the people around you. Be willing to be flexible. Yes. And go, you know what? I'll drink a Keurig. I don't like it, but I'll do it. I don't have my coffee set up with me, but I'll do it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Two Keurigs?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's almost equal to a half a cup of good coffee. Two more, you would get there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
We're not. So it's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
This was the Woo Woo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Clearly, you really enjoyed it. It's got a beautiful, vibrant red color, which is due to the cranberry juice in there, along with vodka and peach schnapps.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's all that's in it. It's three ingredients that cost $1.40. And what's your rating on this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
But yeah, I like quality and I don't really care what other people think. And if I like it, I'm gonna buy it at this stage of life. Because again, I don't know how many years I have left.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I will say the tartness gets you from that cranberry juice. It does, I know. It's got that dry punch in the back. But here's the thing. If you like cranberry juice, you will like this because it tastes like cranberry juice with a hint of peach. I'm not a vodka person. I like to have a little more complexity in my beverages. But for a drink, I'm going to give it a 7 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's still delicious. It had no like markers of like, oh, gross.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Very refreshing. Go get the recipe in the show notes. Give it a try for yourself and let us know what you think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
If I had a nickel. I'll tell you the most recent one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I wanted a sauna. Didn't want to spend thousands on a sauna. And I saw these saunas on Amazon. I don't know how they can legally call them saunas. And so we bought one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And it showed up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And it was just a camping chair. And then a black cover that you zip up in. As you sit in the camping chair, you can stick your arms out. So you're just sitting in this...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
fabric box that gets somewhat warm and they call it a sauna stop but it was pitched as a luxury item and again i get what i'm paying for 150 bucks i don't expect a real sauna sure but it just felt like you're just sitting in a hot camping chair okay and it was just uncomfortable i don't think it has any health benefits unless you're just a person who's cold-natured and it'll warm you up it's like an electric blanket but yes bigger
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So not falling for that one again. Wish I could return it. Pass the return window. Not sure what to do with it now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Were you hoping to be like a new person?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Whose opinion am I? I look for the affirmation of everybody. But I don't care about their opinion of me. I just want their affirmation. Those are two separate things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Dang.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
A lot of good ones out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Well, I don't like to be misjudged or mischaracterized.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah, you do. That's a sign you do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You're right. Thank you for your honesty. Well, let's talk about the difference here. So quality people like me, they want things to last longer. They research, they plan their purchases in advance. They're not as impulsive. So I think that's the healthiest version of a human you can be. Now tell me about these quantity people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That was a good sales pitch, honestly. Well, I think our culture is heading more into this quantity world. We want things to be cheaper, and we don't care as much about quality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Unless I can pass it on to my grandchildren's grandchildren.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You know the store that sums the quantity people up? Timu. Shop like a billionaire. That's their tagline. They didn't make that up. That's an unhinged tagline for any brand. For any, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
No judgment. Shein, is that all you say? Yes. A lot of fast fashion. You're like, how is this $3? Actually, don't tell me. I don't want to know. There's a lot of that going on in the fast fashion world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's the middle of the road for you. 30 bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah. And social media affects a lot of this trend cycle. You're ordering cheap stuff through an app. It's delivered to you free within a week. So it's kind of addictive because it feels like you're not really, there's not a lot at stake here. There's not a lot of risk on your part.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You know what I mean? So it's hard. Versus Amazon, here's what I do is I'll just go, well, it's got free returns. I'll drop it off at the Whole Foods Amazon return if I don't like it and get my money back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So that's a good one. So we have our tendencies.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Let's do this. Let's say we have a fishbowl here that has different categories in it. And all of you listening and watching, play along at home and talk through it. Make a vote. If you're with someone, you can play along with them and find out whether you're a quantity or quality person. All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Before we get to the episode, let's talk about what we're sipping on, Rachel. It is a woo-woo. A woo-woo? Hard to say. Delicious to drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I'm a little nervous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Really helpful. Shaking up the... Yeah, it's a real fishbowl. Shaking up the... Real paper in there. We don't fake it on this show. We can afford the full thing. It's quality. Except this is not a glass fishbowl. It's not a glass fishbowl.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh, I don't own any jewelry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Even this wedding ring is a rubber, you know, nothing ring. So I'm going to go quantity on that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yes. Do you know where it is or did you lose it? It was like a hammered, kind of like a hammered tungsten something. So manly. Yeah. Man. I wanted people to think, wow, that guy. Hammered wedding ring.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Today we're talking about a money tendency that we are polar opposites on, and I'm guessing a lot of you fall into one of these camps too. If I like it, I'm going to buy it at this stage of life. Because again, I don't know how many years I have left.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So I'm going to say quantity for that stuff, like jewelry wise. I don't do accessories, but watches, I own two watches. I've had this Apple Series 3 watch for, I don't know, almost a decade maybe. Seven years, eight years. I get new bands from Amazon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I am.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And then the most recent one, which you've talked about on the show, is an inherited Rolex that I fixed up. I think that's a quality category situation. It's great. How about you? I love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Stick around until the very end. We're going to give you our rating and reveal the cost per glass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
What's your go-to?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh, yes, I've heard of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Wow, that's impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Very nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So eventually, as you enter your final stage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You said 50?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's a midlife crisis for some people who live to 100. Yeah. Think about it that way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You love it all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Trying to make Kelly feel better. Sorry, Kelly. It's not helping. Just move on. Just move on. All right. Next up. Self-care. So this would include saunas, therapy, gym membership. I'll throw, you know, nail care in there. Massages.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I don't do a lot of these. You can correct me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Are there like Groupon therapists out there? I don't know. I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You do have a sauna.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So you get to enjoy it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You know what? You win. You win. You are a quantity in that area. Tell me yours. I don't go in quality here. Okay. Self-care. Like haircuts is a good example. I go to the like, you know, it's a hipster barber. They charge too much. I go every two weeks without fail. And so I think in that regard.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Listen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
No, I wish. My schedule is too all over the place. So I just try to go ahead.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I see my barber more than most of my friends. So I don't know if that's what that says. Will can attest. Will is my friend. I don't do a gym membership. So I feel like in all these areas, I just feel like I'm quantity because I'm not willing to pay for these things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Is that an Amazon watch?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's a quality. I'd say that's quality. Very personalized.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
And we were at the Y. And when I did do gym membership for one month, I did lifetime. I went twice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's wonderful. If you love to do whatever they're doing over there. It's just too intense for me. I want to go somewhere where everyone's like me. Nobody wants to be there. They're all a little uncomfortable. Lifetime, I'm scared to go near a machine because some beefcake guy's about to come up and be like, bro, you using this? You know? I don't need that in my life. I get it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I would have never, if you didn't just say that, I would have thought that was Dior, Versace, I don't know. Yeah, what if I said this was like Cartier?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I don't need that energy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
There's no world where I can take that as a compliment. So... If you see someone running in the street.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You see someone running on the sidewalk and you go, good for them. You know, this is a lot of work for them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You went on that one. That was good. That was a sick burn.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah, quality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
If it's going on your face, in your mouth, in your hair, you got to go quality. I know. But you do, I feel like you guys are also like in the shower routine, very simple people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Bar of soap will go a long way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
What are you, a dial soap or something? Dove. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I don't understand using a little dish rag to somehow lather it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Just the bar itself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It's a lot of effort.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I need it to feel like a bubble bath. You know what I mean? Otherwise, I don't know that it's working. It didn't take.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
It was like the one at the barbershop, and then I found the brand and started ordering it online. But it's not like crazy expensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Caritas.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Mine is called Ruzel, I think, and I got the industrial size for like 25, 30 bucks or something. So it's not crazy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
But I want the one with the pump on it. Yeah, I hear you. So I have to take the bottle and open a cap.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So that's my old man thing is everything in the shower, I want to just have pumps. Like I'm at a hotel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Whitney made me get a natural cologne. Oh. Because with the baby, and you're holding a baby, and you're, you know, all the chemicals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
So I think that's woo-woo. And I'm going to say that's quality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
That's a quality thing. Yeah, I mean, cologne is one of those, like, cheap cologne is not the move.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
But I don't wear a ton of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I know. Believe it or not, I'm a quality guy. You know when your grumpy uncle says, they don't make them like they used to. I am that grumpy uncle. You are. That is me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Just a classic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
Yeah. Number five is the best for everything. Chanel, Mambo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
I think it's a good, solid number.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Are You a Quality or a Quantity Person? (And How That Affects Your Money)
You ready for this one? Closet staples. We're talking jeans, dress pants, tennis shoes, leggings.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
That's the gift that keeps on giving. Month after month, they'll delete your information from these data broker websites. So especially as you get older, I feel like they're more prone. If you're less internet savvy, your stuff is out there. But young people too, because they're just putting their business out there, filling out all the forms, putting out all their information. Constantly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So this is a great one for all the people you love in your life that you want to help protect from online scams.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah, if you can go to joindeleteme.com slash smartmoney, you'll get 20% off any of their plans or you can click the link in the description.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
We decided, I think, pretty soon into our marriage that we were not going to get Christmas gifts for each other. It was already a stressful time, a lot going on, so we decided to just say no to that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So there's no alcohol in this, but if you, this is a great one to make on Thanksgiving, honestly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
What do you get gifts for each other? Like what are the occasions? Anniversary? Is it a birthday?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
We stopped anniversary too for the most part. We decided we'd rather have an experience together, like a really nice meal versus like I bought her a thing or jewelry. Totally. And so birthdays are the only one that we really go, I want to get her something fun and sweet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Cheers, George. Cheers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Wow. Is that his favorite artist?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
He's very talented.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
What is the other part of Gavin?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
He smashes the ivories there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So if you need a drink tonight, you're going to get the recipe in the show notes and the rating and the cost per glass at the end of the episode. So delicious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And I feel like we're leaning toward experiences more than stuff these days. So a concert for an artist I love, that's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Or a cocktail-making class. That's a new one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And like subscription boxes or like a coffee subscription where they get a new local bag or whatever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
They always do something wild.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah. Jinx. You want me to coke? You want me to coke?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
What's the craziest thing like experience you and Winston have done that you feel like was bonding? Oh, that's a great question.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You guys, well, I can think of one for you. You guys went to Seattle to see Taylor Swift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
No, but I feel like that's a bonding experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Winston wearing the T-shirt, he enjoyed it more than you did, secretly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Well, the fans are the confusing. You're like, what? They're on something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Um, recently, I think my daughter is the most recent thing I'm grateful for. And watching Whitney be the most amazing mom. I tell her all the time. She's great. I tell Mia, I'm like, you have the most amazing mom who cares about you so much. So sweet. Every decision has so much thought and, uh, Yeah, I'm grateful for them as a package. Package deal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I have them too. And the most recent Cozy Earth product that we are loving at the Camel House is their ginormous blanket. I don't know what it's made of, but it's enough to probably fit like across two king beds. This thing is gigantic, super cozy. And I think that's the thing that never goes out of style. That's what women want, guys. Just give them cozy things and they will love you forever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Which hurts my heart as a person who loves the deal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Winston, are you listening, bud? All right, now is the time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Now is the time for Cozy Boy Winter. So good. Go shop. That's a really good discount. So CozyEarth.com slash smart money. Use code smart money. 45% off. And if you take the post-purchase survey, make sure you let them know you heard about Cozy Earth from Smart Money Happy Hour. We appreciate that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Oh, I love these.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
If I could do this for all Christmases, for all families, I would. I think it would just relieve the pressure. Everyone would be under budget because we're not all, everyone buying a gift for every single person. And what do you want? Well, hers is $200. I'm tired of that. For sure. I love the idea of the white elephant dirty Santa gift swap.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Oh, that's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I use it all the time and I use it for, my new thing is instant coffee.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
No. No. Trader Joe's has an instant coffee. So it's ground coffee. It's instant. All you do is mix it with water or milk. And I used a little frother and it foams up really nicely.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I thought so too, but I found a recipe that makes it bougie where you add some brown sugar in there with instant coffee and it becomes this very decadent experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So there you go, a frother. My white elephant go-to, this is going to sound unlike me, scratch tickets. I don't recommend people play the lottery, but I think for like a fun gift that we all do together.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah, I did it for the cousins one year because we were all like grown adults buying each other gift cards for the same amounts. And I was like, this isn't fun. So I bought the crossword one that's like $5.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And it takes like 20 minutes to cross off every single letter and see if you got any words.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And some people won like 20 bucks off a $5 crossword. So you never know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So that's a fun one that maybe you didn't think of, Ramsey, when you thought scratch tickets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
What's that mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And you can pair it with little... $20 bill in chapter one. That's a little surprise.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You do you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I've got one that's practical for people who lose everything that you love. And that's an Apple AirTag or any of these tags that track things. That's good. Track your kids, track your phones, track your keys. I've got it everywhere. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Here's a take the hint gift. bought someone a fridge. What? Because when we'd go, we'd go hang out and there would be a cooler that stored everything. And it was kind of a nightmare to just store everything in this cooler in the garage. So we're like, let's just go in and get a fridge so that whenever we're over there, we can store our crispy boys. You know, I love a little sparkling water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Have you realized that you cannot drink room temperature sparkling water?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You need help. It's kind of nice. I'm going to get you a better help subscription.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
That's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So this is like a Dave Ramsey. That's what I think of. Like the person who has it all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I never heard the nuclear, I never hear it spoken like that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
That's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So personalized.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Getting the socks with a picture of their dog on it. It was so funny. Or their kids on it. That's a fun one. That's a good one. Handwritten notes, homemade artwork, a book about something that they're interested in, a photo session with the family, something that's a little more heartfelt and personal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Or an experience. If you know they're into art, let's get them a membership to the art gallery in town or the museum or a spa visit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I'm thankful for this week.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
That's a good one, guys.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Well, it's thoughtful for someone who could use a de-stressor.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Moms on the moms out there. I think Whitney would take a spa gift card. So those are some really thoughtful gifts that I don't think are a waste of money. And people will actually appreciate them and not return them. We've all been there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And I think gift-giving expectations around the holidays, it can easily get out of hand. And the last thing you want is to kick off the new year financially behind, resentful, in debt. So please don't do that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Have a hard conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And setting the boundaries. And today's a good day to set them. Don't wait until Christmas to then get resentful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Just say, hey, can we limit the gifts? No gifts over $50 or whatever the limit is. We're going to draw names and you're each going to get one person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And I love the question that you have people ask before they buy something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
There it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Because honestly, a lot of the times around the holidays, I'll buy things for myself. There's a piece of me that's like, well, it's a really good deal. I might as well stock up. So there's a piece that we got to also look in the mirror.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And stay under control.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And that's where the budget comes in handy. And I love, I'll make a little budget separately for Christmas and go, all right, here's what we're going to spend on each person. And I'm going to make sure we stay under that budget. Yes. And every dollar is a great way to do that. This is our budgeting app. You can set all of your line items for each person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You can have one line item for all of Christmas.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And that's what I love about EveryDollar is you can duplicate November and then you can make tweaks to December, add all the people, and then in January, delete those categories.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And you've moved on without debt. So please don't go into debt for any gifts for anyone for any reason. Not worth it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Do you guys go around the table and do like a... We do with the Ramseys.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
This happens with friends that I realize are gift givers and I'm not. And then I realize, oh, like I have to reciprocate. This can't be a one-way street. So there's been, I have- Do you always receive a cake?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Well, how random are these people? That's the question.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Well, do you give and receive gifts from friends around Christmas?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah. No, I've been there. I can think of two friends in particular who are really good friends.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And we're headed to Boston for the holidays.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah, totally. And as a child, my parents would give gifts to my best friend's parents. Oh. And they kept doing this, and so they would give us a gift, so we would give them a gift. So next year, they would give us a gift, and then we would have to give them a gift. Even long after me and this guy were friends. Oh, stop it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
It had been years since I had even seen the guy, and they finally just said, hey, we're not doing this anymore. They're like, okay, good, thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Someone has to break the chain. It's like a pay it forward.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You know what this has me thinking, Rachel, this guilty as charged question? If I got you a gift... Would you then lie and be like, oh my gosh, I'm getting, yeah. Oh, you'd be a good, yes, George. This is a good relationship where that could happen. I feel like you would be like, oh, that's so nice. You didn't have to. I didn't get you anything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Because you can't hurt my feelings. You don't have that power over me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
If you don't know, Michael is one of the best gift givers I've ever met. So you cannot top his gift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
He's very difficult. I usually do group gifts for Michael because you have to go big and make it very thoughtful and personal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
It's got to be something with some weight behind it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
It can't just be like a gadget I got on Amazon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I know. Would you be honest with me? Or would you feel like... If you got me a gift, would I feel like I have to get you one? No, but I would go, oh, you know what? I should get the Cruises a gift. That'd be a nice... You know, I got Dave and Sharon a gift one year. I don't remember why. What? But I got Sharon mostly for Sharon. It was a bourbon maple syrup from Trader Joe's.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
That's how it's been said. Boston is a very historical place. It is. And it'll be a nice chilly New England fall vibe. So good. Another thing I'm grateful for, especially this year, is when people actually know how to give gifts that aren't a complete waste of money. Oh, yes. And I know that sounds ungrateful, but I just, I'm tired of just stuff for the sake of stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Like a bourbon-aged, barrel-aged maple syrup.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And I think she enjoyed it. There's probably something else in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I think we're about equal on this, but it was a really good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
This was a mocktail, and it's a Red Sands Gruyere. Very clever, whoever came up with that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And it's $1.56 per glass. It's got a few things in it, but I think it's a great one to try. Pomegranate juice, grape juice, tart cherry juice, coconut water, orange juice, lime juice. And then, of course, with sangria, you want to put some fruits in there. So you can slice up a whole lemon, slice up a whole lime, slice up an orange, slice up an apple, and throw it all in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
It's a great batch recipe to make for the holidays.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So I'm going to give this one a 10 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I like tart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
That pomegranate juice. I'm a huge fan of pomegranate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So go check out the recipe in the show notes. Make it for all of your family and friends. Even the kids can enjoy this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
If you're going to do a gift, make it thoughtful, but also I don't want to have to read your mind. So we're going to help these people today, everyone listening and watching.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
No, I'm great at if you tell me what you want, I will find you the best deal on that gift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Under budget. For sure. So that is my spiritual gift. It's not the thing. It's getting the deal on the things that you don't get screwed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Resourcefulness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You mentioned it in conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Oh, my goodness. That's a big question. I think childhood comes to mind because as an adult, there's less, I don't know, there's less excitement around opening a gift. It's like, cool, I could have bought this, but thank you for buying it. Sure. As a kid, the two best things I ever got were an electric guitar.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And today we're talking about the gift of gifts. We're leaning into the holiday cheer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And a video camera. Yeah. So I think it was like fourth grade and fifth grade.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Those really like shaped who I am. Yeah. You know what I mean? Like I was a musician and I started bands and I was in film and I wanted to go into film. I still love video. Yeah. I'm on video today. So those are the most formative gifts that meant the most. And probably were not cheap. Like I'm thinking back. I'm like to buy a kid back then it was like $700 for a video camera. Sure. Totally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
How about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
We were recording songs from the radio onto the cassette.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Oh, that's fun. When you were kids or as adults?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And it's come full circle.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You have puppies at your home right now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Now you're giving the gift. Well, I am. You're getting paid for it, but still, what a gift it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
To bring home a puppy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
We're going to curate the best gift list you've ever seen in your entire life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You can tell whose gift is who if we just told you what they are.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yep. Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And we're not with our families. We're here for you. That's how much we care about you guys. And I hope you're with people that you love, doing things that you love. Maybe you're in a car. Maybe you're avoiding family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Because it's just a straight up metal shaker.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Or stainless steel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Do you know what type of shaker you have? Is it like the Boston shaker that has two pieces that you sort of stick on top diagonally a little bit?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Oh, that's right. We should tell the people. We're going to link all of these.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
This one I think is very thoughtful. And I've given this gift to cocktail lovers in my life. And that is a vintage cocktail book. So you can go on eBay and search for like 1950s or vintage cocktail book or a secondhand bookstore. Sometimes we'll have these. And there's something about like a classic vintage cocktail book and making a drink out of that that transports you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I think that's what a good drink does. And I think the old timey drinks are so cool.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So that's a thoughtful gift. That's not your standard. I'm going to go buy a cocktail book on Amazon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Whoa. So you're recreating Taco Bell meat at home?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
How cool is that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Oh, I didn't know that about you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I got to cancel the gift I got you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
She's a meatball maker.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Can I ask a dumb question? Sure. Why do you like burgers? Isn't that just a meatball that has been flattened?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So it's not too high on the top and round.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Little Red Riding Hood?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Well, hey, Dave and Sharon, if you're listening, I just want to say, I'll be happy to show up and eat your delicious burger instead of Rachel, who's ungrateful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Thin, low quality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So this is a great gift. If you're still squeezing limes with your like arthritis ridden hands, it's time to upgrade.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah, mine was from Amazon. Okay. But I remember the selling point was up to 20% more juice. And I was like, you had me. You got me. Got me on that investment. And most people, they don't have a good one. And that's what makes it a great gift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Oh, where you just put it on the back of the phone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
My beef with those is you can't have a phone case that is blocking the back. I have a phone case. What does yours look like? But that's not blocking. Like if you have a wallet on the back or something like that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah, yours is clean.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
My gift is tied to that for the tech lovers out there. And that's an extended phone charger. So we're talking like a six footer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You can get these cheap on Amazon and get a pack of them. They even have like a 12, if you really need a long, if this is going around a couch or something, you can get them even longer. But I think it's, we live in a world where, why are you reaching over?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Life's too short to be rocking the, like, three-foot iPhone cable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I went home. I saw my dad's iPhone cable. All of the metal was showing from inside the wire.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Like, the rubber was, like, all coming off, and I went, dude, you need a better cable. So, that Christmas, I got them upgraded iPhone cables.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
It's one of those things where you're just like, I'm not going to go get new iPhone cables. It's working. It's fine. I'm like... Why are you risking getting electrocuted over this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And they'll, like, literally wear it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I'm a fan. There's something that's a little, I don't know, it's not dramatic. It's not stressful. Christmas feels a little more stressful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Forgive my ignorance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Not a USPS.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
They got to be artists and creative and have some fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I like that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I go with a timeless gift for kids. And this depends on age. This is not for a two-year-old. But as they get older, there's something about a crisp $20 bill. You're giving cash? Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And as they get older, can I tell you, one of my uncles would always give me a $50 bill. And it's so rare, even back then, that I would see a $50 bill. So it was like life-changing to me, both the amount of money and just seeing the bill. I protected that thing with all my life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And that's the most memorable. I spent it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Probably on a Game Boy or something back then. Totally. But, you know, you can do this in different ways or you can put it in the piggy bank or the college fund or whatever. But I like this one. It's a grab pleaser.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So as we get to driving age.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Because no one wants to spend money on gas, so it's a nice blessing to be like, hey, I don't have to think about it. It's not coming out of my bank account.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
That's right. And, I mean, gift cards are a great one for teens because you know that's really what they want. Amazon, Target, wherever their favorite store is, Starbucks, I don't know where they get coffee these days. These kids out here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Getting their mocha lattes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
But you're not hauling like a whole bunch of gifts. You're just like bringing something to the dinner maybe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Theragun. Theragun. The massage gun that's like... Yes. Yeah, I've got one of those. I never use it, but I need to because I pulled a muscle on my shoulder sleeping last night.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Yeah, and there's a range of, you know, budgetary options here. You can get the cheaper one on Amazon. You can spring for the nicer one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
No, I was at someone's house once. It was like a friend of a relative and they had like one of those $4,000 massage chairs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Like a bottle of wine, some food.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
And I was like, I get it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
What we did get from my mom is like the foot, you put your feet in it like you can have water and it's almost foot massager type thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
So she appreciated that. There you go. That was a good one. See, those are good. The new one is the neck fans, like the cooling neck fan thing. Have you seen people wear these?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
You've seen them at like Disney World and the summertime at the games and all that. Do they work? They really do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
I want to try it, but truthfully, they just look dorky. And I'm not like, it's not like I'm too cool for it. I just, I feel like I just get made fun of if I wore one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
Speaking of wine, this is a mocktail. It's called a Red Sansgrilla. You like the pun there? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Affordable Gifts People Will Actually Love
If I wore one into the office, I'd never hear the end of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And we fly Southwest 95% of the time. I mean, rarely am I getting on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, but Southwest, there's no option. You're just getting on what you're getting on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, and that's hard to get to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yes, I did. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's a lot. It's a lot. But valet, I will, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I would say that's harder. I get that. I get that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, that's fair. I know. I just like the convenience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Convenience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, yeah, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Sure. I don't do it by a percentage because their effort wasn't... It was a one-time effort. Yeah, yeah, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, that's funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah. Or Rachel would. You know, we just canceled our gym membership. We had one. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, I remember.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah. I mean, every month and every dollar, I'm trucking it, the YMCA, putting it in. And I'm like, we never go. So, canceled.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Wow, give me the details. And here's why I did it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And how did that end up?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Okay, are you nervous when you're like, the board is, I don't even know skateboarding, but you have a big hill. Okay. And you're at the top. Yep. And that board is just, and you got to really commit to go down.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Well, it's just funny. I am in a certain text group, shall we say. You know, they'll be like, oh, hey, here's this, you know, dresser for free if anyone wants to come pick it up. And it's from, you know, and they give the link and everything. And it's like a $2,000 furniture piece. So they're like, yeah, just come get it. Like, we're done with it. And you're like, oh, my gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's scarier nowadays?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And you were done? I would do it again. Take pass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's very intimidating.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Is that Planet Fitness?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah. All right, next. We'll tip 20% for a manicure that you hate, but we'll stand in line at Target to return a $7 vase from last spring.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah. Does this happen often? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, I've gotten a couple of colors and I'm like, wow, that's just not what I wanted. But you never want to tell her because she's mostly done with it. You're like, so you just live with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, what happened there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
The reflexology place? Yes. Oh, yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And I was like, um. No, George, are you serious?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Tip the service, tip the service. I'm a 20% across the board, probably regardless of the service.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
But then they're like nickel and diamond pieces.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's next to a subway. It's next to a subway.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, yeah. I mean, this is like a... Draw your blood and check your levels place. Make you more uncomfortable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Always. And I know. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You should start saying Arabic stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
you know like um vitamins for 12 you know if you want to get this for 12 and i'm like this is so funny to me because they give away like thousands of dollars of an item but the vitamins are charged but then something else they'll just like charge for and i'm like i don't know maybe like something is in their psyche or in them i don't know but it's always funny to me that i'm like if you're gonna make money like make it off the dresser right that you're gonna get
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, I can see that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
How about this? Owns zero name brand belongings, but saves up cash to buy a personal sauna, cold plunge tub, home gym, and backyard pool.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That's a Winston. Is this true? I'm going to throw him up for that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Doesn't, yeah, doesn't know much about current.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yes. As we sat down, Winston has this jacket that George has on. But Winston's is more waxed. And Winston found this small little shop in this small little town outside of Nashville. Columbia, Tennessee. This is Enneagram 4 style. He's a hard Enneagram 4, which is funny, 5 and 4. And he was like, oh, no one's going to see that. And then he came to Ramsey to visit me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
uh for lunch and he saw someone wear it and he was like hmm people know about this and then i just thought you had it it's ruined now when winston finds out i have the same jacket as him he's like let me can i return this still no i know but yeah that's that's a shop local it's what we do rachel that's a good one but you know one one thing that winston does love is cozy earth that is one name brand stuff honestly that he has the hoodie the socks and it's because of the quality
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Because it is so soft, like genuinely. I actually got my brother-in-law a pair of joggers for Christmas from Cozy Earth. And he just texted me the other day. He was like, hey, I want to make sure this is the type, this is the brand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
All right, George, next. Won't step foot into a Whole Foods to buy organic groceries, but we'll spend $120 on the latest Lululemon drop because of hashtag wellness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
This is funny, y'all. I'm going to say a guilty... Because I kind of relate. I'm like, I can get there. But I'm like, yeah, I would spend money on like a Cozy Earth or a Viore. You're not a Whole Foods fan, huh? And then I'm like, I'll just buy Publix milk. Like, I'm fine. I'm fine with my life, you know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That's what they say. Oh, she knows.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
All right, give us your last one, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah. Yeah. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No more. You know, on my prayer list.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I have Amanda Bynes now. I've added her. Oh, good. Okay. Because Lindsay Lohan is off of my prayer list because she's doing great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Thousands of dollars for versus like trying to do it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
She is thriving.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, I think him and Hailey are doing great with the new baby and stuff. It feels right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And I'm going to add you, George, to it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Because even what you just said, George, you know, I just think you need to loosen up a little bit. I just think you need to enjoy a delivery fee.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Okay, here's the thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I hear you. I get it. It is stupid. It's crazy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
George, okay. But listen, my prayer for you is just to kind of like loosen up a little bit, you know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Just enjoy a few delivery fees in your lifetime and you're going to be okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Because here's the truth of it all. So we all value different things. We're going to spend money and effort on things that we just, you know, it's our natural bent and not that they're right or wrong. And again, I think there's a time and a place to save the money, but there's also a time and a place just to enjoy the life. But we're all going to have that hypocrisy in life, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, so again, it's one of these moments in life that you're like, that just doesn't, it doesn't make sense. It doesn't make sense. And so there's a lot of that in this world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That's always going to be part of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, she wouldn't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yes, yes, yes. Dad would, yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, Sharon, I have so many stories of my mom. This one came to mind. We were on vacation like last year and she all tried to talk us out of buying breakfast because she's like, lunch is coming soon. We don't need to pay for breakfast. We're like, but mom, we're still so hungry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, because she's like, it's a wait. She's like, it's fine. Just grab that banana from the lobby.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Maybe that's what it is. I can't help it. Oh, my gosh. Too good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Well, I think, again, it's about that we all place value on different things. I think if we do have unhealthy habits, that needs to be addressed, right? This isn't to, like, cover up and laugh about that. We need to talk about that. But also, if it's in the budget, that's a great thing. And if you're using every dollar, you know what's going on with your budget, and that's what's key.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Because I feel it a lot in my life. I'll do things that I'm like, oh yeah, I'll pay for this. And then they charge me $1.99 to subscribe to a podcast to get all the episodes. I'm like, I will not. But I'll go and spend freaking like, I don't know, $30 to get my food delivered to my house for one night. You know, and it just, it doesn't make sense. So there's a lot of that out there in the world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
There's no right or wrong here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Thank you, George. All right, before we get to our guiltiest charge, tell us about this drink that we did not drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Okay, I don't give it that. I give it a two.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
A little lemon on it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I mean, it's bad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's bad. Yeah, it's bad. A one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Watered down sweet tea with espresso poured over. Yeah, it's not good. Is that fair? It's not good. Okay, we got it. Don't try it at home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Wish you the best in life. Well, now it's time for... It can't all be bangers. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That's true. You can't win them all, people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That's actually good. As I walk through the valley of the shadow of death.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And the worst is the aftertaste. I'm not going to lie. I think it's even worse than the actual drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's just bad all around. All right, now it's time for Guilty as Charged. And this is where our producer Kelly gives the same new Guilty as Charged question every week. And for Guilty, we have to take a sip, which is terrible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Not $3.29 better.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
What? George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Well, Karen paid off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, I can't. But I used to look at clothing in stores before I bought. And if I found any snag, little dot, anything off, I would go to the register and say, oh, do you see this? And they would usually get like 15% off or something, which isn't a ton, but at least you get like taxes off. So I would do that every now and then.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Cheers. And...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Sharon's twin, his name is Karen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know what I was going to say, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, my Karen's the best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know. Sorry, Karens. Y'all are doing great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I have another, yeah, I know. I have another terrible thought with a Karen. I threw up on the bus in third grade on Karen Crozier.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I was in the third grade. I don't know. I was riding the bus. Didn't feel great. Karen Crozier.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Nope. Karen was.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, and then I remember my sweet dad picked me up from school because I thought I was sick. Got in his car. He was like, hey, Rachel, I know it's kind of embarrassing, all this. I was like, it wasn't embarrassing. Not bad for Karen. Embarrassing for Karen? She's got vomit all over her. But Dad really tried. Yeah, that was a boomer trying to empathize. I remember that. Very sweet of him.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
But I wasn't embarrassed. That's fine. Anyways, all the Karens out there, we love you. God bless you. Shout out. Subscribe if you're a Karen to the channel because we appreciate it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's not for you. Make sure to check out our next episode on our most viral money advice because it's so great. And we'll see you guys next Thursday on an all new episode of Smart Money Happy Hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Hypocrisy there too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, thanks, George. Yeah, but I do think understanding yourself, because it can maybe help explain some of the hypocrisy that we live in. Because some of these, yeah, natural tendencies. Real quick. Spender versus saver. What are you? I am the saver. I'm a spender. Are you a nerd or a free spirit? The nerd. I'm a free spirit. Experiences. Do you spend money on experiences or actual things?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
All right. I'm an experience person. George, we're so opposite. Are you quality, get something very nice, or you want a bunch of little things, a quantity? Quality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Quantity for me. Oh my gosh. If you want money and want to win with money, is it because you want safety? Feeling like, okay, I know I'm going to be okay. Or is it so that you can live like a status life? And not status in a shallow way, but in a sense of like, we get to go on the fun trip. We get to buy the fun car. Why do you want to win with money?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
All right. How about you? I'm status. We're perfectly opposite. We are. Oh my gosh. Abundance or scarcity mindset.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Okay, I'm abundance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Okay, and if you're giving, is there ever a situation that you're like, oh, yes, you love to give spontaneously? You hear about something, you're like, absolutely. I'm going to, let's just give some money here. Or do you want to like research the organization and make sure it's very methodical and it's real and it's legitimate? You're not getting scammed?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Okay, I'm spontaneous. Okay. And you know what people will appreciate? The Valentine's episode we had our spouses. You were literally Winston in so many ways. And I'm Whitney in so many ways.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
We're very similar. But hey, you and I, absolute opposites.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You know, that's why we make good, you know, good partners on the show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You know, it's like Regis and Kathie Lee.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know. Or Kelly and Ryan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
He did pass, didn't he?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Well, this is the show where two friends who happen to be money experts talk about what you're talking about. So everything from pop culture, current events, and money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Can I tell you, one of my core memories of a child is Who Wants to Be a Millionaire? We were all obsessed with that show. Do you remember when that season came out? Everyone in America watched it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And the guy that won the first million dollars, when he had the last question, he phoned a friend, called his dad just to tell his dad he was going to win a million dollars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And I watched it live, y'all. I mean, it was the biggest deal ever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, it's not the same. But Regis, man, what a national treasure. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You are 100% Regis.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It is true. Yeah. But listen, when it comes to us and our tendencies in life, there is the double standard. We can be all these tendencies, but yet the way we spend and experience money may not make sense to everyone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Very much so. So we have little paddles, George, for us. If you're watching, oh, that's my phone. Got these paddles. If you're watching on video, and we'd say, yeah, no, would not do this or would be guilty.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And we'll say it out loud for those of you just listening on podcast as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
All right. First up, refuses to buy a bottle of wine at Trader Joe's for more than $10.99, but will happily pay $17 for a margarita at a rooftop bar.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, I would buy the wine at Trader Joe's and buy the margarita.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You're nitpicking a dollar, too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yep, that's funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, that's funny. Yeah, yeah, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You know, my toothpaste situation is not great in life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I do brush. Yes, I use an electric toothbrush. I don't go to the dentist, as everyone knows, but I use an electric toothbrush. Yeah, I'm a child with toothpaste.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, middle and it dries on top.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
No, he has his own that's perfectly clean in his drawer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Mine looks like a, mine is, yeah, no, not great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Is it like all gunked up on the lid? Yeah, for sure, y'all. I am terrible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know, y'all. I think because I lose the lids of my toothpastes. They're so small.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
It's Red...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know. Colgate. I think it's Colgate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I just know it's red for sure. Colgate, I'm pretty sure it's red. Who reads it? I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Y'all, if I even have to, this is how not detailed I am. This is my free spirit coming out. If I have to replace my, every day, every day I use this moisturizer on my face, I don't really know what it's called. I have to go look at it to Amazon it. I genuinely don't know if I, I can tell you what it looks like. It's a white bottle. I don't really even know the name of it. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That's right. Good. Okay, so, George, you know, we talk about personal finance for a living, and we really try not to be judgmental because we get people from all different situations and stories and, you know, it's a whole thing. And so we do try to be curious, right, as Ted Lasso would say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Well, they make a lot of promises in the beauty world, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
So great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
All right. Up next, insists of using a library card instead of buying a Kindle, but owns a beachfront vacation home in Cabo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
My mom. God bless you, Sharon. I guess I'll give your mom a thumbs up. My mom would not buy a Kindle, y'all, for the longest time. I don't even know if she still owns one, but she's a reader. She reads all the time. It's where I get my love for reading. And she still will check books at the library.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Oh, 100%. And I'm like, hey, mom, did you get this book? And she's like, I don't know. I'm on the wait list at the library. And I'm like, I mean, she could Amazon it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah. You know, in the past years, she may have got... I've never seen her with a Kindle. She reads actual physical books. And she's still... She will not buy them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yeah, so is dad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And I'm the same way. Toxic trait. But yet they like... are doing great in life, you know? So we're like, Sharon, you can buy books from Amazon. But she really doesn't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
She loves the library and she goes on wait lists for the books.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
As we speak. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Still sitting at home with a little dollop of, you know, sweet potato casserole. Because we don't throw that away.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Just a little bit there. Yeah. She'll pull it out. We'll eat desserts and she'll give us the year. The dessert was given to her. And she freezes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Y'all... This is so weird. This is exactly the conversation I had with him this week because last week he was on a duck trip to Arkansas.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Literally said, no, well, yeah, that's true. He did not buy a new gun for that trip. But he said, he's like, yeah, all the guys have all the great gear and stuff because he's a different, he's a pheasant hunter, which is a different type of gear than duck. I don't know. It's a whole thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
George gets it for sure. Yeah, but he said it was his coat from college. He's like, I still just got my coat from college, you know, just wearing it. It still works. So it's kind of Winston, but he didn't buy a new shotgun, but he still will just wear what he wears.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Which I think was a Walt Whitman quote.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Waiters? Good for you, George. A waiter. Yeah, he's got waiters. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You know what? Yeah. I don't get it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
You know what else I don't need to prove?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
My online information. Because it's out there already.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That was pretty good, y'all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Because it's out there for everyone to see. Especially yours.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Seriously, Delete Me goes in and removes all your information because we do so much of our lives online, from banking, right, to our email, everything. I mean, we're shopping. There's so much. So our names, addresses, phone numbers, email addresses, everything's out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
And so Delete Me goes in and removes all that information from data broker websites that sell your information to other companies. They make money off of you. And Delete Me goes in and removes it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I think he actually quoted Walt Whitman in the episode, but yeah. Yeah, we're not gonna, yeah, be curious, not judgmental. It's a great phrase, so.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Yep, it's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
Next is Only Buys Economy Plane Tickets. But valet's car at airport.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
That's a long time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
I know, but it's funny because Winston's like an anti-first class. Like, he thinks it's the most wasted amount of money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Make It Make Sense: Calling Out Money Double Standards
But genuinely, he's like, that makes no sense to pay for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
But I would say it's people who are very concerned about what they're putting in their body, what is in their home, what's affecting the environment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Because of aluminum or what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
She's a Dove girly. Just leave her alone. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay, so on here we have secret deodorant versus native. I know for a fact secret is probably like three bucks. It's pretty cheap. Native, I know in my heart, is like $17.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
For one thing of Secret? I feel like Secret is on the cheaper brands. Oh, Secret. Why do Dove? Yeah, yeah, yeah. Dove's a little pricier for the Dove folks. You think so? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So it's legit double the price.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Mm-mm. True story. Are you guys still friends?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
She's... I would only FaceTime with her. You know what I mean? Like, I just... I feel like deodorant's one thing you don't want to skimp on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
This is a big one because eggs have gotten expensive. There was recently a shortage. Bird flu. Costco had a big thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Kirkland eggs got recalled for other reasons. The bird flu happened. We have white eggs in our house right now and I'm not happy about it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay, so this is very confusing. We'll lay it out for you. We'll switch off because there's a lot. This is an egg state of the union. We have cage-free. We've all heard that. That means eggs from hens that are freely roaming a building, a room, or an enclosed area with unlimited access to food and fresh water during their production cycle. This is regulated by the USDA. So that's cage-free.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
The ingredients.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Then you have pasture-raised. These are eggs from hens that have access to the outdoors. If the carton says pasture-raised and also includes stamps that say certified humane and or animal welfare approved, it means that each hen was given... approximately 108 square feet of outdoor space, as well as barn space indoors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
This one's not regulated by USDA, so again, farmers are left to their own judgment. Little sketch there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And then finally, we have the classic, organic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
What does that mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Wow. Got it? What a time to be alive. It's just so true. Okay, so let's do the cost between organic versus conventional. I'm going to go for conventional eggs. Like you get cheapest of the cheap white eggs at your local Walmart. It's probably three bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And for the organic eggs, there's a wide range here because I know you can get great eggs at like Whole Foods for $4.50, but it could go upwards of $9. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I'm going three to nine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
That's one point to you, one to me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I do feel like eggs are one of those things that have been like overinflated as far as people's imagination. Like, you remember when they're like, the price of eggs is out of con... I'm like, guys... No, but there was a season where it was, though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Maybe, but I was shopping for eggs regularly, and the places I went, it was always, like, in the same range of...
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You know, Trader Joe's or whatever, Whole Foods, $3.50, $4.50, maybe $5 if I was getting the nicer eggs. But I think in people's minds, that was the thing holding them back was the egg prices.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Essential oils are medicine. You don't even go dark in the door of a doctor.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's a healthy thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Eat whole foods.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
She got off her soapbox. Okay. Okay, so in general, the fewer and more natural the ingredients, the better, because that's what our bodies were made to process successfully long-term.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Mm-mm. True story. Are you guys still friends?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
The more heavily processed the ingredients, the less they start to look and function like their original God-created form that is meant to nourish us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Can't trust them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And no sugar is better than all of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Oh, I've seen this guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I'm proud of you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah, I just like the way he talks. It's so funny. He's like, best in class ingredients. Yeah. No bad oils. No bad oils at all. And he's got his own app too now to like scan things. Oh, Sharon has it. So here's an app, again, not sponsored here, but Yuka. Yes. Y-U-K-A. Yeah, is that the one that's the A-B-C-D?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yes, and it'll grade foods. It really helps, especially with those with dietary restrictions.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Very helpful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yes, there are things that we can do, yeah. Okay, let's talk pesticides. Can we? Sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Have you heard of the Dirty Dozen?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Can you name? I feel like I can name one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Are strawberries part of the Dirty Dozen?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
That's why they named it Dirty Dozen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Clean 15. Clean 15.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
They don't absorb pesticides, apparently.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
All the chemicals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Sweet corn, papayas, sweet peas, asparagus, honeydew melon. Mushrooms.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Digital safety, often overlooked.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And then what happens? You get the robo calls, the spam texts, and even worse, you could have fraud happen. And so we want to help protect you from the risks of online scams. And so check out Delete Me. They've got a great deal for our audience. You can get 20% off any of their plans if you go to joindeleteme.com slash smartmoney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's super affordable and I sleep better at night and I get way fewer spam calls and robo texts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Well, both.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Both. Because when you think about it, when we talk about like fast fashion and what's happening in the factories and it's sustainably made, and I feel like that's just marketing to say, we're going to charge you seven times a normal amount and make you feel bad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
To say that it was sustainably made.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Buying clothes on Amazon?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And then you have Scrunchie, which I think is where most people would identify. They're teetering somewhere in the middle, like you're doing your best to live, quote, clean, but also leaning on modern conveniences, like occasional screen time flexibility for Bluey and Paw Patrol. Just me?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You don't mind just getting rid of it, tossing it, whatever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Reduce, reuse, recycle. But this is a tough one for sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Ooh. This is what we use. This one's become controversial. Do you use like the clean one or is it like the bright orange red bottle?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I wear 100% denim when I work out, so it makes it easy. I don't have to think about it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah, I threw out all my spandex. I said no more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Well, again, if it says sustainably made, these clean fabrics, they're two and a half to four times more expensive on average. And so there is a price to be paid. Can we just say it's a privilege to even be thinking about things like this? Like, ooh, can I shop for the sustainably made 100% organic cotton? That is a luxury in today's world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You can find 100% cashmere sweater secondhand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Cozy Earth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You don't have to worry about, is this cheaply made? Is it sustainable? Yeah, it's good quality. I went to their website, Rachel. They're very transparent about how they make their stuff, the conditions. They personally ensure good working conditions. And so I really appreciate that about them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And if you wanted to get a better deal, they're giving our listeners a killer deal, up to 40% off their prices. And they know. They're like, hey, we know that we're more expensive than the Amazon, whatever cheap thing made of polyester. That's right. But they aim for long-lasting quality. You can tell that it's higher quality. It's softer. It's durable. It's so great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So it's a buy-it-for-life kind of purchase, especially because they have a 10-year warranty on their bedding stuff, which is amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So great. Be bougie on a budget.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Oh, I don't even know about this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And that's just screen time for me. Naughty, that doesn't count my daughter.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Oh, this one is... Yeah. This one's very personal to us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Because we drive electric cars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And people think that it's my... I guess this is me virtue signaling about climate change because I drive... I don't... Hey. Let the earth go the way it's going to go. My car is not, it's not going to be the thing that tips the scale.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Well, and I've heard it's even worse. It's not environmentally, because the batteries like can't go anywhere and they end up in a landfill or something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So you'll never know my politics because I don't know what my car says about me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And have you seen the effect? Have you noticed a difference in like their physical health or emotional health?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
They ended up great. I just think there's a lot of judgment either way. A hundred percent. Then people are judging you for not doing it this way. And I want to release, especially moms, I think they're bearing the brunt of the weight from this mom guilt. Yeah. And it's other moms that are judgy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
She's crunchy. I think she's leaning over time, crunchier and crunchier. Yeah. But someone has to put a stop to the madness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And so just free yourself. Do the best you can do with the resources you have right now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Although, we do judge plastic cutting boards now, Rachel. I had to throw mine out. And my nonstick pans.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
The camel's life have changed. Let me tell you, stainless steel, they really touted stainless steel pans to be this life-changing thing They're hard to cook on. It is so difficult. It's so hard. Like just let it heat up and then splash.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Have you heard about the cutting boards now? You have to go with the wood and the bamboo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And then sometimes she'll be like, I want Swedish fish. I have a craving. I'm like, you know, there's red dye. She's like, I don't care. Give me the Swedish fish. I don't care. Give it to me. So I think we all need to admit, we all, no one's 100% all the time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Apparently more can leach and the wood has natural antimicrobial properties.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I've learned so much against my will.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Do you put anything plastic in the microwave?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah. Put it in a bowl for a ceramic or glass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You really go the extra mile.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So safe. So crunchy. So I use those microwave covers because I don't like the splash. I only use it for food that I'm eating, not for the baby's food. Put a paper towel over. Yeah, but sometimes the paper towel doesn't do it, depending on the food, or like will sop into the food. That's gross. And then I heard paper towels are now bad for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Rachel, I can't make this up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
There's like chemicals in the paper towel. And so as you use it on your hands and the... Well, shoot. We can't live anymore. But I will say, someone at a party accidentally turned our microwave on. It's at like foot level, you know, knee level.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
They turned it on with the cover in there. The cover melted because they accidentally put the microwave on for like 16 minutes. And didn't know it was on until I smelled it. You smell burning plastic. No. Yeah. That's not good. I think I saved our life. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's exhausting. Yes, you did. This is a lot. I'm overwhelmed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
But all that's to say— So how do we wrap this? How do people spend?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So make the swaps that you can make with the budget that you have. And over time, if you want to push it to the limit, you can do that with cash as you get to a better financial place. For sure. And don't judge others who can't or choose to not do the thing that you do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You can make room for the things that matter to you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
That one I think is non-controversial.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
That one was stressful for me. I think the comment section is going to be juicy on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And you know what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
We know you know that we know. That we know. That you're offended at everything we said.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You know, I can't wait to get educated by a stranger's comment on the internet. That's my favorite form of free education. They always let me know what I got wrong. My wife does it enough. I don't need to hear it from a random stranger in the comment section.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's all poison.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah, those don't look like something God created. I'll tell you that much.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah, the mint looks wilty, which is how you know it's real.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So it can go in the head, just not in the mouth. It's funny. It just depends on where the chemicals are going. Got it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So this is the Kentucky Flyer. What's your rating on it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I'm going to go 8 out of 10 as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I want a little more complexity, but I think it's a perfect whiskey sour style drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's got rye whiskey, maraschino liqueur, which is like a cherry liqueur, lemon juice, and saline.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It really elevates a drink. You'd be shocked because you're like, what are you going to drop some salt water in there? That's odd. But really good. It comes out to $2.52 a glass. And I highly recommend. If you like a whiskey sour, you will love this drink. It's like an elevated whiskey sour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And it's up to you if you want to add in the chemical cherries.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
All right, I'll go first. Okay. Microplastics. We try to avoid them, and yet we still drink out of plastic water bottles every night. But when confronted, you won't catch me telling anyone that. Only on this show, in front of thousands, will I tell. But amongst my crunchy friends, like, oh, yeah, no, we, yeah, filtered water. Oh, gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I do read a lot of labels. I am that guy. And I try to avoid the gums, the dyes, the bad oils. I do my best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And another thing, my wife won't, she doesn't like the dogs to drink tap water because she thinks it affects their allergies. So I have to get fridge water for the dogs. And I think she has merit to it. I'm sure she's on the right side of history here. Our dog's life could be extended by at least a few days based on the filtered water, tap water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
While they eat plastic toys all day long, it's the filtered water that's going to really help them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
If I checked your bank statement, how many fast food visits would I see in a 30-day window?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
No way. That's impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Fair. Right? Just based on the fact that you go to Sonic, I think we win. Like if you look at Chick-fil-A ingredients and then claim to be crunchy...
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay. Would you count like a drink at the Sonic drive-thru?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
All of a sudden you have judgment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
No, but I just thought that was something people do. They get the old Route 44 or whatever and they get their coconut sunset water or whatever they drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
No, I think once a week is a normal amount.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I thought it would be more than that personally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Well, hey, if you guys enjoyed this episode, and I hope you did, and even if you hated it, let us know. You probably already have in the comment section. And for more budget-friendly food inspo, you got to catch our episode all about grocery hacks. It's titled The Number One Budget Buster That No One Can Avoid. It's coming up next, and we'll also link it down below.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
When the rubber meets the road.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You have a garden. You're not far off. There is. From livestock.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Are you a white egg person? What other egg do you do? Like the tan eggs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I don't know what it is, but I see a white egg.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Can we just make this very clear? We are not experts when it comes to food or health or science. We stick to money. So we're going to give you unbiased opinions that are wrong, and we will get roasted in the comments for anything we say for this episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
But it is exhausting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
We're humans. And can I also just say, everything is going to kill us. In today's world, I feel like everything we do, buy, everything is just like, well, you know, that's bad for you. So that part, I have fatigue from just everything being bad for you. Oh, I have a question. Seltzer water. Now bad for you. Oh, it's an aluminum can? Terrible for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
What else do you make chicken from?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah, yeah. Little House on the Prairie. I'm doing real bad explaining this. Yeah, yeah, yeah. Anything little.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You make a good point. I don't know what the point is, but you're making it. You're making it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Without access to modern medicine that could have saved them. Yet modern medicine is now killing us, so we need to go back to the natural ways.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Got it. Over, you get polio.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
40% chance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Processing all the things, yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah, they used to use salt. Did you know that? Salt is what they used to preserve.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Fascinating.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It was a magic mineral.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Shall we play a little guess the price? Ooh, that would be fun. The differences in like the standard process, bad for you thing versus the clean version. Love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Here we go. We don't know the prices here. I guess Kelly's going to tell us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Today, we're unpacking what it means to be crunchy, scrunchy, and silky on a budget.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Thank you, Producer Kelly. Let's compare Lysol disinfectant spray with Mrs. Meyer's all-purpose cleaner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay, I just had one bottle of the spray bottle. I'm going to go three bucks for Lysol.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And for Mrs. Myers, I'm going to go six.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Like essential oil? Yes. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Look at that. There you go. That's clean.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So we're going to dive in. What's worth the extra money?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I'm proud of you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Yeah, that way makes up for Sonic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
This one's become controversial.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You use Tide. You're a Tide family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Do you use like the clean one or is it like the bright orange red bottle?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I know. Okay, versus what is a Tide?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
What does that cost for a Tide? Let me think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I think they're pretty expensive, like $11 maybe?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Wow, she's good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay, now on the opposite side, we have the clean version, Blueland Plastic-Free Refills. This is what the camels have now been using. Okay. Okay. For 60 tablets, so it's about the same amount of loads. I know the price of this because I just bought them. They're about 33 cents a piece. So for 60 tablets, oh gosh, I'm going to go 22 bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
We are sipping on a Kentucky Flyer. And we're going to give you the rating and reveal the cost per glass at the end of the episode. So stick around for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Your boy shops.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
We don't do Yankee candles. Well, I have heard like all candles are toxic to your household.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I think that's pretty bad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
The better for you version is soy candles.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
They really think something of themselves.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Boiling water, some cinnamon sticks and orange slices. I mean... Maximum, I don't know. I mean, five bucks will get you... All of that and plenty for multiple uses.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You don't have a price on that. I do. Water is free. Well, you pay for the water. Five bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And you do pay for water. I take that back. Water isn't free. Fourth one comes at me. I don't know where you live, but I have a water... Okay, relax, bud. Relax.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay, let's move to personal care.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
A fancy word. Ilya Skintent?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay, I know for a fact my wife uses that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So two points for Whitney on the clean crew.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I hear it all the time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
And I imagine Ilya Skintent, $47. No, I'm going $32.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Can I be honest? I threw out a number so outrageous that I was like, well, for sure it won't be.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Our budget's tight, y'all. It's tight out there. It's tough times. All right, next up, Rachel, we have Batiste dry shampoo versus apparently the clean version, Amika talc-free dry shampoo. I've always thought they were putting too much talc in our dry shampoos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I'm going to say $10 versus $20 on that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Well, my wife is in a crunchy mom Facebook group. Wow. And let me tell you, I think there's a spectrum of crunchy moms. There's moms who are wanting the best for their kids. And then there's people who have, I think, lost their mind. And I think there's a, you know, there's a spectrum again. Don't even know where my wife falls on there. Some days, I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
You won on that one. I won the first one. You won the second one. Okay, okay. I gotta know. It's crazy to me that taking ingredients out makes things cost more. Like, you want aluminum-free, that'll be $2 more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Which makes you think, what the heck are they doing to the normal products? They're filling it with a bunch of crap they don't need to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I don't think anyone thought dry shampoo was like a natural thing in society. You know what I mean? True. What is in there? We don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Anything in a spray like that, it's got to be toxic for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
She loves an aerosol, folks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's an odd combo. Patchouli's very intense.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I'm sure it's changed over time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
But don't you think the recipe's changed over time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's from the spring.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
I think they changed it to increase profits and make it cheaper for them and charge us more. I didn't invent capitalism. That's just kind of how it works. But patchouli, who knows where that comes from? Imagine an old man's shoe. I don't know where they get patchouli from. Oh, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
How nice is happy perfume? Yeah, no, no, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
A roll-on feels like it'd be smaller. I know. But I'm still going to go $35 for the roll-on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Okay. Because the roll-on doesn't have as much in it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's an aggressive scent. You pay for it. I like it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
Can I just say, again, one point to Whitney, she got me a clean cologne.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
That doesn't have all the, I don't know what's in it. I don't think it lasts very long. I don't think it's very, it's not like amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
But I feel better because like I'll put on the cologne and then I'll hold my baby. And then she's like, it rubs off onto the baby.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
So now I got to worry about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
What Level of Crunchy Are You?
It's a tough life. Lastly in this category, we got to talk deodorant. Do you use it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Cheers, George. Cheers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I still think it's a great drink. Yeah, don't let that sway you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Always.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Wow. I still think it holds up. You know, everyone's traveling. Everyone has thoughts about vacations and hotels and Airbnbs. And their one story of why they'll never do one of them again or whatever it is. But there's also the investing part. A lot of these desirable city homes are getting snatched up by hedge fund investors. And our take was we're kind of more hotel people in most situations.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yes, exactly. And not just financially, but from an experience standpoint.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Could not tell you the episode. I think we've done a few Margs, but this one I think was Michael Reddish's, our mixologist, his best margarita recipe. That's my best guess. I'm going to say I gave it a 10 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
She's not trying to live like a local taking out her own trash.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
To the grocery.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Little treat culture.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You do anything. You could do your own laundry and be like, you know what, just have a little treat. And you get an $8 latte because you did laundry. That's the energy of little treat culture.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Just a little treat. And here was our take on this. I still think you should go listen to it because it was great. But here's the TLDR. Little treats are great, but you got to plan for it in the budget. And so if you want to know the best budgeting app out there, be sure to check out EveryDollar. You can even have a little treat line item in EveryDollar and put 50 bucks in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And when you spend it, that's it. That's right. You got your little treats.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I have not seen this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So people love true crime. They just don't want to hear about it on a money podcast. That's what I'm realizing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What if there was a true crime podcast that was like, hey, guys, today we're going to talk about the murder of your bank account and why you should do a budget. They're like, I'm out. I'm out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
We talked about the true crime industry. Should it be profiting off of these tragic stories?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It's just weird.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
New rating, still 10 out of 10. It hits.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yeah, I'm a little disappointed in you guys.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm not mad. I'm just disappointed. Okay. But I moved on. Thanks, Dad. And if I, I don't check the stats on these. You know, the team sends it once a month. They'll update us. Hey, here's what the people liked. Here's what they didn't like. But I don't lose sleep over it. So you can't hurt me. I want you to know that. Oh, my God. But hey, you know what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Sorry we let you down with these episodes, listeners. We don't think they're all that bad. And we're going to put the links in the show notes for you to find out for yourself if you didn't listen or if you want to listen again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh my goodness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I think your Miley Cyrus impression with the French bulldog. That one has stuck with me. I don't know if it's good or bad still. I'm working out with my therapist. But it really stuck with me. I was tickled by it. Yeah. Anytime you attempt almost anything, singing, accents, impressions, it's the best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Reddish Rita?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, wow. I didn't know that. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I love that you're taking credit for these people's lives based off of a single, I don't know how often you're praying for these people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Is it monthly?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I do, just not celebrities. All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
This is a sugar-rimmed glass. I can tell because my hands are already sticky.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Wow, that was really sad. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
This tastes like a mocktail margarita, maybe with some sparkling water. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm going to give this, I think for a mocktail, if the ice hadn't melted, I would probably say 10 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Lemon Drop.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So not a margarita.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That was mine. So that came from my sort of emo, Eeyore spirit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I was going like, why don't I just enjoy things anymore? And we explored it. We talked a lot about the financial aspect of why we don't enjoy things anymore. That's right. Inflation's part of that. Just so expensive. What do you enjoy these days?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, that does bring joy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I didn't realize that. Like when you're, I mean, you guys, how many puppies did she have? Six. Six puppies. And you have to take care of them after she's, you know, given birth. There's still another, how many weeks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Don't edit that in post to make us look cooler.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
The vet said it was okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's a fun one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yeah, I've realized having kids is secretly enjoyable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's my hot take. Well, you know, I mean, people out there, there's this vibe of like, oh, like kids, it's a lot of work.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Ruin your social life. I'm like, didn't have one to begin with.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
But no, truly, like making her laugh is my favorite thing and only thing I want to do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It's the best. Because honestly, no one else will laugh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
All right, let's talk about category... Was it with ratings, correct?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm ready. Wait, personally?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Leroy and Lewis in Austin, Texas on a work trip with none of these people are in the room, but some of the best barbecue Texas has to offer. So good. So good. Man. How about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Booyah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's a good one. All right, next. Best album of 2024.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Did I say that right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's a movie. Also great. Tortured Poets. Some of Robin Williams' best works.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Some would say you have a blank space. It doesn't. Welcome back, guys. Thanks for bearing with us through this episode. I did, in fact, drop my mocktail, but it was because the drink was so sticky, yet slippery, that I could not grab it, and it just fell right out of my hand. So I apologize. Are you dry?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Great episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Way to bring us back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Moving on to Rapid Fire. Best purchase of 2024 for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Happy 2025 almost.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Please do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Can you mention the purse?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I was waiting for a French accent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
A little different. I think that's clear. Well, a lot of reasons why it's different than pretty woman, but yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So it's a green purse.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Wow. And it's worth it. Worth the splurge.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So it's like a little bit... We call that quiet luxury. Stealth wealth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You could be like, I got this on Amazon. I'd be like, oh, cool.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Someone with poor taste like me would not know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Give me a bougie purchase you made or one that you... I mean, okay, one thing I did that is very not like me, I would say, I wouldn't call it a purchase because it was inherited, but then I spent a lot of money to get it fixed, was this watch. Mmm. It's this old Rolex from the 90s inherited from my wife's grandfather who passed a few years ago. And grandma said, hey, would you take this watch?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You can't sell it. And I said, yes, and I'll get it fixed up. Little did I know, fixing it up is still 10 times more than I've spent on any watch in my life. Sure. Yeah, yeah, yeah. But this was the splurge purchase of the year. How fun. And it's cool because, number one, it's like a family heirloom. Yep. And number two, this is not, you know, people know me as like Apple Watch guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Beautiful. And we'll put the recipe in the show notes if you want to check out some of these all-time favorite drinks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So to be wearing like a bougie luxury watch, I feel elevates me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm a dad now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What am I doing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So there we go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
These are really something. And my dogs love them. I know that's not saying much, but they are cozy for the pups too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That says something about their confidence in the product.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's very generous of them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
We told them, we said, hey, this is a money podcast. People are watching their money. And so they said, hey, we're going to give them a really, really steep discount. And their products are absolutely worth it. So go check them out, CozyEarth.com. Use promo code SMARTMONEY. And if you get a post-purchase survey, let them know you heard about Cozy Earth on Smart Money Happy Hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, gosh. Regrettable purchases. That's a really difficult one for me. I would say I got a bed jet, which I talked about. A bed jet. And it shoots air into your sheets to keep it cool under there. Wow. But I've got a weighted blanket. I've got the dogs. There's a lot going on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And I just couldn't... Yeah, the cozy earth sheets are great. I just could not get the bed cool enough with this product.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So that was a return for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Use the return window. That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
They don't make them like they used to, the blow-up flamingo costumes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Best and worst pop culture moments.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You're a true reader.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So we got some historical novels there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Author of Ruthless Elimination of Hurry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yours? It's an audio book. I don't know if that counts. That's great. But it's Michael Richards who plays Kramer on Seinfeld. He did a memoir called Entrances and Exits. Oh, funny. And yes, at times, but also like very deep and... Heart-wrenching and poetic. And he's just, I'm like, how did he write this? It's very poetic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And he narrates it, which I love.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And so that's why I did the audio book. And I really enjoyed that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
As a big fan of Seinfeld.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Money and marriage getaway.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I just think the spirit of that event is infectious. I agree. You know, it's an event where we're helping people become stronger spouses, get better communication, intimacy, all the things. And just to play a role in that with my talk and then see you and John Deloney do your thing, it just feels like a special event. And all of our events are special.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
This one feels like the transformation is palpable in the room.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And there's one coming up February.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So check it out. Come see us in Nashville.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm going to say we got a play set for Mia. Cute. And she goes down the slide.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It's my favorite. She squeals every time and then claps for herself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, my gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Sports betting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Nobody wants this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Not a rom-com guy, but really enjoyed that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Like a publicity stunt or something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, this one's going to be controversial. Go. Using the credit card, even if you pay it off every month. It's just that one has irked me all year long because I've been just debating people and I'm like, it's a useless task. They think they're winning, but I truly think you would do so much better to cut up the card, stick to using your own money and save up for the things you want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, I would say, number one, drop the shame and the baggage because usually when you fall off the wagon, you go, oh, that's so like you to do this. I knew you would never actually get out of that. You got to just put that down, get in community, and then you're good to go. and then take like a course that's going to keep you accountable, like Financial Peace University.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That is the best thing you can do to get back on the wagon and stick to it. Because it's nine courses, you know, you got to do all nine weeks, and you will make progress if you do that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's right. And Taylor's net worth is sitting at approximately $1.6 billion. Travis's at $90 million. And we want to know when they're inviting us over for dinner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Well, my favorite question to ask is, and then what? You get to the thing and you do the, and then what? Yeah. And then you didn't actually solve the root problem of why you were striving for the thing. So I think it's good to be rooted in healthy motives and a healthy self.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
To the least of these.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Who could forget lemon milk? This was a supposedly creamy lemonade mocktail that just tasted like weird curdled lemony milk.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It was good. There was just so much salt that all we tasted was the sodium.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Another one. I gave this a one out of 10. I called it harsh and viscous, which I reserved for my worst enemies. It was the pumpkin pie espresso martini. All things that are good on their own, not great together.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Literally, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
question mark no it has nothing to do with the money i just think it'd be a good time i had a dream i was friends with her like genuinely i was like wow do you ever have celebrity dreams no i think it's literally just you okay next up on the list paris olympics oh the olympics i forgot that this existed and then halloween happened and there was all of the the ray gun and the break dancing from australia that was a memorable moment for sure so
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, that's funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It's been a fun year of talking about money, making it easy to digest while enjoying some great drinks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What if they're listening to this right now and they find out from this podcast?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Has anyone not done this? That's the question. If you haven't, you aren't living. You're not okay if you've just said yes to everything regardless of what it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Have you ever gotten caught? Let's see. I've faked sickness. I've faked appointments. I have a doctor's appointment. Let's see what else.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You're out there posting, trying to get caught?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, yeah. Guilty, guilty, guilty. Very guilty. But I try to be more honest these days. As I get older and more mature, healthier, I just need to be like, hey, can't make it. Maybe not even a here's why. I've been trying to be less defensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And if they're a real one, they'll understand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
One of the top episodes we did. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So Simone Biles now holds the record for longest gaps between gold medals won in individual, all-around, and vault.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
He made nerds cool again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And today we are revisiting the highs and lows of the year of our Lord 2024. That's right. And boy, were there some highs and lows.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
A lot of other athletes here. Alona Maher. Oh, yeah, she's funny. Female rugby star, won the internet over with her comedy about having a crush on other Olympic Village athletes in 2020. Very relatable content there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And Tara Davis Woodall won gold in long jump and her sweet embrace with her husband Hunter, who also won gold at the Paralympics, went viral.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Simpler times.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
They remember.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It's got to be worth it. I mean, these companies are smart. They're not doing this without ROI. Totally, yeah, yeah. The average cost of a ticket for smaller events for the Olympics is in the 300 to 800 range. But for finals events or opening and closing ceremonies, you're looking at a couple thou. Okay. Per tick.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I did not know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That's impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I have never dedicated my life to anything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What about the Mormon wives? Are they on your prayer list?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Wow. That's your cup of tea. Well, you saw what happened with the Golden Bachelor couple.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Filed for divorce three months after publicly tying the knot on national television. So receipts for this wedding are hard to find. But we do know that Trista and Ryan had the first Bachelor TV wedding back in 2003. And they were paid a million dollars to get married on camera.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What's he doing now?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Wow, it's hanging on by a thread then.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Did not see it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You acted like, I mean. George. I father a one-year-old. I haven't been able to go to the movies.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
They really made this for millennials. This is not for kids anymore.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
He's just excited to get out of the house and get some popcorn.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Well, you contributed to someone making a lot of money because it earned more than $1.6 billion worldwide.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yeah, that's up there. But the healthy messaging about emotions and childhood development, that's priceless.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What is it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I saw the headline.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
So Butch Wilmore and Suni Williams are just vibing at the International Space Station until early 2025. Uh-huh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
She has a point.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
She has a great point. How long would you last without getting in maybe a floating fist fight, being stuck in close quarters like that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And if you're wondering why there are six drinks on this table, 2024 has been a year. But there's a better reason why we have so many cocktails. I mean, we're talking about best and worst. Rachel, why not do the same with our cocktails?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I think you'd have to learn how to get along. Now, that would be a better reality TV show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What do you think?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I would pray to God that I brought my AirPods Pros to put noise cancellation on. Sorry, I'm listening to my audio. What could you say? And I'd let you talk. I think you would need to get the energy out like a dog before bedtime. I would have to let you talk in order to just so we could just pipe down. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I think so. I don't know that people on Earth want to be talked to 24-7. Oh, man. Anyways. I don't know what the time change is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, my gosh. I don't know. How do you know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That takes a lot of science. Come on, Apple makes a dongle for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
All right. Well, according to NASA, the average salary for astronauts in space is more than $152,000 a year. Seems cheap. I think you'd have to pay me more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Knowing that, like, I could die at any moment. Yeah. Or never come back to Earth. You'd have to pay me... What's your number? I'm going $5 million a year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I would need to come back and retire. Like I did one, I'm good, we're out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
The risk is just too much. No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I feel like going up feels safer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
No, I have water. I have issues with deep water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yeah. I don't know why.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I feel like the technology is better when I'm in a capsule going up than a capsule going down.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Don't know why.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Pookie.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
All based on one phrase.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
They would just post videos. They'd both be dressed up, looking nice. And he would say, Pookie's looking absolutely fire tonight. And he's kind of this bro-y guy. He probably went to Knoxville with him, I imagine. Yeah, I think he went to Harvard. That makes sense.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
But he's got a cool, uppity guy vibe, but seems like a really nice guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
We'll have some fun with it. We're going to guess what the drink is, what it's called, and we'll see if the rating we give it today aligns with our original reaction.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Oh, absolutely.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Brand deals, sponsorships.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yeah, people think lawyers just automatically make six figures.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Is it fair?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Wow. That's a strong pendulum swing. But I see where you're going. Are we doing well as a society based on who we value?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And then you end up getting spam texts. You get part of data breaches, all of the stuff that we are really annoyed by and sometimes can really hurt our financial life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And they send you a report showing you exactly where they found and removed your information, how much time they saved you. And it's one of my favorite... reports that I get in my life. And I get a lot of reports. Probably top three reports.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
There was worst?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Are we ranking worst based on least amount of views? I think it's on viewership.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Or how much they like Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
All right, switching. Switching gears.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Yeah, and drop your favorite in the comments if you've tried any of them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What is that? I know this liqueur. I just can't put my finger on it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
What has a licorice flavor? Is it absinthe?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It's got absinthe. It's got lime.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
It doesn't taste... You know what? I think the margarita skewed our taste buds.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
And the ice has melted, which watered it down.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Okay, what's my rating now?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Here we go. That is a classic, delicious margarita.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm still going to give it a six out of ten.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I said six out of ten. For the new rating right now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I think it's still a 10 out of 10 drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You love Lilit Blanc?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
That is really impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
I'm just impressed. George. I don't know many people that just have Lilit Blanc. Yeah. It's a life of luxury.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
You're making them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Ups, Downs and Lessons of 2024
Well, I'm sorry that our rating changed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Was it chilly or does this depend on?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Well, we're going to talk about, obviously, the financial aspects of Disney. What?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Rock your cozy earth hoodie.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's a good one. That one I'm big on. If it's really crowded, it's going to be a miserable experience. Yes. So if you start adding on heat plus crowd, I'm out on that. Okay, next up, use a free Disney travel planner. Never done this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So they are compensated by Disney through commission on the bookings they make for clients, allowing them to help plan your entire trip without additional fees to you. And some feedback from social also suggested Park Hopper wasn't worth the money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You want to be the planner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I want someone else to do it for me. But I do... Here's the thing. The Disney travel planners, they're incentivized to do more because that increases their commission. So just be clear about what your budget is and stay firm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And they might inspire some magic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Was that with the Fast Pass, though, where you've experienced the entire park in half a day because of that? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I think the reason was you could spend a whole day there and still not see anything. That is true. You can't save money. Okay, next one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I think like the Walmart, you just go there and get all the gear and then head to the park.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I thought you'd have fun with this. Hmm? I want to see how many of these you would agree with.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You can't get it. Like the Dole Whip. I've heard amazing things about this Dole Whip.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Good for Dole for staying, you know, top of mind for consumers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Do you ever watch this? Videos of people eating on... Do you watch this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I think your algorithm is very different than mine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Several.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, it's out of a cart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay, where is it coming from? It can't be made at the cart. Are they delivering these from a kitchen to the cart? Mm-hmm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I consulted. Oh, my gosh. I asked Chad GPT to tell me why I... Like George Camel? Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Very suspicious. Okay, that's a good one. And I have heard everyone's like, you can get water from any of the self-serve stations for free. Don't pay for water there. That's a good one. Next up, use discounted gift cards. I got this message probably 20 times. It said, buy Disney gift cards at Target or Sam's Club, and you can save 5% on a high-dollar gift card and purchase park tickets with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And so if you're buying for a whole family, you could be spending thousands, and that could save you a few hundred. So 5% doesn't sound like a lot, but... When you're talking a $5,000 trip, it adds up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So it's kind of like if you buy more, you can save. Yeah. Four parks in four days feels reasonable. Yeah, for sure. A hundred bucks a ticket, I would do that. Yeah, that's good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Can you pair that with the Disney gift cards? That's the question. Ooh, double up. That's the ultimate hack.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You ready for this? Crowds everywhere. Packed no matter the season. Ridiculous prices. Long lines for everything. Not true. Fake happiness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm up to over 80 hours of time saved, my most recent report, because they send you a report every other month just showing you, here's where your stuff was. We removed it. You can sleep easy at night. And so I love using Delete Me because I'm on the internet a lot. And there's always like forms you're filling out and some things require your personal info. But you're right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
These data brokers are out there selling it, using it, and you get all the scam and spam because of it. So if you want to avoid that and sleep better at night, go check out Delete Me. They're giving our listeners and viewers a sweet discount, 20% off any of their annual plans at joindeleteme.com slash smartmoney or use the link in the description.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Next up, military discount. Families get 25% off an annual membership, and there's tons of other discounts on smaller booking expenses throughout the process. So if you are traveling with someone who has that military discount, take advantage of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It feels like a ripoff in my heart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
This feels more about convenience than like a cost savings. So if you're aiming for convenience, this could be helpful. I've heard that avoid the sit downs and just go for more of the casual spots.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You'll save time and money that way. Yeah, that's great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Who's Tony?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Terrible food. Exhausting days.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You're really there for the food, I'm realizing. You're welcome. That's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Last budget-friendly hack. Set expectations before you go. This is a good one to have the talk with the kids. Have the pep talk. Say, here's what's going to happen as soon as we enter this park. Here's what we're doing. Here's what we're not doing. That way when they bring it up, say, no, remember, we agreed. That's right. We're not doing that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And it's, to me, honestly, I think that sensory overload. I think that's the big thing. Especially as a child.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's crazy. It's noisy. It's crowded. But I guess if you thrive in chaos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You love that experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I would need a quiet spot to hang out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Nickel and diming everywhere.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah. Okay. So we went from one side of the spectrum if you're trying to save money. Yeah. Now this is the, if you had unlimited money, what would you do for the most premium Disney experience? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, if you see plaid vests, you're like, this is a VIP client. It must be someone with a lot of money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's really for the kids and you have to suffer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
VIP tour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Most of your time, that's my thing, is most of your time at Disney, you're just standing in lines. Right, right. That's what kind of ruins it for me. Yeah. I want to be doing stuff. Yeah. I want to be more productive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay. That could be an interesting, maybe I'll do that one day. There you go. You'll be so proud of me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
My ancestors would be rolling in their grave and me spending $900 per hour for a guy in a plaid vest to be like, right this way to a ride, sir.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I could have anything I want in my life for $900 an hour and I've chosen this. That's kind of sad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But if I saw that person, I'd be a little jealous. There you go. All right, next up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Merch overload.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So you're really paying for just a nice view. You're not worried about like, is someone tall going to be in front of me? That's usually my fear. So I might actually pay for this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Heat and humidity, depending on the time of year. Grown adults acting like it's a religious pilgrimage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Why is that? Is it the music happening with the fireworks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, I do remember that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I will admit. Wild.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's what made you think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So is that part of what creates this Disney bond?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Assuming it's a shared experience of all these people from around the world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
All enjoying this one beautiful moment together.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So in your mind, you're like, if everyone could see this, world peace could happen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Matching shirts and ears.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Like get Ukraine, get Russia, get Israel, get... Hey, let's all watch the Disney fireworks and let's solve this thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
although i will say that you just sold me a little bit on the magic of disney with that okay next up for the ultra bougie club level access at resort this is two to three hundred bucks per night you get access to a private lounge complimentary i love that it's complimentary but it's three hundred dollars a night yeah complimentary snacks drinks alcoholic beverages and small meals and there's experts who help with park reservations tech support etc uh we did this george worth it for free because are you ready for this
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
People who brag about going 20 plus times a year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Someone recognized you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Disney is my whole personality crowd.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Because you went from we're not buying a single snack to grab all the snacks you want, kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm in for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
When I go to Disney, I'm going to wear a shirt that says, I know Rachel Cruz. Yeah. That way, maybe an employee would bless me and say, you know, Rachel Cruz, no way. And I'll show them a picture of our show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's amazing. Okay, next up for bougie activities.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
This is just for adults, by the way. Interesting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Adults losing their mind over character meet and greets. Extreme loyalty to a corporation that overcharges them. That's one. The cringe TikTok content.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Now you want to do this, don't you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah, but what do you say? Just gallivant across the park on your own? I guess.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, so they're stuck in the hotel room.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That feels selfish.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Like, hey, kids, we're at Disney. Don't leave this hotel room.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Watch a movie.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Your mom and I are going to dinner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
For $1,000. No. But you don't buy a single snack. That feels wild. But yeah, if it was just you and Winston. I don't know. That could be fun. Yeah. All right, next up, we're getting fancier, private poolside cabana rental. Ooh. Ranges from 300 bucks to 1,000 bucks or more, depending on the time of year, location, the perks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So this is comfy seating, mini fridge with drinks, personal TV, dedicated attendant. So great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah, the $450 covers 10 guests.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That is cool. That would be cool to be on the water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'd be willing to chip in. I'm realizing I should go with a big group. to get the most bang for my buck and do these elite experiences.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And the people who talk like they work there. It's like a whole language.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm thinking the camels and the cruises.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm in. Love it. That's fun. Okay. Let's move back to some budget-friendly hacks. This is from our Ramsey colleague, Nathan, who worked at Disney for 20 years. All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Give us your hacks. Here's what he said are his four budget-friendly hacks. Number one, the cheapest time to book, weekdays in November or February. So off-season. Okay. Go on a weekday in the off-season, November or February. You're going to save money. Resort hopping. Going from one Disney resort hotel to the next, enjoying the atmosphere at no cost except for parking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So, you know, the lounges, the bars, the free live entertainment, and just go experience it all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Next, split a cabin with a group. Disney's Fort Wilderness. Wow. They have a Fort Wilderness resort and campground, has cabins that sleep six with kitchens and barbecues for outdoor grilling. Cheapest is around 500 bucks a night during the value periods. And lastly, character breakfast.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
If a meal at Cinderella's Castle is too expensive, you still want the interactive experience character breakfast, 10 to 20 a person. What's your final thoughts on this? Did it change your mind at all?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Whoa.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That was his boundary.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's my only thing. I'm done venting. I'm going to be in a good mood the rest of the episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
He essentially said never again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And why is that? What's Winston's take on why he wouldn't go?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But it's about experience over utility. Yeah. And so for Winston, he's like, hey, that could have funded the kids' college.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Well, does the hotel have Cinderella's Castle, Winston?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I love being on your side.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Such a blast.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Agreeing with you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay. So I have an 18-month-old. When would you say is the right time for someone's first experience at Disney to really enjoy it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So before your child turns three, I've heard that you can take them for free.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So that's a good hack. Someone said, hey, this is a fun experience to take, you know, your two-plus-year-old. Right. Because it's still a little magical for them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
They're just not going to do all the rides.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Now, here's the big thing. Your kids are not entitled to going to Disney. And I feel like it's become this rite of passage for kids to be like, well, I gotta go to Disney. Is that happening across the world? What's this phenomenon that it's like a rite of passage for a child to go to Disney?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So the parents are ingraining this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Well, I've seen the big surprises. They open it, and they have the Disney band in it, and the kids are like, what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah, I could gift your kids a Chick-fil-A gift card. They'd have the same reaction.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
How would you talk to your kids if they wanted to go to Disney, but it's not in the budget? Let's say someone out there, they're in baby step two, trying to pay off some debt in the Ramsey plan. You know what's funny?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's rough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's going to cause trauma, apparently.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
How about you? How would I tell my kids? and it wasn't in the budget, I'd say, hey, we're going to do that in the future. We need to save up money so that we can pay for it. And we can do it in the future. And say, hey, it's happening. Because I think kids hear no and they hear never.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Terrible idea.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And it's just a not now, not this year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So having a clear timeline for when it could happen. And, you know, that's going to teach some patience. I'd lay it out. Say, hey, it's $5,000. Here's how much we're going to save per year. And we're going to have a little tracker. And you can keep up with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But I will say this. You talk about our friend, Dr. Arthur Brooks. and the things you can spend money on, what's going to bring happiness. And the one thing that actually brings happiness is spending money on experiences.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And another study found that the food prices at Disney World have outgrown inflation by almost double. Disney concessions have gone up 61% in the last 10 years. That's a lot. General inflation has gone up 32% according to the Bureau of Labor Statistics. I rest my case, Your Honor.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But the one thing when it comes to spending money versus stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So this feels like an actual, there's some actual benefits to this. For sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
To spending this money, there is an ROI. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
With the people you love. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Honestly, I need someone who's going to, I need like a hype man to talk me off the ledge to be like, just go have fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So it's like a really slow subway?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But the people never bother you? The sensory overload, the unaware people who are just standing in the middle of a walkway, that never bothers you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You just ditched your family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's my problem, is I'm very focused, and then I look back, and I've ditched my family accidentally, and then we're in a fight.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So you're going too slow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay, well, hey, if you are budgeting for your next Disney trip or anything else, be sure to check out the EveryDollar app. It makes budgeting so easy. It makes saving for the future easy. We have sinking funds you can set up in there to go, hey, I want to put $100 a month into this sinking fund for Disney. And a year from now, we're going to have $1,200, which might get us three tickets. Maybe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
For one day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You changed my mind a little bit. I'm going to say this episode is really just for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm going to go nine out of 10 on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's really good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm very happy with it. It's the La Tourista. The drink cost is $3.30. The rosemary is intense. If you like rosemary, you're going to like this one. It's got tequila, elderflower liqueur, Aperol, simple syrup, Peychaud's bitters, and lemon juice with a little sprig of rosemary and a little orange peel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So is it price gouging? Does Disney have legitimate costs? I mean, they're running an entire city. They got to pay for their own police and fire department.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
To garnish. So beautiful garnish. Great, beautiful color. I'm loving the flavors here. So this is a win. Go get the recipe in the show notes and try it out this weekend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Can I ask you this one? Oh, yeah. Have you ever done something for your kids, but really you did it because you wanted to?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It just feels like you're the target demo for doing things that you want to do. While justifying it with how other people are going to experience it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Because you have older kids. You've had a lot of experiences.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's your idea. And they go, you're going to love it. Here's why. You're great at selling people on experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah. When we've gone. You're most of the reason. What about the pool? Was that mostly for you guys to get a pool or was that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Whose idea was this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You're not amphibious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm inviting myself over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That is nice. I do think public pools, I get a little heebie-jeebie.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
No, no. Yeah. I feel like there are, we could bring back lots of diseases if we just all went to water parks as a country. I don't, I'm not for that. I went to water parks growing up as a kid.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It feels like if there's an apocalypse, I would want to be at Disney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And I still remember like my feet burning on the black pavement as you walk to the next thing. I know. The smell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That kind of just chlorine everywhere. Everything's just soaked.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You're like, it's a mix of, you're like, is this sweat or am I just still wet? We don't know anymore.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah. So I haven't been to a water park in a long time. Okay. Anything for you with Mia so far? Have I done something for my kids or really did it because you wanted to? I mean, I think opening a 529 account for college. That was really for me. Oh my gosh. You know, I've always wanted to and I didn't have a good reason.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Why? Because we teach it all the time. Like, yeah, open a 529. It's great. And so I was like, I want to do that. I could have opened one for myself, but I already graduated. So it's not for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Some people's joy is 529 plans. Some is Magic Kingdom. We all have our thing. Oh my gosh, George. Opportunity cost. So that was really for me. It's going to benefit her because she'll go to college debt-free, which we love, but it was for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah, to be fair, it's been a while. Last time I went was probably 2016. Okay, not like too far.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
We did just get a toddler tower, like a little kitchen helper, mommy helper thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So I just built that yesterday.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm a beast with an Allen wrench and 48 minutes to spare.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It was really exhausting, but that one was really for me because it puts her in a tiny prison so that I don't have to chase her around as much in her toddler era. Okay. So now she's like, she can't really get out. There you go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
We have a little playpen. Oh, you do? As they get older, they don't want to be in a pen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
They're out of their baby pig era. They know. They're like, I don't want to be in this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah, we still have it. It's there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I don't know. I don't go to my friend's houses.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah. It's none of my business what happens in their house. Unless I'm coming over the cruises for a pool day. Pool party. Pool party. All right. Well, hey, DM us your fun guilty as charged questions. We may use one for an upcoming episode. Be sure to label it guilty as charged so we can find it in the DMs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yep, and you know my traumatic experience where I lost my dad. That's right. But then my mom just told me recently, she was there with me the whole time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But in my memory, I was abandoned. I was alone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I don't know. Anywhere between two and nine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I feel like I could see the castle.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yep. Or my dad. I don't even know which parent was with me, but I know that apparently I misremembered.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And that I was going to be okay either way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But this is back before you could just call on a cell phone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
More from the movies than the actual characters. Like, I loved Aladdin growing up, as you may know. I had a huge crush on Jasmine, still do. So if I was going to meet, I think I did a meet and greet with Aladdin and Jasmine once. That was fun. Okay, there you go. As a grown man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I guess so. Aladdin was ripped, let me tell you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Like they don't break?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
That's part of the job, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I love that Winston was not having it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
There was no yes and happening here. Like, he was the opposite of improv.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
We met at Knoxville, Tennessee. That poor woman's just trying to do her job and create some magic. I know. And he's there to squash it. I know. That's why he's my spirit animal. Thank you, Winston.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You have a favorite character? If you could become a Disney character, like any of the princesses.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Why is that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Special to you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Can I tell you my daughter, who's 18 months old, just got the... thing? Tonys? Have you heard of these?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
She just got a Tony, and she has a little bell one, and she has a little Elsa let it go, and you put the little figurine on the thing, and it plays the music.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I think she's really into the bell one. But here's the weird part. It's not the original music. It's someone that, like, re-sang it. Like, they couldn't get the rights. Oh, no! So it's, like, slightly bad. Oh, shoot. I'm not gonna say bad. They're great singers. But you can tell, you're like, oh, this was...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's like, yeah, it's like Timu brand Disney. Disney. Still great, though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But it's put me back in the spirit. Yeah. And it's also, I feel like, training her to be obsessed with Disney as a girl.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Today, we're either going to make you feel seen or triggered. We're talking Disney. So is that worth the money to stay in one of the, like, character hotels?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Indoctrination starts young, doesn't it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Now, before we dive into the belly of the beast, let's talk about what we're sipping on, Rachel. It's the La Turista.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And so it feels like they're already saying this is not for everyone by doing that. And you can prop it up artificially with debt, but there's a better way to do it. And we're going to get into some, you know, financial tips. If you're going to do it, here's how to do it well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Ooh, I mean, the ticket, you have to have that. I feel like personally, whatever the fast pass thing is, I think for the time you're going to save and the value you're going to get from the trip, that one might be worth it for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Is it like there's a premium plus thing now?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, because they're all around the park. You can meet them, but there's a line? Yes, you can.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You got a little salsa in you. I took a year or two of Spanish. A little salsa in you. Don't have to be dangerous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Five birds.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I do remember loving Epcot. So I think that's one that's worth the money to me personally. It doesn't feel like it's geared towards kids as much.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
No, I don't think that was, did that exist at the time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's nuts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I do think the Soarin' ride is worth it. I don't know why. I remember the smell of oranges as you're flying over the orange tree field.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
A little biblioteca never hurt anybody. Yeah. So stick around till the end. We're going to give you our rating and reveal the cost per glass. And that alone is worth the price of admission.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I agree. Spraying chemicals into your face while you soar. But that one did feel, that was the most magical time I had was doing Soarin'.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And Tower of Terror. That one hits.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Can't win them all, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, my gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yes. Not Disney though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But adjacent. I think I'm more of a universal guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It feels a little bit more, I don't want to say bro-y, but it feels like if you're like a little dude, you're like, yeah. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yep. They have all the cool brands.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Can we just say, Harry Potter adults, you're getting real close to Disney adults and it shows.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I think it's a different type of person, but similarly not okay. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You like more true crime.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Real murders, not the fake ones.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah, we're about to get lit up on the comment section. So I'm glad you're going to get roasted today, Harry Potter.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah. Too broad? No, but I think the people who are obsessed with Harry Potter are Team Harry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I think they look down upon the Disney people as being less than.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Unlike Disney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Oh, Harry Potter people. You know what? I feel that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Well, they went to the school of wizardry. They have wands and stuff. There's a little bit of, you know, there's elitist behavior on both sides. It's all I'm going to say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
As it stands now as a grown adult.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Not for you. You're not really an animal person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah, you have a dog.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But you could live without having a pet ever again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
But you're no interest in like the safari experience and let's see a giraffe and... Not really.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I don't know what this is. What is Chef Mickey's?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So is that worth the money to stay in one of the character hotels?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So they're always trying to make it like, well, you're not going to get this if you don't do this. Like they're so strategic with everything they do over there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It does help me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Now when my daughter wants to go say, no, the Cruises didn't do this. So neither are we.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
This gives me some inspiration.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Take that, Chef Mickey. No, this is true. And now you make me want to skip on the merch and instead just get a nice Cozy Earth, like, sweatsuit I can wear around Disney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Because it's exhausting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I'm not doing the ears.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Don't hide this under a bushel, all right? I worked too hard on it to be messing up with ears.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Let the kid wear the ears.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And they're giving our listeners and viewers a steep discount up to 40% off at cozyearth.com slash smartmoney and use the promo code smartmoney at checkout. And let us know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Snap some pics in your Cozy Earth gear.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
I don't like putting things on my body, like tattoos, jewelry, earrings, nothing. Nothing. I don't want it. It's not for me. I don't even wear a lot of hats.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
So I'm not a hat guy, so I think that makes me not an ears guy. I don't understand. Who's fooled?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Did Winston wear ears? No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
What would Winston do? He wore a tee?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Was it pretty tight? Kind of showing off some muscles or?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
It's worn in a little bit. All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
And we've narrowed it down. I made the mistake of putting this on my Instagram in a poll of like, let me know your Disney hacks. I didn't know what I was asking for.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
Over 60 screenshots of DMs of people saying, here's all my hacks. I think it was about 19 Disney travel agents that jumped in there. But it was very helpful. I will say that. I got what I asked for and more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Disney Reality Check: The Good, the Bad and the Magical
You ready for this? Yep. Okay. Let's get to the eight budget-friendly do's and don'ts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Your favorite celebrity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And how much were they getting paid? They were in cahoots with Big Dairy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
They're not doing this for free. It goes so deep. You think Jennifer Aniston is doing anything for free? No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Here's some other 90s food scams. Breakfast is the most important meal of the day. A concept invented by Dr. John Harvey Kellogg.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That's all it is. That's what you're giving your kids, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I don't know that they're any healthier, but if you feel that way, it's great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That feels better.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Anyways. Another one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But now intermittent fasting is all the rage and people are saying it's great for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You eat between a certain window, like 12 to 6 is your time to eat, which means skipping breakfast altogether. That is true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I just do like a bar. Yeah, me too, a bar. Like a perfect bar. Those are my favorite. The perfect bar. I get them at Costco, as one does. They're refrigerated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yes. Right? There's a range of like, oh, it loses some quality and taste or you will die. I think there's a spectrum we can agree on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah, and I like the dark chocolate chip peanut butter. It kind of tastes like a Reese's cup.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But healthier. That's good. So that's my go-to. I wouldn't say it's healthy. If you look at the ingredients, it's got a lot of stuff in it that I think most people would be like, you need to do better. Not looking for your judgment. Thank you though. I used to do Lara bars. I tried RX bars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Way too gummy for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Like three days later, I'm still chewing back there like it's some dip that I've had stuck.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It's disgusting. So no thanks. Breakfast for you? Okay. I feel like I'm not a breakfast person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Both Costco breakfasts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I thought you'd be the type to be like, I had a big gust of wind on the way in. I'm good. A bowl of ice for breakfast. I'm fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Wow. Well, can I say, this is a little behind the scenes, in the Ramsey Cafe, in the cafeteria where we all eat lunch, Rachel has a sandwich named after her on the menu called The Rachel. It's true. It's a wrap. Guess who doesn't have anything named after him on the menu?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Try it at home. See if you can recreate it. That's a good one. Speaking of which, Clean Plate Club. A scam invented by Gen X parents to avoid the feeling of grocery budget waste.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
If something is... I think smell is big.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Were you a clean plate? Like Sharon was like, you must clean your plate. Whatever you put on your plate, you must eat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I feel, I try to do it. Because what I try to do is not put so much food that I know I can't eat it. So what I do is put a little bit less, knowing that I'll probably be full if I just take my time, eat slowly, let it sit. Then if I want more, I can always get more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh, but really when they say they're hungry, do they want like a snack or dessert? Oh, yeah. A treat?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I would pick it out of the trash.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Like at restaurants, I'm the worst. You're like, let's get four apps, three entrees. Let's split some dessert.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I take everything home. You flew. If there's like one ounce of food left, I'll get a to-go box. Oh, this is true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It was worth it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It was so much food. We did a gluten-free Thanksgiving in New York City. It was stupid expensive. I was already angry at how much we paid.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I want to say maybe $150. A person total. Yeah, so it was expensive. Drinks, tax tip, all of that. And we barely ate. I mean, it was so much food. It was like where you're eating for eight, and it was just the two of us. So I thought, there's so much food. Box it all up. I'll figure it out. So we get back to the hotel, get our luggage, and I went, I'm going to go to the ice machine in the hotel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So sell-by is my favorite because it means it's fine for a long time after that. The stores just can't sell it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I got a laundry bag, filled it with ice, put it at the bottom of the bag, stacked it all, and then carried it through the subways.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Buses, trains, planes, automobiles. I lugged that thing home out of spite. Dude, what do they do through security?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Judged me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But they let food through. I don't think so. They probably just in their hearts judged me. It wasn't like a public, like, sir, what are you doing with all this food? You're a little guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But to be fair, I ate on that for like four days after.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It was an incredible amount of food. But I did wonder, should I be eating all this food that like sat this long, maybe not properly refrigerated for seven hours?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yikes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh, you've got a lot of conspiracies on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Twice a year for cleanings, I try to say no when they're like, hey, you have 19 cavities that need to be filled. I'll go, I'll wait on those. And I say no to fluoride now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Get some crunchier than I thought.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
People are upset in the comments. Every time we talk about this. Really, are they? Like, Rachel doesn't floss. She doesn't trust the dentist. And all the, like, dental hygienists and the, you know, they're all very upset with you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Well, I do think genetics plays into it. Yes. You must have, like, did you ever have braces? No. Hold on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yes. This is when they add to your teeth? Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
They excavated some more tooth for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Wow. They look great, honestly. Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
The higher the gums, the closer to God. That's what I always say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh, gosh. Never been. Okay, I don't want to like sully the good name of some chiropractors out there. There's some great ones.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But there's some heebie-jeebie ones that I was guilty of. Like I went because they would do a free exam and a free whatever they do where they crack your back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And, of course, they go, hey, we examined your spine, and, oh, you're going to need about a year. It's going to be $3,600 for the treatment plan. And I'm like, oh, you know exactly one year from now I will magically be better with exactly this many treatments.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You're going to get the most quality, but beyond this date, you'll start to lose some of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
How about I go, and when I can tell that it's solved, I'll stop.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So I feel like there's a lot of scamming going on because they got to pay for their chiropractor school and the practice. And so they just have to jack up the prices, I feel like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
They showed him the difference.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
How do we know that's his spine?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I would have known my spine from Adam. I mean, you got to... George, it's a great question. Couldn't they have fake images of someone's spine adjusting over time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I'm sure the chiropractors will come after me now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
What are you going to do? Crack my back?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh, I feel like this one's not a scam because there's instant results.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But I do think the effects wear off faster than I'd like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And it's not a habit that I could sustain. It's like I get a massage every month. You know, now if I had like an actual injury, I want to make this clear. If it's like an injury or like a medical thing, different. For the average person, this is more just therapeutic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Did you make a big deal of it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Like at night? I want to know the scenario in which you would kick a door.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I think companies, I'm not going to try to defend corporations. Not what I'm here for. But I will say, part of it is liability on their part. They're going to try to err on the side of being conservative and being safe because the last thing you want is like, there's an E. coli outbreak and it hurts your company and their brand and reputation. Remember Jack in the Box? Yeah, did you go there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Did you not see the door? Did you think the door was open?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
The rest of your toes?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You're paying. They're billing insurance every time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
We don't need to check on it again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah. Now, to be fair, Whitney just finished PT. She just went... Her back was jacked up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
No, my wife is not a physical therapist.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But what's funny is they call it graduating. She graduated from PT, like as in she did, and I think, you know. She did what she was supposed to do. But here's what's a life hack.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I'm so sorry. You need to come forever for your toes. Well, she graduated, and then she did a bar class, and she was like, it was almost exactly the same, but more enjoyable because it's a bar class workout versus PT. So there's your life hack.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I think you need to be careful where and how you spend your money. But also, don't walk through life paranoid that everything's a scam. But it's just an exhausting existence when you're that. And there's a level of cynicism and skepticism that I think will exhaust you personally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I want you to have a healthy level of skepticism. Do your research. Make sure it's recommended by other people. And feel free to say no. Because their sales tactics, they make you think you need this and you need it now or else you're going to harm your body. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
They know how to push the buttons.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So you need to be really good at saying, no, thank you. Or, you know, I'm going to look into that. I'll call back if I'm interested.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Do you ever say, I'm going to talk to my husband? No. Do you ever play that card?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
What about when like the cashier asks you if you want to donate? Do you think that's a scam?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
No shock to anyone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Does Firehouse know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I think the Franklin Fire Department appreciates your donation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
My dad pulled this one. I was with him recently, and he said to the cashier, we've already committed all of our, we donate through our church, and we've committed all of our giving. I went, wow, what a life hack flex.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah, he was sharing his faith at the same time. I was like, this is beautiful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Way to go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And trust your gut. Yeah, it's good. Physically, I mean, theoretically, metaphorically, trust your gut.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah, if it looks too good to be true, it is. If it looks stinky, it is. You don't know, possibly. If it smells off to you, metaphorically or physically, don't do it. If it smells fishy, throw it out. Unless it's fish sauce. Which even then, fish sauce.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That feels like they should just make them an individual single use.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Because a single drop of that stuff leaks out and something died in your fridge, my friends.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Not a scam.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It's like one of those gifts you can get for the person who has everything. You know they don't have the Cozy Earth blanket or sleep set.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I was 15 years old.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Can I give you my hack for this? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
The quality matters. Like, it's real. It's very real. And the good news for our listeners and viewers, they've got good deals because they listen to Smart Money Happy Hour. So you can go to cozyearth.com slash smartmoney or use the promo code smartmoney at checkout and you'll get up to 40% off, which is nuts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Go check them out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
The Amaretto Sour, which was Rachel's bachelorette party drink back in 09. I think it still hits 15 years later. I'm going to give this a 9 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Well, there's not a Jack in the Box near me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Well, this is a high-quality Amaretto. Some of them are made with nasty mixes and low-quality liquors. This one is really well-made. It costs $2.95 per glass. It's got, wouldn't you know it, Amaretto, which is a sweet Italian liqueur. I feel like it's got some almond or cherry notes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
At the time. You know what I mean? So it wasn't a big... It wasn't my problem.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah, it's really nice. And you got fresh lemon juice, simple syrup, a lemon slice or peel for garnish. Fresh lemon juice. It's got to be fresh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So check out the recipe in the show notes. Give it a try this weekend if you're of age. Correct. Good reminder. Drink responsibly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
They could be arrested. Not you as the parent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You know what would be so funny, though? If you told a cop, like, hey, would you go over there and tell my kids they're getting arrested?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Just to cause some trauma for fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Mine involves a car, too. My dad growing up, if the car light was on, we were going to get pulled over and arrested. Oh, up there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
The light inside the car. I would turn it on for who knows what, and you go, John, John, John, we're going to get pulled over to the restaurant. What are we doing? That's how my dad sounds, by the way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I'm okay. We did get pulled over once, though, but it was because he was speeding.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
We were on our way to church.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That, I feel like, is the biggest scam.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You're a well-adjusted adult.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I will say it's like the lights back in the day, you know, they had on the cars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Well, they're more like focused lighting. Back in the day, it was just like you're lighting up the car. If you're driving at night.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah. Everything was lit up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So what can you do? We didn't have screens to light our way back then.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
While driving? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Just going 78 down the interstate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Wow. I haven't figured out how to scam my one-year-old yet. But if I can figure out how to do it, I will.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Those little white lies that we do to protect ourselves and our kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Stay out of jail, Amelia. We need you. Yeah. Charles, good luck.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Well, she's from a generation where you didn't just throw things away because a date said you should.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Usually, it depends on the item. Like, I know, I'm not going to trust her. I think meats is one. Like, I just have an issue with meat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Cooked chicken?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I'm giving it three or four days.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Beyond that, it's a toss for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I'm not willing to risk it. I'm a five or six dayer. But to be fair, I try to eat everything soon after. I'm not going to like leave it till the last second and then be like, I guess I should eat this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
How about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I just saw a thing about rice. Cooked rice. Yeah. If it sat out before you put it in the fridge, becomes poison apparently.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Whitney sent my, my wife sent me the Instagram reel and there was some doc talking about it of like the actual. Bacteria. Yeah, bacteria that forms as it sits on the counter. So they say if you cook rice, don't let it sit out too long before you put it in the fridge. Gosh, good to know. Don't let it sit out for hours.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I'm just here to be a blessing and my wife is the one who tells me all this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
um and yeah is is whitney more conservative on the expiration date i think now that we have a child if it's going to be eaten by our child she's a little more yes you know on edge for us as adults we're less concerned but you know there's we pulled out the fridge there's some like mold oh yeah i'm like once i see mold i'm not like i know i'm not working my way around it you know one thing i don't do either when stuff's been left in the car oh do you know who doesn't care about that
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Winston Cruz.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
A real man's man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I know which one you're talking about. I know exactly the brand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But I want to know, like, you see the wheel of cheese sitting out at Whole Foods. Like, why can they do that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Milk, I'm a little more on edge about. Oh, gross.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I feel like milk is one I'm just, I'm going, that's not risky.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That's a tough one. Eggs? If it says like best buy and it was a week past, use or toss? A week, I'm tossing. I just don't think it's worth it for the cost savings.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
To me, it's a risk analysis.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And I'm like, was this a $100 item or a $3 box of eggs? That's right. That's right. I'm going to toss it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That's impressive. What about like a Chick-fil-A condiment? Like you got it in the bag, didn't use it. You save those.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
How long? We don't know. Because there's no dates on those.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It feels like it's like Russian roulette with Chick-fil-A sauces in my fridge right now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Which also feels concerning.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And we don't know when they made that sauce. It could have been 2002.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So food is one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
What about like skincare, prescription medicine, supplements? Like, do you feel more conspiracy theory about those? Yeah. Expired medicine. Is that terrible? Well, I think it depends on what it is. Tylenol? Like there was one that was three years old the other day and I went, I'm going to hard pass on that. I'm going to toss that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But like six months taking a Tylenol and six months expired, I think you just lose some of the potency.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
We're sipping on Rachel's, I assume, first drink, an Amaretto Sour. A classic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Same with supplements.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But I don't think they're going to like hurt you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
One that is interesting, I had a face lotion on this last trip I took and it expired eight months ago. But I thought it's face lotion. Oh, yeah. What could go wrong? Did it go wrong? It didn't go right. It wasn't a full breakout, but it was a little bit like clumpy. Like I could just tell when, like I was like, oh, that didn't look right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Today, we're talking about sneaky marketing tactics, pretending to be your friend, just so they can steal your money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I don't think, I didn't think it was like something to be shaken. I've never shaken lotion.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
No one told me you should shake your lotions. Why? This is why I listen to this. This podcast is the reason I live.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But part of it is like I spent good money on this and I don't want to waste it. Do you ever feel that way? Yes. Oh, 100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It'll take 19 years to use this whole thing up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You still have like your bath and body works?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Is it nostalgic for you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I feel like you were a cucumber melon kind of gal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Wow, not Cold Vanilla. Warm Vanilla.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Those names are crazy. Okay, so today we're going to dive into more of these marketing schemes that pretend to be looking out for you, but we are cautiously skeptical. So let's play a little game. Helpful tip or marketing myth, Rachel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oil changes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But then what if your car like blows up because you didn't do any oil changes?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That happened to me when I had a tire situation. Of course, they like measure all your tires like, hey, these things are so bald that you're putting your entire family in jeopardy right now as you're on the road. I'm like, okay, I'm not going to pay a thousand bucks to get four new tires right now. It's insane.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And you wanted something that tasted like candy. It's good. Tastes like candy. So stick around until the end. We're going to give you our rating and reveal the cost per glass at the end of the episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But oil changes, I will follow the actual, if the car has a meter that shows you like the percentage, I'll follow that versus the sticker.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That's just me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
But to me, out of all the things you could do to keep your car going, an oil change I'm happy to do. I do try to go synthetic blend so I don't have to go as often.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It lasts longer than the traditional oil changes. Good for you, George. Full synthetic's a little pricey. It's a little rich for my blood.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I don't go full synthetic. I do the blend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Now I'm bougie for doing synthetic blend oil changes. Which, by the way, neither of us have to do with our cars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Our spouse's cars. That's honestly one of the best parts about owning an electric car. It's underrated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You never have to go to a Jiffy Lube.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Some guys sell me on why my air filter needs to be replaced.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Now that's a scam. I've heard they show you a fake air filter that's dirty. No. I've heard. I'm not saying all places do this, but they always show you like, hey, your air filter needs to be replaced. And it's always like $700 to do it through them versus just buying a cheap one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Do it yourself. Even I can change an air filter.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Even me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You get charged.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Can I give you my hack for this? Yeah. I use a site called privacy.com that creates virtual debit cards. So I use that for trials and you can say, hey, don't let this charge more than a dollar or let this expire after a certain amount of time. So you can set all these parameters around this virtual debit card.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So then when they charge, there's no... And you can just delete the card as if it never existed. So take that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Free trials. You're not getting me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Well, in a lot of free trials, you get to enter all of your personal info and data, which they can then use to remarket or sell to data brokers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Thank you for owning it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
They're using our info like Pokemon cards out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Because you're getting inundated with all these offers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
So find it, remove it, send you a report.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Smart Money Happy Hour users. They get 20% off any of the plans if you go to joindeleteme.com slash smartmoney or just click the link in the description. It'll take you there. And we love having them as a sponsor because we want to protect our listeners and viewers out there from getting scammed and fraud and all the stuff that's happening. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Like you can return it at any time or up to a year. So is this a scam? Is it a marketing tactic? I think it's definitely marketing. They know that you're more likely to spend money once you're in the store. And, you know, if it's a good return policy, I do feel better about buying it. That's why I love Costco.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
It is embarrassing. It's an embarrassing amount of stuff. It's pretty wild, George. I have no shame when it comes to returns. You really don't. I've returned things as we were sitting here, I think. That's how much I return things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh my goodness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Great campaign. I think we just say that out loud. It was a great campaign and it worked.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I don't know what happened there. Isn't that weird? How did it just die?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That makes sense.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
You could bump into a door. It's actually a great question.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
No, only for our daughter. I will use cereal. I'll use like an oat milk or something like that. I try to go dairy-free these days. Anti-inflammatory. Good for you. If you know, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
That's the one you feel like is the conspiracy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
We have enough money. We are billionaires now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Big dairy. Cows?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I guess the companies that produce milk.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
And then the farmers benefited.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Raw, unpasteurized.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Which I also have concerns about. Straight up, y'all. I mean, it's pretty. What other liquid from an animal would you consume straight out? I don't know, but she looks great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
I've seen like raw unpasteurized goat milk or cow's milk is supposed to be great for you. I don't know. I don't know what's happening in the pasteurization process other than avoiding me dying. At an early age. So I appreciate that, but I could be wrong. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Sneaky Marketing Tactics That Aren’t Your Friend
Where were you? Nowhere to be found. No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's true. My friend who had the Macintosh, that's another sign of wealth. Bonus.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
If you had a Mac, I was like, oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
They had some money. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I'm going back to my... With the Apple.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We had the Compaq. C-O-M-P-A-Q, I think. You know what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's what we could afford.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did you ever have the one where you clicked it and it would open your CD-ROM? It would basically hit the eject button.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
With like smiley faces all over your screen. Oh, no. That one scared me. I still, I have dreams about that one. That's terrible. Viruses were a real threat back then.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But you know what? You know how I avoid viruses these days? Avoid the spam and scam. That's the modern day version. Yeah, I'd love to know. Delete me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
If I had delete me back then, who knows what I could have avoided, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
God bless. If we had Delete.me. Simpler times.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's how you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I got my report. Your time is worth that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You don't need to be on there filling out forms, trying to get your info removed from these weird Bobo sites.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
All right, next up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Bedroom door beads. Yes, I have these. And bonus, a doorbell attached to the little door frame if you were really fancy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's what they sold.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, that's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What a hard life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
There was cool tube socks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What was the point of the beads? Was it like for semi-privacy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
To sign maturity and growth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's nice. Were you a posters on the wall kind of person?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, my gosh. Of what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's a weird one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It was like a tiger beat. Like, where'd you get these from?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
They have like music stores that have posters for sale? I think so, yeah. I remember flipping through the posters. Remember that? Yes, yes. Like Walmart had them, like the big poster sections.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I was cutting up skateboard magazines, like the best photo. And I'd tape them with just scotch tape to the walls all over. Oh, that's cool too. Inspiration.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Missed that trend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Pretty rock and roll.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What are they doing to their walls? Is like an insane asylum in there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I prefer JTT. No offense to their art.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Is it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Still has a crush on him. He's a grown man. He has a family, I think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's what you have now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It's the JTT cut. He famously made the middle part.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
He made the middle part real good. And then Jennifer Aniston after that. Oh, yeah. Yeah, yeah, yeah. Oh, man. That's a good one. So today's cost for bedroom door beads, in case you want to go and jump on there, 15 bucks on Amazon. There you go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, yeah. I don't know what's going on with Gen Z and the tube socks, but it's a lot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Even like a game room.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did you ever have a pool table?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We got one later in life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It wasn't like a nice one, if I'm going to be honest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Like my friends had one. It had like leather corners. You know what I mean? It was like, oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We had like the budget-friendly one. It was still fun. Eventually, we built a sunroom off the house. We put a pool table in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And I had a good time with my friends in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I miss the game room. It's great. Do people still buy pool tables? Is it a lost art? It kind of is. They're still expensive to me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I'm still showing a little ankle.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah. If you have a basement. Not a lot of basements anymore.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Everyone knows Minneapolis is known for their basements.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wow. Yeah, I don't know. That's a good one. Well, here's the current price for a pool table, $670 at Dick's Sporting Goods. Oh, wow. That feels expensive still.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Hey, these people are paying good money for this show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Shocking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Are you kidding me? The name brand Crayola with the sharpener? Oh, man. Opulence.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You probably could afford a Tudor at that point, too. You know what I mean? It was that kind of kid.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Today's price, $3.99 at Target. There you go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I'm trying to think if I had the 64-pack of Crayola, like eventually if I worked my way up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did you leave that in your desk at school?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Those were premium. And the scented markers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That was the Tide Pod of our day. We didn't vape. We had scented markers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It was wild that parents were like, this is probably fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I'm sure it's all natural and not just chemicals that are huffing. No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Otherwise, no need to show that off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And if you had the Uggs to go with it and you were at a Panera on a Friday night, are you kidding me?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You got the you pick two at a Panera?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Those girls never talked to me. I'll say this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I'm not sure I ever, no girl was interested in me that owned a North Face.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
No, we actually had real winters. Exactly. So you guys wore them just as a flex?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
No, I'm fine. I still wear skinny jeans, so I'm out on all the trends.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But that's come back. North Face has stuck around, much like UGG.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Well, just the North Face brand in general. It's stayed strong over the years.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You matured into Patagonia over time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wow, so today's price for a North Face jacket, $180.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Are you kidding me? The name brand Crayola with the sharpener? Lunchables. People gathered around to watch you assemble that pizza.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
People gathered around to watch you assemble that pizza.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Well, we could go through the list, but we're going to put the theory to the test and play a little game. So we have a list of throwback status symbols, and our team looked up how much each of them cost today.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You might as well have had some Tchaikovsky or Bach playing in the background while I assembled that thing. It's so true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, my goodness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It was like negative amounts of flavor.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
They were.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But why? I think the pepperoni was carrying it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
The weird like cold cracker thing that it was on, meh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But we loved it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I don't know, would you give your kids a Lunchable today? I think my wife is too crunchy. Like based on the ingredients.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, that's like a real treat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did you ever get packed a lunch where you were like, oh, we're doing well? You don't know if there was a certain snack. Like for me, it was- That's a good question. If there was Cape Cod chips, like a little baby bag and Gushers, I was like, Dunkaroos? Are you kidding me?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's fair. Well, I brought a lot of Arabic food to school because that was my mom's cooking. Oh, yeah. So nobody was, like, excited to see what I had because it was, like, little kebabs that looked like tiny turd logs and, you know. Hummus wasn't cool back then.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
So we're going to guess the current price, reminisce a little bit, and give each one a yes or no based on if we would pay today's price to scratch that nostalgic spending itch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
She really was.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And to be fair, nowadays, a kid would be so excited to have some good food at lunch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's a lot for me. This is Victoria's Secret. Is that their thing, the Juicy Couture brand?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh. What was the one that said Juicy on the back? That was Victoria's, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
There's got to be a photo out there of you and Denise in the matching.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Are they still around? Are they still doing it? I don't know. That was, though, like, even to this day, that feels, if someone was wearing that, like, they must have money. They don't have taste, but they got money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
No! Yep. I won't be buying you that. Oh. Don't even think about it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What is the more on-trend version of Juicy Couture now that you would actually buy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Now we're talking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's class.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And you have to play along at home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh my goodness. And pajamas.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Encourage the viewers and listeners.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And even for the guys, great stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Like Winston loves the hoodies there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I need to see Winston in a full monochrome.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's what I'm getting Winston for Christmas. I'm going to get him a Cozy Earth jumpsuit. Basically, you know, the hoodie with the matching sweats.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's what a true friend does.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah, they're giving our listeners up to 40% off with the promo code SMARTMONEY at checkout or go to CozyEarth.com slash SMARTMONEY and check it out. So beautiful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You know what I had?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Eastpac. Couldn't even afford the Jansport. Go to Walmart, get me an East... It was just like Jansport, but like Timu version.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah, L.L. Bean was like, you were pretty like mainstream, fancy. Jansport, you were a little bit edgy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
A little edgier with the Jansport.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
My brother had an L.L. Bean with his initials on it, but that took him all through high school. Like it wasn't a you get a new bag every year. Yes, yeah. That's straight privilege right there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But today's world, nylon L.L. Bean bag, 40 to 60 bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I think I got minor scoliosis from the bag, though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I think I was diagnosed. It was heavy. You had all the textbooks in there? Yep. We should not have been carrying that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I just remember thinking like, you want to pay a dollar for a ringtone? That's luxury.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Maybe once. But I don't know, like the ringtone is really more for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What was your first cell phone? I had the, it was known as the smallest cell phone of all time. And I loved it. It was a little flip phone and it was literally like a two by two square.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That was my first. I think it was like a Pantech maybe was the brand. Something like that. How about you? I may have had the Nokia brick at one point with the snake on it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wow. Did you ever, do you have the first iPhone?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yikes. I wouldn't tell that to anyone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
How'd that work out?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Let's start with the home category.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Like he still kind of does.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's a good one. I had the first iPhone. I remember sitting in freshman year of college, zooming into a website on my phone, and I was like...
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
On 3G? Took about seven minutes to load the page, but it was worth it when I got there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Here's the fun fact. You can still purchase ringtones through iTunes for a dollar. Don't know who's buying it. I love it, though. I would make custom ones in GarageBand, and then I would export them and upload them to my phone. So I was doing it for free.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You're welcome.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Definitely that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
there was less access to debt. It was less normalized back then. And nowadays, it might look like someone has this amazing life and they're just in crippling debt up to their eyeballs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, like the net that goes around the sides? Yeah, no, we didn't have those. That did feel like ultra luxury. It was like, wow, all right, you get it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And so you got to go like, even if you are envious, just know like you don't see the full picture all the time. So don't always be like, well, if I just had that... We don't know what they're going through. Maybe they've done really well and they paid cash for that pool. Or maybe they took out a HELOC against their home and they're stressed out every day. We don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
can but usually there's like boba tea places you know what I mean like have their own store for boba tea okay is this like the same trend what's the trend acai bowls acai bowls yes yes I guess I don't know if it's so stupid I don't think it's as much of a trend it's just made it stateside more everyone's into it though and it's all of a sudden you're healthy you know it's like this whole thing and I'm like what is going on yeah Nashville's just getting on the boba tea grind but they're big with what on the boba tea grind
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It was like a safety thing. That was 2000s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah. I added grind for fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah. Yeah, so it's perfectly sealed and you take a big giant straw and you punch it through.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Either tapioca or like a jelly. Which is what? which is like a rice, essentially. Okay. It's like a chewy, just like a chewy rice ball almost. Or you can do jelly if you're not into that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Kind of. You just sort of, as you drink it, they pop through the straw. It's a really wide straw. So it just adds like some texture to your drink, essentially. It's like eating candy while getting a sweet drink. Think about it that way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
No, I don't think anyone would consider it a health drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
There's healthier versions depending on what tea you get, how sweet. I'm not claiming to be a boba expert. Don't come at me in the comments.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You can't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
No one expects you to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
No one thought Rachel would know about boba.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, like the actual... I guess so.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
God bless the children.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I don't think Boba is an initial. I think it's just a word.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, sprained. I think you said sprang.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I agree. Keep your simple life. It's better that way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We are sipping on a coconut mojito mocktail. It's got light canned coconut milk, some lime, ginger beer, sparkling water, and mint leaves. Comes out to $2.34. What's my rating on this? I'm going to go with a 6 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It kind of just tastes like a ginger ale at some point.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I was like, wow, you did grow up in Antioch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Hey, check out the recipe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Instead of boba, make the kids a little coconut mojito mocktail. They'll feel really fancy this weekend. Rachel will not be making one. The girls are into boba.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah, I'm not doing it. The people deserve better than watching me lick this glass like a maniac.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's gotta hurt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Here we go. Rachel, are you guilty of buying anything on this list as an adult because it makes you feel fancy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What have I actually purchased from this list?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
How did they know about it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Heroic mom.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yes. And they're doing something very creative and active.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Something analog and creative feels like that we're hearkening back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I would say any doctor doesn't recommend it. You should get a trampoline. It'd be good for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Like, I feel very, like... You felt in danger before.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Especially if it's organized.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But then Sharon Ramsey comes over and she says, Rachel, why are you giving the kids this Capri Sun? Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Are we far from it? No. Yeah, the one I'm guilty of, we got, like, a garage freezer. And I truly am like, we're doing pretty well. It was like 150 bucks. It was a very cheap deep freezer. But the fact that we have extra freezer space, because growing up, our fridge was constantly so packed that it was like Jenga. I was scared to touch it. Because if I pulled one thing out, party was over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
So now having the outdoor freezer... I can breathe. Just so good. I can store all my frozen gluten-free pizzas in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Well, the thing is you also need the yard space. So part of it was if you had a house that had a big enough yard, you were probably doing pretty well. Yes. To afford a trampoline on top of that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, more home but less yard.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And I grew up in New England in the Boston area, so we didn't have much yard. Oh, that's true. It was kind of like rocky. Yeah. We didn't play much. I had a little trampoline that was this big.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
The little solo trampoline.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We had a good time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I was out there skating.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wait, you're talking about the full-size giant trampoline that's only 200 bucks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
No. Doctor?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I pay for health insurance. I know what it costs. I don't need to have a sprained, especially on my little girl. If she hurt herself under my care and tutelage, I'd never forgive myself. That's a good start though, the trampoline. Okay, next up. Clear phone with colorful wiring inside.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Loved a clear phone. We didn't have it. Why did it cost more for you to see what was inside?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And it was working? And then you lay it on top. It was a functional phone?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did you talk in an old-timey voice the whole time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What did you even talk about?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Like what was happening on AOL Instant Messenger? We talked on the phone, y'all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Just for fun. Yes. Because you could.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Can you imagine Gen Z having to go through an adult today?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
They would faint.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wait, you just said, hey, we'd love some chips.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Those were the 90s. I was prank calling. That was our thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
And before we get to the 90s, let's talk about right now what we're sipping on. This is a coconut mojito mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That was a life hack. I can't believe they built that in.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, I think that was my dad. Like my dad, dad had the privilege of leaving. What did it say?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Do you have like any memory of it? I think it was a very standard, like, Hello, you've reached the Campbell family. We can't get to the phone. Leave a message and we'll get back. You know, very standard. Okay, very standard. You had a crazy one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Today we're talking lava lamps, water beds, and other signs of extreme wealth in the 90s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We have a famous, yeah, that's a famous clip from this show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We're going to give you our rating and reveal the cost per glass at the end of the episode. So stick around if you want to learn more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Can you do the beatboxing from it? Because that's my favorite part. Really good. Really good stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Eminem been real quiet since you dropped that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That was simpler times. Okay. So today's price for the clear phone with the colored wiring, 75 to 240 bucks on eBay. Hope you have one laying around.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
To this day?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did they make that noise? It's like bubbling up to like move them?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, cool.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Okay. It's a very specific niche.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I still don't understand how they work. It's still a little bit of magic to me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We know it's not real lava. So what's going on? What kind of sorcery is this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We don't know. But I do feel like my friends who had other nice things also had lava lamps. So it's sort of like wealth adjacent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I don't think I was a lava lamp guy. And again, I don't know if I asked, like, was it too expensive? I don't know. Was that $100 at the time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, because you can build up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You don't need a lot of like acreage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Versus like a ranch style home. It goes further back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You know, our house was a split.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's the house I grew up in. So it was technically two floors, but there was this middle floor.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It felt like a three-story, but it was a two.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Stairs equals luxury.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Wait, what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, I was like, what is the connection to O.J. and the house you lived in? It just happened. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What was her line? Was it, why me? Yeah. She had a thing she did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I don't know why. That's my one memory of Nancy Kerrigan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Iconic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
This won't shock anyone, but the median price today for a suburban home, $419,000, which has increased by more than $90,000 just since 2020, which is pretty wild. In 1980, $63,700. Oh, my gosh. Simpler times. I mean, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did you know people with a waterbed?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
What's the first thing you think of?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
They were a little unnerving when you got on one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Did you fall off a waterbed?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
God bless.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Well, the people that had a waterbed, the kids got to like live in the basement and had a pool table. They had the biggest DVD collection I'd ever seen in my life. And so to me, I was like, this all is part of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It comes with a package of love. Yeah, that's fair. To this day, I only know one person that still has a waterbed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Famously, still has a waterbed and loves it. Chris Wright has a waterbed. Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
He's single-handedly keeping the waterbed industry alive. I think you have to have it serviced. I think. It's like a pool. You got to get like the water filtered out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
I think it's just comfortable. Like they just like it. Stop it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
It's amazing. It's one of my favorite fun facts about Chris.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You were doing real well. I can think of the friend. And they not only had a drink fridge in the garage, lived in a cul-de-sac. And I thought, oh my gosh, who can afford to live in a... It just ends?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But I love that about him.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
So here's the current cost of a waterbed. $250 on Amazon for a waterbed. How do you ship a waterbed? That feels like you have to fill it with water, I guess.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But it needs like special chemicals in the water, I think. Because one time he had to siphon it out and he called poison control. Stop it. And he had to say, am I going to die because I drank waterbed water? But why did he drink it? He was trying to do something. It was a leak.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Yes. God, if he was here, he's going to watch this and go, oh my gosh, that's hilarious. So here's the fun fact. Most mattress stores do not sell them anymore because they declined in popularity due to high maintenance leaks, the heavy weight, and they're difficult to transfer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Makes sense. 100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
That's a fun one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
So they had to cut their prices down. That's interesting. Did you have a computer room?
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Okay, it was all in one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We didn't start out with one, but then we eventually converted like a little tiny, I mean, you barely could fit three people in there. But it was just a little nook. It was a little nook. And that's where the computer room was. My parents eventually renovated it into a bathroom. Once computer rooms were extinct.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
So we had a second bathroom. After I'd moved out, they decided, let's finally put a second bathroom in here. Okay. Must be nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But yeah, the computer room, that was special. Like if you were in the computer room, you were there, you were planted. We were about to play some Wheel of Fortune on a compact disc.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
You ever have the old school, like before CD-ROM was invented, they had the floppy disk.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
The privacy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Also, weird question. Are people still buying desktop computers? Is that a thing? Call me ignorant, but I feel like laptops or you just get laptops. Yeah. I guess if you're a gamer, a lot of gaming people get the old school. They got to get the full on talent. And musicians as well. You need the power. You need the computing power to handle it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
We're not just browsing the web.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
But $750 is expensive. In 1995, a Gateway Solo 2000 would have cost around $6,300 in today's cash.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
’90s Status Symbols That Screamed “We’re Rich!”
They were kind of clear. You could see through them. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I saw them all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
It's exhausting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, can I just say being an influencer is not easy. People imagine like, oh, you just get to do an Instagram post a day. Listen, you get that camera set up at 6 a.m. to get ready with me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Well, then TikTok's like, hey, we may not exist anymore. And you're like, well, there goes half my income.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm not for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I will say I did Uber and Lyft for a while while I was getting out of debt too. I did both of those. Okay. And it wasn't the worst. I just found that I didn't want to go out late at night, even though that's when the money's to be made, because I didn't want to deal with inebriated people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You know, and I got to tell, hey, can you not bring that Miller Lite into my car? Please. You know what I mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
On Broadway in Nashville at 11 o'clock. That's when I kind of was like, I think I'm done with this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Thank you for saying that. You're the first.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Thank you. But that's when people do rides.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm so brave. Honestly, Broadway is my worst nightmare. So the fact that I went there for fun, to make money. Terrible. Attracts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, I was just hearkening back to when I was a victim of fraud way back in the day before Delete.me existed probably. And I just think if I had Delete.me, I wonder if it would have happened.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
If they had deleted my address off the web and all, you know, they had everything. They had all of my information. So Delete Me really helped me sleep better at night. And it's a great thing for you, for the family. They have really affordable plans and it is worth every penny. Yep, so good. Go check them out. Go to joindeleteme.com slash smartmoney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
We might need all day to talk about it. Y'all, it is not for the faint of heart. Stop. I was like, I can grocery shop. It's not that hard. Little did I know, I'd be at the Sprouts bulk bin at 9.30 at night, picking out licorice with a plastic tong, and they're all stuck together. Oh, no. I had the most, every experience was horrific. Oh. Everyone had its own unique little challenge. Oh, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
They're giving our listeners 20% off any of their plans. That's a deal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I guess we'll put the link in the description as well. Let's do that for the people. Make it easy on them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Who wants to remember a link?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
In 24 hours. Yeah, it's very quick. We're talking a short amount of time, just quick wins. Some quick wins. So go check that out for sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yes. So some people have a lot of skills in their resume. Others have very niche, more limited skills that you may not be able to use. And so knowing this, we created a side hustle quiz to help people determine what kind of part-time work side hustles might make sense for them, their money goals, how much time they have. And so we kind of put it into different buckets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
There's the high skill, high time. I got a lot of skills and a lot of time to do it. There's high skill, low time. And then there's limited skill, high time. And finally, limited skill, low time. Yes. And so there's something for everyone out there. And we did this quiz for ourselves because we walk the walk, Rachel. Can we share our results?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Very telling when we see the results.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So... So you kind of get like a character. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Must be nice. I got the limited edition because I have a lot of talent to offer, but I'm also very busy. Very busy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You're living my dream?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Can you imagine?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I can actually see you, though, planning like luxury weddings.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That fits in that category.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm into it. Okay. I got the limitation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I wouldn't make fun of you. If it was a course for something useful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Just not a course on how to make money doing courses. Then that would make fun of you. Yeah. You know what I mean? But if it was like how to rearrange your closet and, you know, live the life you love and dress accordingly on a budget, I'd be like, yeah, that's great. You could walk people through. Thanks, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm just spitballing. That one's free. So I did get the limited edition because I am very busy, but very talented. In-person side hustles. These are so funny because it could not be further from the truth for me. First one, indoor, outdoor, home maintenance and repair. Hey, to be fair though, I am good at like, I could get, you know what I could do? Smart home. I could get you a smart home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I thought, oh, a prescription from Publix. This should be easy. I can just get the prescription, deliver the prescription. Nope. They have to be home to sign off legally. Otherwise, you go to jail. Oh, no. So I'm knocking on the door. Seven dogs are barking at me through the glass. I'm frightened for my life. I'm calling her, calling her. She's like, I'm at a concert.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Pick the right products. I will not install the doorbell, but I can help you choose the right doorbell and get your app going. You know, getting it connected to the Wi-Fi, all that stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Find an app for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That's a fun one. Another one also I would be great at, babysitting. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Listen, kids think I'm cool. So I just like, hey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
She remembers. I did draw pictures with her. Do you remember that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
We had a competition of who could draw. She's like, there's George. It was who could draw a better horse.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
She won. I let her win, but she did win. Yeah. Let's not do that one. Photography. I am good. That's something that was a love of mine is photography, film. And so I have some nice cameras. I could do that on the side for sure. And then at home side hustles, freelancing, which I've done a lot of. Tutoring. So I could use online tutoring sites to do that. And transcribing. I am a good typer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Like do you ever use Mavis Beacon Teaches Typing? Remember that software? Yeah. I think my dad got it for me. He's in the crowd today. I'm shouting out the crowd, hey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, I always loved it. You could try to work on your words per minute, and it would also track accuracy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Mavis Beacon Teaches Typing. If you know, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
this was show it to me because this could be they'll put it on the screen as well editors but this was she looks AI now looking back I don't think she was real she does look AI yeah I don't think that's a real person but maybe she isn't she's just perfect and beautiful I don't know but yeah Mavis Beacon is the one who taught me how to type okay go take it for yourself can I just say that go take the quiz and let us know in the comments what you got as your results
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I wish being cozy was a side hustle. I would crush it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
We could be models for Cozy Earth. We should.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
We're available.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I need to try out the socks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So great. So classy. So go check out their products. They're giving our listeners and viewers up to 40% off when you use the promo code SMARTMONEY at checkout. And they really do make just wonderful products.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I need to get my own PJ set. I got my wife one and now I'm a little jealous because her new thing is to live in PJ sets. Every night, a new PJ set. I'm out here in my Kirkland sweatpants and an old t-shirt. What are you doing? I got to live a little.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm like, well, lady, I can't give you the prescription unless you're home. She says, what do you mean? I need the prescription. I was like, oh, my gosh, is this lady going to die on my watch? So then I'm like, I'm in a conundrum. So I go back to Publix.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Savor it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I know. They're special. CozyEarth.com. Promo code smartmoney. We'll link in the description as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That feels like a veiled threat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Well, you're an American hero.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You're better than all of us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Okay, we're going to rate these one to 10. Okay. Odd jobs from Craigslist. Here's the quote. I've done everything from local fruit delivery to working a dinosaur exposition. That's a 10 for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
What is the exposition part?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Not that you've ever done that. Not that it was a terrible experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So we bought... You're telling me geographically. In the entire world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
The first stego found in Denver.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
It's not your Yelp review.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
There is no footprints?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And that's where Jesus carried the dinosaur. You don't see it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And I have to make it back to Publix Pharmacy to return it in time so that she can even pick it up in the morning. Oh, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You... Nope. It's not, just a bone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And as someone who's used WordPress, it is the worst. And you need 17 plugins to make your website work. And if someone tweaks one plugin, your entire website crashes. So God bless the, you know, he was like, hey, I'm going to solve this problem. Or she. We're my women developers out there. Where you at? Make some noise. All right, here's another one. Reselling vintage t-shirts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That's her fault. Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Buying and reselling novelty t-shirts. Within a week, I was making 900% profit. So I guess you can go to like, you know, a Goodwill or something and find an old Led Zeppelin shirt and then resell it on eBay for five times what you paid for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So you're getting like the tomatillos, you're roasting them, you're putting them in the blender.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So there was just every, at every turn, and then it was like, I'm going to the nicest neighborhoods I've ever been into. I'm surprised they even let me in. Gated communities. I need to find a code. There's no, they didn't give me a code. Oh, no. $3 tip, Rachel. $3 tip. No. I'm lugging gallons of water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So you're never buying Tostitos salsa?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'd just rather go to a Mexican restaurant, you know, support a local business, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
There you go. Here's another one. Making lava rock aquarium ornaments. Not on my bingo card. All of those words together. It just kept getting more insane. Like making lava. Okay, making lava. Lava rock. Lava rock aquarium followed by ornaments. It brings in 400 to 700 bucks a month. Good night. Which tells you there's a lot of people out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I don't even know what that would look like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That's what I'm wondering. Is it like things you put in the tank to make it cuter for the fish?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
It's all about aesthetics.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
In the aquarium world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That's not bad for a side hustle. And to be fair, one of the most ancient side hustles. I mean, Jesus was out there, you know? Yeah. Here's another one for you I think you'd be great at with your music knowledge. DJing. This person said, brings in 400 bucks a month. That's not bad. We have some friends here who DJ and you can make great money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Weddings, parties, and as long as you have a good playlist.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Just find, literally search on Spotify for wedding playlist and hit play. Oh, my gosh. You could do that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
There's a lot going on there and yet not enough. You know what I mean? So it's either like worship music or Taylor Swift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So your Spotify rap was real sad. It was like you need a life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Okay. You're a better person than us. We get it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, what is your favorite genre of music, would you say? Pop?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You said it like I validated you after years of struggle.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Okay, so now that's what I call music, 2003.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Because 20 years ago was the last time you listened to anything relevant. Got it. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Give us one more, Rachel. All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You know the community well, Rachel. It was the. It wasn't your neighborhood.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, and I love their end quote. I had no idea people were so scared of putting their own furniture together. That's real talk.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
If I'm sitting on it, in it, my kids are in it, I need that thing built well. And I built a play set for my daughter. It took two of us, I think, two hours. It's exhausting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Will Winston help me?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
But he doesn't enjoy it. He's just good at it. No, yeah. Especially if it's for someone else.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
For real, that guy. He would help. This is charity for him.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
He would take ministry time for it, but he would do it. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That was fun. We didn't rate those, but I'm giving those all 10s. Oh, sorry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
They all involve things that you're interested in and or good at.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I thought I enjoyed grocery shopping until I was knee deep in the bulk bin counting wild rice. Just single, just going, that's a pound, 0.98 pounds. I got to get to a pound or else, I don't know. They're going to report me to the police.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
A ritzy community. $3 tip for little old George lugging all those gallons of water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Just remember, here's the end quote. When you're working toward a money goal, remember everything is just for a season. It's not your whole life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So when it's miserable, remember the why. Remember why you're doing this. I'm going to get out of debt once and for all. I never want to side hustle again. That's a perfectly reasonable goal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Killer drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
We've had some duds lately, so I'm happy to say this one's a 10 out of 10 for me. It's called the Kentucky Colonel. What's your rating?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
It cannot be improved.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Here's what's going to shock you. Two ingredients in this drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
One of them, bourbon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That means there's only one other ingredient, Rachel, if you're doing the math at home, which is Benedictine DOM liqueur.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So just kind of an herbal liqueur in there, but it really comes together, and there is an expressed lemon peel. Yes. If you want to really go for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
express a little lemon peel over it and drop it in there comes out to three dollars and twelve cents i assume we use some nice high quality bourbon in here you do you recipes in the show notes this is i'm gonna say right now my favorite two ingredient drink of all time i mean two ingredients that's you can't you can't beat that you can't very impressive very do you think he stirs it or shakes it this is a oh gosh what does he do i think it's a stirred drink will can prove me wrong
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
It's a stirred drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, it's not like a margarita. We're not shaking this up. Okay. Don't ruin it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
It can't be Ramsey. It's awkward. Don't mention that one. You're still here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, me, I've done a lot, too. I'm trying to think of the worst of the worst.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You've enjoyed them all. You had a great time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Wow. I'm trying to think of the worst. I was auditing a bookstore. And like counting inventory was what I was doing. It was like a part-time side hustle. That was pretty miserable. I did IT work for my school over the summer. I would go and like update all the computers, every single one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
$3.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
This was a high school job. Did that for a while, also miserable. But started a new job. I would say Urban Outfitters.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I was a doctor's office receptionist. That was a fun one because I was getting paid $12 an hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm 48 years old, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
This is from like 15 to 23. I lived a lot of life, you know, and I moved states and all that. But my worst one, I'm going to say, was Urban Outfitters. I got fired from the Apple store. My parents remember this well because I cried like a baby when I got fired because I legit thought like this is my career. Like I gave my life to this. You know what I mean? I was a creative.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I was training people how to use. So I got fired from that, went to Urban Outfitters. Why'd you get fired?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
No, it wasn't even, I wish it was juicier. I hacked a little Dell MacBook, you know, like you could get a little Dell computers, little minis. And the geniuses who fixed the computers were like, hey, get one. We'll hack it into a Mac for you. So you could have this little tiny Dell that was like a MacBook.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So anyways, apparently that was, they were trying to, they got new management. They were trying to fire a bunch of people. So a bunch of people got fired in like two weeks for random things. If you were late, you got fired. So anyways, mine was, the software update that he did wasn't my copy of the license of the software update. And so they said that was a breach of something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
They fired both of us. Wow. Crushed my dreams. I was making $16 an hour. I was like, this is amazing. I went to Urban Outfitters, was making $8 an hour. folding inside-out clothes because people like Rachel would go in the fitting room, try 90 things, leave them all in a pile for little old George to clean up. Stop. And here's where I was there for three months total. Here was the final straw.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
No, I'm telling you. There was gallons upon gallons of waters. I mean, I had to make multiple trips to the trunk just to carry this stuff. So bad. My last Instacart run, zero dollar tip. No, they didn't even tip you. And this was like, I'm texting back and forth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Found a used feminine product on top of the mirror because we had to check for tags because people would steal stuff. No. That was my... No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Stop it. That's when I moved south. I literally moved across the country after that. After that. I moved to Mobile, Alabama to start a new life after finding a used feminine product on top of the mirror where people would put tags from when they ripped off the tags to steal clothes. So we always had to check the top of the mirror because that's where they would put the tags.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah. A lot of stuff. A lot of stuff. Surprised they're still in business with how much stuff people are stealing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
That was my last foray at Urban Outfitters. But hey, 40% off discount.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Wow, wow, wee, wah. My entire life was altered after that moment. I found out a lot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Hard to enjoy a job after that. I think we can all agree.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Thank you for the first time you've had empathy for me, by the way. It's really rare to see on this show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
We got something cool in the mail. Thanks to you guys, the faithful listeners and viewers out there. Hold it up, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
It's a big milestone for any creator, YouTuber out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Thank you all for hitting that subscribe button. And, you know, next time we do this, I think, is the million mark. So, only 900,000 to go. And now... It would be cool to do that in our lifetime on this show. Yeah, we'll see. So encourage your friends to go check out the show. And truly, it's one of the most fun things when we're out and about. People go, I love Smart Money Happy Hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Specifically, out of all the things we do. And I think it's because it's sort of a nice gateway drug into the Ramsey universe. Because it's just, we're having a good time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And we do talk about money, but it's in a very casual way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So you get paid for the trip, which is minimal. And then you also get tipped on top of that. And there can be bonuses based on the time of day and peak hours and all that. So I'll tell you what I made over doing this. I counted the hours. I did five total hours. I made $149. Not in one day. Over the course of a week or two.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm George Campbell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
no i was doing this for about a week or two okay five hours and how much sorry 149 dollars okay and they guaranteed like hey you'll do seven trips you're guaranteed to make 100 bucks on those seven trips yeah and so i didn't even hit the minimum and they ended up giving me the full amount okay plus tips and i did get a secret tip from the lady about the prescription because she felt really bad oh that's sweet she insisted yeah that's fair so yeah uh did you recommend it
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Here's the good part. Didn't have to deal with like people in my vehicle, right? So if that's you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
There's like strangers getting in and out of your car. I get the, especially for ladies, that would make me uncomfortable. I don't want my wife out there, you know, picking up strangers. So in that regard, it's better because it's kind of on your own time. You know, you're in a Kroger at 9.30 at night just going, hey, man, they're out of diet story. Is diet Sprite?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You know, like you're dealing with all the, what's out of stock in the store. You're hoping they get back to you in time. So it was kind of annoying and stressful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I realized, like, I'm a good shopper. Like, I would never ask someone to go. I was in the bulk bin scooping rice, weighing it to get exactly one pound of wild rice for them. Oh, shoot. Yes. Exactly one pound of red licorice. And I thought, what psychopath? Are they doing this to torture me? Do they know it's me specifically on the other end? Oh, man. So it ended up being about $30 an hour. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Okay. To that I say, that's a good side hustle. $30 an hour. But it's work.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yes. And that's before, you know, that's not counting the wear and tear in the vehicle, the gas, whatever. That's right. I drive an electric car. The gas was not a problem for me. But it was work. And every time I left the house, my wife was like, why are you doing this again? I'm like, for fun slash content. Listen, it really was just an experiment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I'm willing to do the work.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And I found that the more you're willing to get out there and bust your butt, the more you're going to make. You can take surveys at home and make four cents, you know, for every survey, or you can go do Instacart and, you know, have a little grief, but make 30 bucks an hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
This is called the Kentucky Colonel. Don't let the O-L-O-N-E-L fool you. It's pronounced Colonel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
We didn't have this in Massachusetts, but in the South, this was a delicacy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
What's the closest store you can think of that's mainstream?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Was it like a limited to vibe?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Oh, it's for little girls.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Totally, totally, totally. Got it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah. And I've done some weird ones. Like when I was getting out of debt, I did the Nielsen People Meter. You know what that is?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And what are we talking about today, Rachel? Strategic side hustles. Not just any side hustles. Strategy. I was like, I can grocery shop. It's not that hard.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So they send you a little beeper.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And you have to carry the beeper and have it on. Yes. And it's listening to all the media you're engaging in, radio, TV, movies, whatever. And that's how Nielsen gets its ratings. When they say, hey, we had high Nielsen ratings because 30 million people watch this. That's how they're basing it off of households like mine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
because Merica. Merica. I don't know why that word is spelled that way. It's very frustrating, but it's a delicious drink. Stick around until the end. We'll give you our rating and reveal the cost per glass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So I'd carry it and they would give me like, I don't know, 30 bucks a month.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
You know, stuff like that. I was also doing music at the time, so I would make money from streaming. I would sell my music to be used in films, like wedding films. You know, if your church is making a video, you can pay to license my song.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So I'd make some money there. Yeah. I got a few big hits. Ford used two of my songs for their YouTube channel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
They were legit. I got an email and I was like, hey, it might be not good enough for you, but are you okay with $2,500 per song for them? And I was like, yeah, we can make that work.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So I got like, you know, a few grand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Nobody, that's unlisted. That's for my eyes only, you know. No one needs to see 15-year-old George shirtless.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I showed a random teenager skateboarding in the street. I said, hey, man, I used to skate. Want to watch my video? Forced him to watch all four and a half minutes of this. I realized afterwards, like this kid was probably just like stranger danger.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I used to make websites using Squarespace and I would charge, you know, authors and entrepreneurs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I did marketing consulting for my friend's agency. I'd help launch podcasts and do branding work, all kinds of things to get out of debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
I think the marketing consulting, because I was doing marketing at the time at Ramsey. So it was actually sharpening my skills here and helping me get better. So that's what I would tell anyone. If you have skills, you're going to enjoy it the most if you're able to use those skills to make good money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And sometimes it could turn into full-time side gig where you start your own business eventually.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
They make it sound so easy, like, just... Spend $10 and buy a laundromat and you'll make a bajillion dollars a month.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And my friend recently bought a laundromat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Him and his wife went in on it, maybe with someone else. And it's a lot of work. Well, I mean, he's out there, you know, especially on the front end. You've got to fix the machines. It's not a, like, just super passive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yes. So hopefully long-term it's worth it for them, but it's work.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
They'll pay the mortgage, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
The tenants will pay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
If you actually broke down the expenses, you'd be like, oh my gosh, we're kind of like breaking even. We're not really making a ton of money here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And it takes a lot of money. And if you're doing it largely with debt, you're putting yourself in a serious bind. There's tons of risk by going, I'm gonna put nothing down on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Well, yeah, of course. If you're selling a course on how to invest in real estate, I'm going to make it sound like this is a breeze.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Be like me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Not good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
While things were going well, they took on a bunch of debt going, we can afford the payments.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
And then life happened and they're calling us going, what do we do? We can't afford the payments anymore.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Never go into debt for any side hustle. How's that for advice?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yes, they're tried and true. And people are willing to pay good money in your own neighborhood.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah, I signed up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah. And dog sitting is a great one. I mean, you know, we pay a dog sitter when we're out of town. We do some doggy daycare at her house. And she makes great money as a side hustle. And it's just fun money for her.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So sometimes it's just, don't overthink it. The side hustle that's right in front of you might be the best one. That's exactly right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
oh my gosh, okay, I'm trying to think of, I need lucrative job, low impact, high reward. I'm not the most athletic, so I don't want to do physical labor. So that takes out a lot of side jobs. I'm going to use my brain. I'm going to go consulting. I feel like consultants make a lot of money and you're like, what do you do?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
So yeah, they're confused. Because generally, you'd be doing the side hustle to hit a short-term financial goal. We're trying to get out of debt, so I'm taking all the jobs I can. This was not the case with me. I did it for fun, like a sociopath. But here's what happened.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Uh-huh. That's what I would do. And my Instagram bio would say entrepreneur slash consultant slash DJ probably. Something like that. But I'd get gigs at this juncture. But here's the thing. No one's going to consult with a 23-year-old, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
But now with all of my life experience, people would pay dozens of dollars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
How about you? I'm trying to think of what you're good at. I'm struggling. I'm struggling. I'm kidding. Shh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Mary Kay's still around. I believe in you. Oh, my gosh. You're going to get the Cadillac.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Oh, like political news.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Would it be like a nonpartisan situation?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Side Hustles That Are (and Aren’t) Worth It
Yeah. I think influencer would be an easier choice for you. I think you'd be great at that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I have very few fears in life. One of my greatest fears is paying the bill at an emergency animal vet. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
My dog, Olive, ate a dryer sheet. And apparently, they can just die from eating a dryer sheet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah. Should never Google it. Don't Google. It's like going to WebMD when you have an ailment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's like, you got two hours, bucko.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So, yeah, we went, and they said, hey, not worth it. Like, just see if it will pass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And this, too, shall pass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
They said, like, we're not even going to let you in the door.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Here's one. Husband got laid off and applied for 260 new jobs before he found one, lived off of the emergency fund.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Who has the time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Even posting in your neighborhood Facebook group or texting. Does anyone know someone who, it doesn't have to be someone you're already friends with.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
If you can just get to the top of a stack and have a real person look at it, you've just increased your chances.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's a new currency is data.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So whenever you're like, why am I getting all this spam? Why am I getting all these robocalls and spam texts? It's because of that. And so DeleteMe does the work for you. You can do the work on your own, but it's exhausting to go through every single site, do all the research. They've already saved me 66 hours. It shows you in your report how much time they've saved, where they removed it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And so I love getting my report every few months and just sleeping easy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And they're giving our listeners a discount. A great discount. JoinDeleteMe.com slash smartmoney. You'll get 20% off any of their plans, and it is well worth it. We'll also put the link in the description of the show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Have I been to jail?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No, I don't roll with those crowds. I don't know if you've seen me. I don't even have friends that could commit a crime.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No, the worst crime.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'm trying to think of a crime that my friends would commit. You know what I mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Skateboarding. We almost got, yeah, we almost ended up, we'd had to go to the police station a few times because of that. You did? Yeah, because you're trespassing illegal property, destruction of property.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
We were part of a sting operation. They popped up out of the bushes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Stormed us, took our skateboards.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
We had to pick it up from the scariest police station in the Boston area at like 11 p.m. at night.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So you come after 11 p.m. to get your stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
To teach us a lesson. Would you bail your brother out of jail?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
What's the number? We all have a number.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
What if bail's 10 grand? What if it's 100 grand?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
For brother. For brother.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
As just a gift?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Oh, wow. I don't know. I think I'd want them to really sit in whatever it is they did for a little bit. I'd probably do it eventually.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I don't want them going to one of those bail bond places. That place is scary.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So I guess I would do it just to help them avoid a predatory lender.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
She's having to walk him through this and hold his hand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's the key. Depends on what they did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Here's one. Bought grandma a new car battery because I left it running all night when I borrowed it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
First time with a push-to-start engine. Oops.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's the least you can do. And a new car battery is not that expensive, too, which is nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
You've never had to replace a car battery, and it shows. You can get it at, like, Walmart for, like, $100, $150. Oh, yeah, there you go. Yeah, the men are nodding.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I usually have the AAA guy do it. Yeah, for sure. It's a little more, but he's already there. He's got the battery.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's sweet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's like 100 bucks. Someone Google that. That can't be a lot of money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's a weird thing to be excited about. Do you not get to Google a lot outside of work?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Is it just a gift? Like, hey, I'm excited for your marriage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And this has helped. I don't know. I mean, the fact that you had to use your emergency fund to help a friend cover $100 scares me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Everyone's guilty.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
But we're back on track with this next one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Raccoon removal. It costs $99 per raccoon. Per raccoon?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Apparently enough to say per raccoon. They don't say it costs $99 to remove a raccoon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I could tell you because it happened to me. It was a snake in the garage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I had a four-foot gigantic snake in my garage. Four.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Like double this mic stand. Think about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And like pretty sizable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So I called the, I found like a wildlife removal guy. This is so fun too. Well, I called him and he said, I sent it. He said, send me a picture. I went, all right, here's the photo from zooming in like, you know, like a boomer. I'm zooming in from far away.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Ah, you're fine. I went, what do you mean I'm fine? He's like, I don't think it's worth coming all the way over there. I'm about 20 minutes away.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So I had four neighbors over there all trying to coax this thing out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
We had to dismantle the entire garage to get it out of there. No. So it was free. Didn't have to pay the wildlife guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Who knows what his charge would have been, but that was an emergency.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Well, how about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Did they get it out?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
They didn't just burn it down? Burned down the house? Yeah, we tried.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
What's the one that destroys gardens? Are those moles?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Armadillos. Armadillos, moles.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yikes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I got snake. I'm sticking with snake.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Oh, I didn't think about that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And they can procreate like wildfire.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Insurance rep? But is insurance covering the roof? They said they'd use their emergency fund maybe for their deductible. I don't know what's going on there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, I guess they were saying it's in such disrepair. We're not going to cover it. You got to get this thing done now versus waiting for it to, I don't know, fall through.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
There's more risk there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Our writer, Savannah, decided to put herself into this. Here's her story. She bought a house, used equity from the sale of the previous home, love that, to cash flow a six-month renovation, also love that. HVAC went out the week she moved in, and she's currently nearing the end of her pause investing era.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Ooh. Raccoon removal. Oh! It cost $99 per raccoon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So she paused investing while this was all going on, very wise, but she's excited to get back to being a wealth girly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's how I pictured her saying all of this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I know where you're going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's what makes a house a home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Coziest products on earth. I guess that's where they got the name. I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Who am I to judge? It's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And some of them may not be emergencies by my definition. So I'm excited to get into that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, up to 40% off. Up to 40% off if you go to CozyEarth.com slash smartmoney or use the promo code smartmoney at checkout. And let me tell you, this is your living like no one else era. When you get Cozy Earth, obviously do it on a budget. Do it with cash. Get out of debt. But if you want to upgrade your life, check out their products. It will elevate you. You'll feel just luxurious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
He was a new man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
We'll put the link in the description as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Oh, my gosh. Our most recent one, we had one of the classics. We had a water heater situation. The expansion tank on the top started leaking and just spraying water at the wall. Oh, not good. And, of course, when does this happen? On a Sunday. And what do they do? They charge you double on Sundays for Jesus. I don't know what they're doing out here with these emergency calls.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So that was $360 gone. Oh, man. And not soon after that, an HVAC situation. It would not blow cold air. This is the summertime. And so it had a bad capacitor needed to be replaced. That was another $300 right there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Well, here's some stats because, you know, I love a good stat to set it up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So it could have been worse. Totally. But still not a fun thing to deal with.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Falling?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Did she get a little like veneer thing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah. That's amazing that they can even do that. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I noticed that. I was like, I hope she didn't steal one of my stats. I've been waiting to do these for a long time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I remember that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And he loves to be on the move.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
He's just to be safe. Let's just go ahead and do that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And you're like, he's fine. Get up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No, you didn't. You didn't encroach on my stats.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
You really just said, walk it off, bud.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And then you felt bad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
What a trooper.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, that's life. It's going to happen. The question is when and what is it going to be? That's right. You've got to be prepared with this emergency fund.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Here's one. More than 25% of Americans have less than $1,000 saved.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's your fully funded.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
$2.60. $2.60. An extra $20 just to get there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, so let's talk about where to put it, when to use it. So where to put it, I recommend a high-yield savings account. The goal is not to make money, so don't invest it into the stock market, but it's good to let it at least grow at the rate of inflation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So park it in a high-yield savings account. You want it to be liquid, FDIC-insured, no monthly maintenance fees and junk fees, all that good stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So there you go. The average car repair is between $500 and $600. Average urgent care visit is between $100 and $300. I don't think I've ever gotten out of urgent care for $100. That feels cheap. Urgent care feels like they always charge you way more than you want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And then when to use it, I like to ask three questions. Is it urgent? Is it necessary? And is it unexpected? So someone said they bought a new iPhone because I was trashing Android. So they spent $1,000 on an iPhone because of me. Don't blame that on me. That's not urgent. That's not necessary. It is necessary in the grand scheme of life if you want to have friends. But it's not urgent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's not unexpected.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So let's talk about what's not an emergency. A vacation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Christmas. It's tough. You knew it was coming.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
You've got a nine-month lead time, guys. Come on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
If things go perfectly, you're probably fine. But until mom and baby are home safe, just stack away some cash. Last one, routine car maintenance. This is a big one. You know you're going to need an oil change. You know you're going to need new tires at some point. So set up sinking funds in your budget, in every dollar, to get these going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And EveryDollar is my favorite app to budget for all things, investing, saving, giving, emergencies. And you can set up these sinking funds to where you go, all right, I know tires cost $1,200. I need them a year from now. I'm going to put away $100 into this sinking fund for new tires so that when that time comes, it's not a surprise. I'm not stressed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
This is a Cubanada, which is a fun name. And it's, I think it's personally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
One man's opinion. I think it's a perfect drink. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'll agree.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Not bad. Pretty affordable. It's got aged rum, lime juice, and maple syrup. So these are things that are very simple. You can make this at home. That's a great one. Give it a try this weekend. We'll put the recipe in the show notes for you to make it easy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Like it was our, we were at fault.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Got it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, I guess I'm guilty. Okay, I want to hear yours, George. Mine involves driving. Mine too. It involves my car. And I was trying to be a hero, trying to pick up our friend, Dr. John Deloney, from his house, which is in Narnia, apparently. Yeah. And my car told me, so first of all, what you need to know, John had multiple cars. He had zero keys to any of these cars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, but I feel like urgent care is always more expensive. Like insurance doesn't cover enough of it. Yeah, it's so urgent, right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
He let us know way too late on our way to the Blink-182 concert in downtown Nashville that he does not have the keys to these cars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Didn't plan for all this driving. And as you know, I have an older Tesla. The mileage, you know, it doesn't have a crazy high range. And I went, I'm going to be a hero and try to get John and get back in time to charge. The car let me know. Let me tell you, this is not Tesla's fault. As soon as I was on my way to John's, it was like, hey, you're going to Narnia. There's no chargers nearby.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
You're going to run out of juice. And I went, I'll risk it for the biscuit. Oh. I got John on our way back. We were one mile from Ramsey where there's chargers, and it just completely died.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Well, what I didn't know is that when a Tesla completely dies, you can't even get back into the car because the battery is dead, and it needs electronics to then open the car door because it's stupid. So I ditched the car. I called the police, and I said, hey— I'm going to leave this car here for a day. I got to go to a concert, but rest assured, I'm going to come back and get it towed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
We couldn't miss Blink-182. This was a concert of my lifetime.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
You know what I mean? And so we ended up getting a ride from my third friend who was going to the concert. He picked us up. We got to the concert just in time, got the car towed to my house, had to get it jumped just so I could open the charging port to get it charged up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And then I still had to pay to get a new battery installed because once that happens, once that thing goes on the fritz, it's safer to get a new battery.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Now, it's a new, like, 12-volt battery, not like the big battery underneath the car. Don't freak out, people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So it was, you know, a few hundred bucks total.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Tough, tough, tough. I learned my lesson. When it hits zero on your Tesla, there's not an extra secret 25 miles in the tank.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No, Elon loves math. He says zero is zero.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's my most embarrassing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Why aren't we going alone?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
The outer space place.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Was that your first, is that the problem?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I didn't think it was.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No one thought, oh, that makes it look cool.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I think that's like antenna and like internet and other fancy, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, and my last few emergencies were all well under $1,000, so I can attest to this. But for more expensive ones, like replacing an HVAC system, I mean, that's like six grand. You know, we're paying $3,500 to meet a deductible for an ER visit. That's why you want to get to that fully funded emergency fund fast. It's one reason to get out of debt fast so that we can get the emergency fund fast.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So the garage hadn't fully opened yet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And you started backing out while still... Yes. I mean. Lesson learned. Man. Can I say props to Winston for handling it with, I would have not have, I would have lost my cool a little bit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Well, he's always a chill guy, which I respect about him.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
He's not easily shaken up by something.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No car accidents since? Not even a scrape?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'll jinx it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'm proud of you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Thank you for being so honest and vulnerable with us. You're so authentic. Love that about you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
This is going to be a good one. Can we get into some of the listener-submitted stories?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's super sad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I do have a number in my head of like, here's how much you'd spend. Like, let's say that the doctor said it's going to be 12 grand to attempt to save the dog.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
You're saying no. No, oh, for 12 grand, George? No, I'm just, I'm putting a number.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'm not saying I would or wouldn't. I do think, here's my thing. I'm okay having like a, you know, we have a high deductible healthcare plan that covers like, hey, this is the worst case scenario. I'm okay with that for dogs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Pet insurance, like I try to get the lowest cost possible. This is my kind of like, just I want it for peace. Knowing that if there was a medical event and a surgery that had to be done for my dog that was $10,000, my out-of-pocket max would be a fraction of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I don't want to be involved in your cancellation. You can do that yourself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Are you kidding me? I'd have, like, they would go ballistic on Instagram for a dog in a wheelchair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'd quit my job and go full-time dog in wheelchair Instagram content.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Why can't they just be on a sidewalk? Why do they got to be going through a field?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I thought you were going to get canceled for breeding dogs, not the whole wheelchair situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No, I had 100%. I'd get a wheelchair for my dog.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah. That's a tough one, though. That's one you feel like I'm willing to sink a lot of money because this is a family member.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
There's no other option, essentially.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
We're sipping on a Cubanada. Ooh. And we're going to give you the rating and reveal the cost per glass at the end of the episode, so stick around for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I remember that. He was like, well, that's something you chose to get. Therefore, you got to pay for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I hope that man is still alive. Would I pay for an epidural out of pocket? A hundred percent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And of all the human experiences that I'm going to shell out money for, I feel like delivering my human child is the one thing I should be like, yeah, let's go ahead and make sure this goes well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's insane.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'm team epidural. I'm willing to say it. Bravery.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Now, there's some crunchy moms that I'm sure would come after me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Let us know in the comments.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I didn't know that it was like we're separating the team epidural or team wheelchair for dogs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So we're pitting them against each other. All right, how about this one? Here's an emergency. $3,400 IRS bill in the mail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Today, we're talking about emergency funds, and more importantly, and more entertaining, the weird things people have spent their emergency fund on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's not the mail you want to get.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
IRS, that's a scary one, though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Number one thing that gets paid off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yeah, I'm with you on that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Not owe like $25,000.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
But just I'd rather owe $1,000 than have a refund of $1,000 because that means you didn't give the government your money all year long.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And for reference, we recommend trying to get as close to zero as possible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I kind of think funeral homes are a scam.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
You know what I mean? Like they can charge what they want because you're going through all this grief and you have no other option.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So that part, I'm not saying funeral homes shouldn't make money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Just go to Costco.com. They have some beautiful options. They sell them. Stop it. They sell caskets. They do. I'm not buying it from the funeral home. I'm getting it in bulk. Get one for the whole family while I'm at it. I don't know. But do you think it's wild to get like a fancy casket? That part always throws me off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Why are we dogging the Kirkland casket? You want a name brand casket? Name one brand of casket.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Does Louis Vuitton make one that you'd like to have?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's a thing too?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I'm still iffy on that one. Although I like the idea of me like turning into a tree that then gets made into a guitar. Like that kind of thing that's very intriguing to me. You know what I mean? That's a thing. You can, like, plant it, and then it becomes a thing, and then you can use that thing to make things. I like being useful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I feel like I haven't been useful for most of my life, so after I'm gone, I want to contribute.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I think that's great. Keep it in the family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
To all my haters, you can now get a piece of me. I think I would want to monetize my funeral.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Pay for the live stream. You pay for some ashes. I think that's a beautiful way. I want to go out with comedy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
But that is an expensive one. I hope family can all chip in. I want to make sure my family's not worried about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Have the money in the bank.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That's beautiful. All right, next one. Unexpectedly went into labor and had my baby at home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Emergency fund covered the ambulance bill.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Well, you weren't planning for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
No doula, no midwife, just, oh gosh, here it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I got scared that was going to happen to us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Because Whitney woke me up in the middle of my slumber. She claims it was very calm, but she was like, hey, I just need to know, like, I think, you know, you should get up and shower. She knew that was a big thing for me. I wanted to be showered. Because you've got to be... I don't want to be unshowered for seven days on end. I'm going to be in a bad mood.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So she said, hey, get up and shower, get ready. I think we need to go. And I jumped out of bed. All right, let's go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Just like that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So that's a real scare, but luckily we made it in time. But not making it and then having to go to the hospital. Once the baby's delivered safely, we got to get right to the hospital and do all the things they do there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
That timing is very difficult. I got a lot of empathy for people stressed out about the timing. It's a lot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Okay, I thought they were way more expensive in my head. I guess I'm thinking more HVAC, but water heaters are cheaper. 48 years old, that's a heck of a run.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
In water heater years, that might as well be 170. Amazing, amazing. All right, how about this one? Surgery on my wrist costs $3,500, but I play instruments for a living, so I had to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I didn't think about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Just a gentle tap.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Oh, like my hands, because I need that for work.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So if something happens to my hand, I need it to replace my income.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's kind of like a living life insurance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
It's a very specific version. Would you ever do that for like your voice because you need your voice to do your job? Think about it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
With pipes like that, you should be insured. 100%. You and Adele, you and Adele both have insurance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yes. Closer, warmer, Marco. Marco. This is great. Yeah, I mean, I would consider surgery on your wrist, that is an emergency.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I don't know what level of like, you know, if it's just, you know, is it, what's it called? Carpal tunnel? Like, is that surgery? I don't know. Who am I to judge?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
So the dog broke a bone chasing a bone. That's interesting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
The irony is not lost on me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
We got to get rid of the bones in the yard. Six grand? That's a lot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
I feel like they got ripped off on that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to Random Things People Used Their “Emergency” Fund For
And like an emergency vet is 48 times more than your normal vet. That's right. That's right. Like have you ever been to those emergency animal hospitals?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Cheers, George. Cheers. Well, that puts the spirit in Christmas spirit. I'm going to tell you that right now, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
So keys to a great life, believe in Santa and believe in debt freedom. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
If they can get Santa's address of North Pole off the internet, I will be impressed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, if you've ever been worried about spam and scam and these text message and phone calls, then get Delete.me and you will sleep better at night knowing your information is not out there. And truthfully, I've gotten way less spam this past year after using Delete.me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And so go check them out. They're giving our listeners 20% off any of their plans at joindeleteme.com slash smartmoney, or you can click the link in the description.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
If I had a nickel for every time I've said that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Thank you. You have to do that. Real just back of the throat breathiness.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Was it because of the pro-gun agenda? What's going on here? Is that why? Young Rachel was like, I don't like this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, you need fast-paced action.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You need either fast-paced action or transatlantic accents.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
No, I can't say it was very impactful on my life. It didn't shape who I am as a man today.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, well, you know, it's very much about stuff. Maybe that's why. DVR. You're one step away from TV.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Tell us about your VHS rewinder while you're at it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, man, there was a Nickelodeon thing. You shoot a light at a wall, and then you can draw on the wall. Ooh, that's cool. I still don't know how they do it. But that was my favorite. I still think about it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Do you want to give it a go?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I've searched on eBay for it to see if I can find one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, it's somehow... It's a really bright flash.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And then it kind of creates like an image on the wall and you can actually...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's your Christmas gift to all of us is you not singing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I guess with like your finger? I don't remember how. But yeah, you could like draw pictures just with light and eventually it would fade as the... How cool. I don't know. Wow. It was wild. The technology of Nickelodeon was... Someone will let me know in the comments what it was because they had one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
How about you? I imagine Christmas was like crazy at the Ramsey house.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Nothing? No gifts?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Were you like, oh my gosh, I got the XYZ?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Barbie Jeep? What was the thing for you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
With CD as well?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I could have guessed it. The one song you knew for the first 20 years of your life was just Samantha. What was the name of the song?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Are they playing guitar on a keyboard?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
What is a caboodle? Do y'all remember this song?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Why was that the voice of every singer back then? Very like Britney Spears-esque. Totally. Little Christina in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, I hope you've graduated to better gifts, Rachel. Maybe something quality, comfortable, practical.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Cozy Earth. Exactly. Way better than a boombox.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's a tough toss-up. It's a hard one. So ladies, if you're buying for the guys, skip the nose hair trimmer. It's offensive. Just buy one outside of Christmas to tell us that we need to trim our nose hairs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
But instead, what did Winston get that he loves? He got a nice hoodie, didn't he?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Does he not know we have a Smart Money Happy Hour discount?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And I hope Whitney's not listening about my wife wants, she has the PJs in blue. She's craving them in brown. Oh. Oh, really? You can get her a different color.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Wow. I love the confidence there. It really is. And if you get the post-purchase survey, let them know you heard about Cozy Earth on Smart Money Happy Hour. We appreciate that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I don't even remember this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh. The Mickey Mouse. We're all looking at each other like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
No, I know it is. Charles Dickens. Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Ghost of Christmas Past. That's all you need to know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
He sounds like a Gen Z-er.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
They are what they are. Don't at me. It's like, what energy is this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I think we could admit Christmas was more special back then.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, I guess Gen Z often sounds like the ghost of Christmas past.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's right. accept some responsibility enough with this. Don't blame me. Like I didn't know you have to take responsibility for all of the money mistakes from the past, own it and go, Hey, that's fine. I'm going to get better in the future. I'm going to get out of this debt. I'm not going to make the same mistake twice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
It holds up for an old school kind of comedy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I think both, but also we've just, in the digital age, you just lose something. I know. When you're just like clicking add to cart, it just shows up. There's something about going to a physical place and choosing the item and seeing the excitement as a kid.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
We've all been there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, if you have a list of like 14 people you're buying for.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, just communicating your boundaries, communicating the budget that you're comfortable with, the expectations, and do it as early as possible. Don't wait until the ninth hour. Just, hey, in October, November, call up the family and go, hey, what's our plans? Here's what I'm thinking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I want to know what it is. Mostly for him. It changes. So if I hear it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Okay. Do you remember one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
What if you're accidentally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, I was going to say. Well, I was like, Rachel could never have code word Taylor Swift because four seconds into the party, she'd be like, oh my gosh, did you hear the new Taylor Swift? We have to go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, we have a physical version where she'll just squeeze the hand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
It was me, PTSD, from Whitney squeezing my hand after I've been at a party for far too long, trying to escape a conversation that I cannot escape because I am a people pleaser. And here's what I do, Rachel. I will double down. I will be like... So tell me exactly what happened in fourth grade. We talked about fifth, and I'm like, I'm trying to get out of it, and somehow I'm digging deeper.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I'm asking more questions.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You gotta wrap those combos up, George. I'm a terrible, I must be secretly from the Midwest. Nice. Because I cannot say goodbye.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
One of Jim Carrey's best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Now they're back in trend. I can see you're wearing one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You actually did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And you talk a lot about comparison, and we mentioned contentment earlier. This feels like one of those, like, it's a hokey thing to say, but there's so much depth and truth—
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah. I feel like the memory for me when I just think Christmas as a child, I remember just wrapping gifts with my mom. I don't remember what the gifts were.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
But I just remember helping her. I would get all the tape, and I'd put a piece of tape on each finger, and I would be ready with more tape for mom.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And I just love that. I love that. I didn't care about the gifts necessarily. But so that's a, you know, it's more about the quality time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I just wanted to see if you'd go with me on that. Unbelievable. It's a great sweater.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, we do a very camel tradition, which is everyone, cousins, aunts, uncles, Christmas Eve. And then we open all the gifts together.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
We're talking 35 people. There's music. It's 1 a.m. We might get to the presents eventually. Kids are hopped up on sugar. We're having a good time. So fun. So Christmas morning was less about gifts and more just taking it easy, sleeping in.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Still.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And someone dresses up as Santa and comes through the front door.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Sombrero. It's wild.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yes, honestly, a decent accent. Offensive to all people, but accurate. You do it. Do your accent. When I do it, it's not, I can do it. You know what I mean? Like, check my 23 in me. I can pull it off. But Santy Claus is pretty, that's pretty good. I love that you remember that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
No, I won't do it now. I want to leave the audience with your version in their mind.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
It's so much funnier hearing your version. I want that burned into the memory of Smart Money Happy Hour listeners.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's a good one. But yeah, Christmas Eve was our gift opening time. Christmas morning was like setting it up, playing with it all. Carolers come to the door from the church.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, Massachusetts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Moms making baklava, coffee. Oh yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
It was. Was yours like craziness on Christmas morning?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah. In Boston, a snow day. I remember watching the morning news. But y'all would get them really? You're waiting to see your school show up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
One gift at a time or what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, that's smart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
The crew would come set up early. All of this. They all came, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Sharon and Karen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, that's fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You would not believe this. I did, too. What?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
In a very similar bag, different color.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
We also shop for the $1 bag at Target.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Love that for you. Okay, let's exchange gifts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Thank you so much. You could have reached a little further, but it's fine. All right, you go first. All right. You know what it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
One of the all-time best gifts you can give someone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Colors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I prefer a light blue. It feels clean.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Green toilet, that's weird. Red toilet, danger, danger, danger. Yellow, we're letting that mellow. Caution. So I think a nice light blue, not an aggressive blue.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
It'd have to be like a nor'easter, a blizzard, like something that was, you'd look outside going, we're not going to be able to shovel this in time to get the car out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Purple is actually a safe color.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I hope that blesses you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
No, can I tell you though, recently ours broke. And now in the middle of the night, it's tumultuous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I mean, you're stumbling through, because I don't like turn lights on in the middle of the night. You know, waking up people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Everything's closed off. I don't want none of that coming in. All right. All right. What did Rachel get me? A woofy. Oh, my gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
The thing I didn't know existed and didn't know I needed. So you clip it to any phone. You add a treat to it so the dog looks directly at the lens for all photos. That is actually something I will be using more than I would care to admit. Oh, my gosh. Thank you so much. You're so welcome. I feel so known. And they donate a percentage of the sale to local animal shelters.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah. And remember, they don't have a lot of garages up north. It was a lot of just driveways. Yes. So your car is just under snow. If buses can't get to you, party's over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Speaking of generosity, Rachel, it's powerful. So if you want to give a thoughtful, impactful gift, way more impactful than a Wolfie, Here's your reminder. Ramsey is wrapping up. It's 50 days of Christmas deals right now. We've got best-selling books and products, including from my friend Rachel Cruz, up to 30% off. Just go to ramseysolutions.com. This is your last chance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Depending on when you're listening, it might be over, but go to ramseysolutions.com and check it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Gratitude, contentment, generosity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
This is a free show, so we appreciate your frugality this Christmas season. I'm not trying to add anything. To it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I'm impressed. Yes, this is the upgraded eggnog, and that's because it's got some cognac in it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You could do bourbon. You could do whiskey. You could do rum.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Those are good ones. Cognac feels a little bit uppity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
It's a little more French. It is elevated. It's got whole egg, heavy cream, maple syrup, and St. Elizabeth allspice dram, which is a spiced rum.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
So you're getting a mix of the spiced rum with the cognac in there. $2.72 per glass. That's actually a really good price for the ingredients involved here. Not terrible. Not terrible. So make a batch for the adults. Make a non-alcoholic batch for the kids if they're into eggnog. And check out the recipe in the show notes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I'm going to give this one more sip. I'm going to go 9 out of 10. Wow. I think it's a great eggnog if you like eggnog.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
But I could not improve on it if I was craving an eggnog. I would go, this is exactly what I'm needing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
So just know that if you like eggnog, don't take Rachel's word for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
If we admit it, are we going to get coal? It's one of those where, like, do we keep this to ourselves?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Under the tree?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Was this like Elf on the Shelf in your family? What was going on?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, my gosh. Yeah, yeah. You just triggered something for me. I know. Core memory.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
They weren't just like sitting under the tree all week. No, mom had. Because you'd know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
What a trickster.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I don't think I... Did you ever try to like find out? I think I probably... Oh, I'm sure I looked.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Feels like something you would do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You've admitted to cheating on a test once or twice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Have I peaked? No. Have I gone to great lengths to figure out box sizes and search those sizes online to see if it measures up?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I'm scared to shake things because you never know what's in it if it's sensitive. Like what if she got me the china I've always wanted and now I shake it and the china breaks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
But no, I truly feel like you should not peek. It's just way more fun versus ruining it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I think I had too much childlike innocence and joy. We're so pure. Yeah, that's true. We've lost that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Kelly seems like a peeper.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, that's called collusion.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah. Because now you have to fake the response.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Memories were made by peaking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
My heart was warmed by this episode and the cognac. I think the cognac is also warming.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Send us a DM. That's what you thought. Send us a drink ideas. That's how I've been getting some of those. Send us your guilty as charged questions. We might feature them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You might as well have said, we TiVo all the Christmas movies. Yeah, yeah, yeah. That was impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Do you watch the classics with the kids? Like, do they still like it or do they want to watch the modern?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Have they ever watched a movie four by three ratio versus the 16 by nine?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, you know, like a square TV style movie versus a widescreen movie.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Never mind. Never mind. Do they shorten the screen? Some of us didn't take a film class and it shows.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Know your ratios.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Will there be... They expand it for TV these days.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You're going to get a money lesson out of these or your money back. That's right. How about that? What are we kicking it off with?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And let me just say, Rachel, Merry Christmas to you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Elf is the modern classic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
What's the best quote? Buddy the Elf, what's your favorite color?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I would love nothing more. If we just got to ask people their favorite color instead of be like, no, tell me more about your $160,000 in credit card debt. That'd be way more fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I use this elf quote more than I should, but I say this. You sit on a throne of lies. That's a great one. Because Buddy tells the truth no matter what. He genuinely wants everyone to win. And I feel like you need someone like that in your corner when it comes to money. Yeah. Someone who would tell you the truth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Fa, and I cannot stress this enough, la, la, la, la, la. La, la, la, la.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I thought you were pointing to me. I was like, what have I lied about?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's true. No, one of the things I try to do is that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And some of it's not even malicious. It's just the credit card company's really happy, joyful marketing about how they're going to give you financial freedom with your 2% cash back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Billions while charging you 25% APR. You sit on the throne of lies. So listen to us because we'll tell you the truth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
George Bailey?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Is it the transatlantic accent for you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's part of the charm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I didn't graduate. Come on now. I took a class.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Does it sort of ruin the imagination part? I guess so. It's like too distracting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Okay, give us a quote.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's a good one. So people are priceless. And here's the thing. Don't let money, stress, or disagreements compromise relationships, especially around the holidays. It's easy to get into some of those heavier conversations. I just personally avoid it. If I have friends who I know it's going to be a blow-up argument, I go, I'd rather be your friend than be right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, just money conversation and politics and who knows what else you can get into around Christmas.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And just being content with the stuff you already have. Yeah, it's great. That's a powerful place to be as an adult.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And you've written a lot about this with your books.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You all in with money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Good lessons there. Okay, next up, Christmas Vacation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Can I guess the third one? Is it Four Christmases?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Great tease.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
She is known.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You're priceless, George. I feel like she's going to go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
She's going with the comedy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Great one. Still hilarious. Holds up. I watched it fairly recently, and I was like, oh, this was pretty edgy back then. Yeah, yeah, yeah. Like, I'm surprised parents let their kids watch it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Would it be indecent to ask the grandparents to stay in a hotel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Expertly done.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Here's the question. Do your family and families travel a long way and pile into the same house, or do you spread out? Like a team hotel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Right out the gate. I know what it is. We are sipping on an upgraded eggnog.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, we have to travel. You know, family's in Boston and family's in Florida, so we generally stay at the house. I think it would be considered rude not to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Wow, George. This year did Thanksgiving in Boston, and then we're going to drive to Florida for Christmas. Actually, Whitney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Whitney and me are flying, and I'm going to be driving with the pups solo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Whitney and me are flying because they're queens. They don't need to be in a car for eight and a half hours. I will be driving solo with the dogs in the back. And they'll likely drive back with me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
The dogs can hang for this trip.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
A full week. Okay. It's pretty serious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Not Rachel's favorite, apparently.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, we could all fly and leave the dogs. Yeah. But I think it's just finding a dog sitter for the week of Christmas. It feels like a lot to ask. And I'm not going to board them. That's too much trauma for my dogs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
They're very sensitive emotionally. Okay. Very weak. Very weak. This is perfect. They wouldn't survive. You know what I mean? You're a good dad. It would be like me sending my dogs to prison. They're going to come out a little different. Oh, my God. It's just different. You got to have a dog that's emotionally strong enough to handle.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You seem to be a little bit Scroogish.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Nothing wrong with boarding. Hear me say that. My dogs just cannot handle it. It's about the weakness of my dogs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
He was a fly-by-the-seat-of-his-pants kind of guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Don't count the chickens before they hatch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
But here's the thing. You can't live your life just on the edge all the time. No emergency fund, just hoping. That's too stressful of a life. And as you can see in the movie, it's a great example of what can happen on the outrageous side. But for a lot of people, Christmas is stressful. You know what's happening every year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
There's no reason not to start saving up with a sinking fund, not to have an emergency fund. So be prepared.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Someone spent a lot of time on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
This one was near and dear to my heart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I think that's a George Campbell quote right there. I actually prayed that with you right now. Yeah, I thought it was, I wanted to be kind.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Cheers to inexpensive meals at home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
And money. It's beautiful. So we're going to give you the rating and reveal the cost per glass at the end of the episode. So stick around for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Oh, I didn't think about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, but if you got a badge, I'm like, I don't know, is that a real badge? You can fake an ID pretty easily.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Well, here's the thing. Is there a police car that looks legitimate outside? That would help.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Dude just walks up to my door. I'm going, how'd you get here, man? Yeah. Just walking around the neighborhood. Where's the car? Patrolling. Man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
As soon as you said that, it left my brain.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I don't know. Sticky was in my brain.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Wow. I didn't know they had a name change.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I guess you got to change it up so no one catches you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's some serious appreciation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
So if you're thinking about buying it, may we suggest a 15 year mortgage on 5.2 million? I feel like that'd be a pretty high payment, but this is a good lesson in the power of home ownership. Yeah, for sure. I mean, just buying a home, getting it paid off, having the home appreciate over time. It's a wealth building hack.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
In our millionaire study, we found that people with a net worth of a million bucks or more, one third of their net worth was made up of their home equity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That is incredible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Get in the game. Get your foot in the door. Yeah. Next up on the docket, Miracle on 34th Street.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Was that a classic for you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
We'd appreciate honesty around here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
How was that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
I might say the same. It wasn't a movie I watched every year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's right. That was the 1994 edition.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
1947.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Where were you? Can you imagine like World War II ends and they're like, you know what we should do? We should make a nice little Christmas movie. That's a crazy thing to do. About Santa. We need some positivity around here. All right, what's the quote there? Here's a quote. If you can't believe or if you can't accept anything on faith, then you're doomed for a life dominated by doubt. Jeez.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Pretty heavy for like a sweet little Christmas movie. That'll preach though. But that's a really good line.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
Yeah, what are you choosing? A life dominated by doubt or a life of belief and faith and hope?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
That's pretty good. I love that. I think that with money, this happens a lot. We get cynical. We're doubtful that we can ever get out of debt. We're doubtful we can ever build wealth. And what happens? You never get out of debt. You never build wealth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Unpacking Money Lessons from Your Favorite Christmas Movies
You said it like a mom who had to be proud of her kid for doing like the worst cartwheel ever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Multiple choice questions here. Okay. So let's start off with an easy one. Number one, what is an example of an appreciating asset? A, a home. B, a new car. You can't, they have to hear all the answers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
This is speed round. I think you could say it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
I know it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Maybe you should be filling the blank. I didn't know we were playing like that. Here we go. Three components of compound growth are money, time, and... Rate of return.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
That was good. I rest my case.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
All right, number four. Blank is an official ban on trade with a country. A, a tariff. B, a rationing. C, a quota. Or D, an embargo. Embargo. I'm going to give that one to George. Slightly, slightly ahead. I think we're neck and neck. Two and two, maybe? All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
That's the one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Yeah, it's a 1040. So the W-2, the 1099, those are income, but that's not the actual return. Oh, fine. All right, two more. Number seven. Stupid. What does the form W-4 estimate? Withholdings. A, how many tax returns you need to submit. B, how much money you'll spend in that fiscal year. C, how much tax you'll owe based on your personal situation. Or D, how much income you should be making.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
It's C. But then you said or D, so now I feel like I should win that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
It's fine. Okay. So repeat the answer for us. How much tax you'll owe based on your personal situation. Okay. That doesn't feel like a dictionary definition, but I will let it slide. It's close enough. All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Yes. Okay. Exactly. There you go. All right. All right. Number eight. This is the last question. Okay. All right. Here we go. What type of interest rate is locked in and won't change for the life? Rachel gets it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Not sorry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Yeah, it's close enough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Yeah. All right, overtime question.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
No, he doesn't have it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
Unfortunately, I don't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Putting Our Financial Knowledge to the Test (With Special Guests!)
So this question's for everybody. So girls, weigh in. All right, here we go. Have you ever bought something... with your own money and regretted it or never used it at all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And you'll sleep easier. And it's a lot of work. So to have someone else do it for me and send me a report, I'm like, great. One less thing to worry about.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
conversation grenade commenting on physical appearances this one i feel especially bad for females yeah they get the brunt of this even from other females from their mother from their mother-in-law from the grandma yes i'm like oh you you've been eating good whatever it is just the comments i'm just you look too little you're too you eat this you need to eat more this or are you pregnant
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You look tired. I just don't have makeup on, Grandma. Yes, God, my Grandma. You need to smile more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'm always smiling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Can we not?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
What's funny, this happened to me this weekend. Uh-oh. We were at the guy's hang.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
One guy said, dude, you've been slimming down. You look great. Another guy said, you've been putting on a few pounds? I was like... One of you is wrong.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, stop it. That's so funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I don't know. I haven't been on a scale to know. But these two guys have radically different views. Different views, yes. So funny. So it just feels like there's no need for that. It's not helpful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Cheers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
If you don't have anything nice to say, keep it to yourself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And they do that eye thing and you're like... Have you ever had like a really awkward interaction? I had one while we were downtown doing a man on the street interview. So we find strangers like, hey, let's talk about money. And like they have to sign a waiver at the end saying we can use it on the YouTube channel. Well, she didn't know that we were part of Ramsey at first.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Can I tell you the most common one for me?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Sometimes not even that long. They just go, you're short. Jesus. Girl, that's the first thing that popped into your mind. And I get what they're saying. They see me on, you know, on whatever the show is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You can't tell height that much.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah, little do they know I'm 5'10 instead of 6'2". It's like big difference.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Who cares? What about you? What do they say to you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I got a weird one. 10 pounds or whatever they were saying.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I went to the FinCon, like financial content creator thing, and people kept saying, you look just like your profile picture. And I was like, what? What do you think, I'm going to catfish you? Like, I don't understand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I guess because I'm primped the exact same way every day. I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Have I wanted to comment back about their physical appearance? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
On occasion. I say it in my heart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I do it more casually. I'll say, do I have to stand next to you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And that way it's more of a like, because I'm so little.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I think they're tired of being tall. It's exhausting being tall.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I love Rachel's empathy for tall people. Like, where is this coming from? I know, it makes me just like... You don't think short people have to get their pants and jeans hemmed every single time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Because jeans come in a standard 30-inch inseam?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
All right, moving on from physical appearance. It's exhausting. Next up, we have compliments and questions about cost. Oh, I love your bag. How much was it? This house is nice. What did it cost you? Love your place, but why are you still renting? Oh. Awkward.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Now, the only time that's fun is when you spent very little. When you're like, oh, thank you. I got it at TJ Maxx. It was on sale.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I got it at Target, actually. You wouldn't believe. Yeah. It's fun when it was a frugal purchase, but when it costs something, it feels weird.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Wow, what a nice watch. How much was it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We had told her, but she couldn't breeze by it. She's signing the waiver and goes, wait, Ramsey? As in like Dave Ramsey? We're like, yeah. And she goes, oh, I can't sign this. And she just walked away. And we're like, girl, who hurt you? What? It was wild. So I was like, it is controversial just to help people get out of debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Thanks, Rach.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
What kind of watch is that, George?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
This is a Rolex, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, how do you feel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You want to know where it's from?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Where is it from?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
My wife's deceased grandpa, Rachel. How do you feel now?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
How much did it cost to repair that watch, George?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I could have bought a lot of these watches for that. I could have bought a lot of Amazon watches.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
No, I'm just remembering his memory.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But thanks for the reminder, actually. It's very sweet. The heirloom piece to carry the family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Heritage. Oh, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That was a good one. That was funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I got you, but it was a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That was good. It was a nice attempt. Yeah, I tried. I tried. But this is an awkward one. Stir in the pot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You know what's funny? There's a comedian I love, Hasan Minhaj, and he talks about different cultures.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Some want to talk about how expensive something was. Some want to talk about how little something was. And some want to tell you exactly what it cost. So it was a great riff on different cultures.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It's in his latest Netflix special.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
If you want to check it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's not a flex. That's just you being bougie.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I kind of want to like collect them all. Like I'm just adding to the collection. Yes, I did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Well, they got such a wide variety. It's not just bedding and sheets and blankets, but they also have joggers and sweaters and all kinds of things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
PJs, the PJ sets. Goodness gracious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Because they love Smart Money Happy Hour listeners.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I got a high quality item at a great bargain.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
So if you get the post-purchase survey, let them know you heard about Cozy Earth on Smart Money Happy Hour. Okay, next up. We have therapy. This is a conversation grenade for some. It's a little social landmine here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
The older you are, the more you're confused why you would pay someone to listen to you. That's how they view it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But the younger you are, the more you see the value in this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Totally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Because your parents are not helpful to share your problems with. I'm just going to say it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That is fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And I think it's one of these things you kind of have to experience to see the value of. It's hard to go, oh, I see what happened. They gave me tools that I can use versus, oh, someone listened to me vent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Well, you just set boundaries to go, I'm not going to step foot in that again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But I will say some people who do therapy, it's like vegans and CrossFit bros. They're like, it's their thing they want to talk about.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Like, oh my gosh, my therapist? And I'm like, okay. Okay. We're good. I'm glad you go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Don't need to bring it up every three seconds.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Do people do that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Like, hey, how's your ex doing? Said no one ever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
How your ex is doing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Well, that assumes you're just keeping tabs on your ex, which tells me you're not.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I would watch that. I've got to, you know, I'll admit, I'm not that great of a person. I would want to see that unfold.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But people weirdly are okay sharing a lot of details about their finances, which is rare in other small talk conversations.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Another one is like when a marriage dissolves, like a divorce, people are very nosy. They want to know, was it a moral failure? What happened? And that's none of your business.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Unless you're sharing with a friend voluntarily. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Is it because of private school and how expensive it is and people get nosy? I think so. The cruises pay $35,000 a year to send little Amelia, which you guys are...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's always my thought. I have nothing against private school, but I'm like, I'm paying all this money for this thing. I should take advantage of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Of like the private schools.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'm like, oh, they sent them to that private school? Or like, wow, that...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Don't you think some of it, just some of it, I get there's legitimate reasons, but some of it is for the parents' reputation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Kind of like going to a certain college.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And some of them are like, okay, they live in an area with rougher schools and they want their kid to have the best education, so they're willing to pay for the private school.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But we have the privilege of living in a county with some of the best schools. For sure. So I'm like, this school's not good enough for you? Yeah. Come on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But there's a lot of judgment. Can I tell you this? To add to this is the homeschool versus public school or private school. Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It's like, oh, you send your kid to a school?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Stranger teaching your kids about values and such.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
They needed to hear that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Effervescent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It's not a competition.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You're doing the most.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
All schools, all teachers, anyone trying to help the next generation, just good on you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We love you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Stop fighting each other. Start fighting a lack of literacy. Let's end on something real light and fun. Politics.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
What are your exact debt loads? Why did you take out that debt? What was going on in your life?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yep. Like, what feels controversial now may not always be this heated. We got masks from four years ago. You had vaccines.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You had, you know, electric cars for some reason have become a conversation grenade.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
They think because I have chosen to drive an electric car that I... Either want to die in a car fire, hate my family. I hate gas and oil and I want to see America lose. I don't know. People are just so angry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Religious differences. That's a big one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's aside from who you voted for and why.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Do you have strong feelings about, I mean, I know you have political feelings, but about people who have strong feelings about politics. How do you deal with those people?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Like, if you can't hear them out for five minutes without losing your mind?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We got to get to the bottom of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I don't like this moral high horse that I'm better than those people because I voted this... Yes, no, no. So I think... Hate us if you want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
My favorite is- Maybe because I meet people- We have friends on all sides.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Well, lately, last year it's been politics, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And you can be a person of character on both sides. Some of my neighbors had the Kamala sign. Some had the Trump sign. And I would have never known their politics without their little sign out there. But they're both, they're all great people. We never talk politics.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah, so we're going to help you today. Maybe avoid them, maybe learn how to navigate them. And for us, that's another day at the office.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You're one of the only people that I can actually talk politics with because it's from a place of curiosity and there's a looseness about it. We're not ever getting heated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
2025.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
If there was going to be an award, that would be it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
So what are the final takeaways here?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I think golden rule has to be one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And give benefit of the doubt. Be curious, not judgmental.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Not everyone might be as comfortable with a conversation as you might be.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
This is what we do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's right. Another one that has to do with money, don't give unsolicited money advice. Don't talk about money unsolicited.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It's just a weird one. So unless it comes up from someone else and it's the right conversation, the right person, the right environment, it's a weird thing to talk about.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We talk about the taboo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And if they bring it up and tell me, and they go, what do you think? I got a lease. I'll give them my honest opinion.
Smart Money Happy Hour with Rachel Cruze and George Kamel
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But if it doesn't affect me, I'm not going to ask questions. You do you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Just put up a boundary. You can only control yourself. If you're going through a life change and you know people will ask, prepare an answer that you're comfortable with in advance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
People are going to ask. You can shut it down. You can give a straight answer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Okay. I think it's a good one. That's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Why couldn't I be Ned? Why do you have to make me?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'll be nosy Ned.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And who are you in this situation?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Okay. I'm going to try this on you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'm Ned. Okay. Hey, Rachel, you talk about giving an awful lot. I see your Instagram stories. But how much are you actually giving to charity? What's the, like, dollar amount you guys give per year?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Did I stump you on that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'd like to know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You don't need to know that. Ned, Ned, Ned. Oh, Ned, Ned. I just don't. Wow. Golly, why is that so hard?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, that's a big one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I was just asking about generosity. It's just, since you talk about it so much, I was curious, you know, a truly generous person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
How much do you give, Ned?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We give to our local church. We give to nonprofits that we care about. Oh, it depends on the year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'd have to get with my tax pro on that. I don't remember the exact dollar amount.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You good? Something is wrong with you if you're not drinking. Wild? Either you're pregnant. Are you pregnant?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You know, generosity, it's a matter of the heart and it's private for our household. But I just always give what you can. Give a little until you can give a lot. My friend Rachel Cruz says that. I think it's a great quote. You know, and for me, it's a private thing for us. And I think everyone should give as much as they are able to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And it's one of the reasons we got out of debt so that we could give more to things that we care about.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Well, actually, Rachel, this was inherited. That was pretty good. I think I did better. I think I won.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
This has been a Smashing Sage Spritzer Mocktail. So no alcohol in this one, safe for the little ones, if you want to make it for them and make them feel fancy. It costs $2.10 per glass. It's got blackberries, lime juice, honey, coconut water, seltzer, and sage leaves.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
If you're a woman, that's the first thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
If you want to be extra, what do you rate it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Or did you have a problem?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah. I'm going to give it an 8 out of 10. I wish it was a little bit sweeter and also a little bit punchier with the lime juice. It's a little bit light for me. I like a mocktail that would shock me with how punchy it is. So still a great one. Find the recipe in the show notes. Give it a try this weekend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
So I don't personally pressure. I don't get into it. If they're not, I don't go, why? You should. You should be if you're not. That's a weird thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Was it a passionate speech about what was happening?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, no. You did the wake up line?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Did you apologize after or no?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You're like, sorry, got a little... Got a little... Got a little worked up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Where you just brought the whole party down.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah, I'm glad you don't do that, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Just a solo conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We got to do something. You know, it was one of those like... We're going to charge the hell. Save the kids. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
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Yeah, I was like, what did you, even if it's true, what are you going to do?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I feel like the person who did the video or the article should have done that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Not me. You should be drinking now. Yeah, people choose sobriety for a lot of reasons.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I feel like I only elevate conversations. I never detract. So it's a weird one for me because, you know, I only add social value. I never take away. I'm always keeping the ball in the air in social settings. I think out of like a nervous energy of like, I don't want the party to die. Have you shut down a room though? Not on purpose.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I think with my presence probably and my general just ick, but not with something I said out loud.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yes, that's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But I am the most likely to like throw the grenade and then just kind of like back away and watch it unfold. And see what happens. But again, I don't shut it down. I just create chaos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Watch it all burn.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And today's episode is going to get awkward, Rachel, because we are talking about conversation grenades, as I have, I think, I'm not the first one to call it that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'd say anytime I talk about the fact that I wipe my dog's butt, that shuts the room down. So I think I am guilty in that regard.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
No one has questions. They want to just exit this conversation completely. And they're like, we're done. Yeah, no one's ever curious about that. There's more. There's more judgment there. Like, well, she has an inverted tail, you see. No, no one cares.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And we're drinking a mocktail today.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We're there, at Smart Money Happy Hour. Give us a follow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
So we're above reproach for one episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
People choose sobriety for a lot of reasons. Maybe it's health. Maybe it's addiction, pregnancy, religious beliefs. Maybe they're just not into it. It's fine. Budget priorities because alcohol is expensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
This could tear up a family if you're not careful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
If you have rival sports teams in the family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh. So Tennessee, Georgia, big rivalry there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You've got to expect that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You can't have a wedding during a football game. What are you expecting? They're not going to hit the dance floor. But still also, come on. Sometimes what I do, can I be honest? I will throw a conversation grenade just by saying, wartide.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah. You have to think about it. Because I don't care. You know what I mean? I have no allegiance to any team, only to God.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I just mix it all together, jumble it. That way everyone's angry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But can I tell you, I went to one of my first NFL games recently.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Like, first of all, all these grown men wearing jerseys with another grown man's name on it is just weird. Yeah. Like, why are you cosplaying as the person on the field? Like, you can show support.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
This is definitely a pot-stirring episode. So even if you just watch for the entertainment value, it's going to be worth your time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That even feels different to be like, oh, I love her outfits. You're literally dressing like a professional athlete. Like, that's the only sport we do that for. That's odd.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yes, yeah, but football's the big one. And then the anger, the emotion. And then they're going like, how'd you miss that? You should have ran faster. And this dude, he's not in shape. He's huffing down a corn dog. Might be his last one. And he's judging the guy on the field for not being athletic enough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Millions.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Exactly. So it's like catch the football.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I don't talk about sports unless I know I can make people angry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
No, I don't know. It's made up a name. But like, it's just, you can't control them. And here they are.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
All right, next up. This is a recent conversation grenade for you, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
The adopt, don't shop discussion has gotten out of hand. And you recently had your dog had puppies. My dog had puppies. On purpose. Was not an accident.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah. No violence here, by the way. I know grenades, it's a very strong word. But we're talking, you know, salaries, politics, wedding budgets. We're not afraid to go there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It was intentional family planning.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Have you never watched The End of Prices, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And how many puppies did Sweet June have?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Is she Catholic? That's a lot. That's a lot of puppies. Is that normal? Is that a normal amount of puppies?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Couldn't have gone July.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Wow, we really lost the months quickly there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It was like April, May, June, Boulder, Cinnamon, Mango.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
We are sipping on a Smashing Sage Spritzer Mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Yeah, I bought French Bulldogs, which are some of the most expensive dogs money can buy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And let me just say before you go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
They're mad I didn't adopt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And I'm like, but these are the dogs that my wife and I both have always dreamed of owning. But yeah, is there a limit you think of how much you should spend on a dog? Or are you like, hey, if you pay cash and it's your dream, go for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
My dogs bring me more joy than humans, so why would I not give them a great life?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That upset me, just reading that name. Yeah, that's a hefty... Great drink with one of the most annoying names. Smashing Sage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's a conversation grenade. What is the number where, hey, if it's going to cost 11 grand for Fido's surgery, we let him meet Jesus.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'm George Campbell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You didn't have to put that part in, but that's also what happened.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Another conversation grenade that now leans into religion. This lady in the lobby the other day, she came by the Ramsey show. She slipped me a tract, like an old school tract. And it said, do pets go to heaven? Didn't read it? I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It apparently had the answer, but I was too scared to look.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Here's my thing. If I don't make it to heaven, but my dog does, I'm going to be pissed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It's like Fabulous Life. It's great. Smashing Sage Spritzer Mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I don't want to know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But then you have to go, well, cats too?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Snakes?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
What about snakes? Sure. Exactly. Now we're starting to judge what animals get to go. That doesn't feel like grace and mercy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But a great conversation grenade to talk to your friends about.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Moving on to something less controversial, dietary judgment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
One friend orders gluten-free, dairy-free, sugar-free. Another friend gives them a hard time because they're jumping on a bandwagon and it's not a real allergy. You know, people have real allergies.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I got gluten this weekend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
It wasn't fun. I think I'm getting some canker sores. We were all together with some guys, guy hangout, and he had these like bourbon balls that are made with like peanuts and corn. And he's like, no, it's gluten-free. Trust me. So I'm like, oh, great. So I had one. And then he calls me 10 minutes later and goes, hey, man, I forgot I put Oreos in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And I was like, oh, that's definitely not gluten-free. So what happened for real? I took gluten-digested pills when I got home, chugged a ton of water, and I've survived. I have not been hospitalized. But I do think I'm getting some canker sores on my tongue and mouth. Like, it's just, it's not fun. Man, George. So again, it's not like a life or death thing. It doesn't have to be that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
So stick around until the end. We'll give you our rating and reveal the cost per glass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But it's just like, I'm intolerant to it. You know, like a dairy intolerance. So don't judge people. Or if they want to eat sugar and you're like, you know what that's doing to your body, just...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
My thing is, was the advice solicited? Did you ask for Rachel's advice about sugar? Or did she just come up to you and go, I wouldn't put that in my body?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Here's one from my own family, and bless my little sweet Arabic mom. I've been gluten-free since 2017.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And that's when I met Whitney, so she thinks it's happenstance, but I used to eat pita bread. That's what you eat with hummus. For sure. In the Middle Eastern culture. So all of a sudden, I'd go, no, I can't have pita bread. And she's like, but you had pita bread for 27 years. Why can't you have? And I'm trying to explain to her, my body is now intolerant because I took it out of my system.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I don't react well with it. And she didn't get it. It's hard, yeah, which I get.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Sweet May, I love you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Oh, this one has become like, we should all be transparent with our salary. Like, why aren't we all just sharing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Mmm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
For me, you know who it is? My grandma.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I think she wants to know what all the grandkids are making and she'll kind of like size everyone up secretly. Who's more successful?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's her toxic trait.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I think part of this, she wants to be proud. But it's like she keeps tabs on what all the grandkids are making. Have you ever told her how much you've made? I don't think so. Maybe back in the day when I was early in my career.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
But no, I don't find it to be helpful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
To grandma or anyone. Because you know grandmas are catty. Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You will be so toxic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
82-year-old Rachel will be spilling the tea everywhere she goes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
She'll be gossiping everywhere, all over town.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You'll be sparking drama. You'll spark fake drama. Oh, did you hear what she said about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
And you'll always be the perfect one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
Can I say, there are times where it makes sense to talk about how much you make.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
You want to make sure they're on track so you don't have to take care of them. Your spouse, this is a big one. If your spouse doesn't know how much you make, you should not be married. That's ridiculous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
He has his own bank account, so I don't really know what comes in. And that's why we talk about budgeting together, combining finances once you're married, and the budget helps you look at everything together.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
So if you want to check out EveryDollar, we'll drop a link in the description. So great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
I'm not falling for this one again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
phone number, emails.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Stirring the Pot With These Off-Limits Topics
So if you want to protect yourself from the risks of online scams and data breaches, check out Delete Me. They've got a custom promo code just for Smart Money Happy Hour listeners. You'll get 20% off any of their plans if you go to joindeleteme.com slash smartmoney. And these are super affordable. We're talking about like nine bucks a month for an individual, a little bit more for a whole family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
There was a guy in Alaska. This guy, maybe young 20s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I go, I'm halfway on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I think he might be a little bit over the top with his anger.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
silent treatment boo like first of all your 10 year old daughter is going to be fine if you guys get on the same page and you should stop being a 10 year old dude and giving her the silent treatment yeah now the question is how much stock do you put into your biological daughter versus now it's our daughter but it's not from my marriage that part feels weird personally I would say I'm in this family now this is my child just as much yeah I don't know from a financial legacy standpoint I know that might be my hot take I don't know
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Because I don't think the money actually, like whatever, you'll build wealth together. Your 10-year-old daughter is going to be fine. This was not like a life-changing, the five-year-old is going to have a better life than the 10-year-old. Right, right, right. They're so young.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Hit a moose with his car, totaled it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
It's not like one got a free house and the other one didn't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Got an insurance check for $10,000. Great. Well, the car... Was $6,000 and it was not paid for by him. It was paid for by his father-in-law.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
All right, this is the situation. Husband's parents send a check every year so our kids can buy gifts for each other and my husband and I get a treat too. This year, we want to use it toward a ski trip, but they've been weird in the past about not spending the money exactly how they wanted us to. Should we do it and not tell them? I want to be honest about it, but I have a feeling they'll be mad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Am I the problem?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah, that's a weird one. So they send checks and you have to use this on the gifts that we want you to give.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah, if they're sending a check, they're sending money. They don't have control over that money at that point. So if you want to just buy gifts, send the parents links to Amazon or whatever and they can buy the gifts and send them. But if you send money, it's my business what I do with that money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So I don't think they're the problem.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But I do think they should communicate with the in-laws and say, hey, listen. You do? I think it's worth a conversation because what's going to happen is resentment with the in-laws over this stupid situation. Instead, go, hey, listen, we have lots of stuff. We love stuff. Thank you for the stuff. We'd love to do an experience this year because we think it's going to create a great memory.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And we're letting you know. It's not permission.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
We're letting you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And if they never send a check again— We learned.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And better for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Budget for it and so you can take your own kids on a trip.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But also, can you just save up and go on a ski trip and buy some gifts? Sure. You could avoid all this with a budget pretty easily.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So now he gets this check and the father-in-law is like, sweet, I'll take the check. I'm the one who bought the car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Put that in the budget.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
We're talking bedding.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Talking athleisure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
For the guys and the gals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Blankets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Sheets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And? Robe. Sheets and robe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
What else does a woman need?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Well, hey, go check it out. They're giving our listeners a sweet discount up to 40% off if you go to CozyEarth.com slash smart money and use promo code smart money at checkout. We'll put a link in the description as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But the car is in the kid's name. Oh. But he didn't pay for the car. The father-in-law was just like, hey, I'll pay for the car. That's a sticky situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yes. Lack of communication.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And people don't know you can pull money out of the college account against those scholarships and grants. So if you get $20,000 scholarship, you can take $20,000 out as cash from that college fund.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So there's a cool little life hack for you. It's not like, well, that was a waste to save up because we couldn't even use it. You can withdraw against those, which is great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So what does he do with this insurance check? Is it technically his because it's his car, his insurance? No. Or does he have to give the father-in-law some or all of this money?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah, well, and here's the key words to tell me this was a flub on the parents part. We assumed they'd both go to grad school.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah, you are the problem. Communicate. And also, where's this assumption that both kids are going to go to grad? Like, it's just weird to go, well, they're probably both going to end up getting master's degrees.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah, 100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Neither of us have master's degrees.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Look at us now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Living the dream as YouTubers. Dream big, kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So here's my take. Communicate everything with your kids as they get older. Say, hey, here's the situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Here's my thing. Would she have gone to grad school just because the money was there and just get a master's for fun? That feels like a waste.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But that's not part of this. It just feels like a sort of a secondary thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
All right, here's the next one. Separating finances from husband because he won't stop giving his parents money. In the last few months, I've noticed $1,700 missing from our savings. husband has been giving his parents money, which we agreed not to do anymore because they never pay us back. That's in parentheses. Very important tidbit. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So this was a weird situation where he was like, am I the jerk for not wanting to give my father-in-law this check? So I said, hey, I'd give the father-in-law what he paid into the car and no more. Yeah. And be done with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
He didn't tell me and he's not even working right now due to an accident. He is literally spending my money in secret. Am I the problem? All you guys have is problems. Man. Both of you are the problem in my book. And his parents are the problem. So he's the problem because you guys agreed not to do this anymore.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Your language, though, scares me. He is literally spending my money in secret. You're also the problem. I don't like that language.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Spending my money in secret. My money in secret. I would never say that in my marriage. So, no, I think largely he is the problem.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I'm a little scared of her. Yeah, I don't think this is like we need to separate finances.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
That's a financial infidelity situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
We need to come to Jesus conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Another part was they gave their parents, his parents, a loan because they said because they never pay us back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Never give money with this expectation, hey, this is a loan, you're going to owe me. It destroys the relationship. It sounds like it wasn't great to begin with. Right. It's not going to get any better at this point. She's going to be resentful of the in-laws forever. Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Just not sever the relationship.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Oh, God. I'm exhausted.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
That's frightening. Here's one. What's the line in— uncommunicated expectation is a thought. Is it something like that? Does that sound right? So it's just like, if you have an expectation, communicate it. Don't ever say, well, we assumed, or I thought we had talked. Yeah, yeah, yeah. Make it clear. Yes, say it out loud. Most of these problems happen because people didn't communicate upfront.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah. And so there's a lot of situations like that out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
They didn't set a boundary. They didn't explain the expectation. And then things went awry and they're all shocked.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Like, wow, I can't believe they're upset.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yes. And the other thing is bring in a third party if you can't come to a resolution. That could be a counselor. That could be couples therapy. Whatever it is, it's worth it to not just have the two people talk. going at each other, going, well, I'm right and you're wrong and I'm wrong and you're right. That's not going to get you anywhere. That's right. Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Thanks for sharing everyone on the internet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Would you ever post in a subreddit like that? I don't know how. Oh, that's true. And even if you could.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I think I would have enough friends and counsel in my life to not go to the internet and ask for their opinions.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
That I have real friends.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I would call Rachel before I went to a subreddit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Or maybe Winston. Probably Winston first. And then if I didn't like his answer, I'd go to Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
If you're even asking that, it tells me you're at least a little bit self-aware.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Thank you. You know me. You'd be on team George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
This is a classic gimlet. You're closer to finishing. I just didn't have enough time. I was too enthralled in the stories. Chatting too much. This is a 10 out of 10 drink for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yes. Wow, great word. Thank you. Flower?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Floral? Floral elements in the gin is when they distill it. Juniper? I believe it's juniper. Final answer if this was... Who wants to be a millionaire? So here's what's in this drink. Gin, lime juice, simple syrup.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
That's all you need. You need a little sweet, a little acid, and then you need your liquor, and it comes out to $2.94. That feels high for this drink, for what's in it, but I guess we used some high-quality ingredients.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
To probably make it cheaper at home. Get the recipe in the show notes. Give it a try this weekend. I think you will be pleasantly surprised at how good it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Oh, boy. You want me to read this one? Yeah, you read it. What's the last thing you overreacted about, and after cooling off, you realized you might be the problem?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Or affirmation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I feel like we need to phone a friend for this one and call our spouses and say, hey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Just with Charles.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Well, you also told Charles he was fine when he had broken his leg. So maybe you're making up for a previous lack of parenting. That's true. With over-parenting now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
That's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I love that. Yeah. I love that your situation involves you being the hero.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So we agreed to bravely go to the front lines of the internet. Some would say the basement, the cesspool of the internet called Reddit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I really want to call Whitney right now and ask her because I feel like she'll have... Do it. Five answers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
This is fun. Winston's at your beck and call. He's probably been waiting with bated breath for your call.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Thanks, Winston. Love you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I said it first.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
How was that for you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Like, we basically missed the flight. It's over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
In my defense. They could have moved it at lightning speed and been on group three already.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
God bless.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Thank you. Thank you for being so vulnerable, so brave.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
A great mom and a punctual boarder. We love that about you. I have never overreacted, so I have nothing to offer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I've never cooled off, so I didn't relate to it. After cooling off, I'm like, no, I've never. I'm still hot. I run hot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Rachel's not downloading your app. Don't even dare.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Oh, well, there's a whole subreddit where people share these stories. And so people are trying to figure out if it's them. You know, hi, it's me. I'm the problem. It's me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And I want the audience to be thinking too and see... Who they agree with. Is it Rachel? Is it me? Is it both?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Oh, boy. This whole friend group feels toxic to me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Who's having these conversations?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Okay, so they're saying he's a gold digger because she comes from money, therefore there's probably some big inheritance or trust.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And he's saying, am I the problem? No, he's not the problem at all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Ooh, that's a good take.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Well, I guess you're right, but I definitely make more than she does now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
He's trying to defend himself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I can do what I want. I'm a grown man. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But he sort of took the bait.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But would Winston Cruz be caught dead saying that sentence in front of your friends?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So like, oh, Rachel, you know, Dave Ramsey comes from money, so therefore... And he goes, no, I actually make more than she does.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
More matter of fact.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I agree.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
No, I don't think he's being the jerk, but I do think, like, he sort of got in the mud a little bit too much. I would have just been like, you know what? It really doesn't matter. Like, we're in a marriage. This is a partnership. We're doing this thing together. And who makes more is irrelevant.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But I probably just wouldn't get into it. Yeah, that's fair. Especially with my wife's friends. I don't know. It feels like a weird thing. But, you know, here's the assumption.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But here's the problem with this whole conversation. They think if there's a breadwinner, there's got to be a bread loser.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I don't think that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I don't do bumper stickers. I think it's stupid to put bumper stickers on cars. Put that on a bumper sticker. Mm-hmm. Mm-hmm. How do you buy something for $40,000? You're like, I'm going to put a sticker on it. That's insane. I'm sorry. It's a crazy thing to do. I don't put a sticker on my laptop, let alone a vehicle.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Anyway, neither here nor there. But here's the other thing. My wife stays at home now. It would be so, I make more than, this is an insane thing to compare.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
What if she came from money and they go, well, you married her for her money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I just think we put too much emphasis on income is what I'm saying.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
As a society. Me too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
You got heated already. We're off to a great start. There are no winners in this game, only losers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And we will get to that. But first, we're sipping on a classic gimlet cocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Here's one. Not telling my mom I married into money. Grew up with a single mom who's always battled addiction. Now married to a man with family money. We've been caring for her two-year-old daughter, my half-sister, and she's now realizing we have financial means. My husband says he's happy to start sending my mom money, but I think it's a boundary we should draw. Am I the problem?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Today, we're answering the internet's most asked money question, am I the problem? Your language, though, scares me. He is literally spending my money in secret.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
My thing is, if you're going to... But I think she's okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
It's one of my go-tos. Hard to beat. We're going to give you the rating and reveal the cost per glass at the end of the episode. So stick around for that. All right. I know this probably isn't a key part of your algorithm. I feel like yours is mostly true crime and Real Housewives at this point. Am I close?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Here's what I would say. Instead of like the blanket send my mom money, let's figure out what we can actually support her with and directly put the money towards that thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And make it a gift. It's never a loan and just say, hey, we want to cover your rent for the next three months or cover the groceries or we're going to pay for your rehab. That's a very specific thing versus just pouring money onto a problem.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But no, she's not the problem.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Glad we can free you from that. Wow. It's all good to do that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Absolutely.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Identity theft is a crime, Jim.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Absolutely. So Delete.me is a service that will find or remove your info from all these data broker sites that are out there. If you ever Googled yourself and they're like, how do they know my address and my name and my phone number? It's because they sold it to data broker sites who are then going to sell it for a profit. And it leaves you at risk of...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
spam and scams and so delete me does all the work for you saves you a ton of time they send you a report showing you exactly what they've done and it really does help me sleep better at night i love getting my report yeah it feels good it feels like people are out there it's like angels are out there yeah watching you over the internet it's like i took a digital shower you know yeah feel cleaner
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Never thought about it like that, did you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Hey, go check it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Join deleteme.com slash smart money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Please. Thank you. I'm begging you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
My bride? My bride.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Well done. I'm on it. But there's this other trend on social media where people are asking, am I the jerk? So they're laying out their situation going, am I the problem here? Am I the jerk? Am I in the wrong? And it actually starts with an A word that's much harsher than jerk. But this is a family show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I want to know, is there an emergency fund here? Like, what is this worst-case scenario where he thinks, in case a recession comes, it's all going to come crashing down? Right, right. So that's where, if there was an emergency fund in place and they had no debt, that would make him feel better. I don't know their financial situation overall.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But no, she's not the problem. And here's the thing, the percentage matters. Because, you know, her buying a designer purse is like someone else buying a biscuit. And so you got to look at the ratios on this thing. Okay, it's not too much of her world. Now, could they do a budget together and go, hey, here's how much of my fun money I'm going to spend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
That might be $3,000 a month for their income. I don't know. But that way, he knows exactly what's coming out, the limits around it. So set some boundaries, and that's where the budget is really key.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Next up. This one's juicy. Not returning an engagement ring to my ex-fiance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Here we go. Well, the first word is a dead giveaway. I caught my ex of two years cheating a few months into our engagement. We immediately broke up and I still have the ring. Planning on selling it to help pay back the wedding costs I already lost. He is demanding to have it back and is threatening legal action. Am I the problem? No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah, is she not the owner of said ring at this point?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
No, and here's the thing. If she's planning on selling it to help pay back wedding costs that she's lost, there's also a reason there. It's not out of pettiness. It's like, hey, we've sunk some money into this thing. I'm trying to get some of it back. Now, who knows what he's sunk into it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I just wanted to rile you up and it worked. All right. That's my job around here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But no, is she the problem? No. Now the legal action, I want to know, does he have a legal standing to sue to get the ring back? I don't think so.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
And I know we got a lot of kids that enjoy this show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I don't think it's his asset to then retrieve.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Not a lawyer, but hey, lawyers, jump in the comments. Let us know. Let us know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
I know a lot of lawyers watch this show and also leave YouTube comments.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
No, I'm just saying. They're probably busy doing lawyer stuff. I don't know. But that's a dark one. That's dark.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
But honestly, you get what you deserve, ex-fiance.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
What a dingus. Who goes, hey, I commit my life to you and also about to go cheat on you a few times. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
My daughter watches this show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Paying off the debt for our five-year-old.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
Yeah. So in this case, you're saying she's not the problem because this was a premarital asset.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
There was a moose.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
She said it was. You said it was a premarital asset.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Reacting to the Wildest “Am I the Jerk?” Reddit Threads
So right before the wedding. Right. She wins all this money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, we get a lot of free tickets and stuff for the kids and things. I don't know. It's just there are some great programs out there without debt. So take advantage of them. Do your frequent flyer miles. Even if you don't fly that much, just have an account with these airlines because it is. It adds up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I rewatched that this Christmas. She's got a bob like me, Cameron.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
All right. First and foremost, you love this one. Costco Travel. There's also Travel Aero Extension and Skyscanner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Tell us, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay. Can I tell you where I research? Yeah. And then give me the no-no. Expedia. Expedia.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No, no, I don't book through them, but just research.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But you like this one better.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I mean, wow. You are the Cameron Diaz of Ramsey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, yeah, that's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yes, it's like a gamble.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
They're still doing it. Take advantage while we can. Right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Watch Smart Money Happy Hour. Maybe you'll know. All right. Tell us about eDreams.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You know what just came to my mind was Gru from... Gru?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And what does it do? Scan for hotels? Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Airline hotels, okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Don't blame us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
How about strategic trip timing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
This is up my alley. I think this is very true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Saturday to Sunday is very different for airlines. Like you will save money if you just go on a Sunday. than a Saturday. It's crazy. So yeah, that's why I do like Southwest website. I guess a lot of them do it, but you can change it so quick, the days.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And price compare. But you're right too. The high season is real. Like we are looking at some hotels.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
We're looking at hotels for spring break. And I was like, there's no way these are the prices. And then for fun, I went to October. Half the price. Half the price. And I'm like, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Seasonality is real, and they take advantage of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I don't know why.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It just came to my head. I don't know. You're like Gru meets Groot. Just kind of a... I don't know. All right. I'll give you that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You know what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
All more power to you. All more power to you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, but also really knowing, because I think, you know, it's been proven through the travel industry that the cheapest times to book on travel is Tuesdays, Wednesdays, or Saturdays. So to book on those days and to use fair comparison websites, again, you can shave off $30, $40, $50 from your total, which is amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
We're just putting our info out into the world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And Delete.me is amazing because it goes through all these websites that have your information out there. Because again, when we put our names and our addresses and our work and like all this stuff out into the internets, people get that information unbeknownst to us, and then they sell it to data brokers, and the data brokers end up selling that information to other companies.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And our information, they're making money off of us, people. And we get spammed, scammed, all of it. So get our information off the internet where we don't want it. And again, Delete.me helps us do that. And it's fantastic, you guys. It's a great service. You can get plans as low as $9 a month. And it is a subscription worth having in today's world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Stay safe out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, next is one of my favorites, rebooking flights.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And I will go through, again, I say Southwest because that's usually what we fly. 99% of the time we're flying Southwest. And if you see the rate goes down, you can go back and rebook it and they credit your account. So then when you go to fly again, you got like 120 bucks sitting right there in the account that you get to use for the next flight.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It adds up so much. And we use that all the time. I mean, I will, I'll go through like, if we book something, I'll relook at it probably three times every week till the trip. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yep. It's so great. So rebooking flights will save you some money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yes, we use Hertz and Enterprise, y'all. So you can do it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I have heard of Turo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, it's like an Airbnb for your car. Now, I've never used it. I wonder, is it cheaper? Do you know price comparison?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Than a rental car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Easy enough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's an option for you. Okay, how about Going? Going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, funny. Do you remember when the gas pumps, there was like one gas pump that like- It's like two cents or something crazy. Two cents and everyone was like, line it up. Is that kind of what it is? Like where the airline messes up?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Maybe worth it for sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay. What would be more of a scary situation? You going into a stranger's home and watching their dog or having a stranger come stay at your house and watch your dog's?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I like it. It's like an extra safety net when it comes to your money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You do. Hacks on hacks on hacks. I know. Mine's just be loyal to one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Just Southwest and Marriott. You know, just stick with what you know and just rack up those points.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, I went in a lounge. Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No. But our friends we traveled with, y'all, 100%, they had some.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
They had two guest passes. And then, yeah, they even asked like, are you allowed to come in here? And I was like, yes, I'm allowed to come in here. And they, we went in with them. I've only done it once though. So, and you know what? I'm not saying this because we're Ramsey people. For real, though. It was fine. It was. It was fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
So again, fine. Like, not like it changed my life that they were like the most gracious, wonderful people. It was very crowded. Yeah, you could get a drink, but then like you had to kind of like... I don't know, figure out up at the bar because they had some that were like on tap, some not. We tried to order food. I don't know. It was like, it was just a little crazy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It was not as, it was great, right? Because you get free stuff in that sense.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Not our experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But yeah, I think I have a big bucket list item, George. What's that? I keep seeing now because of my algorithm, probably on Instagram, travel an international, like... Big suite on the airplane.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
This is what made me think, the little apartments. And then the lounge is there. They have like masseuses. Have you seen this? Especially in other countries like Dubai and stuff. Like the lounge is there for the first time. It looks like a five-star hotel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I'm just dreaming. A girl can dream, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I might. And then I might come home. That's how much I love a plane experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I know. But wouldn't that be so... I don't know. Doesn't that just stuff make you feel so good inside? Yeah. Bougie travel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's probably a better way to make money than to actually use the service, like to have a stranger come in.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Ooh, or the bars in the plane.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Humble brag.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
70 bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
So travel is one of these things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I feel like it could be a double-edged sword because I feel like sometimes if you're in a season of sacrifice and you're not able to travel how you want, when you want, all the things, like it could be hard because you're seeing people posting travel and you're like, especially if you love to travel, you're like, man, that's like a sacrifice we're making in this season of our life because we're trying to get out of debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You know, we're trying to save up. We're trying to be wise about it. Like, ugh. So it can be hard, that whole comparison game when you see other people travel, right? And then on the other end, the positive thing about it, and we talked about this, Arthur Brooks talks about this, but having experiences with people you love is a way to bring joy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
So a way to make your money actually cause joy in your life is experiences. And that can look a lot of different ways, but I do think experiencing things outside your norm with people you love. It is. It's very exciting. And that could be, again, you know, driving an hour and hiking and going camping, like doing something, that or like a big fun trip with friends or family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But I do think this is a place that I personally value.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Than just buying another purse or something. Like seriously, I would rather, which Winston and I are so opposite because like we were just talking about this trip and we're looking at how expensive everything is. And he's like, okay, we could take this total and like... redo the playroom furniture upstairs. Like we can take it and like do stuff with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
That's fair. We had a great dog sitter when we had the puppies. Sorry, everyone that gets mad at us because we had puppies. But we had the puppies. And we had to go on fall break. And those puppies, y'all, were like two weeks old. And there was a recommendation from our vet. There was a tech vet. And she was so sweet, young in her 20s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
More practical versus like four or five days. Good man. You know, somewhere. But I don't know. There's just something about experiencing life that I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I value it personally. Not everyone does, but that is a place I enjoy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No, it's for me. Okay. I love it. I appreciate your honesty. Having them with us is fun too. Yeah. But I just love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, like we went to Denver randomly. We randomly just picked Denver. And they still talk about it. Like we did this like dinosaur hike. I don't know. It was just like the most random little trip. And our kids still like talk about it. So... I don't know. I think it's fun. Dinosaur hike.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But in order to do it, yes, being in control of your money, knowing where your money is at, how to plan for it. Budgeting is one of the best ways to do that. Every dollar helps us. We always have like a travel line item, especially if we're like leading up to it. And the hard thing about travel and the budget is you have to usually put down a deposit. for the hotel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
If you're buying airline tickets, you're buying them like right then, not right later on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, yeah, yeah, yeah. So be budgeting that, but that allows you to be in control. And then it is kind of nice because once the trip actually comes, then you are probably paying for the food, like things in the present. But you can plan for it and every dollar helps you do that. So make sure to check it out. You can create your free budget. We'll put a link down below.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But it's a great way to make travel have a level of peace because you have planned for it. And that's the most beautiful part. Don't go into debt for those people. We're saving up bank cash.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, okay. So let's talk about the Seabreeze before we get to Guilty as Charged.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, I'm going to say my number and you say yours.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
One, two, three, four.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Four? Four. George!
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I know, y'all. I just don't... It's just not working.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No, no, no. It just tastes... You know what?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
The effort was an A+. You need a little complexity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And the vodka really doesn't have a taste.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And when she pulled up, she had all these dog bumper stickers on her car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, my gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah. Give it a try. It's true. All right. Now it's time for... Guilty as charged. And this is where our producer Kelly gives us a new guilty as charged question every week. And if we're guilty, we take a sip. Was there a time that you tried to be frugal and it backfired?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
That's who I want watching my dog. Seriously. And she was fantastic. And we didn't really know her, but we did have a rec from someone we knew.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Let me think. Let me think. Okay, I'll say this. I think the ones that have backfired the most is because you can't save money, but when we travel with the kids, we would take a late flight or early flight. If you take a 6 a.m. flight, y'all, you have to leave your house or at least here where we are in Nashville. 3.45, 4, by the time to get there, they're a disaster.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Or we've done a late night flight. We did, I don't know why we did this, like at 8 p.m. or something. By the time we did a two-hour flight, landed, we had to drive an hour. It was like midnight when we got there. And the whole next day was ruined because they were, I don't know. So I'd say the hacking of like, with kids, adults, we can handle it. Like we can suck it up, figure it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But the family experience, early morning or late night flights,
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, it's the hack that backfired.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh my gosh, I can't wait.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, it's pretty good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
$50.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
$5,000? We'll talk about it. $50, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But you're on baby step seven. That's my thing, George. What are you doing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
For Whitney, for your soul, for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Went all the way back to Nashville. Oh my gosh, George. Well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Y'all, happy travels. Happy travels. Hope you enjoyed this. So make sure to leave a review. And for more financial hot takes that people love to hate, catch our Airbnb episode. You can click here or the link in the description if you are listening on podcasts. And make sure to subscribe so you don't miss an all new episode next Thursday of Smart Money Happy Hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yes, I think so. That's good. Well, George, you and I, I'd say we're opposites in life in some things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
We have some similarities as friends, but our travel...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
We're different travelers, I think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You are so terrible. You're looking for coupons. You're going discounted. You are wiggling your way through to save every little dime and penny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
The enemy isn't travel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No, you can't. And it is pretty, it does make my stomach hurt because we've been looking for an upcoming week with the kids and stuff. And when you're looking for like a spring break or a summer, probably a prime time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
To travel, y'all. To travel. And not even going anywhere crazy. But it was like going up from like 800 to 1,000, a person round trip. And we were like, mm-mm, mm-mm. I mean, is that not crazy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Wild.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I have a gauge. I have a gauge. Okay. But also, I think it's part of enjoying life. And if you're looking for shortcuts in every little decision, it kind of takes the fun out. So that's what I think about you, George. I get it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, let's go through some of our travel traits. You ready? Carry-on or checked bag?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Winston did get his hair product removed at TSA from Montana two weekends ago.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And he was pretty, yeah, he wasn't very happy about it. He's got a little CVS now. It's like a gel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
So it wasn't even liquid.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You know how you pull it up? It's like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I think it starts with an I, Imperial, IMP. I don't know. It was on Amazon for me. Oh, all right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, I am carry on all day, every day, even with the kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You know what? Well, okay, so I say all of that. Yeah, because most of our trips, we don't go weeks. That's another one of my hacks. I'd rather go for a short amount of time and go real nice and go for four nights than stretch it out for a week and all that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Well, this is the show where two friends who happen to be money experts talk about what you're talking about. So everything from pop culture, current events, and money. All right, George. Well, as we're talking about traveling, what are we going to sip on?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
But we did go for a week, and I think I did check one, yeah, big bag. But we usually travel for four nights, and if that's the case, carry-ons all day. And you know the secret carry-on trick, y'all, that is... Chef's kiss.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, going back. Just listen to some Seabreeze and then pull out your Vera Bradley duffel because those things will fit so much in there and they are cloth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yes. It is a dream to travel with and it's a throwback. It's like vintage these days.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You're like looking with that thing and they're like, I need that Vera Bradley.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, we got some no's. I don't know. Oh, it's going. It is back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, TSA PreCheck.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
All day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
That is true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's a dream.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I know two people that have lost their TSA because of situations on accident. John Deloney is one of them, y'all. What? He doesn't have it for a year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And Savannah, who helps us with this show, revoked.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I think for John, I think he left a hunting knife in his bag.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And I want to say Savannah had her dad's bag, or borrowed it from her dad and had it in her bag and forgot about it. Yep. So if you have a weapon, you could lose it, which would be so heartbreaking to lose TSA pre-checked. Okay, do you do clear? You see the clear people?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, yeah. Sea breeze. You know, that was a song.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Go into, because I keep seeing them around. I'm always like, hey, you clear people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, okay. In a lot of cases.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah, which usually... Which is fine, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You know what scared me early on with it? Now TSA, like, takes your video. But Clear, you'd have to, like, they did an eye scan. You know, I mean, conspiracies. I was just a little nervous. I don't want someone having my retina.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Back in my day. I think that was like when I was like in college.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I've seen more of them. I was at Target yesterday, and there was someone outside the electronics trying to get me to switch my cell phone carrier at Target. She was like, ma'am, ma'am, and I was like... I don't know. It's a work phone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
And I lied to her and she said, do you pay for internet? And I was like, no. She was like, you don't have internet? I just kept walking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Just kept going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
All the way. I don't know what's going on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No clear, but TSA pre. Yes. Plane drinks. You drink it on the plane, George?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I mean, I think I had it on a legit burnt CD. Wow. That's where we're going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Well, plain drinking is some of my favorite drinking. And I'm like, no one's bothering you. I never pay for internet either. So I got no, you can do free texting. So I will try my texting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
uh my children i love my children i don't know but they're not like mom like they're they've got their stuff i've got mine and you're just in this peaceful tube in the air with a cocktail and it's just great it really is i love flying i do i respect that you ever do anything else than a vodka soda um i'll do a champs champagne all right yeah a little sparkling wine on delta
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Kazah days. Kazah days. Seabreeze, look it up. Ooh, I just got that warm, like, nostalgia feeling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You know what's funny too? You could walk through an airport at 6.50 in the morning and there are people at the bar just drinking a beer. I mean, not even like a Bloody Mary or a mimosa. They're like beer in it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I don't know. It's just funny to me that airports, there's like no time, you know, just whatever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
So no, I do pay for it. Winston will not. He refuses. He thinks it's a ripoff. Thank you, Winston. He will not. He's like, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
That is true. Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah. Okay. What's the most expensive airline for drinks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Which is so opposite than what you would ever think. I feel like Delta maybe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
You won't guess this. Guess two more real quick for fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It is Spirit Airlines, y'all. It has the most expensive drinks on average, $10.61. What? The cheapest is Southwest. Look at you getting all mad at Southwest. I don't buy that. They're $6.67. Who did this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
No, because the budget airlines, they charge you for everything and they upcharge you. That's how they make their money. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, my gosh. Well, that's true. Isn't that crazy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yes, y'all. It is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, do you buy anything at the airport?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
What does she buy? What is what do you like?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Me too, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Totally. I'm the same way. I will always have a bottle of water. I have this weird fear that you get stuck on a plane on the taxiway. And they can't serve you or do anything. And then you're like, oh my gosh, I don't know why water feels like my escape.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's a good song.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's like my water is my, it's what you need.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It is so sad. I've heard a flight attendant say this, never drink coffee or tea on planes. And that's from a flight attendant. I know, because they never change the water filters. So the water coming out is like... This is how scurvy comes back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Where did he go? Is he still making music? Okay, well, anyways.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, that's funny because I will not pay for good coffee at airports because you know what happens to me? I get eight sips in and then I got all my carry-ons. I don't have any hands. Got my Vera Bradley. And I'm like, I gotta... I don't know what else to do with it, you know, and I end up throwing it away.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
So I don't get, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Do you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Not because of Mia, but because of you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, all right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I got it. You know, I always have a big bar in my bag.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
George, do you really use a neck pillow?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
On every flight?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I've never used a neck pillow in my life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, and then an eye mask.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
We're not talking about like an international flight here. We're talking like Nashville to Dallas.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
which I've used when we used to travel for work and we had a group of us, I would always get loan better. George, do you have your charger? I know, I do. Can I have your charger? I'm the Boy Scout.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
I really am. You do carry a lot of things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, I can't wait.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's very helpful. Okay, but one thing that I never travel without, though, is Cozy Earth joggers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Yes. Whether I'm wearing them or I pack them for the hotel, it's what I always do because Cozy Earth has literally the best products. Winston just wore their hoodie the other day. It looks great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Maybe so. I should have linked it. I know. But no, for real, Cozier's quality products. They're amazing. Their clothes are like, I'm on a high of the clothes right now. They're just good quality. Soft, that bamboo. So like the pajamas and everything. They're so soft. I have a robe too. I mean, it's literally, it's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
It's with the eye mask and the pillow. Their sheets are amazing. Their blankets. I mean...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
What if we did?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Okay, so since a lot of people loved our past travel episodes, we have an updated list, though. If you're traveling on a budget, right, what are some good hacks, some good things to implement to make your vacation worth it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Oh, that's right, boo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Our Ultimate Guide to Budget-Friendly Travel
Because here's the one part of life. If you're going to have points and stuff, not credit cards, but just in general, travel is great. Marriott Bonvoy. I have a Bonvoy account. Oh, yeah. Southwest, like we get free.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Like, how many... Are we talking multiple toothpastes, or just two toothpastes every one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's just... How hard are you squeezing the toothpaste?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's the transit shot. I don't get it off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah. I'll say, I guess you need to go for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And it's just like a. Is that the big item for you? The big toiletry?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It does feel very personal. Okay, y'all, let's go. Mine for you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Very similar. I'm a very kind of tidy, clean freak. So like, there's like a little bit of LaCroix left.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Keep going, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's been three days. I'm feeling for temperature. Like, oh, the body's dead. It's gone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's gone room temp. Let's toss it. Empty water bottle. Let's crush that up and toss that. It's that kind of stuff. The bathroom counter, like mine, my side, tidy every night. I get ready for bed. It's clean. Her side could be a few weeks before it gets tied up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
But it causes stress and trauma for the other person who has to live with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah, it's true. I'm a simple man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
What's my worst toxic trait? I care too much. I simply care too much.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And it's 10 p.m.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'm just wiping down countertops. Oh, no, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
That's nonpartisan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I feel like this is really a tell-all episode. People are just hoping that our spouses roast us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And our spouses have reaped the benefits of these products because we sleep on their sheets every night. And Whitney and I, we were making the sheets and we like unfurled them to, you know, throw them on the bed and you're like, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Luxury.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Love a tidy. Love a tidy sheet. Great products. And, you know, we are considered bougie frugal. So we like nice things. We want to get a deal. And so for our Smart Money Happy Hour viewers and listeners, they get up to 40% off when they use the code smartmoney at cozyearth.com slash smartmoney. And that's our gift to you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And Winston famously paid full price. That's how good it was for him. He bought a sweater.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Hmm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
A hoodie at full price.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It hurts my frugal soul, but hey, that just speaks to the quality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Who is the nerd and who's the free spirit in your relationship when it comes to money? I've never heard this question before. What's a harmless pet peeve your significant other is guilty of? It's got dark real quick.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
We'll have a link in the show notes as well or go to CozyEarth.com slash smart money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's very, very exciting. I would love for you to roast me, George. Wouldn't dare. People know I love Winston. Okay, so before we draw the first question, I want to hear how you two met. And I'd like to hear from Winston's side, if that's okay. Oh, wow. Because I've heard it from your side. I feel like there's a different side. We have like three stories. Exactly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
On camera, off camera?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
No physical traits. Best qualities all on the inside. Well, she hasn't finished her hanky-panky yet. Okay, I'll go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah, my favorite thing is her calming personality. I'm a naturally anxious person. She's a naturally very peaceful, calm person. And that was what initially really attracted me to her. And I appreciate that about her because I can spin out pretty easily.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Not you, George. Not me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
me no number two uh her intentionality especially seeing her become a mom i've never seen someone do the research want to do the right thing the right way even if it's harder even if it's more expensive she's going to do it the right way because she cares that much about our daughter or our dogs and so i love that about her it's good and number three i just think she's really cute i know that's
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's very, I know, I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Obviously, that's what initially attracts you to someone. Sure. At face value. Yeah. You only get three today, so it's hard to... Yeah, well, truthfully, she's also shorter than me, which was a big win. As a short king to find your short queen, that's special.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
That's her toxic trait.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
She had to pray to be like, Lord, help me get over his tiny, tiny body. I mean, it's admirable. I gotta say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Speaking of which, say three nice things about me. Good luck.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's mama right now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
What are your and your spouse's love languages? This should be easy. There's only five of them, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's patronizing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
That's rude.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So say nice things and do nice things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
How about and for Rachel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Really? Because I'm always the one doing all the things. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So you'll notice something and you're like, that's a big deal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Didn't know we were still roasting. Thought the pet peeve part was over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah, if I see a task needs to be done, I don't care what's going on. House could be on fire. I'm like, well, I'm finishing this thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
The priority is whatever I'm doing right now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Whatever gives you therapy. Whitney's quality time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Still figuring out what that means, but...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
We're like watching a show together that we both are into. I feel like that's quality time. I think she wants a conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Well, that's easy for us. We met at Ramsey. So the answer is yes. And Whitney was debt-free when I met her, which, you know, green flag for sure. Wouldn't have been a red flag if she had debt she was paying off. But the fact that she was debt-free was just like, oh, that's awesome. Like we're going to be leapfrogging when we're married completely debt-free. So that was really nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I had paid it off by the time I met her.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So that was a game changer. And we didn't have to have a ton of financial conversations because we both believed in the Ramsey principles. We both had been through Financial Peace University. So that made our life a lot easier, I would say, on that front.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
That's good. That's great. So Rachel, obviously, coming from Dave and Sharon, very Ramsey, has her financial principles. But were you in the same? Did you even know Ramsey? No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
You wanted to play the game.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Did they know, like, you're Dave's daughter?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Not until we were like, she looks familiar. Did you ever have red flags, Rachel, when you, like, you see a credit card?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
He's driving my car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
What car was it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I paid for that dinner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I want to know what kind of car was this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Oh, yeah. It's one of the ways I say I love you to my family is by using Delete Me, our information is being scoured online, removed. Delete Me sends me the report and I sleep easier, which as an anxious person
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Very, very helpful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So I encourage everyone to check it out. They're giving our listeners and viewers a great discount. If you go to joindelete.me.com slash smartmoney, you'll get 20% off any of their plans just by going to that site, joindelete.me.com slash smartmoney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And I'll always beat you because I started first. I'm at 66 hours and I brag about it. George is there. I'm in the 40s, but it's fine. Check it out. We'll drop a link in the description below. So great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
That's pretty wild. If they beat us, we're screwed. You guys should do better than us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
For the good of the group, can you read it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I don't think I've ever got that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Fully involved?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
We just did our fast food Smart Money episode a little while back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I learned a lot about her fast food habits. Oh, that would have been helpful. You should be worried. All right, George, what'd you put? I said Chick-fil-A grilled chicken club meal, gluten-free bun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Unbelievable. Had to add the gluten.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Not even a dream. She doesn't even know. This isn't fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
New York City.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I said Alice Beach.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I went very specific.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Oh, gosh, this is tough. I know. It's like there's where she would like to shop and there's where she has to shop.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
She acts like there's an allowance. He doesn't give me money. Wow, you won't let her have any money? I'm going to go perfect world type. All right, Winston. Target with question mark.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'm waiting for her to finish, to be fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I don't want to be accused of cheating.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'll tell you what you like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'll tell you how much money you get. I said anthropology.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I know her better than she knows her.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I got album and artist. We're going album and artist, which gives us a bonus point.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
You said it like it was surprising.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Shoot, yeah. No, it's fine. Rachel can change the rules at any time, but I can't. Okay, no. It's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Well, that's the album. It's his self-titled. Okay. Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
He did the Sweet Chariot song. Was that his big hit? You don't sound too enthused about that. You're like, well, you got to listen to his deeper cuts.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So when was the first spark? When was the, okay, I think there's something here. I think we should date. Was that months later? A year later.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Oh, yeah. I got that one wrong. I said washing baby dishes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
That's why I said it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Never. I draw the line. His brother has washed more dishes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Oh, shoot. I said dishes. Oh. How did we both say, we both hate the dishes and they don't know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
That's it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'm a great folder.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Do you need time to grieve the loss or are you good?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Save it for therapy. We got to keep moving.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah, well done, guys. You didn't have a sore loser on one of her top traits.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Ooh. I mean, I feel like this has been a very marriage focus, but I think we can open it beyond that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Beautifully said. I'm going to put a bow on it along the same theme and say that you go with you. Doesn't sound like it's about money. It is. The question to ask here is, and then what? You're going to achieve this financial goal, and then what? Well, then my life will be, no, it's not going to be fixed. And so I think money is a tool to accomplish goals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
But if money is just the thing that you're trying to solve for, you're going to be really disappointed when you get there. So have a bigger goal, have a bigger vision for who you want to become, whether you're single, as a family, whatever it is, and chase that instead of the next financial goal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I do feel like marrying the right person is a wealth hack in and of itself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
creates a lot of yeah and i don't want that to cripple people to be like well there's a soul made out no it just means make sure you're aligned with that person versus going oh my gosh i didn't he's not on the same page i'll never get there yeah yep exactly so good okay well before we get to guilty as charged uh george tell us what we sipped on because i am almost finished we sipped on so good a hanky panky which is appropriate for this episode and at the same time inappropriate
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'm going to give this drink an 8 out of 10. How about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
All right. Thanks for being honest. Six and a half. I'd say nine. That's good. All right. We just like stair-stepped there. We got a full range from six and a half to ten. So here's what's in it. If you're curious, it's got gin, sweet vermouth, Fernet Branca, which is an Amaro, and an orange twist as a garnish.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And it comes out to $3.96 a glass, which is probably a fifth of what you'd pay at a restaurant for this. So make it at home, the recipes and the show notes, and tell us who's right on their rating. Is it a six and a half or is it a 10? Somewhere in between.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Are you trying to cause Meryl's life? Why would you do that? We're going to have a great night after this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Our audience is very familiar with this. Because of her authenticity, they know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So her most toxic trait is that she's too trusting? I don't think that's what I said, George. I've seen worse. That's all I'm saying.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Just get excited. I'm not going to go as far as toxic. We've all got that text from USPS being like, hey, you owe us money if you want this package delivered. Click this tracking number.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So he focuses on life-changing things that really matter and you focus on the trivial. I think that's a fair assessment. Wow. And don't you reap the benefits of said sauna and said piano playing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Which reaps its own benefits when you don't want to hear piano, which I think is very thoughtful of him. She just wants more hangers. It works out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Just like, we got to get some of these hangers out of here. More hangers, you got to get more clothes because now you have empty hangers. Well, the closet's full, so you have to, I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
To be fair, I returned it to save us money and purchased the mini version, which was a few hundred bucks cheaper.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Do the viewers know about this? I think I've mentioned the bed jet before. Yeah, it's not an endorsement. I mean, if I could afford the eight sleep, I'd probably go with that. But that's $4,000. So I thought $350 for the bed jet's a steal. So I thought I was being resourceful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Okay, is it my turn?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yes, it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
How much time do we have? No, your toxic trait, unequivocally, is the fact that you will buy hundreds and hundreds of dollars worth of clothing, but she's going to return it all, maybe more than she bought, to where somehow she's going to make us money. Yeah. It's a money-making scheme for her.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
She's like, hey, I'm going to spend $500 at Old Navy, but I'm going to return most of it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So I have to buy multiple pants. If you just say the word postpartum, I'm like, okay, I can't win.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And to be fair, she does return it all. A month later, there's a $400 credit back to our account. But in the moment, as a saver, I'm like... That's a lot of money to spend on clothes in one month.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
She can't walk. She cannot walk.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I think what we've learned is that toxic money trades don't mean you can't have a great marriage. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Kind of say thank you, too, for being here. I know this... Maybe you both were dreading this. We kind of forced you into it, but we appreciated it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Thanks for having us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Happy Valentine's Day to y'all. Happy Valentine's Day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Love to get dinner on Valentine's if you guys are free. Let us know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
No, not borrow it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Okay. Similar to borrowing, but the person is in the car with you. The owner is in the car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
The owner is in the passenger seat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Much less romantic than Rachel's version. Wait, what? Rachel's version is like, I saw him and I just was so enamored by him. I did. Winston's like, yeah, I mean, she was there. I was there. She dated a few of the other roommates. I was still there. And I was like, yeah, let's go for a ride. Oh, my gosh. That's the spark note.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Multiple. Multiple.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I think equally as unromantic, we were coworkers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Special drink for some special guests today.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Highly requested.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
He wasn't even in the host role.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
an email marketing coordinator.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
You know? Okay. Social media guy. Were you intimidated to like walk up to her randomly?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah, I messaged her over Snapchat. And I'm a grown man at this point. I'm not 17.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And I was like, hey, Michael, Michael Reddish, mixologist, and his wife Vicky, they want to know like what you would say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
So she called me and I was so angry. I would rather drive her car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah, I should have asked, hey, can I drive your car?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
A lot of people are saying.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It was like, let me just get my thoughts because then it was, you know what? It was protecting myself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
If she says no, then it's their fault.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's just like, well, she said no to the idea of them saying that we should.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
She wasn't interested in their idea. Arms-length proposal. She didn't reject me. She rejected their idea.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Winston Cruz, ladies and gentlemen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
They're great. Yeah, I hear you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
2016 Ramsey Christmas party.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
We danced the night away on Broadway.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It worked out. I don't think any, like, no relationship was like, it was just as beautiful, so romantic. Everything went perfectly. It's always a little awkward from the start. Sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
There we go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
All right, let's get to the fishbowl. It's what the people came here for. Oh, are we drawing for them? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Thank you for having us. I don't think you understand how long the people have been wanting this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
They're for all of us, I think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
No one said.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
But I think they should answer because they are sick of us talking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
All right. Who? Who is the nerd and who's the free spirit in a relationship when it comes to money? I've never heard this question before.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I think your wife wrote a whole book about this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
When's the last time you opened up a Google Sheet? Just tell me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
He's the nerd. I'm like the nerd spender, and she's like a free spirit saver. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Am I the Sharon?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Like I'll eat my vegetables to know I have room for this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I feel like if you guys weren't together, you'd have some problems.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I'm not sure. I think people thought I was lying, that I even had a wife.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I leave it on the dance floor at work and then I go home and I feel like I have no energy or mental capacity to give. Hey, what did you talk about today? Luckily, she's here now. So you do have a battery. Yeah, I've got a battery. I'm human. All humans have batteries.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And then Winston's drained when you come home to talk about your day. All right, I heard enough. You did a podcast. Cool, good for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
We can go top three.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
You feel like you can't really put that out there because there's an expectation that you have it all together?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Do you feel awkward to not be?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Wow. I didn't know that about you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
One day he taught you. Hey, look him in the eye. Shake their hands.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Yikes. Nice to meet you, sir. Who handles money in your marriage? I can't read it like that. Well, it says underneath spoiler both. So I feel like... Is that like breathing? Yeah, but I think there's different skill sets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Who knows the logins to the utility account to pay the bill? Oh, okay. From that perspective, I do it. It's not like she's not involved and doesn't know what's going on. I get the mail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
And a Grinch. She calls the shots. You tell her how much those shots cost and if we're going to be okay. She does ask me that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
Winston Cruz, ladies and gentlemen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
No, I know we get that a lot. You got the wrong guy. He's a little shorter. Do you want to draw one? I think you should draw one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
It's not an easy job. People think it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I know it's a family-friendly show. That's about as edgy as we're going to get today. And we're going to tell you what's in this drink and give you our rating at the end of the episode and reveal the cost per glass, so stick around for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Spilling the Financial Tea With Our Better Halves
I would consider that a harmful pet peeve. I mean, you're wasting food. You're causing other people to clean up after you. Wasting food.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Pepperoncini and pepperoni.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Can you explain that to people what Papa Doe is?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Because you spend hundreds on Papa John's a month.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So when parents are like, hey, let's get pizza. I got it in my app. I got to get my Papa dough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And you get delivery.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I didn't grow up with Papa John's, so it's not a part of my zeitgeist like it is for you. I did grow up with Domino's. My friend worked there, so he'd give us free pizza after a shift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But if you didn't know, Mormons famously are into soda shops because they cannot have alcohol or caffeine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And he would do a custom pizza. It was a barbecue sauce base with chicken and bacon, or maybe sausage and bacon. It was amazing. So good. Delicious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I've had Domino's gluten-free and it's actually decent. I need to try Papa John's to see if it's up to snuff. But if I had to order today, you know I'm a Marcos guy. If I'm going to go with a chain.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But I feel like Domino's, there's like a trust there I have built. Probably similar to what you built with Papa John's. What you guys have is special. It is. It's pretty great. It's really good. Here's a fact for you. In 2023, Domino's brought in $9 billion in sales. Papa John's only had $2.1 billion.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Wow. Only a measly 2.1. But here's the deal. Diehard fans have discovered Papa John's uses less sauce on their pizzas than Domino's. So you can order extra sauce on your order. I'm an extra sauce guy. I am too. If it's just like cheese and bread, I'm like, I should have just ordered cheese and bread.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Try doing extra sauce. It should be free. There's your life hack.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
From coffee. But soda's okay in energy drinks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
See, I feel like Wendy's is so much more than just burgers. It's true. My childhood is like, you get a dollar for the five-piece nugget, a dollar for a chili, a dollar for a burger, and a dollar for fries, so I could get out of there. Four or five bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That hits.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So I'm going to choose, but Burger King had us a lot of nostalgia. The Rodeo Burger had an onion ring on there with barbecue sauce. I love Burger King's chicken sandwich, those long ones.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
There was something special about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So that's a hard one to debate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You guys tell me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
If I had to go into a place, I think Wendy's I'd go into today over Burger King.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Seems like a lot. Is that 800 million? That feels like not an insignificant amount.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's just 0.8 billion.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Cheers. Wow. Jinx, you owe me a Coke. Or do I owe you a... What is this? Raspberry Dream Dirty Soda Mocktail. I mean, that is... That's got a ring to it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's right. I feel like data is the new currency and we are giving it out to sign up for every fast food app out there. And so Delete.me helps remove your info from all these data broker websites that are selling it for a profit. And they send you a report showing you exactly what they did, how much time they saved you. I'm at 55 hours of time saved.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Which is time I could be spending in a drive-thru.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And this is one of Rachel's all-time requested episodes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
20% off. Go to joindeleteme.com slash smartmoney. You'll get 20% off any of their plans. Very affordable and great peace of mind.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I don't follow those people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
We cleaned the sheets this week, as we do. By the way, clean your sheets. It's probably time. Once a week. But we unfurled them on the bed. And it was like Aladdin's magic carpet. And Whitney was like... These are really the best sheets we ever had. I was like, I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Because you just want to talk about your love of fast food.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Your boy's out here paying retail when we have a code for 40% off. I was like, babe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Don't be like Winston. Go to CozyEarth.com slash smart money, or you can just use the code smart money at checkout. Let them know if you take the post-purchase survey you heard about Cozy Earth on this show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
In the meeting, I said, Rachel, we can't just do fast food. The people deserve better. And so these are my, I don't know, pretentious, casual— Just the elevated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Optional. Let's start off with an easy one. Chipotle versus Moe's. Everyone say Chipotle. Chipotle. If you like Moe's, you don't like Mexican food. You don't like tacos. You like queso.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I do the hack where I can get two bowls out of one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Because you stack the ingredients and you can get extra of a lot of the things without paying more. So you can't get extra meat without paying more, but you can get extra fajita veggies, extra rice, extra salad. And so when I get the bowl, I mean, they barely get the lid on there. So funny. And so either Whitney and I will split it as a meal or I'll eat half and then save half for the next day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You pay 11 or 12 bucks, but you get two meals out of it, which makes it cheaper than most fast food. I love it. And it's higher quality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Ooh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
What'd they do to you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Whoa.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I agree. And I do think the quality has gone down. I mean, I don't know how they get, like they must GMO their apples to be tiny. Have you ever got an apple from Panera? Or even worse, the bread. I'm like, are you paying for my dentist visit after I have to shoot through this bread?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
How do you make bread that hard?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's one ounce of chips. That bag is just air and there's like seven chips in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But I used to love that you picked two.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
She's so much more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I think Turkey Bravo was at Panera.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's it, Kelly. Onion bread?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But if you're on a road, here's my test. If you're on the road trip and you see both, which one are you going to? I'm probably still going to Panera, even though I know. I just feel safe. It's like the devil you know. I know they're going to have decent coffee. I know they're going to have like the energy drink that I like. You know, it's in every hospital.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
She loves a Sonic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So if you've ever been in a hospital, you've seen a Panera.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's in a lot of the halls. I've been in several.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I'm doing all right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Wow. So brave.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Shake Shack wins.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I think back in the day, Five Guys, their like Cajun fries were life-changing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Everything's greasy. You're going to get it all over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Shake Shack is good, but I'm like, I might as well go eat out if I'm going to get Shake Shack because the burger is like $8 or $9. Then we got to get the gluten-free bun. Extra $17 for a gluten-free bun. Then you got to get the fries separate. Then you got to get a drink separate. They don't do meals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But I do feel like it's a trendier, you know, you see it in big cities. I'm going Shake Shack if I see. And I had a bad experience at Five Guys in New York. Whitney needed to use the bathroom. I went, hey, Five Guys has a bathroom. And I know New York's are going to be like, hey, you got to be a customer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But they gave me, they gave me some heck. And I was like, I'm going to buy a water. Like they gave me a big attitude about it. I slammed the water on there. I was like, I'm buying a water. She's using the bathroom. And I was like, go. You just go. I'm going to pay for this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I don't like the attitude in a Five Guys.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
A Shake Shack, while they don't care, at least they're a little bit more friendly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Maybe it was a New York rough and tumble Five Guys situation. They were ready to fight.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I know you're doing Firehouse.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Is that a way to order?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I just don't think you've ever used the words fully involved until now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
There's very few subs that I think are better. I'm going firehouse and it's partially because they gave you a free sub on your birthday. So it's like, it's a part of my, the fabric of my life on my birthday.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Get a firehouse sub.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And it used to be you could just show an ID.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And we're going to break it down for you. We're going to rank it today. We're going to do some bracket style challenges. And I'm going to class it up with my version of fast casual. So you don't want to miss this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Now I think you have to like sign up for the rewards program and whatever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But I'm going Firehouse. It feels higher quality. All right. And I like the branding.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Makes me feel like a fireman.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Jersey Mike's feels a little bit like there's a guy with some chest hair and a gold chain. I know there isn't, but it gives off that vibe. Gives that vibe. And no offense to Jersey, but we can do better. Well, Jersey... I prefer New Jersey Michaels. I think it's a classier name. They needed a rebrand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Comes from a good family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
One of a cultural icon. And if you went to a P.F. Chang's, you were like, I'm so like, wow, we are really branching out. Like this is a real different palette.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's right. Same company.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I'm going Payway because I can actually eat things at Payway. Panda Express is too in the fast food realm for me. Like, Pei Wei, there's no drive-thru.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Panda Express feels like going to Sarku Japan in the mall, which I loved growing up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You didn't have to hand me free chicken teriyaki. I'm like, pull my leg, my guy. I'm going to get Sarku Japan at the mall. And as a teenager, you felt like you were like, oh, I'm not going to tell mom I got a free sample.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It felt really cool. But yeah, Panda Express over Payway. I'm going Payway. I feel like it's higher quality at Payway. I can actually see the guy like sauteing it back there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
There's one right down the street by Ramsey, and I've never been, but I have friends that love it. Okay, this one is near and dear to my heart. Kava versus Zoe's. Oh. Zoe's RIP used to be a staple. It was then replaced by Kava.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I don't know. There may be still one in Green Hills. We don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And as a person of Middle Eastern descent, it's closer to the food of my people than any fast food I've ever had.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's like I can't get my mom's cooking, but I can get Kava.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's fully involved. So I do a grains bowl.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Half saffron basmati rice, half brown rice, red pepper hummus, crazy feta, grilled chicken, fire roasted corn, pickled onions, salt brined pickles, tomato and onion, tomato and cucumber, cabbage slaw, Persian cucumber, kalamata olives, shredded romaine, garlic dressing drizzle on top, the skug drizzle on top, roasted eggplant dip, and I skip the pita.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's no joke. But do you see what I mean? That bowl is very filling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
If I'm splitting with Whitney, I try to tame down the spice just so I don't, you know, blow her away. But I think kava's still up there for me, a top fast casual.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Wow, so good, George. There's a lot of good stuff there. And again, these are all in a similar price range. I mean, no matter where you go now, fast food is expensive. It's gonna go, you cannot leave a fast food joint for one person without spending at least six, seven, eight bucks. And then fast casual, you're looking at more like 11, 12, 13. You get the guac, that's an extra two bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It can add up, especially if you're getting a drink. So I try to avoid getting a drink. I try to avoid any extras. I try to go with the base and make the most of that. if that makes sense.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And I've seen the hack where you get the big Chipotle bowl and get tortillas on the side and you can make, you know, two full burritos with one bowl or... So smart, yes. So there's some hacks out there that are legitimate. You can get some decent bang for the buck. It's still cheaper to eat at home. Don't hear me say you're going to hack your way to just eating out all the time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But going to Chick-fil-A with a family now, I mean, it could cost you 60 bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yeah, that's swanky.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
My man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
People always ask us, hey, I'm coming to Nashville. Where should I eat?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And then if you're going to be more in the Nashville area, closer to downtown, there's a spot called Baja Burrito. Delicious. That is a local favorite.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And now a new location right by the Ramsey headquarters is Ed Lee's Barbecue.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Which Ed Lee's Barbecue, if you want good barbecue in Nashville area, Martin's Barbecue and Ed Lee's Barbecue are probably your top tier spots.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Honorable mention.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Culver's. We didn't mention Culver's, but I think it deserves a mention.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
This was the weirdest thing. For some reason, Whitney and I decided to go to Culver's. We sat like on their little patio.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And for some reason I was like, I felt weird. I was like, what am I doing on a Culver's patio? But we had a great meal out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I hear cheese curds and I just feel like the people of Wisconsin must own the rights to cheese curds.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So my takeaways, go-to for me, I'm going to do a $12 kava bowl because there's a strong potential for leftovers and it's nutritious and filling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That is giving like no one else.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Outrageous generosity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And if you find yourself leaning on the option of it's fast, cheap, easy, challenge yourself to pivot by number one, using an every dollar budget to find margin to buy affordable meals to make at home. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
They're like, in Europe, that ingredient's banned. I'm like, I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
How do you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That is fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's very kind. Well, I did find this fact out. Well, I eat my firehouse. Here's the fact that changed my mind about eating out so often. Restaurants have to mark up their ingredients by 300% in order to cover overhead, labor, profit, all of that stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And we're going to sprinkle in some stats, prices, and fun facts for you along the way. And let us know in the comments who you're siding with, what your favorites are as we talk about them, because we want your hot takes too. We have two rounds. We've got the fast food round, which is your traditional cheap drive-thru.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You're in the business. no, it's cheaper to eat out. I'm going, no, scientifically and business-wise, absolutely not. Not at all. Because you're paying for all of that with every order. Yeah. Even the materials, the fork, the takeout box, all of that is being paid for by you. So know what you're getting into. Try to limit eating out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Even if you're out of debt, on a budget, it's still wise to limit it both health-wise and financially. And Kelly was just talking about her Crock-Pot meals tonight and I was jealous. I was like, I wish I was on Kelly's level.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And it just takes some extra thought and prep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Just make a routine. She gets up Saturday mornings like the great mom she is, gets her coffee, and just starts planning out. Hey, what's going on this week?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You're an inspiration to us all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yeah. I think I did it while we sat here. I tried to return the drink. I was like, no, no, no. I almost did this in our own cafeteria at Ramsey, but I was like, I'm not going to do that. I'm not going to do it. The most recent time I can remember doing this was a date night. It was a nicer steakhouse in Franklin. You know it well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And the steak was, let's just say, I think the cow may have still been alive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It was that, like I ordered it medium. I did not order- Medium rare.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
To return.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Then we have fast casual, which is more your in-line ordering at the counter, but no drive-thru situation unless you count the Chipotle menu.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But in my mind, I was like, they're just going to cook it more and bring it back. No, no, no. They surprised and delighted and said, you know what? We're going to make you a brand new steak.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And then they comped the meal. What? The whole meal? The whole meal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I was shocked. I was shook. I was aghast. So... Didn't do it for that purpose at all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It was very nice of them. And we were pretty, you know, I'm always like, hey, if you're going to do that, be kind. Don't be a jerk about it. Sure. Don't, like, make a big scene. Just say, hey, like, we ordered medium and this one came out this. Or, hey, this actually is not what we ordered. Or if it's a wrong order, I have no problem.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Was it too spicy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So I felt better about it. That's good. I'm impressed that they tried it. I always want them to be like, hey, this is not me being like, I just didn't like it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You try it and you tell me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So they comped the drink. That happened to us once. And they were like, hey, if you don't like it, just let us know. I'm like, wow, that's okay. So we tried it and we're like, yeah, this was not for us. So they brought a new one and they charged us for all the drinks. And I was like, that was kind of lame.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Can I be honest? This Raspberry Dream Dirty Soda kind of tastes like a raspberry chocolate milk.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I sensed the judgment already.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And this is apparently a Swig dupe, I am told. Swig is a soda shop chain that's very popular in Utah with the Mormon community because soda is their thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And it's gained popularity because of these influencers. So, what's your rating on this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I'll go 7 out of 10 as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I was pleasantly surprised.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Shots fired. All right, first matchup. You ready?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You'll soon know why it's a solid drink. So the cost breakdown is just $1.63, which I imagine they charge like seven times that at one of these soda shops. It's got raspberry puree, which is fresh raspberries and sugar. Coconut creamer. Apparently this is a non-dairy one. Great. And Dr. Pepper, which is a great base.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Is that one of your go-to sodas? Like what is your go-to soda when you're ordering fast food?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's a good American. How about you? You're a true patriot. Die Dr. Pepper if I'm feeling like, wow, you're going to live on the edge.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But Chick-fil-A, sometimes if I want to be better, I'll get like an unsweet tea and lemonade kind of situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
McDonald's versus Taco Bell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
They call it a sun joy now. They gave it a fancy name.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So get the recipe in the show notes if you want to make this. It's fun for the whole family, kids included, because it's a mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Who are you taking in the match?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Taco Bell, final answer. There is only one answer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
These two options are both for... Who would you say? Okay. People desperate after 11 p.m. The lines after 11 p.m. at these places are out of control.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
How often are you going to weddings than need a nightcap at a McDonald's?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Are you slapping it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I don't think it needs shaking. I don't think it's that level of quality where it requires... I think it's all congealed to begin with.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's very kind of you, though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I did Taco Bell. This is one I actually did recently, not by choice, but out of desperation. Okay. It was 11.30 at night in Columbia, Tennessee.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
This is it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I had just sang in my friend's band to fill in for our friend Zach Ford. Okay. He was sick.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I went, I'm going to fill in. Late night, didn't get to eat dinner. Wow. I get the Doritos Locos tacos and a crunchy taco.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It was food. It was good because it was 1130. Okay. I think most of the time fast food is only good because of your environment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You are starving and you are desperate. What I found surprising, though, was it was over $5 for two very basic tacos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
In my head, I was like probably $1.19 for each of these tacos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I apparently must have been in the 1950s mentally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I mean, what are you doing? Why do you think this Doritos taco is worth $7 now? Man. So I was upset at the price, but I ate it and regret and then left.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Here's a fun fact. McDonald's, the world's largest restaurant chain by revenue, nearly 42,000 restaurants, a brand value of 38 billion worldwide. In the original price of a taco at Taco Bell, 19 cents.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
This one's easy. Chick-fil-A.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But if I'm on a road trip, And I see a Zaxby's, I'm at least like, you know what? That's a better option. Because they have the salads.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's right. We're tackling the heart issues today. And some people have big feelings about little things like Wendy's and Schlotzky's and other cheap meal spots on the go. So we're going to address this debate head on. We're going to talk about the financial aspect of it. And can we just say, not an episode about health. So before you say, do you know how bad fast food is for you? I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's usually what I think I have to do. But if I had my choice, I see a Chick-fil-A and a Zaxby's. I'm going Chick-fil-A every time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Usually a grilled nugget meal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So I can have the fries, the nuggets, you get a drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Their salads are actually very good too, albeit pricier.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But I recently got a kid's meal at Chick-fil-A alone, sat in a booth alone like a crazy person waiting on my tire to be done. Oh, yeah. And I felt strange, I'm going to be honest. But I got a kid's meal. It was over $8 for a kid's meal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
So fast food is not what it once was price-wise. Like back in my day, it felt like it was like four or five bucks gets you a kid's meal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I think it's because the environment. The people are nicer. The facilities are cleaner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's a higher quality experience, but the ingredients, frightening. I dare you to read the ingredients on a Chick-fil-A sauce. You won't sleep tonight.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You will spend all night Googling. You're like, what the heck am I putting in my body?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Oh man. That's a tough one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It's nostalgic for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Is that why you still love it? Is like the drive-in?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
My wife worked at a Sonic and she did the roller skates and everything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
An extra quarter an hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You don't know anyone that worked at Arby's. We don't. Like, who's working there? We don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I'm saying like your friends in high school worked at Sonic. You know what I mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
What do you know about Arby's? They have the meats. That's all we know. Very mysterious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Really? Is it the roast beef? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
The horsey sauce hits.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I don't care who you are.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Oh, I did love their curly. You're right. Man. I'm starting to get nostalgic for Arby's now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Growing up, I don't think we had Sonic in the North.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
When's the last time you purchased roast beef?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I like the variety of Sonic. It's kind of like the cheesecake factory of fast food.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Wow. That's your go-to?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I'm George Campbell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But you're like, I can't gatekeep if I want to be a good mom.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But they still eat all the food at home. They'll still eat broccoli casserole.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That's my fear as a parent now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You are not the target demo for this episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I can totally see her being like, do you know what's in there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
All right, here's a fun fact for you. Arby's, you can get a double roast beef or double beef and cheddar meal for just seven bucks, which is cheaper than the Chick-fil-A kids meal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And did you know that saying make it dirty at Sonic means adding coconut and lime to your drink?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
That feels very refreshing and clean.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Which just feels like way too much liquid for a human being.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You're not drinking that much water in a day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I've never darkened the door of a Shalotsky's. I don't even know what they sell, to be honest. I would not know based on the name.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
never been to a Schlotzky's I've never been that desperate I guess I don't know like why would I go to a Schlotzky's not knowing what it is it's just I know my friends have never been like hey let's go to Schlotzky's also how do you make it nine syllables Schlotzky's isn't it just Schlotzky's Schlotzky's Schlotzky's Schlotzky's like it's two syllables Schlotzky's like you gotta give it credit where credit's due okay Schlotzky's versus Subway shoot
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I'm teaching Rachel that nutrition labels exist, so we're working on it. We're having a good time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I have trust issues with Subway.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But you're going Subway over Schlotzky's?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Wow, that was way too fast.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
It feels like it's higher quality in my head.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Because they're actually making it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
But they don't have sandwich artists like Subway, do they? Do what? There's no artistry at Schlotzky's. They're just throwing it all together. At Subway, that's what they call themselves, sandwich artists.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Oh, that's a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Back when I could eat Subway, I was doing like the meatball marinara or the sweet onion chicken teriyaki.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Is that crazy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
What are you getting?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You don't know where that salami's been.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
What animal does that come from?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Here's what we're putting in our body today. It's a Raspberry Dream Dirty Soda Mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
She's like, game recognized game. I mean. What the heck is pastrami? It's pork. It's pork.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yeah, I don't know. Maybe I need to go and experience Schlossky's.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I need to check if they have gluten-free bread. That might change my mind. Okay. Subway, here's a fun fact. began in 1965 when 17-year-old Fred DeLuca asked Dr. Peter Buck, who's a family friend and nuclear physicist, feels like a flex of a detail, but okay, asked him for advice on how to pay his college tuition, which, by the way, go Fred. Love debt-free college tuition. It's awesome.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And Fred's idea for a submarine shop and a $1,000 investment from Dr. Buck, they formed a business partnership, and today it is known as Subway. No way. 37,000 restaurants worldwide.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And we're going to give you the rating and reveal the cost per glass at the end of the episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Feels generous to call it a restaurant, but I appreciate that. I respect the hustle.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Yeah, I feel like Subway is, it's everywhere. It's in every gas station. There's one in your house probably right now. They're everywhere.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Next up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And here's the best fun fact that has changed, I think, changed my family tree. There is an In-N-Out headquarters coming to Franklin, Tennessee, legitimately right down the road from Ramsey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
If I could throw a football, I could throw a football and hit In-N-Out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And not only is there a headquarters, there's a restaurant paired with it across the street.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Initially, I think so. I know. But eventually, people move on with their life, except for us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Oh, see, I love them. I get them well done. If you didn't know, you can get them extra crispy. So they're literally like they are so crisp.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
They're thin. But they're, I mean, you watch them hand cut the potatoes. So as far as quality goes, I love that I can actually see the quality right before my eyes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
And it's very affordable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Good for them. So it's good. Which is impressive because their burgers are like $3.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Like in their fries, like all their labels.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
Wow. I know. But here's another fun fact. If we're going to start, you know, starting some religious beef here, Whataburger employees are encouraged to play Christian music over the restaurant speakers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I only know because my wife was watching it and I... Did you watch any of it? She watched all of it. Oh my gosh, I need... It was like season two right now. Like she was obsessed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I think Chick-fil-A does that with Muzak. You know, it's like an instrumental version of—
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I'm glad we agree so far on most of these.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
I know you're going Papa John's.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
People might think you're sponsored by Papa John's.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Fast Food Showdown: Debating Our Favorites!
You talk about Papa John's more than you do your kids. I forget your kids' names. I know your Papa John's order.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
We've moved. This will be our third. So we were in a condo when we got married. Moved to a home. We were there for 10 years. And then we've moved to the home we're in. We've been there for five years and we will be there. So we say, life happens.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, but don't let that be your housing strategy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
You will lose money eventually. Because like you're saying, it's an anomaly, this time period that we're in. And if you did that a lot during this time period, you're probably gonna make some money doing it. But that's not gonna be like that forever. Now, the price of our houses is slowly going up. It's more stable. It's going up, but it's very slow. It's not like it was in the past few years.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Wait, I know. Yeah, yeah, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yep, I love it. Okay, we covered this a little bit. We'll hit these two really quick. How much should my mortgage be in comparison to my income? So we say 25% of your take-home pay. So a quarter of it is going to housing. And then that means you have 75% left of your income to save, pay for your life, your necessities.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Invest. Yeah, I mean, all of it. Vacations. Again, we will always say it is a conservative outlook when it comes to... I mean, because a lot of people don't do 25%. It is beyond that for sure. But again, what we have found, the more margin you have, the more choices you have with your money. And don't let your house, even though it is a great investment, like being a homeowner is a goal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Like you want to eventually in your life. That should be a goal for everyone. But it should not be the only thing your money goes towards. So like get a smaller home. again, live further out than where you want to be to have the ability to go do more of what you want to do with your income.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yes, so good. What mortgage is best? You're going to say a balloon mortgage, aren't you, George?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Love an arm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Until the kids get out of high school or maybe beyond. So Charles is five. So I think we'll be there for another 13, 13 years.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yes. And it forces you into a plan because a lot of people will take the 30 and just say, I'll pay it like a 15. But again, a 15- Where are y'all at?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Just assumes, yes, that you are on it, right? It kind of, and I think that's another great thing is when you can automate certain things in your life to force you into like good habits, do it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I think it's great, right? And like, it's like if your refrigerator could just automatically have the healthy stuff in there. You don't have to shop or worry about, oh, what am I doing? It's just in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It's great. Like if you can automate things in your life that's better for you, do it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yep. All right. Here's a personal question, George. What's one unexpected challenge with homeownership that you learned the hard way?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Um... I think not as much of a challenge because I would have echoed all of that. I think just homeownership is expensive. Like we had to fix windows or fix whatever. I'm like, it costs how? Like it's just, it is crazy how much things cost. So it just feels very expensive. And I feel like on our every dollar budget, we have a home item. And I just feel like so much gets put into that category.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It's great. We're good. And then maybe something different, but I don't see it. I want to always be in a neighborhood. Well, Rachel today does.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And we end up having to up it a lot of months because it's just like stuff just ends up falling in it. So I don't know. It's expensive. That's what I would say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Okay. If you had one house ick when you bought your first home, what would it be?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Oh, gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Our kitchen was like a tomato red. Like when I say tomato red, like the reddest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
No, the walls.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Tomato red. But it wasn't a big kitchen at all. So it was just basically like the backsplash and like one wall.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And then white cabinets. But it was... That's aggressive. Something. It was something. I don't know. Not good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I mean, it was a terrible, terrible red.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Listen, I love it. We had a party like this weekend and we were just like texting like eight neighbors and everyone comes and brings food and kids are playing. I'm like, I just- You're a social person. Love it. And when all the kids ride their bikes to school, it makes me cry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Knocking down a wall.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Do you know something that's not tomato red?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
My navy Cozy Earth pajamas.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Y'all, Cozy Earth. It is just the most beautiful, wonderful stuff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
If anything, you're just like, can I have it all? Please, give it to me. From the blankets, the sheets, the pajamas, the joggers, the socks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Do you know I gave so many Cozy Earth products for Christmas? You're such a giver. I know. And then one person... went and bought more because they texted me like, hey, can I get the actual name of what you bought? Because I want to get it in different color. I was like, that's right. Their stuff is amazing. It really is. Love Cozy Earth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Unbelievable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I'm going to give you my opinion. Give me your first one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
So yeah, for me, it's less like wall because you can like repaint something. But if you had like a... You know, two skyscrapers and a bridge across them because you wanted to like... Classic house. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
But so I want to be with people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
There are some weird houses out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It is hard to sell those. They're weird like that, so it's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, but to me— And it was kind of like a, you know— I hear it, but you can replace that stuff, though.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, to me, it's the big—it's like the weird stuff where you walk into a house and you're like, what are they thinking about this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I don't have a craving to like be on 30 acres by myself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Okay, keep going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
We carpeted the kids' rooms. That's smart. And our playroom. But we did hardwoods everywhere else. But I don't know. There's something cozy about carpet, like in a room sometimes. I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It feels cozy. It does feel cozy. Okay, keep going. I don't know if I agree with that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Winston would be there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I'm gonna, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I know. And we, you know what? It's funny, because when we priced out how much it's gonna cost, and we decided on it. And we did it because we knew, like, we want this for our house.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, absolutely, yeah. but we knew like, yeah, it probably would. If we had to sell our house today, we finished the pool. What we put in versus what we'd get out probably isn't comparable. So that's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
George, you're so human. Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yes, because part of life is just enjoying what you like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I mean, that is true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
All right, neutral decor. So light paint colors, neutral kitchen, classic light fixtures, all of that. Because I do think if you're someone like me that's not creative, I walk into a place, into a home, and I can't think beyond what I see.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Possibly. How about you? How are you and Whitney?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I mean, seriously, yeah, it's very hard for me to like look beyond that. So if you do want to sell your home, having neutral for a majority of the population that's not creative and doesn't like think outside the box, like me when it comes to decorations. It's going to be an easier sale. So I would agree with that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Okay, next. Tile or hardwood flooring.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, very nice. When you walk in, hardwood floors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Totally. It's so true. It's so true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And that's beautiful. And what a story to tell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
This was the original.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Every three? That's a lot, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Just so holy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
That's a good one. Okay. I believe in this one very deeply. Updated bathrooms and kitchens. That is, if you're going to put your money somewhere, put it there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I love that. And then organization.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
So if you have like easy ways to organize, like a beautiful pantry that you can put bins, like things that are easy to look more aesthetically pleasing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
That's right. Look at you. What a realtor you are.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Unbelievable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
All right, you guys, so the housing market, there's a lot here. I'm glad we covered it because there's a lot. There's a lot to this. There's a lot of emotion. It's a big deal. It's the largest purchase majority of people make in their lifetime. So you want to be wise about it. But I do think there's always a plan towards it and that it's possible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And then when you have it, you pay it off and then you don't have a mortgage, but you still pay property tax.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And you're about to move again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I like that, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
That is very freeing. I like that. So good. All right. Before we spill the tea on our guiltiest charge, tell us about our mocktail. It's actually delicious. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
What are you? I'm a 9 p.m.er.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I'm in bed by 8.30. And like ready for bed? Yeah, sometimes we'll watch something, I'll read.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Do you and Whitney go to bed together?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
That is love, that is love.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
What do you call them? What has caused the moves for you guys?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, I appreciate that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I think I'll go 9 out of 10. It's a little tart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I don't know, but it's sweet and good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
All right, now it's time for Guilty as Charged. And this is where our producer, Kelly, gives us a new Guilty as Charged question every week. And if we're guilty, take a sip. Kelly? What is one bougie home preference that people judge you for?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I have two in my head.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
One was me, one was Winston, but I appreciate both.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Okay, my, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Get ready. You'll see it. There's boulders in our backyard right now. Mine was heated bathroom floors in our master bath when we built.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It is the most. And then we step into our shower. It's obviously not heated. And you go from like warm to cold. That's what I could be on, you know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It's just on constantly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Looking to the future. What do you mean though? Like location, size? Like give me a reason.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
85 degrees. Wow, it's just so warm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It's great. We love it. And then Winston's, which I appreciate now, he bought nice garage doors, which we've joked because they have broke, but they're fine now. They're very quiet. It's very, very quiet garage doors. And I appreciate it. I don't even know that they're opening. Where I grew up with like, and the whole house kind of shakes, you know what I mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, that's tough. That's tough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
But Winston got some nice garage doors. Respect. And I appreciate them. So those were bougie. Two bougie things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
You know, it's like the speckled... You love that floor, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Be like, there, that nice garage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Winston and you can hang out in the garages. Quite garage doors and garage doors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Winston would love to hang with you, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
No, I've never sat by my garage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Good for you, George. That's the energy we need.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
That is growth. Good therapy. You're a therapist. Well done.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
So good. Well, you guys, if you enjoyed this episode, make sure to check out our harmless purchases that will drain your bank account. That is coming up next. And make sure to subscribe so you don't miss an all new episode of Smart Money Happy Hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Totally. Like a fish tank, you know? Yes. So has the primary move for you guys been space? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And you're particular. I am particular. If we know anything about George Campbell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
The fact that I'm at work outside of home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, that's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yes, they panic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, they panic in that way, for sure. Which, when you run the numbers, yeah, it can feel a little dicey. But also, the housing market, there's a lot of conversations around it. And we've never really dissected the housing market on this show. No. Because we try to keep it fun, y'all. You know, it's the happy hour. It's like, let's talk about fun stuff. And housing market doesn't sound...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, the bell doesn't ring. Ding, ding.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
We are so excited about that on our happy hour chat. But it's an important conversation to be had, and it's one that's very closely tied to your money. So I feel like we need to have it, George. If you're going to have it, have it over happy hour with a mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, and we're going to take this episode and answer the top money questions we get on Ramsey Show, because that's the caller-driven show that we also host together, and a lot of questions about housing. So we're going to kind of just take those top topics that we hear questions. We're going to dive right in. It's going to be fun. All right. The first one, are you ready?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
The first one is, what's so bad about renting? Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, renting has a bad connotation to some people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Wow. Delicious. Well, this is the show where two friends who have new money experts talk about what you're talking about. So everything from pop culture, current events, and money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, it is not a bad thing. Honestly, the whole idea of like it's throwing money away, I know it can feel like that, right? You're just, you're paying a good amount of money. It's not going to anything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, it's not going to equity. Like I get, I understand that emotion. That makes total sense. But also you have to realize that homeownership like it adds a whole other level of expenses that you're not having to deal with. And so if it's buying time for you to save, all day. All day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah. Yeah. What toilet issue could you not fix, George?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, that needs to be fixed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Honestly, and stuff's just breaking. Like half of our roof came off, basically. Not half, but like a portion of it during a storm. We had like a really bad windstorm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And yeah, you have to get insurance, you know, insurance claims, all of this. It's like, replace the whole roof, that. Garage doors messed up, and so we had to do that. I mean, like, there's just... Maybe because you hit it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I did hit it, but it wasn't because of that. I hit it years ago. But that was an issue. I don't know. It's just things always just keep, they just keep coming up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
But from the condensation, like it all built up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Renting is not bad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
But also we get callers that are like, hey, should I just rent forever? Like why own a home? But it is a part of your budget that is going to continually go up. And it's usually the most expensive line item in the budget. So eventually owning a home, paying it off so you don't have that expense going into retirement, that's ideal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Ah, aka the sleepy girl drink, right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
All right, George, next one. When should I buy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Because the magnesium, there's something in it that can help you go to sleep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
60%. Oh, yeah, we get those. But it's like they just go right up to that edge mark where it's a little stressful, but it's okay, and then something happens. And then— A job loss, a health scare.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, they have a baby, and they're like, my wife doesn't want to go back to work, but we can't afford that. Stuff just happens. So when you just live more conservatively, it just gives you peace and margin to make other decisions in your life that you want to make. And so maybe it's not a bigger house. It may not be exactly in the right location.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Maybe you're 20 minutes further than you want to be, but it gives you more peace in your overall life, and it's what we want for you. So it's worth that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
That's right. All right, next. Should I wait for the housing bubble to burst?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
There we go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I don't hear this one as much. I heard it a lot. It's probably last year. This time last year, 18 months ago.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It was funny because it was like 2020. Everything was like, oh my gosh, COVID, COVID, COVID. 2021, people are like, we're moving. We're moving. I mean, 21, 22. was insane. Like everything just like- Prices skyrocketed. Shot up and everyone was freaked out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
We will talk about that, though, at the end of this episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And for good reason, right? It feels like, oh my gosh, everything is so inflated. These houses are so expensive. They're not worth what people are paying. So it's creating this artificial bubble is what everyone thought. And it's going to pop. Let me wait and be on the sidelines for two or three years. It'll pop.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Everyone's going to go into foreclosure and then I can buy a great deal. And it has stayed. And the reason it has stayed is back to the number of buyers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yes, versus houses on the market. And there is still, there are a lot of houses on the market, but there are still more buyers than houses.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
So they're staying put.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yes. All right, George. According to the U.S. Census Bureau, only 37% of Americans have lived in their homes for more than 10 years. But recent data also found that more than a third of homeowners plan to stay in their current home forever.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And there were some markets, Austin, Texas, like a couple that kind of re... Balanced. Yeah, they rebalanced. They went down a little bit, but it was not like... It wasn't a crash. Yeah, everyone thought it was going to be like 08 again. If you remember 08, everyone was expecting that again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
All right, George, ready for the next one? Are HELOCs a good idea?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Their house, I know, to renovate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yes. Because usually when you're using debt, especially for renovation type issues, you're going to go beyond what you would normally do with cash.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
And you go nicer than you would have. I mean, it just ends up snowballing. Yes, into it. And you're like, listen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It's like a carrot that seems great. And also a carrot that seems great is just having your information online, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It is just normal. Normalize putting your info out into the world and into the public and onto the internet. And what happens is companies end up selling your data to data brokers, and then they end up selling or trading your data online. And making money, which we do not like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
So, Delete Me is a subscription that they actually go in and remove your personal data from all of these data broker websites, and it's phenomenal because it takes your information out. So, scammers, spammers, like all of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
It is. So, Delete Me goes in and removes your data, and it's a beautiful thing. So, thank you, Delete Me, because we use it and we love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
All right, George, how about house hopping? Is it smart to house hop like people job hop? Oh, because this is a trend with jobs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Because you get promotion, promotion, promotion, promotion. You end up making more if you just keep job hopping is the idea.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
I don't think it is either.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, you're kind of a house hopper. Can I say that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Answering Your Top Housing Questions
Yeah, I don't really, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Like there's no way we're ever going to be friends.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Or worse, you're on the private jet and you rented it by the hour to get a social media pic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You need better friends. Yes. They'll like make videos to make it look like, you know, they're really successful so that people will buy their course or whatever. Totally. It's gross.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I like the, if you're posting the like funny moments behind the scenes, the drama, then I know you're a real one. But if you're only posting like beautiful manicured highlights.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, you and George Bush. I think still... Strategery and nuclear.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
It's kind of just gross.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Sounds like you're the problem. Not them. They're living their life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's fine. I think you have a dark curiosity. That's human. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Just don't let it consume you. Thank you, George. I'm here for you. What a great friend. Next one, leasing luxury cars. This is a big one. It's another status symbol. And I feel bad for those that lease. Like I truly, it's not like a judgment thing. I feel bad for how much money they have wasted while thinking they're winning. Yeah. Because you're prepaying all of the depreciation for that car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Nuclear.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
The dealership is winning. It's why they push leases so hard, especially on the bros out there who have to have the nicest. And they go, Rachel, I'm saving money because I don't pay the insurance. They cover all the maintenance. And I get to have this really nice car for a low payment. And I'm like, bro, they really hosed you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's why we're friends. I love correcting you more than anything. It's the only thing that gives me joy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That salesman did a great job.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah, I mean, if you're going to rank the car products out there, leases are the worst.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I believe that. Think about who's in Dallas. I mean— All the, like, bros, crypto bros who are, like, driving fast, taking chances.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I don't know why that is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Because they can, quote, afford the payment while they have this great income. And they usually are people who are doing fairly well for themselves. They could be doing a lot better because they're drowning in payments usually. If you've got a lease, I guarantee you, you have debt payments all around you. It's rarely the only debt you have.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Totally. So don't do it. Just save up. Pay cash. I know it's painful. Go for the used luxury car if you really want that luxury car. Yeah. And until you're a millionaire, do not buy new. It's too much of your world wrapped up in that thing going down in value.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Cheers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I think this is a pot calling the kettle black situation, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah, how many of those are you guilty of?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Okay, that's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Okay, I didn't know what you meant by that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Okay, versus like a stick-on nail situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I don't know what this is. Why are we doing this to ourselves?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Over-accessorizing, it's not bad. And if you're doing it to try to be flashy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Although strong perfume I don't think is ever like a great thing. If it's like, whoa, I can smell her from a mile away.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
He always has. Can you tell us what cologne he's, like, his go-to?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
It's cool to not care in a way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, that's right. You want to discover the scent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Those were the days.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Sometimes I walked into Hollister just to get refreshed and go, hey, they'll deodorize me if I walk in here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I will say this one's for the ladies. A lot of overdone makeup out there where I'm like, I don't even know what your real face looks like, homegirl. Yeah. Like we need to tone it down.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I don't want to be judgy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Let's talk about some of the pick-me moves according to the internet and see if we agree with them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Just like yourself first. And then let's build from there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Be a healthy person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
The right motives and then add on and do it with cash. And if you want to know the right way to do this, it's with a budget. And that's how you know you're not living beyond your means. You're not doing it for the flex. You save up, pay cash for things that are reasonable. And I use EveryDollar to do that. Rachel uses EveryDollar as well. And it's a free app.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You can go download in the App Store or go to everydollar.com slash smartmoney and get started today. And that will give you the confidence that you're doing it right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And again, this is in good fun. We've all been guilty of these. We are not above this. One-upping.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Ooh. Do you know what I mean? Have you ever said no to something because like you've asked yourself that and you went, I guess I was doing it for the wrong reason.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
As you've gotten healthier.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
So here's my final takeaway. Okay. Not caring what other people think is a superpower in today's world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
The people who are going to build wealth, be their healthiest selves, accomplish what they want to accomplish, they don't care about other people's opinions and therefore they don't need to strive for that with their purchases.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
At some point, you got to wake up and go, this is so exhausting to keep up this facade.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You're like a chameleon. You sort of become those people you hang around with.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's so... Someone's sharing a story and you go, oh, one time. And sometimes it's not malicious. Yeah. But a lot of times, you know the person is trying to one-up you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I mean, like, yeah, I mean, it's... And so if they're toxic and vain, you will become toxic and vain. Yeah, I am. It's like a survival thing as humans we do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Was that a flip? Do they even ask the price with those?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I personally didn't know that $100,000 bags existed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah, 100%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's a good word. I hope my wife never finds out that $100,000 bag exists.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yes, and if you are going into debt for any purchase—
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Please don't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Like, don't live beyond your means. Don't use it as a flex and then make payments on it. That's a really sad way to live your life when you could be free making your own decisions, owning your own life. And, you know, follow the baby steps. Get out of debt. Get an emergency fund. Be investing for the future. And then budget for the things that you want because you want them and for no other reason.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
We did it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah, let's reveal our ratings as well. So this was the Japanese Slipper. I'm going to give this, I'm going to give it a 10 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I like sour candy and it tastes just like sour green candy. It's the only way I know how to explain it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And it looks nuclear. Nuclear. This is a very nuclear green color, which is really fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Here's what's in it, in case you're curious. Cost breakdown is $1.82 per glass, so very affordable. Yeah. It's got Midori, which explains the green color. Yeah. It's kind of a sour liqueur. Lemon juice and triple sec. Ah. So it's just a very sour with a little bit sweet. It's really good. Yeah, I like it. Citrusy, delicious. The recipe's in the show notes if you want to give it a try this weekend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Have you ever made a purchase that made you feel like you had made it? Oh. Yes. Can you tell us what it is or no?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You're relating to it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
A pair of shoes?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Why is that? Are they too fancy? Are they uncomfortable? Are they all of the above?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I'd be afraid to destroy it. A fraction of the price. If you're out and about using them. It's kind of like really fancy sneakers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
People go, oh, that's the shoe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, no. This is confessional. I'm guessing they weren't great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Mine are lame because they're not to impress anyone, only to impress my... Because here's my thing. The thing that makes me think I made it is what I see like wealthy people have in their house or whatever. And I go, if I have that, I will now consider myself wealthy. So here's what it was. Two sets of sheets. We moved into our new house. Two sets of sheets is number one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
64-pack of Crayola with the sharpener built in. That's another. Then third...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
This is now and as a kid.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Epoxy garage floors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
So we got that done. We moved into the new house. I was like, this is my splurge. I'm going to get epoxy garage floors. And I was like, this is the 1%. Yeah. Most people's garage floors, just concrete, oil stains. Not me. Not George. I've got little bespeckled, beautiful floors.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Swift or wet jet to keep clean. No. I don't know how else to do it. It's good, though. But it's great. Every time I walk into my garage, I'm like, I might work out in here one day. It's that nice. The workout bench is there. It has been sitting idle. It's ready for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
So that's the thing I thought when we got that done. I was like... It felt like you made it. Yeah, because it's a luxury purchase. It's something nobody needs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's your next move.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Generally just aesthetic. Although I will say Whitney's car was just draining oil out, just dripping oil. And it was so easy to clean.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Versus a normal garage floor, it would have just stained forever. For sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Good for you, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I have not posted a pic of my garage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I think now it's time. We should both be vulnerable post-pics.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You are too, America.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You know what? Let us know in the comments. On this guilty as charged. That's good. When you bought something, you thought, I've made it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And stay connected. Do you know we're on TikTok now? We have a Smart Money Happy Hour TikTok account.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
So if you're on there, the proud, the few, go check it out. Go hit the follow button on TikTok.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah, I think a general curiosity is the best move you can do in conversation versus, ooh, what's something I can do to steer away the conversation back to me? That's, I think, a good sort of rule of thumb.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's how you know you've made it, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Well, hey, if you enjoyed this episode, please leave us a review. And for more consumerism traps to avoid, be sure to check out our episode on ridiculous things people spend money on. That's up next.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Another one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Name dropping.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
This one personally bothers me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Maybe because I don't know anyone, I don't know anyone like famous enough to name drop other than you. No offense. Sorry.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And if you wanted to explain to her of an Enneagram 3 male, they want to win, and they want to look good doing it. They want you to know that they are winning.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Have you ever been guilty of this that you remember? You're like, I mentioned this name, and it came across this way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And today's episode is all about things that scream, I'm pretending to be upper class.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Just don't know anyone famous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah. Do you ever name drop Dave?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Did it work? Did it get you what you wanted?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's not helping anything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You're an adult.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Is he still out there? I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And then... Your grades suddenly went up? No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Putting the care in all the wrong places. Dun, dun, dun. So think about words like try hard. Remember when that was a thing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Again, if you looked at my phone Rolodex, you'd be very unimpressed. You'd be like, I don't know any of these people. You should know cooler people. The coolest people I know are in this room. Mostly Kelly, our producer. But no, I've never, I try to avoid name dropping at all costs. Yeah, boo. What's next? What's another one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
We're experiencing this now because our daughter Mia is not walking yet, and she's about 15 months. So there's a lot of, even for my own family, accidentally they'll just be like, well, you know, Jimmy was walking when he was only nine months. Yes, the comparison. It's like, what are we doing here?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
She'll be walking the rest of her life. She'll be fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Humble brag. Yeah. Now, the new one, according to Gen Z, is pick-me energy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
They're too advanced.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
My rule is if you're still wet in the bed, you don't get to brag on your kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You're not there yet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
But Amelia had a piano recital and you were bragging about her?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
No, truthfully, I was very inquisitive. I was like, how did she do?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
She has pick-me energy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
But she is a prodigy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
She's a young Mozart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
This one personally bothers me. I don't know if it's Southern guys do this, but Sunglasses Inside.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
When you're trying to sort of flex and, you know, get the attention. So we're going to talk about what showing off looks like when it comes to your money. But first, let's show off what we're sipping on, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oakley?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah, that describes him well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I haven't seen those.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I don't know enough baseball players, I guess.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I could see Winston Cruz accidentally keeping his sunglasses on. He wears them, does he wear them on his head or is he like a croaky guy around the neck?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That's the most, when I showed up to the South.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I moved South from Boston and I was like, what are these men doing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah. And Winston does make it look cool. I'll give him that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Here's another one. Ordering in another language to sound cultured. You know, you went on that one little trip in college and now you feel like you need to really exert the quesadilla.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Was it like in a southern accent?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
That makes it even better.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I try not to offend. I just, I point. And I say, this one. And they go, okay, cool.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I don't want to mess it up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I'm George Campbell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
All right. What's next?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Ooh, a lot of armchair experts out there. They listen to one podcast about the microbiome and now all of a sudden they are expert nutritionists.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I think people have gotten more staunch about their takes on things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Well, stick around until the end. We're going to give you our rating and reveal the cost per glass at the end of the episode. So great. So like we said, it's cool to care about your finances, and we're trying to make that fetch. But that doesn't mean flaunting name brand stuff just to prove something. In fact, it's become kind of a social turnoff.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Because of their media sources, whatever they listen to or read, it's now like they kind of jump on the trend. For sure. And they're very like, well, if you don't do it this way, you're so wrong.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
This is another one. Waiters trying too hard to be your friend. I like a waiter who plays it cool, who's uninterested in me and wants to just do the job. I don't need the whole like, hey, like they get down on the table, you know? When they kneel down on the table, I'm like, oh, Brad, we're not that table. We got a Brad. Or they slip into the booth with you. You ever had one of those? No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
They slide onto the bench and they write on the table like they're just hanging out with us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I don't like that energy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, what happens here?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I guess I've done that, but mostly out of like, I don't know who got there first. So I give benefit of the doubt that they were there first.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
To me, it's not worth the road rage for me to assume that I was there first to go. Sure, sure. So sometimes I'll do that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Oh, these people bother me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Well, like, back in college, like, yeah, I almost went pro, but, you know, I got an injury, and I was like, mmm. Did you, though? Did you? Did you almost go pro? But, no, honestly, I don't think I had glory days, so that helps. Like, I can't be stuck in my glory days. It never happened. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
You know, I will do that with skateboarding because I'm very proud of my skateboard heritage, and I was—
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
decently good at a very specific skill set in skateboarding so sometimes i'll be like hey do you want to see my skate video i did this you know what you saw you saw a skate video i ran into a kid skateboarding the other day i ran into this kid skateboarding and he landed this trick rachel it was incredible it was four stairs and he did something called a hard flip and it was first try he landed it so smoothly and i had to go up to him and i went hey man i'm
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Like, I just saw you from over there. That was incredible. And I saw he was filming on his phone. I said, do you mind if I watch that with you? So we watched the footage, and I said, I used to skate. So then I pulled up my phone, and I pulled up. We watched my entire skate park. Ah! It's four and a half minutes. I made this teenager watch 15-year-old George watch me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And halfway through, I went, I shouldn't have done this. What am I doing? So I'm so guilty of this. Okay. Let's focus on money now. Let's talk about the financial habits that are trying to be upper class but are actually a waste of money more often than not. I'm going, you could build so much more wealth if you just stopped caring what other people think about you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
All right, here's the financial habits that people use to try to look upper class.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
So big logos plastered on there, trying to say, look at me, look at the brands I wear.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I'm learning.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Very demure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
So that's the key. When you meet real wealthy people who aren't trying to flex, you wouldn't know the brands they wear.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
But they're very nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
And we've talked about this idea of stealth wealth, quiet luxury, where it's not as flashy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Priorities are out of whack.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Next up, ordering expensive wine when everyone knows you have a beer budget. Give her a little champagne taste on a beer budget. I have. That's a great one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Say again? Ibuprofen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
This is why. I mean, you know, we were out to dinner this past weekend, and you're paying $20 for cocktails these days, and I go, take me back to Smart Money Happy Hour, where the cocktails are $1.77. It's like the 1950s over here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Absolutely.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Ooh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah. That's not the hard one. Just say Advil. That's not the hard one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Well, it's funny because we talk about money for a living, and outside of work, we never bring up money in conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Maybe with our close friends, if they bring it up first, I'll be as open as I can. But other than that, it's a weird thing to constantly talk about, and this is why the crypto bros are exhausting. They have hashtag Bitcoin in their Twitter bio. You're not okay. I want you to know that. If Rachel had hashtag mutual fund in her Instagram bio, it would be like, Rachel... Contact the therapist.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Acetaminophen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Well, you had a great trip to New York recently that I was impressed by. A little jealous. I do love... But I didn't think, wow, Rachel's trying to... Can't hide money. Can't hide money. You just wanted to capture a moment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I didn't read into it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things That Scream “I’m Pretending to Be Upper Class”
I just saw that. Now, Winston, on the other hand, always trying to flex on social media. And I'm sick of it. I'm sick of it. He's always in the background going... Tell him to simmer down. Rachel, put the camera on me. Yeah, giant, like if you got a vacation, people flex with that. Cars. Yeah. If you take a pic in front of a private jet, I already don't like you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh, to buy a case of wine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I love this comment. As a senior in college, your budget included this much wine, yet you claim to be a commoner eating nothing but rice and beans? Dropping significant cash like that is not in the baby steps when you just graduated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Goodness gracious. Also, have you claimed to be a commoner eating nothing but rice and beans? I know. I don't eat rice and beans. That's something you've never said before.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
We tell people to do rice and beans when they're like drowning in debt trying to get out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And you want to defend yourself. And you can't always jump into the comment section and say your true thoughts. And so that's why we have this episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Anyways, I did get defensive of that one. The best part is when other people are telling Rachel Ramsey Cruz to be more Ramsey. What?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Well, most people have never purchased a case of wine, myself included. You know, I'm not really a big wine guy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
No, I would just move on. Like a normal person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
They did do a sus dot, dot, dot.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That was fun for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It wasn't even financial advice. It was simply you sharing a thing that happened.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
To be fair, there was a lot of people who also said, what a beautiful tradition. They were very inspired by it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm so sorry. I can't imagine what you're going through. What a hard life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
All right, back to me. What do we got? I'm at a Costco. A man approaches us and he's like older man, probably in his 50s, maybe 60s. And he goes, hey, listen, I forgot my membership. Do you mind if I just like walk in with you guys?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
This is in the entrance area of Costco, which as you know, you can't get into Costco without flashing your membership with your photo. And this guy's kind of like approaching us and he's like, hey, I don't have my membership. Like I have a picture of it on my phone. I was like, well, great. I do too. That's what I use. I use the Costco app and I click the membership. And he's like, no, no, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It's like a picture of the membership card. I'm like, okay, he's a real boomer. So I pretend like he's my dad and we walk in together. So we're chatting it up. I'm flashing the card real casual while talking to dad. So he walks in. I asked him, what are you going to do on the way out? Because you need to now show your picture with your card when you're in line or else they won't let you through.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah. And he goes, I'll figure it out. I'll find someone. Guess who he finds at checkout?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Have you ever let a comment or DM get under your skin? Like it upset you for longer than a day?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
He ends up right behind me in line. No, he doesn't. And he goes, well, what are the chances? And I go, I think this man's committing a crime now. I mean, it's a free country, but also Costco has rules. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I forgot how good of a person I was for trying to do a good deed and getting roasted for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It's common knowledge that if you lost your Costco card, all you have to do is ask them to print out a temporary one at the front desk. First of all, that is not common knowledge.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
No. How am I supposed to know? I was just trying... And honestly, out of all the crimes I could commit, getting a guy into a Costco...
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah. Put me in a minimum security prison for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
There's something about me that says this guy will do it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
He seemed like a genuine, I mean, I didn't pay for his stuff. Sure. So I was like, I'm not falling for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
He was just a guy, like, worst case, he snuck into this Costco and bought some stuff with his own money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Take my membership away, Costco. Yeah. So I don't know. Here's another comment. Well, it's official, folks. Podcasts have run out of interesting content ideas. Oh, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
The algorithm said this person needs to see it. It's literally a money podcast. You spend a lot of money at Costco. Felt relevant to me. Seems right. So I am going to go halfway on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I should have known that it's common knowledge that you can get a temporary membership.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, but like, what am I doing? Hey, I can't help you, but if you go to the customer service area, I'm sure they can. That's what I should have done. You should have done that. And that's why I'm halfway on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
But doubling down on it was a good deed. Shame on me, egg on my face, for not sending them to customer service.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Can you share?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And another person said, I'm sorry, did he say someone in their 50s and 60s is an older person? Calling them a boomer? Oh, no. Yeah, they're older than me, and they're literally a boomer in their 60s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I didn't say geriatric. I just said someone older. Older.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It's both. It's both. I'm sorry, when is 60s not older?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I didn't say old, I just said older.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I can't win with these people. Fine, I'm done sharing my fun Costco stories because apparently it's boring to you. Okay. All right, I'm next. Finally, back to Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Just a little bit of fun money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
How do you address the haters on this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh, wow. You're in support of the criticism.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I just feel like you need to address the fact that apparently this is debaucherous behavior.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I think it's the same people who are upset that occasionally we'll have a cocktail on this show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Which is an adult beverage, and now we're promoting... I guess alcoholism? They think we're like getting debaucherous on this show?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So you can actually understand the hate on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh, good. You're like, all right, I'll take the loss on this one. Yeah, I hate losing money. And so it's harder for me to enjoy a Vegas trip.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So they were calling you like a nepo baby? Is that the name?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It's pretty fun. It is fun. And you planned for it and you knew if this money disappeared, you'd be okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It's not like I'm like a... You're not constantly going to Vegas to try to win some money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Game recognized game.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
The commenters won today.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So there you have it, Rachel. You came at me more than the commenters did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
They're like, oh, it's just nepotism.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's where most of my stories come from because I don't have hobbies. So all you do is just go to stores. All right, let's play it. I returned an item from one Target to another Target in the same day. And they were like, we can't return this. And I was like, why? They're like, well, you need to wait 24 hours between purchases from different Targets to make a return. I'm like, well, I can't go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I can't come tomorrow. So I was like, this is ridiculous. You know, I purchased, I have the receipt. And so she's like, I'm sorry, this is the rule. And I went, well, screw the rule. And I crunched up the receipt and said, I'd like to do no receipt return. And she was just like, uh, okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And I know it was a little, it was a tiny win for mankind, but it was a big win for George. And I got it back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Thought it was an innocent, fun little story.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Well, apparently, here's a comment. You really stuck it to that hourly employee that has no control over the situation. Another comment. It's not because it's their policy. It's because their system is from the 90s and aren't able to share data until after they close out for the night. Former employee. I didn't think it was the... But here's my thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
The employee knows that you can do a no receipt return. So all I'm asking is for some human decency to say, hey, the system's really outdated. Here's how it works. But I can just do a no receipt return. Totally. That's what I would do if I was the customer service person. Yes, for sure. I don't know if it's an oxymoron to put customer and service together these days, but...
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Did I ruin their day? No, they were fine. They probably have not thought about it since. And yet you commenters, you haven't lost sleep over this clip. I can't believe he would treat a customer... They're doing their job. The no receipt return is a legitimate policy. If I take advantage of it, they'll cut me off. Did you know that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
If you go over a certain amount, because you have to give your ID. Yes, I did know that. They track it against how many returns you've made to avoid fraud. Yes. To avoid me like taking an item from I found in the trash and returning it to Target for money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
But listen, I have given Target a lot of money over the years. I don't feel bad about this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I am doubling down that your system is stupid and old and it's time to update Target. I expected more of you. Costco, I understand. They're operating on a slim budget.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm mad at the commenters. And also, Target, please update your systems. It's a real problem for people who buy things and then want to return it at a different store within a 24-hour period, which is a very specific situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You know what's something I'll never return, Rachel? What? Anything I've bought from Cozy Earth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And even with the bedding, 10-year warranty on their bedding. So if I really had an issue, if I tore a hole in it, they're going to make it right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You're moving at the speed of cash. It's an expensive project.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm kind of jealous. I got to up my Cozy Earth game.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, promo code SMARTMONEY at checkout or go to CozyEarth.com slash SMARTMONEY.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Thank us later.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
All right, next clip of you getting roasted. Excited for this one. What'd you do now?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
What's an appointment you're like, I've punted this so far?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
As far as we know, that's like saying, well, my car is fine because I got a car wash. It looks brand new.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Is this like Ramsey DNA? No. I go twice a year to the dentist and they're always like, well, we got to watch that cavity. We got a new machine we're going to use on this. So maybe if I had bad teeth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Do you want to take it back?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You're standing by the fact that the dentist is a scam.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
What do you think?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Have you ever had a cavity?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
How'd you know?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You're fine. Oh, now you're promoting flossing all of a sudden.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Was that because of me? No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Do you know the brand?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh, wow. And I was like...
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
What do you have? Placker's twin line guy over here. Wow. Yeah, Placker's twin line is the only... Why, double the line? Double the line.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, oh, I can't stand a single line.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Call me pretentious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I don't know. There's something about the double line that changes everything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh my gosh, that's right. That was from the Sharon Ramsey episode we did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, that's me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Most offensives, they always ask me, do you floss regularly? I'm like, three times a day. Why are you even asking me? Rude.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
What are you finding over there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You're thinking, I'm not flossing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, calling their entire industry a scam. Not great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I got in trouble for calling funeral homes a scam. That was a recent one. Didn't even make it to this episode. Apparently funeral home directors don't feel that way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Okay, let's get to the last one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Helpful tip or marketing myth, Rachel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oil changes. Oh, man.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It'll be fine. But then what if your car like blows up because you didn't do any oil changes?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh, yeah, that's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I feel like you basically said oil changes are a scam.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
10,000 feels insane.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Like usually it's like three, four, five.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Six, seven?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, I'm doubling down on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's frightening, but a true statement for you. I'm honestly proud of you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And you're paying cash for everything. It's like, this is like building a house. This is a very expensive project.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Thanks for clearing the air on that one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's a good one. Yeah, the oil changes. You know, we both mostly drive electric cars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
But we have gas cars in the family. We do. Which need more maintenance. They do, don't they, George? They do. And it ain't cheap. No. It's true that when you take it in for something, they're always going to find a bunch of things they recommend. And that's where I'm like, it feels dentist-y to add on all these things that they're like, you should probably do this or else you're going to die.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I don't buy it. I want a second opinion. I love it. Love it. Okay, what's the takeaways from all this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Well, as a true Ramsey in the DNA, most of the time we're right. And I'll say this. To your credit, in a 60-second post taken out of context, the algorithm just showed you, it's hard to get the full effect. And so you just jump into the comment section. Yeah. And so go watch the full episode before you... Jump to conclusions. Yeah. Especially if it's our show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I highly encourage you to watch the full episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Like, what are you actually angry at? Because it's not our eclipse.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I asked Rachel, I said, have any of your friends ever left a comment on YouTube or Instagram on a random person's post?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Well, there was a recent post. I don't even think it's in this episode. It's so recent. And it went viral. Like over 5 million views about car loans. It was just an excerpt from my book about how stupid car loans are.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Supportive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So your final takeaway is if that's you, you need Jesus or therapy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Both I think is the best combo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
But we love when you guys comment with your positivity and encouragement, letting us know what you like and what you don't like. I can take it. Honestly, it's fun for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
We're doing okay. You let us know. I'm fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Everything's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm fine. Our job is to help you. We're just sharing experiences and opinions. And they're on camera and then on the internet forever. And we don't have time to redo it perfectly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You know what I say, Rachel? Monetize the haters. Comment all you want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
The algorithm is like, let's show this to more people. This is hot content. So thank you. Thank you for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
We are sipping on the sparkling strawberry coconut mocktail. And we both barely got through this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And the comment, I jumped into the comments a little. I dove into the deep end.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Ouch. Okay, here's what I was wanting it to be. I wanted it to taste like the pink drink from Starbucks. which is, it's creamy, it's sweet, it's got coconut, it's got the strawberry. This one, it wasn't quite there, but I'm going to go five out of ten. Okay. If it had a little bit more sweetness, I could get behind it. It only cost 97 cents to make. There you go. So that's nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm not going to answer that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
We didn't waste a lot of money on it. Here's what's in it. It's got strawberry puree, sparkling water, and coconut milk. So a very simple drink. And honestly, I think some people would love this. I would add some level of sweetness to help it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Recipes in the show notes if you guys want to try it out this weekend. Maybe your kids will love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh, boy. All right, Rachel. Here's the question. Has your honesty or, quote, public presence online ever backfired?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
But what joy do I have?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Not a great review.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
There's real people here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And I'm not a good swimmer. So I get in there and it's not pretty. So I left some comments because people, I just feel like their cornbread wasn't done in the middle. And I needed to jump in there and let them know how stupid their comments are. So, you know, they're talking about car loans and they're going, what do you want us to do? Just walk everywhere? Yes, that's exactly what I'm saying.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Dang.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's sad because they were so nice about it too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
They were like, thanks for dogging us, Rachel. You got a big following.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm not going to answer that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You were being honest. I was giving an honest review. You weren't like, no one ever buy this. It's a terrible product. No, no, no. You were just like, hey, here's my results. Yeah. Not the best. Okay. That feels honest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Shame. Shame, shame, shame.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
This one is more about being in public. So, you know, occasionally someone will say, hey, like, I'm a big fan of the show. Like, when we're out and about shopping or whatever. Very once in a blue moon for me. I'm sure it happens all the time for you. But there was a time where I thought I was being recognized. And so, like, you know when you're out in public, you're not, like, on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You know, you're just a person. Your face is just kind of whatever. I'm tired in a line. Sure. I'm in a Sam's Club returning a chair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
No, I was in a Sam's Club this time. They had a great lounge chair. wanted a different color. I found out they had a stone, so I was returning the navy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So I'm standing there with my navy lounge chair, returning it in the line, and all of a sudden, this lady is like, hey. And I turned, and I turned to an 11. I was like, hey, how's it going? Because I thought like, oh, this is a person, I need to kind of like, you know, give them a little, zhuzh it up a little bit. And she was like, where'd you get that chair?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And I was like, oh, it's just over there. Yeah. And Whitney turned to me and she was like, what just happened? Who are you? And I was like, I don't know. I thought I was being recognized and I was really tired. And so I think I swung too hard to like go on. George, that's funny. And she didn't know me from Adam. She was just like, hey, that's a cool chair. Where'd you get that chair?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
George was like, welcome to Smart Money Happy Hour. Have a good day. It's so embarrassing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's true. She just thought, oh, he's not okay. Yeah. He's having a time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's what she was thinking. He's in his happy place. There's a level where you kind of have to be on because you don't know who you're going to run into, who you're going to meet. So that's why I shower before I leave the house. It's my thing. Yeah. I have to shower before I leave the house because the day I don't is the day I'm just going to be someone like, hey, can I get a picture?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Exactly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
You got to do this. I can't risk it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Well, I'll tell you this before we go. I'm on the wall at my alterations place. I have a framed picture. Yeah. Signed? Signed. Like a headshot? Yeah. So there was a lady in there getting some clothes done, and she said, hey, oh, my gosh, I watched the show. And so I ran to my car, grabbed a book for her son about to go to college.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And one of the owners, the person that works there, was like, I guess they Googled me after I left. So when I came back, he started yelling, YouTube, YouTube. And I was like, ha-ha, that's me. I'm on YouTube. And he's like, picture, picture. And so we took a picture. Next time I came in, he had a framed picture and he's like, could you sign this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Either don't buy a $40,000 car, instead walk everywhere. That's exactly what this post was about. And so that stuff just really irks me. And I want to defend myself and I'm sometimes not the most winsome commenter
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And I made it into the like Z-list celebrity wall of fame. I don't know anyone on this wall. So let me just tell you, like I'm not. You're in there, George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
How about that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Remember, you will be judged on the other side. Everything's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's wisdom.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
See, you can be snarky too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It's fun for me. It's sport. And you know what? Most of these profiles have zero posts, no profile picture. It's like... These are, in my head, not even real people. For sure. This isn't Jane who's like, you know, like Mama Four, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm George Campbell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I always try to go to their profile to use some dirt against them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Our team pulled clips specifically from Smart Money Happy Hour where people in the comments section have either disagreed with us, been triggered by what we said, or just misunderstood us completely.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Okay, and to have some fun, we're going to hear the angry commenters out, and then we're going to wave these signs to indicate whether we are doubling down or we see your point. Maybe there was some regret, some context needed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So I decided, you know what? Instead of making everyone like, hey, bring a gift, bring more stuff. What if I did a little QR code? And if you so chose, you could give to her future college fund. So I made it cute. It was really cute. It said like, cowgirls, blah, blah, blah, support cowgirls college fund with a QR code to go scan and donate directly to the fund. This was not like my Venmo.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So I then posted on social media, like I'm posting the picture as a joke, like when you give people financial advice and you're the girl that, whatever, as a funny joke. Then people thought, wow, he's soliciting donations from social media now. So they thought it was tacky that I was on social trying to get money for my daughter's college fund. Which was not your intent of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Which was not the intent. It was supposed to be a funny joke like, this is classic George behavior that amidst all the gifts, George is like, hey, you could donate to the college fund because it will, at a 12% rate of return, it'll turn it, you know. So there you have it, Rachel. You came at me more than the commenters did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, here's one. This dude is being totally classless.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Since when? Are you the 529 police?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I am doubling down.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
But you know what? I will say it's unpopular being a good dad in today's world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It's not a cool thing to do. Here's what I will say the context was missing. People thought I was publicly asking for donations. I was not. I was making fun of myself on social media by saying like, when you work, you know, in personal finance, you're the dad who... Has a QR code.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
No, I was not asking anyone to donate. The other thing that I missed was that people that came to the party didn't know this was happening. It was a last minute idea I had.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And so they already bought gifts. And so, no, I didn't expect them to also give to the 529. It was more for me. I had a good time in Canva making my little, you know, cowgirls going to college. You want to support... I got $0 from this big campaign I ran at the party. This party was just close friends and family. This was not like 1,000 people, and I was like, hey, donate. Everybody donated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
But first, let's talk about what we're sipping on. It's a sparkling strawberry coconut mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Venmo me. For me, no. I know. She's going to be fine. I'm already going to fund her college. I'm not asking strangers to fund it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Today, we're reacting to our most controversial, triggering, and misunderstood moments on the show.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
It was an option. I did not ask anyone. It was just a simple, it was signage by the gifts in case someone thought, oh, that's fun. I would love to give her the gift that keeps on giving through compound growth instead of a piece of crap toy that we're going to throw away in one month.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Doubling down, but I will say the context was missing and I could have done it in a better way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I am ready to roast Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Because we're being mocked, and so it's time to defend ourselves.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So the reason they want to travel is not for the destination.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Okay, here's the comment that I think sums all of the drama up. Quote, when you said tablets followed by on drugs, I assumed you were talking about giving your kids Benadryl to keep them quiet on road trips. I know. Next comment. For sure thought she was talking about drugging up her kids during travel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah, that was not a good— You're talking about the dopamine of a screen keeping them occupied.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So can you clear the air that you are not drugging your children?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So we're going to give you our rating and reveal the cost per glass at the end of the episode, so stick around for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And you don't give them these tablets any other time?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
He doesn't care about the trip. Exactly. He just cares about the tablet. Your boy's glued to the screen. Oh, my goodness. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Only the big screen for the kids. Only the best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's what we're talking about.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
When you were a kid, did you play games in the car and all that? I mean, we're about the same age.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So one thing about social media, Rachel, people have been getting extremely comfortable publicly calling each other out. I don't know what's going on here, but the comment sections have gotten real wild, very unhinged. And I don't know, I'm not the type of person to leave a comment unsolicited on a video or a post.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
OG, yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
A chicken?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yes. We found the name, I think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
We'll never remember it again. Okay, let's get to the next clip. That was a cute one for you. The tablets and drugs. I know. That's a real cute.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Let's see what I said next. Do you have any good hotel hacks, like, for booking? No, do you? Kind of, yeah. Tell me, tell me, George. Priceline Express.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Allows you to get, like, really great deals on hotels, but you don't know what hotel you're booking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So it makes people nervous. They're like, I don't know what hotel this is. Now, they'll tell you, hey, it's a four-star hotel with these great ratings, but you don't know specifically. I knew exactly what hotel I wanted to stay at. I was like, I want to stay at the Kempton Aventi in New York City.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I use a browser extension called Travel Arrow, which sees through Priceline's magic cloak of invisibility and reveals exactly what hotel I'm about to book. But Priceline Express gives it to you at a steeper discount.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So that's what I did. How could that spark controversy? Why? Apparently, dozens of people commented either disagreeing and saying it's better to call the hotel directly or accusing me of doing a paid ad for Priceline.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
What is up with people thinking every time you mention anything, it must be an ad? Here's the other part. Disagreeing, it's better to call the hotel directly. The hotel ain't giving you these prices. They're always like, well, just call the hotel because it's safer. If you book through the third party, there's no guarantee. Sure, I get that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
There is some risk booking with a third party versus directly with a hotel. The lady at the front desk was like, how did you get this? She was shocked.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I'm doubling down. Not an ad, just trying to be helpful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I try to give you the hack and they're like, this guy's trying to say, no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Yeah. So don't have the hookup with Priceline, not affiliated, but we do have the hookup with one of our favorite services, Delete Me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
We can.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Extra gross.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Unless it's a friendly, love that for you, you know? Sure, yeah. Positive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
And they send you this amazing report every other month. And they have reviewed over 20,000 data broker sites. Removed me from 250 of them so far. Saving me, I think, 85 hours? Yeah. of time, which is incredible. And so if you want to go check it out, they're giving our listeners and viewers an awesome discount, 20% off their annual plans, which comes out to like nine bucks a month.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So go to joindeleteme.com slash smartmoney or click the link in the description. That's joindeleteme.com slash smartmoney.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
On the line.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
Oh boy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
What?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
12?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's fun. Just you two?
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
That's exciting. I like that tradition.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
So how could a sweet, innocent tradition of you and Winston opening a bottle of wine— No, the comments were so funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
We Dedicated an Entire Episode to Respond to the Haters
I love seeing you turn into me. It's really the best, it's the best gift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
3%, 4%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And most people would tell you, well, I can't invest 15%. And I would dig into their finances, find out, well, they have a bunch of debt payments. Of course they can't. And so getting out of debt is so important. And pausing investing, again, puts a fuel. It kind of lights a fire under your butt to go, I want to get out of debt even faster so I can get back to investing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
If you're really that excited about it, you would want to free up that payment to throw into the market. That's good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I have so many. You got two. Is internet safety actually something I should care about? This is a plant, Rachel. You planted this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Please. Please.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Give me a cut at least.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Golly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yes, because you're playing offense when it comes to the baby steps, but you also got to play defense. And that comes into play with your insurance and products like this to protect you online from the risks of online scams. And so if you want to check it out, they're giving our listeners a great discount, 20% off any of their plans. They're already super affordable.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Go to joindeleteeme.com slash smartmoney. I just got my parents on this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
They're stoked on it because their information was all over. I was like, Mom, Dad, this is not okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So get your info out of there, and they'll send you a report showing you exactly what they've done and how much time they've saved you. I'm at 66 hours. Don't like to brag, but I'm beating you. Sounds a little braggadocious. I'm beating you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
We'll drop a link in the description as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I have a bonus question. Is it so bad, Rachel, to dip into my emergency fund savings for a summer vacation? Oh, is it just so bad? For the blank that I feel like is an emergency because I want it really bad.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
It is a truly breaking case of emergency.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I don't know. Are we nitpicking? No one's having a good time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Here's the thing. I'm not legalistic at all. I just feel like the people who say these things are also the ones who aren't making progress but then want to complain that the plan doesn't work because they're not doing it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
If I was your personal trainer and I was like, Rachel, follow this workout plan and this diet plan, and you said, well, I just... Tweaked it a little bit to my liking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I went to Sonic twice this week. Does that matter?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
That's the thing. If you want results, follow the plan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
We want to see you win.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Well, there's sacrifice involved. Yes, there's a little bit of pain there. Do you want like pain for the next 25 years of being stressed and broke and not getting ahead? Or do you want to sacrifice for 18 months, sell some crap, work a little harder, get out of the debt so that you can have the next 25 years of freedom?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Flexibility.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
We're not buddy buddies.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Rachel doesn't like conflict. She wants everyone to have a good time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Fine. We'll debate on this next one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I'll play devil's advocate on the next one. How about that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Is it okay to do the baby steps a little out of order? We already have a college fund saved for my eighth grader, and I don't want to give that up now to pay off debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
But Rachel, you always talk about the power of compound growth and how important it is to invest early and often and consistently.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
But it needs to be more. Have you seen the cost of education, Rachel? It's out of control.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
If they don't go to my alma mater, what's the point of anything? They got to go to my sorority that I went to.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Live in the same dorm and I'm willing to pay 10 times the price I paid for the privilege.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
It's almost 100% the parents.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And the parents train the entitlement into the kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Who loves college that much? I think, you know, the truth is the parents, it was like their heyday. It was the last time they had freedom. They were cool. They were carefree.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And now they're fuddy-duddy parents and they want to relive the glory days vicariously through their kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
That's why I didn't go to like a cool college. I wanted to go to a college so not cool that I never was like, you got to go to my college. It was so cool. You know what I mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I purposely chose it. Why? I chose a small private Christian school that had like a thousand kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
No, I did it because I liked the idea. I'm stressed out by groups of people. I was like, I don't want to be 20,000 people. It's too much. No.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
No real reason.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I'm having fun. But the truth is, you've got to put your own mask on first, and that means getting out of debt. Junior will figure out college. Between what you've saved in scholarships and working part-time, they'll figure it out. But you need to retire someday.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So don't live with debt forever. That's my take.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Ooh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
This is a tough one because a lot of people go, well, Rachel, you're telling me to be so intentional and throw every dollar at the debt. Why would I give 10% to my church or this charity when I could be using it to get out of debt faster? That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
We'll get into it. I'm curious to see how many of our viewers and listeners would consider themselves Ramsey-ish after listening to this episode. So tune along at home and see, oh my gosh, that's me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You're a person of faith.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Oh, what's so bad about having a credit card if I pay it off every month? I follow all the other rules.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So much tact, so much wisdom.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Preach it. Well, the only thing I'll add to that, I wrote in my book, Breaking Free from Broke, I have a whole chapter called Generosity is Joy, where I break down not just like the spiritual aspects of like the benefits there, but also the scientific benefits of giving. Like you live longer, you have less stress, you're a more attractive person. It's more contagious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And I do think there's a piece of it where you have a flat tire in life. If you're so good at saving and investing, but you're terrible at giving.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Or if you're a great spender, but you can't save. You want to have a well-rounded tire there to keep it inflated. And that means being able to give, being able to spend, being able to save. Those are the healthiest people I've found.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I'm impressed. Let's end on a doozy. I'm proud of owning my house at age 24, but my income isn't high enough to handle a 15-year mortgage payment. The 30-year is decent, right? So here's the way I hear it. This is what I get a lot. Why wouldn't I do the 30-year mortgage and give myself wiggle room? The obsession with wiggle room is fascinating. But it's always about wiggle room.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
They're like, well, Rachel, I can pay it off like a 15 if I want to. Wiggle room. Let me have a lower payment. I'm like, why don't we think that way with all types of debt? Well, give me the car payment that's lower and extend the terms by a double. You'd be like, no, no, no, no, I'm getting ripped off. But with mortgages, all of a sudden we go, this is the smart thing to do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And we know how to do math.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
The math says you will spend over double in interest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Because the time is double, but also the interest rate is usually slightly higher in a 30-year. That's right. And now with interest rates where they're at, you could be paying hundreds of thousands. I did the math on this. You have a $300,000 loan. You could end up paying $430,000 in interest. So you ended up paying over double what the house is actually worth. Worth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Does it cross each other out?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
For the pleasure of the 30-year. Yes. And everyone has great intentions, but the fall of humanity has already happened long ago. I don't think if you get a 30-year, you're going to pay it off in seven years.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
How does that work? Or maybe if you're a big, quote, reader, but you only listen to podcasts and go on Reddit, but then you still say, hey, I was reading this article the other day. Just say you saw a Reddit thread.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
But I think if you get a 15, the chances of you paying it off in 10 or 7, much higher.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
The most probable way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And it works. And here's the deal. When you have the wiggle room, you'll take it. You know what I mean? You'll go, well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah, we could spend that money on this instead. And how many people are really investing the difference? Close to zero. Right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Not buying it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Soapbox over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
What is the end? I mean, this was a real bummer of an episode. But here's the thing. I wanted to address it because I think people think, well, they don't ever talk about this and I'm the exception. We're not saying that you can't be successful, that you can't be wealthy if you don't follow the Ramsey plan to a T. But I also know that if you do follow it to a T, you will find success.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So like it ain't broke. And faster. You don't need to fix it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And so is it harder? Yes. What you're really saying is, I don't want to sacrifice more. I don't want to work harder. I don't want to save up a bigger down payment or have to go further out of town to find that house. I don't want to have to figure out how to use a debit card to rent a car, even though I know it's possible. It's all these hoops that are in our minds.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And really, we just want convenience. Because it's a tough time to be alive. So I have a lot of empathy for everyone out there that says, I'm going to do it my way. That's fine. Just don't complain to me when it doesn't go your way and you're not making the progress you want to make. Yeah, there you go. Coach George. Yeah. Coach George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Nothing says Coach George like wearing whatever this old woman jacket is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Come on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Is chess considered a sport?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I think it is amongst chess professionals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I'm going to go Little League badminton. It's just bougie enough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah, if your child is playing badminton, you're living pretty good lives.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I don't think I have to yell at the kids. I don't need to yell at the kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You know what I mean? We're there to have a good time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I think the smell of chlorine would be enough to steer me away from that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And the sound of indoor pools with the noise plus the smell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
It's a trigger for me. That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Can you swim?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
How long could you last in a lake? Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You think it would just happen for you? You're like, I'm Rachel Cruz. I think they'd find me. Do you have a chip to where they could find you, like a dog?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah, which is very human. Yeah, totally. You know, nobody can be 100% all the time, but when we say, are you doing the Ramsey plan? There is an order to do it in. There's a way to do it that we know will cause success.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
No, terrible. Never learned growing up. Wasn't a big swimming family. What? Yeah, I could stay afloat. I'm not saying that you'd throw me in a pool. I'm like... But not trying to hang out in water where I can't touch the ground. Not enjoyable for me. You know what I mean? I'm there for a good time, not to impress anyone.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I will say this. It won't be pretty. It will look masculine in the way I flail my muscles, but it won't be like, wow, that was so artful the way he crossed. It's going to be like, you know. I do like floaties. I think floaties are underrated. Just going to put it out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah, this is a cranberry fizz mocktail. Let me do one more to make sure before I land my rating.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I'm going to go 7 out of 10. Okay. I wanted it to be a little sweeter, a little more sour, a little more tart, just a little more of everything that it wanted to be.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You know what I mean? But it was a very good drink, and I'll say aesthetically, 10 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I always underestimate how sugar on a rim will just get on everything and make it stink. It does. So I'm still not sure about sugar rims, but it was great. Here's what's in it. It's got rosemary thyme syrup, which includes rosemary, thyme, maple syrup, and water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
It's got cranberry juice, cranberry sparkling water, and the garnish that was adorned is maple syrup or honey, and then you use coarse sugar around the rim with whole cranberries and rosemary inside the drink.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Thank you all. And this is not a cheap mocktail. $3.82 per glass. Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So this is one you want to pull out with the fine china if you want to impress the in-laws.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
That's what I'm going to categorize this. So get the recipe in the show notes. Give it a try this weekend. Get the kids involved. It's a mocktail. Have some fun with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
All right, if you were not a Ramsey personality and you didn't know anything about our principles, which Ramsey thing would you be most likely to slip on?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So you were men in black, your memory is gone, you don't know who you are. Credit cards. That was way too easy. How long have you been dreaming of this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Since your mutual fund parties you had as a young child.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Okay, why credit cards for you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Because you would go, well, I spend enough that I'll get the rewards and you do like to travel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Would you have like 16 cards or whatever? Like you think you'd be really maximizing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Or would you have like, oh, here's my three cards. I have one for travel. I have one, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
While telling yourself, I would spend exactly the same on a debit card. Yes, that would be me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You feel it more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You're living in the now and you're building for the future. And it keeps me in a safe place.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So I started at Ramsey in 2013 as an intern. I was just a knucklehead 20-something-year-old with a bunch of student loan debt, some credit card debt. My most Ramsey-ish thing was that I... bought a house before it was time in the steps.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And here's the thing. We are $0 in debit card debt as a nation. We are $1.2 trillion in credit card debt as a nation. So don't tell me that they're the same and that you use it. Like if that was the case, we'd all be doing great. But here we are, record levels of debt. It's only going up and up and up. And for those reasons, I can't go into debt using a debit card.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
It's impossible. So I like that level of having some discipline. I would rather chase peace than anything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Oh, that's true. I might, if I was Ramsey-ish, did know Ramsey, I would go like, oh, I'm going to invest up to the match and I'll take on a 30-year mortgage. Those would be my two things I would probably do if I had no idea. I was just going in blind. I'd probably be living that life. Yeah. And I think the 30-year mortgage I could justify because I go, well, I could invest the difference.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I could probably make more in the market if I'm going to be a mathematical nerd.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Instead of chasing freedom, I'd be chasing a spread on some investment opportunity. And probably get burned on it eventually and probably still be in debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
But be like, well, it's okay. You know, I've talked to some friends who are like, well, I still have my student loans even though I could pay it off because it's a low interest. Totally. So that would be me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I would be bragging about my low interest on my mortgage instead of bragging that I don't have a mortgage and that I have a 0% rate. Mm-hmm.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
so happy to be on the other side good george good for you i'm glad to be i'm glad to know what i know you know ignorance was bliss until you were just like oh there's a different better way yeah let's try that yeah so that's my encouragement to all of you just try the ramsay plan as is not a la carte and just see what happens and see if you don't make more progress than you ever thought
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Fun for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So then I was like, oh, gosh, there's a time and place for that. Baby step 3B to save up for a home down payment. And so if I could go back in time, I would have done it differently.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Knowing what I know now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Here's my thing that makes me unique and special. Okay, let's hear it, Rachel. George, be nice. That's how it sounds in my head, personally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Oh, so this is debt avalanche method versus what we recommend, which is the debt snowball method. When you're paying off debt. So you want to focus on the smallest balance instead of the highest interest rate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I'm George Campbell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And math would say, well, the highest interest rate, you want to knock that out faster because it's costing you the most, depending on the situation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yes, if you're going to do it. Here's the funny thing. If you do both methods, it's usually about a wash. There's not a huge cost savings to doing it the avalanche method. But what we found is if you do it the snowball method, there's a much higher chance you'll actually complete it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yes. Because you're knocking out a payment faster. You're attacking the smallest balance, free up that payment, apply it to the next smallest debt, and you get the momentum, the progress, the psychological win. We found that's what actually causes people to become debt-free.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah, where was this inner mathematician when you went 25% APR on this credit card?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So there's a time and place for math. It's not when you're trying to justify doing it a different way. It's dead snowball all the way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
All right. I'm so nervous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
What's so bad about having a credit card if I pay it off every month? I follow all the other rules.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Well, you're conditioned to think, well, I need a credit card to live my life. It's going to be so much more difficult to live my life without a credit card.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Once I cut up my card, I was like, oh. This is not that difficult. Where are people getting this from? It's a lot of, it's just in their minds.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Why not get the points if I'm going to spend it anyways? Yes. And every study shows that you spend more when you use someone else's money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
We are setting the record straight on what it means to be Ramsey-ish. And I have feelings, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So here's the experiment. Don't use your credit card for 30 days and then track how much you spent between the months on a normal given month. And you'll be shocked. Because if you're thinking, I'm going to spend 12% more, that's like saying I get 12% cash back on my debit card. That's effectively what you're saving by not using a credit card.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
This is a tough one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So baby step one in the Ramsey plan is save $1,000. Once you have that, anything beyond that, any savings, any non-retirement funds you can sell to get out of debt, do it. And that scares people because if they have 10 grand, we would say use 9,000 of that to attack debt, keep 1,000 in the bank. That's scary for people. And they go, Rachel, it's not enough in today's world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And the retort is it was never enough. It wasn't enough in 1992 when Dave came up with these steps. It was just enough to cover the ankle biter emergencies causing people to fall off the wagon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Today, we are setting the record straight on what it means to be Ramsey-ish.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
That's my favorite part is people don't think about the psychological fuel you gain from a thousand bucks and you go, oh my gosh, I need to get out of debt now. Yes. You get too comfortable when you have 10, 20 grand sitting in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
We are sipping on a cranberry fizz mocktail that is, it's really dolled up. Yeah. I think if you like a mocktail, this one's going to impress. So stick around until the end. We're going to give you our rating and reveal the cost per glass at the end of the episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
If a big emergency really does pop up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And this is not forever. This is 18 to 24 months on average is what it takes people to do the debt snowball. That's right. Then you can work on your fully funded emergency fund. That's the goal is three to six months of expenses as you're never going to debt again insurance plan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So I hear you. I see you. I understand. But four in 10 people have nothing in savings. So to try to get someone to save up $5,000 as a starter emergency fund.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Move on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Is it okay to buy nice things? Sometimes I feel guilty since I've worked the baby steps so long. What do you think about that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
When is the time to buy nice things?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Oh, yeah. I need to get the robe.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
PJ set.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
I didn't know. Where have we been in society where we didn't know we could make clothing from bamboo? That's an amazing invention.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Yeah, up to 40% off for our Smart Money Happy Hour listeners if you go to cozyearth.com slash smartmoney or use the promo code smartmoney at checkout. And again, this is one of those things where you go, I'm out of debt. I have the emergency fund. It's okay to buy nice things because you're doing it with cash, with intentionality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So here's the take. That might be controversial. People think I hate crypto. I'm not a crypto hater. There's a time and place for it. Most people are not investing 15% into retirement. Instead, they're putting everything they have into crypto because they have all this FOMO. And so if you're investing 15% into retirement and you want to use some of your fund money,
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
to gamble on crypto or whatever else, a single stock, and it's not a big part of your net worth or your investment portfolio, go for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Just know it's more volatile.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
It could go up a thousand percent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You're trading currency.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
You're trading a US dollar for a crypto investment. A store of value, as they call it, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
On the blockchain.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
In 2024, the S&P 500 returned 24%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Good word. I think we settled that. That's good. Yes. Yes. I want to be a doctor, but I can't cash flow an eight-year-long medical education. Is it always bad to take out student loans and pay them off later when I know I'm going to make really good money? I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Love it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Because nobody, unless you come from a lot of money, has $300,000 sitting around to cover the cost of education for a lot of these schools.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So what do you tell someone as they call the Ramsey show and they go, Rachel, I want to go to med school, don't have 300 grand sitting around?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Okay, very confusing. And I've heard that just too often as we take calls on The Ramsey Show. Yeah. And they go, okay, so I'm out of debt. And I'm like, okay, well, I have a car loan. I'm like, well, did you not think the word loan is in it? Maybe it's debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
There's no option.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
This is all you got to do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Or you might not graduate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
They don't forgive your loans just because you didn't finish. You still have to pay back every cent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And you could stair-step it and go, all right, I'm going to become a nurse practitioner and then wait, save up, get some experience, and then go for the MD. So there's other ways to do it. There's a lot of options out there. But just saying, no, whatever, she's going to go for her grand debt and hope for the best, not a great plan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And I have some family that's in the health field, and that's kind of how it's viewed. It's just sort of like they can't even look at the number. They just go, well, I guess... I'll just die with it. Or I'll just make amazing money, hopefully, and pay it off quick.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
And if he told you or she told you, you would be like, oh, I've never heard of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
It's a good word.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
So there's a lot of Ramsey-ish behavior. How do you sum up what it means to be Ramsey-ish? Or if you're old school, Dave-ish.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Your turn. Sorry. I don't want to steal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Money Strategies That Are NOT Dave Ramsey Approved!
Oh, they're talking about the employer match. So we say, hey, if you're getting out of debt, pause investing, focus all of your efforts, every spare dollar you can throw at your debt. And that means bringing investing down to zero for a short time. Again, 18 to 24 months on average.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Well, there's the like, well, you have the bigger room with the bathroom attached, therefore you pay more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Wow. What about decor? Like who's bringing the furniture? Who's going to make it look nice? This gets very testy because usually there's one person who- Cares and wants to. Who wants it to be clean. One person who wants it to look nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Usually the same person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And there's the other who could give a rip. And so you're like, well, do you make them pay for half of the decor? Because I feel like you shouldn't because that's something you care about, not them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah. And I think like if you bought the couch, but they bought the dining table, you don't have to like cherry pick and just let it go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I didn't think about that. When was the last time you had a roommate? College. Because I got married right on college.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It's been a long time. Now it's Winston. Do you ever miss it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
That's special.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
If they called in the Ramsey show, we're sitting there, what would you say to Gina and James?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
As an adult. And you never live with like dudes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It was awful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And my spot... Their bathroom... Like, think about this. My section of the room was so well... Like, I would be vacuuming my little... Was it one... What was it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It was a... Sorry, I'm getting emotional. It was like a cottage. Well, that's very, like... So it was like... A cottage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It was not fancy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So me and one guy were on one side of the dorm, and then the other guys were on the other side with three bunks stacked to the ceiling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So three bunks stacked. There's three guys in there. Then two of us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
We did like, we separated them out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah, yeah, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
No, I did do that as well when I had one roommate off-campus.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It was, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
There was like a communal bucket of popcorn that would just sit out for the week. And they would just come by, grab something. I was like, how old is this popcorn? This is disgusting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I think I wore flip-flops in the shower. That's how disgusting this was.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Not okay. And then the other one is roommates that make more than you, but they don't want to pitch in for, you know, maintenance or the upgrade or the thing. That can be frustrating.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But I think, again, clear communication up front.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
What if one person takes 30-minute showers and you split the water?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Just live alone if that's you. Don't do that. Figure it out. Okay, next category.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Great. We're really just on a roll here, Rachel. This has been a fun episode. Thanks for playing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Is there a theory around that? It's like, hey, if you've been married seven years at the seven-year mark.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Well, there's probably certain milestones.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Or one was a stay-at-home parent and now they've never, you know, they haven't worked. Yeah. And now they have to go figure it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Well, if there's kids involved, that's where it gets really difficult. Like I've had friends who have like five kids and they split and it's really difficult in the kids. So I feel like it should be your priority to make sure the kids are okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
You know, make sure they don't feel the brunt of the financial challenges or whatever's going on. Yeah. To shield them from that, especially if they're younger.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
This one's more fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Have you vacationed with friends a lot?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Okay. And are you all on a similar level as far as travel? Like, I know you want to go to the resort. Are they like, oh, gosh, that's not in the budget? You guys talk about it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
You're like, great. We chose well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Do you try to be aware of that when you plan the trip? Or is it like, here's where we're going, do you want to join? Here's what it might cost. Or do they figure that out on their own?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Oh, that's nice. Does that make sense?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Like, hey, because it's something Rachel wanted, I'll kind of foot part of that bill for the increased charge.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah, that is hard. As the planner, you feel the pressure of, is everyone going to be okay with this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
All of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
We've done a few. It's been a while, you know, since having a kid. It's different. Not a lot of vacations. More trips.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But we've done it and it's been fun. I've always wanted to do like the go to a all-inclusive resort or something where there's less pressure. You already paid for everything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
There's no surprises. People can meet up when they want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
That one feels better to me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Have you ever gotten seats that were bad and then regretted it? I don't think so. I mean, sometimes you're really far up and you're like... I was the furthest row back at Bridgestone, like level 300 against a back wall.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And it was John Mayer, and he would be singing and playing, and then five seconds later, I would hear that. Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It was such a delay that I was like, I will never do this again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So nosebleeds to me, not worth it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah. I'd say mid, like this 200 level could be worth it. But yeah, concerts, I'm willing to take a worse seat to get a better deal. That's just me personally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Rachel, can I be honest?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah, I don't know what it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It's the cold, the gloomy, but you know what I resort to?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I want to just be in like my coziest things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
What's that? Cozy earth. That's the cure to my winter blues, Rachel. You nailed it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And get this. They have a stay cozy sale going on right now. And I was just doing our laundry as I do because I'm a 21st century man. Wow. And I was folding the laundry and my wife has like 19 PJ sets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And then I got the Cozy Earth ones and there was such a difference. I immediately knew without even seeing the label that these were the Cozy Earth ones.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So luxurious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Hit me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Talking full BOGO.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Sign me up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Up to 40% off when you use the code SMARTMONEY or go to CozyEarth.com slash SMARTMONEY.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Teaching kids how to handle money with friends as they get older. So I'm not at this point yet. I got, you know, like a one-year-old. But you've had to now deal with the kids are going to Susie's and they're all going to go to this thing and it's going to cost money. Do you just like, do they tell you how much it's going to be? How does it work?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Things that weren't crazy expensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Is this like a Louis Vuitton? Like, what are we talking?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Oh, Lululemon, that's expensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Oh, yeah, it's 50 bucks a cup.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But don't you think part of it is the moms? Because the moms are wearing Lulu and they have the Stanleys and the girls want to be like mom.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah, well, you have a, this is not in here as a plug, but I wanna say your kids' books are a great way to help parents teach these concepts to their kids, like contentment and generosity and gratitude.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Well, if she's making 10 times what he's making, he just feels, I think there's a societal pressure of, well, the man needs to be the provider and there shouldn't be this giant gap or she's the breadwinner. I think times have changed. And now you can be a woman in New York City making 600 grand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I see this with kids in this area. They're driving cars that are so much nicer than mine at 16. Their very first car is a brand new $60,000 car that I'm like, oh my gosh. That's wild. What are we doing here? This is crazy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
If they're driving a brand new Range Rover at 16, they're not going to go buy like a used Camry at 18. It's just not happening. Like they have a certain expectation that's hard to break. I know. And you as the parent, you set the tone for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Drink up. Shoot it back. Put some hair on your chest. Yeah. I don't know. These are things I've heard.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I feel like spending the night at friends' houses or whatever the thing is. Yeah, I know. I feel like unless it's a crazy, like you're going to the trampoline park and it's going to be $30, $50 a kid or whatever, then I feel like the parents should go, hey, let me make sure that we cover this. You know what I mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Like you don't need to cover it for all five kids going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Be upfront with what it's going to cost.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I don't know, Venmo each other? I guess that's...
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Give the kid money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I don't have friends yet. Like, not in the kids' world. You know, like my wife has... Oh, that's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So we'll experience that soon enough.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But it's a good time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So what are the keys here? My take is communicate early, openly, and often, and set the boundaries where you need to set them for what's right for you and your family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And then don't... I'd rather you choose guilt over resentment. That's what happens is people go, I'm just going to be resentful later. I didn't speak up. Just be guilty that you brought it up. I'd rather that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
You don't control that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Beauty, grace.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
This is the sparkling pink mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I'm going to give this, I could not improve on it. So I'm going to go 10 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I thought it was the right amount of- It was a little tart for me. I like tart. It's tart and sweet. It's got sparkles in it. So I'm going 10 out of 10. How about you? Be honest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Okay. Solid B. If you like raspberries, you will love this. Here's what's in it. Frozen raspberries, lemonade, lemon-lime seltzer. We use lemon-lime poppy in this drink because we're extra. And raspberry sorbet, which was a fun little treat in there. It kind of melted as you drink it. It was fun. And this is not in here, but there was some level of sparkle. Edible glitter, is that what's in here?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
The group gift one kind of, it bothers me a little bit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I think so.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I feel like you should make that very clear before a man drinks this. And it costs $1.92 per glass. That's not bad. And let me tell you, the kids are going to love this mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yes, like put it in a big punch bowl kind of thing. It could be fun. I like it. So the recipes in the show notes, give it a try this weekend. And I think your kids are going to go with old Uncle George here, 10 out of 10 on this one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Oh, I can. One comes to mind, and that is my parents, for some reason, have a AAA membership, and they buy mine. Oh, that's nice. They have me add it on. Yes. I don't know. It just keeps renewing, and I keep getting one in the mail, so I go, thanks, Dad. Oh, I love it. That's such a dad move to be like, you need AAA. It's very good. In case you get stuck. I'm like, thanks, Max. You're the best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Well, he goes by Max. His real name is Majid, which is Middle Eastern.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Majid.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So he goes by Max, just a little easier. Max.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Goofy? Max. A goofy movie?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Oh, I was thinking Max from a goofy movie. Also a hit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So AAA is the one I think of.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
There may be more that I'm not. I don't think I have. I used to move off their cell phone plan because they had the senior plan.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Oh, is that mooching?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But I don't feel like I'm mooching.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
There's like this...
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But then Dave always gonna pay. Dave and Sharon are like, we got the bill.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Would he be so shocked if you were like, no, I got this one? Would they just be like, what is happening?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Oh, like she was like, I'm not covering you guys.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Well, she could smell the entitlement.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
You'll call it out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But that's a thing parents do. Like if I'm out with my parents, they want to cover the meal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Well, there's also a piece of, I think you need to be a healthy person. And if you're an unhealthy person who's always comparing and you need to keep up and stack up, you're always going to feel like you're not enough. And so I don't know. I think they're always going to have a discrepancy. I don't know that a freelance musician in New York City at his level is going to make 600 grand anytime soon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So I wouldn't plan for that. I would just celebrate the fact that she makes a great income. Yeah. Let's use it to our advantage, live on less than we make, stack away money so that one day if she wanted to take a step back or let's say stay home with kids one day, if that was her dream, she could do that and they'd be okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
That was the other piece.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Has she communicated these unseen tasks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
If I was her, I'd sit down with him and have a calm conversation, not an emotionally charged, like, I'm always doing all this stuff and you never... Yeah, it's a never you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Here's what I'm experiencing. I'm getting home. I'm doing all these things. What's a good solution? Could we get someone to help out at the house?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Maybe do the house cleaning, whatever the chores are that feel like they're weighing on her to alleviate him from feeling this weird... Like, oh gosh, I never even knew that you were upset about this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
For sure, I can, you know, X, Y, and Z. So, I mean, communication is, that's going to be a theme here, people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
If you're the woman, I would say don't hold that over their head like they're lesser than because they don't make as much as you. And men, don't feel so insecure that you're like, oh, I got to keep up or else I'm not enough. Totally. Go to therapy and deal with the underlying issues.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And celebrate the fact that one of you is making bank. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
No shame in that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Wills, who was in the will, who's getting what, who should get what. And if it's not clear, that's where a lot of the kind of family conflict starts to arise.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Have open conversations about this. Don't let it be a surprise. And then a few checkpoints. Make sure that you have a will in place. If you're an adult, you need a will. Regardless of who you are, what your income, any of that, you need a will saying, here's my wishes. I know it's not fun. Get it done. You can do it online.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Number two, you need term life insurance if you have someone that relies on your income, which would be spouse or kids.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
We are sipping on a sparkling pink mocktail, which just sounds like the description of the drink doesn't tell you a lot about it. But it is all of those things, and it's very good. So stick around until the end. We're going to give you the rating and reveal the cost per glass. Beautiful. All right. Here's how we got here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Get that in place and make it very clear on who's getting what. We've had calls in the Ramsey show where they're like, hey, there's a property, it's a cabin and it's split between my five, my dad and his four siblings. And when they pass it to us, it's gonna go to like the 20 cousins. And I'm like, don't overcomplicate things. Right. Make it simple and you get to do what you want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
If one of your kids has terrible habits and you don't want to give money to them, you don't have an obligation to give money to them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And if you want to split it evenly amongst all the kids, great. If you want to give it all to charity and give nothing to your kids, you can do that too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Today, we are talking about how money affects relationships and getting into some of the dilemmas. And this is not the romantic kind. This is just money and relationships.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Or the, you know, like the daughter, like the mom told the daughter, hey, here's what you should do. But the husband disagrees. And now it's like mother-in-law versus husband.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Triangling. Is that a therapy term?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And it gets messy. So what do we usually tell them? Here's what I would say is, this is between the daughter and the mom. The husband, the in-law son, should not get involved and be like, hey, mother-in-law.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
In the conversation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Whatever the boundary is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I don't think as the son-in-law, I should get involved.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
If you go to your... But it's tough because you're pinning two people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Who do you listen to? Mom, who I love and trust, or husband, who I'm doing life with. And you have to go, all right. We disagree on this as a couple, so therefore we need to be aligned.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And so it can get awkward. Tricky. But we say like, just set boundaries. It's a really difficult conversation to have with someone who's not ready to hear that or will not understand that or take that to heart.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
We came across an article about a husband and wife with an extra large wage gap who shared their story on a financial podcast recently. Here's the story. Gina earns $555,000 a year as a New York City attorney. James, her husband, earns $60,000 as a freelance musician.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Because they then have to respect the boundary. And if they don't, you then have to distance and go, okay, they don't respect the boundary. We can't do this. Keep going down this road because it's not going to be good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Like you want to help and they go, no, no, no, no, no. I'm fine. I'll deal with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And a lot of times it's out of a good place. They don't want to be a burden. But if you're really wanting to help and you have the ability to help, whether that's with your time, your resources, your money, then do it. Do it as a gift. Do it out of the kindness of your heart. No ulterior motives. But we get this call a lot where they go, my parents haven't saved a dime for retirement.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
They're broke and I'm worried it's going to become my problem.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
What do we do? So step one is you need to have this conversation with them and say, do you realize where you're at financially? Here's what I'm seeing and not out of place of judgment, out of place of I love you as my parents. I want to see you guys be able to retire with dignity and have the best life possible. Here's what I'm thinking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And they have to be open to it. You can't force them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
This is you and me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Rachel wants to go to the fancy restaurant, get all the apps, get desserts, YOLO.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
How do you say no without being the fuddy-duddy? I know. And you're like, no, I'm good. They're like, come on, just come on, we'll cover it. And you're like, no, I'm good. Do you say yes? We'll cover it? What if they say they'll cover it? Sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Absolutely. Rachel's taking her friend to meal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
The couple uses Gina's salary to travel throughout the year and invest 14%, but they're starting to struggle with this wide income gap. Here's the quotes. Gina said... And I quote, James said, James said,
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
It could be a great way to share like, hey, I'm doing this plan and right now I'm trying this no spend month.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And they're like, what? Tell me more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I'm trying to get out of debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Your budget's different on how much you can spend eating out compared to the other person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yeah, meal trains, that's a big one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
You did our meal train when we had Mia. I did. You came by and brought us a great meal. Yes. You brought a great gift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
The group gift one kind of, it bothers me a little bit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Did we not?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
But is it weird to give a gift to your team members than if you get one for everyone? Or else it's favoritism.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Cash would be nice. Come on. It's all dudes here, except Kelly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Um, I have years past. You have, I know. To more, like, key team members. I know there's a woman in the back. Ha! We love you, Eboo. Great drink, by the way. Makes a mean drink. I love it in the back. I think something small. I don't think, like, it feels weird to do something outrageous unless they really, like, you know. But I think it's a nice thing to do for the team.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
You know what? Your experience is over gifts. I'd rather do, like, a fun end-of-year party or something for the team.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I think we have to now. I think you just threw it out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yes. We have recently done happy hours for the team. Not smart money happy hour, but a happy hour for the smart money happy hour team.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
So we're sort of doing those, which is fun.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Thanks, Kelly. You're the best.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Kelly did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
We're such givers. Yeah, we did not plan this party. We did not pay for this party.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Gosh darn it. We showed up and we blessed everyone with our presents, which is the true gift.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
A lot of blurred lines with these, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
I see what you did there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
Yes, they'll find and remove your data from all of these sites, like creepypeoplefinder.com. And you're like, why does it know my agent address? And I don't want that out there. And then that's how you get all these scam, you know, fraud texts that you may or may not fall for. USPS. So it reduces all of that spam you're getting. It reduces the risk of fraud.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Art of Talking Money in Any Relationship
And so for that, it is totally, totally worth it. It's super affordable. And they're giving our listeners and viewers an extra deal. So you can get 20% off any of the plans if you go to joindeleteme.com slash smartmoney or click the link in the show notes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That she should have sold it and paid off the debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And Rachel is the first person to tell you, have fun in life. Go enjoy your life. And pay for quality experiences that will make memories.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And from a math perspective, you're like, this is crazy to not do, to not sell the tickets and get this much money, and you made all this profit. Totally. But you can't look at it as a business transaction. You know, you bought the tickets in order to provide an experience for your daughter. Right, right. not to create a spread to get out of debt. Totally. That's right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And that's my take as a guy who would tell you, sell them. Sell them. All right. Let's do some rapid fire here. We have critiques of the Ramsey principles from time to time. And so we're going to take turns reading. The other has to respond in two sentences or less.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Love them. That's an experience in and of itself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
It's giving fancy hotel energy when you crawl into those sheets.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
At least not from AI. If a human says anything bad about them, different. But we decided to follow their lead and have some fun. So we asked ChatGPT to roast Smart Money Happy Hour.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And the blanket. Because they're great. The epic blanket.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So check it out. They're giving our listeners and viewers up to 40% off a steep discount if you go to cozyearth.com slash smartmoney and use the promo code smartmoney at checkout. We'll drop a link in the description as well.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Here we go. Here's the comment. Okay, here. You and your spouse can be on the same team while still not combining finances. My husband and I have had separate accounts for 10 years, and it's working just fine. What do you say to that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Wait, you're saying the goal shouldn't be just fine. That's how my marriage is going, Rachel. It's a sign we're doing real well. That's right. Everything's just fine, thanks for asking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Oh, wow. Okay, coming at us. First of all, 95% of our content, including this show, completely free. And so when we take a bunch of information, package it, have a team around it, things cost money. All products and services cost money. And it's not hundreds of dollars. It's less than $100.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And it's totally worth it if that course gets you out of debt, changes your family tree, changes your life, helps you build wealth. It's the same reason people pay for a gym membership or for a personal trainer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Here we go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Yeah, I can walk around the neighborhood and I might make some progress, but it's very different when someone teaches me exactly how to do the workout is they're showing up with accountability over a period of time. That to me is worth every penny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Again, not my words. This is the robots. The Smart Money Happy Hour podcast is like a cocktail party thrown by accountants. You show up expecting fun, but instead you're debating Roth IRA strategies over mocktails. Hurtful, but it gets worse. Their, quote, happy hour energy feels like you took one sip of wine and then decided to create a spreadsheet for fun. Where's the chaos?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Here's one. Here's your turn to respond, Rachel. Here's the comment. Absolutely no sympathy for emergencies? What are we supposed to do when a kid breaks an arm? How cruel are you, Rachel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
This is the comment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I guess. It says absolutely no sympathy for emergencies. So what are you supposed to do when a kid breaks an arm?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
It's a good first step.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Yes, and hopefully you have insurance to where this is not going to tank you. Yeah, it's going to help too, right. Maybe you'll pay 20% of that bill, not 100%. That's right, yep. And you've had, I mean, sweet little Chuck Cruz. Didn't he break his leg?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I call him Chuck. It's his aspirational name.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And what did you do?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You told him he was totally fine and to suck it up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So you thought, oh, you just feel a little sprain. You'll be all right, buddy. Get up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Winston is like a human web MD. The man is a genius. I see a kid not walking and go, maybe that kid's not okay. Rachel says, pull yourself up by your bootstraps.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Yeah, I think you should stop assessing medical emergencies and just go ahead and call Winston immediately.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You don't do rashes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That's your one thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Broken leg, you're probably fine. Yeah, yeah. A little rash, you're like, nope, emergency.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And you're not touching it. Just a photo?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You're zooming in with a 3X? No, I'm all in there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Respect.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That's when you Google it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Terrible. Dangerous game.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I have all of the sympathy. But I think, I guess if we wanted to retort, you know, the $1,000 emergency fund we get flack for because people say it's not enough. It wasn't enough 30 years ago when Dave Ramsey came up with this. And the reason he did it was because he was telling people immediately, go get out of debt, go get out of debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
They'd have one little ankle bite or emergency and it would throw them off course from getting out of debt. So he decided, well, we need some buffer between you and life that can cover the little things, not the big things. So if there was a big thing over a thousand bucks, pause the baby steps, stack up cash, sell whatever you can.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
But the truth is most people don't have 10 grand laying around that we're telling them to throw at debt.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Please.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
living whatever life you want in New York City on $100,000. I don't think you can do whatever you want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
The oversharing that makes happy hour legendary. This vibe of this, quote, cocktail hour is so sober, you could deduct it on your taxes as a business expense.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
It's my American right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Little Miss Defensive Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I love this energy. No, but the truth is, now, could I figure out how to live anywhere on $100,000? Absolutely. It might take having two roommates and living further out of town and not eating out and going out and living the lifestyle of a metropolitan city. Yeah. So you can make it. Let me tell you. Go to New York City. A lot of people don't make $100,000 and they're making it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Now, what I will say, if you're strapped with debt payments and trying to live this lifestyle, you're never going to make it. No matter how much you make, you can lifestyle creep your way out of it. But if you can get out of debt, have an emergency fund, you can learn how to live off $100,000. I mean, that is a great salary, even in today's world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And you can make that work depending on what lifestyle you're aiming for.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
It's getting out of control.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And taxes just crush you over there. Versus Tennessee, no state income tax.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So rarely are you stuck where you are. You can move. I have moved across the country to be here. And so I'm telling you, you're not stuck where you are. You have to make a choice that's right for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
In conclusion, this show needs to loosen up, pour a real drink, and tell us about a $600 air fryer impulse purchase. Now that would be relatable. First of all, who has the gall? The audacity.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
What we do is we show people reality. And sometimes the reality of their situation hurts to look in that financial mirror. But we're doing that so that we can take you to where you want to go. That's right. Not to just shame you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So I think you have to drop. There's a lot of shame and baggage that comes with a lot of these comments. The context we don't have, which is, well, I grew up a certain way. I made mistakes. I feel like I'll never climb out of this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Here's my final thought. A lot of the comments have to do with things that are outside of that person's control. And let me tell you, it is easy to get angry about things that are outside of your control. That's most of life, most of the world. The people who win, the people who have success, the people who have happiness focus on what they can control, which is a very short, simple list.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
What you can control is your money, the way you spend it, you taking on debt, the way you budget. All of those things are in your control. And I find those people aren't in the comment section. They're too busy living their life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I was going to go five. Yeah. It's a five out of ten for me. I've had much worse.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And here's what I'll say about this drink after I give you the ingredients, which is a can of Dr. Pepper. You need the can. I don't know how much Dr. Pepper is actually in here because clearly some was emptied out to make the drink. It's got whiskey, rum, cherry liqueur, and lemon juice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
All up in there. And so the drink comes out to $6.60. Good night. Because there's a lot of ingredients, including multiple alcohols.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
There we go. It's an expensive drink. I think we've come full circle now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
If you are feeling risky, you can make the drink. And fun fact, you can take a can opener and remove the entire top of the can to make this drink. I did not know you could do that. I wasn't on Pinterest enough to learn.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So yeah, the drink recipes in the show notes, give it a try this weekend if you're a fan of Dr. Pepper. I think it tastes like if a Chick-fil-A drink got watered down with all the ice and then you just kind of poured some booze in it and went to your kid's soccer game. Very specific scenario. I know you've been there. That's the energy it's giving.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
But honestly, other than it being wrong, I think we are a fun show. They're kind of right. You bring the party. I bring the accountant.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Do you go to all the games? I'm just curious.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You're a great mom. You know, they're fun. I want you to know that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Do you get into it? Are you the mom yelling on the sidelines? Oh, I am a yeller, y'all.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You yell from the crowd. I'm an encourager. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Two types of loud moms.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Let's go Cheetos. That's so cute.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Are there really parents just yelling at the refs?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
They're nine years old. Also, they should be the ref. Can't anyone do this, pretty much?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I'm not saying, hey, the refs are great. I'm just saying these are not like professional sports refs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
But I've heard it's a good side hustle, which is why I asked. It is. That people can jump in and become a ref and get paid, you know, I don't know, 50, 75 bucks a game. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Can't wait.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I'll be there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I'll be the encourager.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I would be yell screaming encouraging those girls.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Doing the most. Adorable. I would encourage only because I don't know what's going on in the game to even have any, like...
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
None of them, honestly. I mean, the one that damages your body and self-esteem the least. Is that fair to say as a girl, Dad? Is that fair? That's honest.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Like ballet. I've heard like your feet are going to get mangled doing ballet. Like that will destroy you. And you're like, the way you have to keep your body, like that just worries me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
We're cooler than most accountants.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Yeah. My wife did, she was like on the Arkansas cheer team, palm squad. No way. So like somebody that's like dance, but you're not getting like thrown 80 feet in the air.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Safety. Yes. Okay. That would be something I'm okay with.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Soccer's probably the best. I feel like there's, I mean, basketball maybe. I don't see her being a baller just based on height and athletic ability. I think she's going to be more of a violinist or something, you know, more in the creative artsy world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
But hey, anything goes. Anything goes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
What'd you do?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Oh, when? Today? Yesterday? Four minutes ago? I think I responded while I was sitting here. I do this way more than Rachel. Okay, let me give you a good story quick and then a bad story.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Good story. I decided this new strategy where I kill him with kindness. So this person, I don't know, blasted me in an Instagram comment. So here's what I do. I go to their profile to see if there's anything interesting I can talk about. And they were a great photographer. Like, I was genuinely impressed by their photography skills. Yeah. Beautiful photos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So I just responded with, hey, just, you know, I think your photography is really great. Yeah. To their very negative comment. George. So what happens is the algorithm, because people started replying to that, it started pushing it to the top.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So at the very top of this post was their negative comment followed by my super positive. And you look so kind. And I look like a hero. I mean, give me a medal of honor for that performance. It was just. And there are people like, George, you're so great. Yes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I loved it. Let me tell you. Okay, let me read you the one that went.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You ready for this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
They go into, we both know credit cards are more secure. There's obviously value to building your credit in this country. Rewards are free money. Here we go. But it's also super one-sided, and I would bet my house that you guys use credit cards just like I do, pay them every month like clockwork. My response? You bet your house that I use credit cards? Bet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I show my credit report, and you must transfer the deed of your house in my name. Otherwise, delete all of your comments and stop trolling. You have until 12 p.m. Central Time to accept, otherwise blocked. George!
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You know what his response was? Dodging all the facts that credit cards are obviously a great tool. Don't worry. I'll take care of the block. It's giving. No, you know what? I'm going to break up with you first. That's the energy it gave, and I was elated.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Because best case, I own a house.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Worst case, I get blocked by some random dude on Instagram.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
They still follow you? They're like, hate follow. Okay, what's your story?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You defended Dave's honor?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You can say a lot of things.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So you literally said, oh, no, you didn't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Is it still out there?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You didn't delete it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That's true, you don't.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Sure, there's a lot of just angry people out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
But I'm proud of you. Two years ago, that's a win. I know. I'm like, well, pick a day and I'll tell you what comments I left.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Super passive aggressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I wish you were that petty.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And I'm like, or maybe they're a terrible person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I thought this is the greatest game show ever. If I win a house out of this comment and this guy follows through because he has integrity, it'll be the greatest story of all time.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Like, how'd you get that house? Yeah, I just left a comment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I want to bet.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Oh, that's funny.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Oh, my gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I'm on X and Facebook, but I'm like, I go there to just see what the other side is doing. Instagram are my people.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Millennials is what I'm talking about.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That is so harsh. I did not.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I didn't know you could handle it, so I avoided it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That does hurt. And you know what? To be fair, I don't use Excel. I'm a Google Sheets guy. All right?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I haven't had a kale smoothie since I can... Who's ordering a kale smoothie on purpose?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So it's green. They don't feature that for obvious reasons. I don't think so.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Okay. Hurtful but true. I feel like this whole episode was made just to roast me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You make this funny. Hey, a little self-reflection can't hurt. I can take the joke.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
We can do this. So our team compiled a list of the most critical comments about our money teachings, and we're going to read them aloud and defend each other. Co-hosts don't leave co-hosts in the hands of angry keyboard warriors. No. Which can I just say, if you leave any comment on the internet that isn't just like a positive, cool, you're not okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Pause. Comment. That's an ugly jacket.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That's what it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Beautifully said.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
It's a roast of the roast.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Here's an investing critique. Subscribe. Someone felt this about me. This is a real comment. Imagine being so out of touch that you not only assume people have $1,000 a month to throw in a lockbox of savings that can't be accessed for 30 years, but you also assume you can get a 10% rate of return over those same 30 years. Delusional. I assume that's how they sound.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
One piece of debt, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That's right. So we're not assuming anything here. You know, I know people don't have a bunch of extra cash laying around to invest, and that's why it's step four in the Ramsey baby steps. Get out of debt first, get your emergency fund that will free up those payments that you're putting to lenders, and instead you can put it in the stock market.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Where are you getting 10% every year, Rachel?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Well, if you look at the S&P 500, the top, you know, largest 500 companies based on market cap, the S&P 500, which represents the overall U.S. stock market, returned 23% last year. Yes. So you're like, where are they getting this? I don't know, just the general stock market.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And that's if you just track the stock market.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Some years it's negative 22%.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And before we roast each other, well, not really each other. I guess our own advice that they roasted us on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Over a 10, 20, 30 year period of time, you can take the average annualized return. Yes. is 10% to 12%. There you go. And then it's not a locked vault. I don't like this idea. You can't access it for 30 years. Yes, there's retirement money. We want you to live in the meantime. You can also invest outside of that. You can save up for purchases.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
But what are you investing for other than the long term?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So I don't know how to make you happy. I wish I knew.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Yeah, that's saying one out of every hundred people will build wealth only because of inheritance. Everyone else will remain broke for the rest of their life.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Today, we are asking to be roasted. The Smart Money Happy Hour podcast is like a cocktail party thrown by accountants. You show up expecting fun, but instead you're debating Roth IRA strategies over mocktails. Why are you lumping in Dave into this one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Let's talk about what we're sipping on. This is The Professor. And I guess because there's a doctor on the can. Hashtag not sponsored, but reach out to your boy if you're interested.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Clearly this person's hurt and they feel like they can't build wealth for themselves. Back to the hurt people, hurt people. I wish I could just hug them and say, hey, bud, we're going to show you how to build wealth. You can do this. You might be the first in your family, but you can do it. And I'll say this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Here's another one. Who cares about building wealth if all my personal info gets stolen online anyway? This is actually a very valid comment from Janice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Yeah. This is an easy answer. Delete me. Okay, this will protect you online. They find and remove your personal info from all these data broker sites who sell it for a profit so that you can have some peace of mind, sleep easy, and it reduces the risks of scam and fraud.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Check it out. Go to joindelete.me.com slash smartmoney, and you'll get 20% off any of their plans. And I love this. It saved me 77 hours already. In my report, it shows me how much time I've saved. I feel pretty good about that. And I just got my parents on Delete.me, and they are loving it too. I'm trying to protect the boomers I love. Good for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So if you're interested in this canned cocktail, concoction, you like that? Play on words? We're going to give you our rating and reveal the cost per glass at the end of the episode, so stick around for that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
All right, here's one about credit scores. Ooh. You and Dave Ramsey probably have a 500 credit score. Debt isn't a bad thing, especially if you need to build credit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Why are you lumping in Dave into this one? Number one, guarantee you Dave doesn't have a credit score because he doesn't have debt, which is all a credit score manages. And I can tell you for a fact I don't have one because I check once a year for fun. It's one of my only hobbies.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I just go, yeah, let's see if I, oh, still don't have one. Okay, cool.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So here's the truth people need to understand. Once you pay off all of your debt, you have no open lines of credit, you pay off your mortgage, your credit score eventually disappears after about six or 12 months.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And I've actually done this, so don't come at me with, but the rates, no, you don't know, because you've never done it, okay? So maybe listen to a guy who actually did it, who can tell you it's not that difficult, and the terms were equal to someone with a great credit score.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Because I did a 15-year mortgage with 10% down at least, and you're going to have great interest rates and great terms. That's good.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I am a little feisty.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Similar to roasting, I feel like. Not a great aftertaste.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
All right, less defensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
I just, it's because I just wish they knew what I knew. Oh. It's out of love.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Thank you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
George, George Camel. Okay, again, not the roast of George Camel today. But thank you, that's true.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
They couldn't find any more mean comments to Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
You're talking to a guy who knows prices like the back of his hand. And by drugs, do they mean vitamin A, vitamin B complex, vitamin C, vitamin D? Yeah, because I'm on those. Might even throw fish oil in there. Get those omegas. Come at me, bro. You think I'm Medicaid? You should see me off my supplements. That's all I have to say about that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Okay, so does he even know how much things actually cost today? Yes, I do.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
But what I won't stand for is people complaining all the time about how everything costs so much, and yet they're unwilling to do anything about it, to cut their spending where they can, to control the controllables. Listen, I shop for eggs. I know what my eggs cost. I know what stores have the better egg prices. Do your research, and if you can't afford it, don't buy it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Find the best alternative you can within your budget. Yes. I have something to say. Lady in the gray sweater.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That was a good one. Yes. A little edgy. A little edgy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
That was a perfect summary of every one of those videos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
The movie theater was 50 cents back in the day. Now it's 15 bucks.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And if you offer up any solution that requires any level of sacrifice, screw you, man. It's hard times out here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
So I think this person – Our entire job is to try to give solutions to problems. I know, right. It's called Ramsey Solutions. It's not Ramsey Problems. That would be a terrible company.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
And recently, Nikki Glaser at the Golden Globes did a roast intro. Massive hit in the comedy world. Crushed it. And now Gen Z is asking ChatGPT to roast their social media profiles. So a lot of iconic behavior. Everything's iconic in their world. If they like it, iconic.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Oh, finally, a comment about Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Can you handle this one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
This one's pretty light, honestly. This has to do with a call that you and Ken Coleman took on the Ramsey show regarding a Taylor Swift concert.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
No way I would have gone to the Taylor Swift concert. Sell those tickets and keep moving with the baby steps no matter what.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Dave. Yeah. Is that Dave Ramsey chiming in with his burner account? So can you explain what you told the person on the call and what the context was?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The Internet Came for Us . . . Here’s Our Response
Because of resale.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
As someone who's goal-oriented and futuristic, it's harder for me to pause and be grateful and be content.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Who knows what's possible?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And that's just— And it rarely is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
You go with you. It's one of my favorite quotes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So, like, get yourself to a healthy place internally before you accomplish any external goals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It'll all be better.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
There you go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Who knew from a smart money happy hour podcast, you'd be getting such deep life lessons.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah. Man, and that was 20— I think I still have trauma from what they said was going to happen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, wow. Sorry, this is just vanity then. It's all vanity. She's been reading Ecclesiastes, clearly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This is a good... This is very deep for me. George, you're not that... This is shallow waters for Mrs. Cruz. I am deep sea fishing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
We're rowing? We're in a rowboat?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
No, let's have a... You should have went to Rick's Boats and got a nicer boat. What are you doing? You can afford a better boat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
All right, next habit to leave behind in 2025, paying for subscriptions you rarely use. This one is close to home, and I have an honest confession that is also on growth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I finally quit my gym. Stop paying for the membership.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Dave talks about, you know, when it's time to quit. Quitting is good if you're quitting the wrong things. And for me, it was the wrong thing in the wrong season. Totally, totally. And so now we've got a workout bench. I'm going to start working out with Whitney at home in the garage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I said the Cruises do this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And so she's been trying. I found that Whitney is the type that needs like the support of spouse who's also doing the thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm like, you should commit. I don't want to have to commit because you're, you know what I mean? Yeah, yeah, yeah. But she loves the accountability of both of us doing the thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Cheers.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I don't doubt it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It feels good to cut that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This one's the easiest to justify because it's a little treat, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It's five bucks here. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I was too young to even know. Oh, you were? Well, I mean, I was in like fifth grade. So I wasn't like a prepper at that point.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
No one was going to brunch 10 years ago?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I think nobody was inviting you to brunch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
You center your whole week around what's going on for brunch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Do you do this when you're running errands? You're like, well, we should stop and get a little treat, a little Starbucks or a little something on the way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
We're out. Let's get lunch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I've never seen you darken the door of a Starbucks. I wouldn't even know your Starbucks order.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's it. Pike Place?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It's the best you can do?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, that is a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Pike's Place. You just keep changing the name on us. But I respect that you drink black coffee. Is that true?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's on growth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's a habit to leave behind. Just pouring all of the dairy and sugar you can into your coffee.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That I think you need to cover up. That's worth putting some cream in.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I feel like you keep saying it as if you're hoping someone's going to, like, ship you this order or something. Like, it'd be disgusting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And here we are.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I went to this local coffee shop, very hip, thinking like, well, I got to try it out. And of course the lattes are, you know, six something. Then you get the non-dairy milk. That's an extra dollar. So I walked out of there and I was spending like for two drinks, $15. Oh my geez. And they were fine. Not $15 worth. Totally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And it just made me a little disgusted at myself for falling for this little treat culture.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
But it was our anniversary.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So I thought, if there's ever a day to treat yourself to a little treat, it's our anniversary.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
But let us say that we are pro-treats. As long as it's in the budget, it's not impulsive, and you actually wanted to buy it, and you know what it's doing to your other financial goals.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
The problem is like, where'd my money go? And I look at your bank statement, and it's just little treat, little treat, little treat, big treat, little treat, little treat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That feels like the worst kid's book ever. It's like the worst Dr. Seuss book.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah. I was real nervous about what you were going to say.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So this is real.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This happens a lot socially. You know, like there's the bachelor trip, the wedding, whatever the thing is that's going to be really expensive. You're out to dinner and everyone's ordering this thing and it's going to cost you this much. And you're like, I don't have the money for this or I shouldn't be spending money on this. But you do it because of the, you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
The surroundings that you're in, your environment.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
In the spirit of the moment with everyone there, you're like, sure, why not?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So you got to have the boundary in place before you show up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Know what you're going to spend, know what's in the budget, and know how to say no.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Wow. You said it was such confidence and ease.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I remember 2024 me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
A habit I'm going to break? Oh my gosh. I think phones is the new thing I need to break. Like it's just the, you just get used to just pulling out the phone. Anytime, anywhere, for as long as you want. Just open app, close the app, scroll. Yeah. Tap the like button, get out of there, tap another app. I just need to put my phone away more and be more present and get outside more.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This is called a frostbite.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Well, there's an ingredient that has the word blue in it, if that's any indication.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It's got Blanco tequila, blue curacao, creme de cacao, and heavy cream. Okay. So it's a creamy tequila blue drink. I don't know the flavor of blue curacao.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Not that I can tell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
But thank you for smiling at me. That was very nice. What would you rate this drink?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Wow. It feels like I'm inside of the movie Frozen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, yeah. Because it's such a fun... On a crisp night? Yeah. It feels like this is what Elsa would drink on her 21st birthday. If I may. Whenever she gets there, when Frozen 9 comes out, I hope they're having frostbites. By the fire. That's very nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Well, when you leave behind a bad one, you got to pick up a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Is that a conspiracy?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Wild. I didn't know you could have real conspiracies for fictional movies. Yeah. That's amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's amazing. Thank you for that fun fact. Yeah, you're welcome. Well, hey, try this drink. The recipe's in the show notes. It costs $2.27. My rating, in case you were curious, 8 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm sure James Clear's talked about that. I'm sure he invented that somehow. That's true. Father of the habit.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm just exhausted by the dairy drinks. I just...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm just never like, you know what I'd love is a cold glass of milk with some booze in it. So I'm not there yet. I'm not there yet. But it is a good drink as far as dairy goes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah. It's nice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And I will say mixologist Michael did an incredible job with the glass. I mean, it's beautiful. It's got the like frosted cranberries with the sugar and simple syrup on there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
The coconuts that are glued on there somehow with Elmer's. I don't know what he did to this. It's impressive. It was so great. So go check it out in the show notes and make it for yourself.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This feels like a personal burn. Almost every goal that wasn't financial, I think. I mean, buying books that I didn't read. I was like, I'm going to read 50 books. I got to buy the books.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Didn't read 50 books.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Man. That's a tough one. Man. The other one is literally any workout gear or equipment. I was like, well, if I get the right shoes, I'll work out better.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
We did buy the bench. I have not used said bench so far.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I have some dumbbells. I need to up my dumbbell game.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Not quite there yet. Yep. Okay. That's good, George. How about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Look at you trying to save money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah, we'll call out a few non-money related habits and behaviors that we'd like to see each other leave in 2024. I've got some bones to pick with you, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I just home alone. Oh my gosh. Oh no. That is awful.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
The renewal hurts my soul.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh gosh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, for a refund.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Thank you. That is the most George thing you've ever done in your life. That is the life hack. If it charges you, as soon as it charges.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Look at her getting emails.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm really proud of you for even knowing that was a possibility.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
You just found out that the Apple Health app tracks your steps.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That really is growth for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Also, you should just text me before you make any life decisions so I can show you the better, easier, cheaper way.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It is free on the Apple. It's great.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This is really good. Yeah, the other things are like we bought a Peloton during COVID. Never used it. Sold it for us.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Then there was the portable treadmill. It's just like a flat little nice little treadmill.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I should have sold you the one that we never used.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It was great. We just never used it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And so then I was like, we're going to sell it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And so there's a lot of things that we buy and then sell for a loss and then go, we'll never do this again. And then we go do it again.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
People who are putting their financial goals on the back burner.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, yeah. Well, they can prey on your insecurities.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Good intentions is a great business model.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It's always a, you know, this is like with investing. Well, I'll just do it next year. I'll get to that later on. I'll save when I'm older, right? That's what people say to themselves. And it's like when you're scrolling Instagram on your couch after dinner and you're like, I'll get up, I'll go to bed at 8.30. 8.31 hits, you're like, make it 8.45.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's right. It still works year after year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Then before you know it, it's midnight and your spouse is waking up to feed your infant child and you're still... Oh, my gosh. Rotting on the couch like a lowlife.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I was up late last night watching a Netflix series, and I was like, I'm going to regret this in the morning, but I just want to finish it and be done with it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And today's vibes are excellent already, Rachel, because it's the first episode of 2025. I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Are you like, the clock hits eight?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Does your body just know or do you have like an alarm set on your phone that says 10 o'clock bedtime?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Good night, moon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Didn't we just do an episode about your Sonic and McDonald's runs?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
But you know what? You make up for that with your other healthy habits.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah, I saw the video. The girl said, I don't want to look at my bank account because I don't need that negative energy in my life. Or it's none of my business. Like it's literally your business.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
The haters doubted.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
If you are the business, your business is about to be bankrupt, girl.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Let's do something about this. So people like to make light of it because I think it's a coping mechanism.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
If it's like your personality trait to make fun of how broke you are, maybe you need a new personality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's all I'm saying. Just like people who make CrossFit or veganism their personality. I think we need a better personality.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
But usually there's some toxic habits that they're sort of just like, yeah, but I'm going to keep my toxic habits.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm a fuddy-duddy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I don't want to see that in my feed, okay? We get it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This one grinds my gears.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
The fact that you think the credit card company is your friend and your saving grace and your little security blanket, and they're going to charge you 25% APR on that purchase when you're in an emergency...
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
A new journey.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
We're all on a journey as we are. We're glad you're here. And today we're talking about money habits you should leave behind in 2025. Before we get to 2025, all things good and bad, let's share what we're sipping on, Rachel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So if I needed to spend $10,000 for an emergency, I could swipe the card.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And I found there's a correlation between people who get ahead with money and people who aren't. getting all these ankle biter emergencies, always dragging them down, using the card to swipe. And that's why the starter emergency fund is key.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Getting a thousand bucks saved, while it may not sound like life-changing money, it really does cover those little ankle biters that keep throwing you off the wagon.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Which means you're swiping that card if you have a $450 emergency.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So, $1,000 to start. Get that done really fast. Takes most people 30 days or less to do this. Yep. Probably next paycheck if you can just hunker down, cut some expenses, sell some stuff. And then you want, long term, a fully funded emergency fund once you're out of debt. And that's three to six months of expenses. I call this like the never go into debt insurance policy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Because when you have that, you never have a reason to go swipe the card.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And in my early 20s, I had the Amex SkyMiles card. Yeah, you did, George. I had the Discover cash back card.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It's a frostbite.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
No, I was broke. It's like, when you think about this, when you're, you know, 20 years old, you're making no money. And you're thinking like, well, this is, I'm going to get a great credit score. I'm going to get some sweet cash back. So I was in credit card debt. And finally, when I cut up the cards and I took that off the table, it was amazing what happened. I just made very different decisions.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And I got the $1,000 saved, got out of my debt about 18 months, got a fully funded emergency fund, and I never looked back. No credit card since.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It looks like the milk after you eat Lucky Charms.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Been waiting to use the word irons. That's great. I was like, rods in the fire? Is this biblical? Spare the child, burn the rods?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's the line.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm George Camel.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And I'm going to call this drink, oops, all booze. It's a boozy one for being such a fun color. It looks like you'd just be drinking blue milk, but it's not.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So irons in the fire were shocking the monkey. How about this one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Burn the ships. That's one of my favorites. Wait, wait. Don't burn them, right? There's some story about they burned the ships so they couldn't turn back.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So there's this, like, I'm never going back moment. I don't know. It was a great historical thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I'm not going to give you a history lesson.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Wow. We have analogied this to death. The four people that are left listening are just hanging on for dear life to their little life rafts at this point.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Going to keep it going.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
This is for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Do you get a little dopamine hit just seeing the word sale?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, thank you for your honesty.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
More bang for the buck.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah, this is a big one. Just because it's on sale doesn't mean it's a good deal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Everything's 100% off if you don't buy it. And you can go broke while quote unquote saving money. Thanks, Winston. I am Winston.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
A lot of people mistake me for Winston when I'm walking around the streets. I have to explain to them. He's a little bit taller. No, this is a good one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Probably the hardest one to pass up, especially holidays and sales and emotional spending, retail therapy. And now the phone apps, they go to you. The notification pops up letting you know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
What about emails? Do you get the emails?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Unsubscribe?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
You just seem like an email newsletter kind of gal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Would you rather me say what you wait for the J.Crew catalog to arrive by pigeon?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
How do you find out about sales?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I love doing that like right before Black Friday. November 1st hit and it was like every company decided, go, go, go, descend, descend. And I just started unsubscribing in mass.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
On November 1st. Because I was like, they're starting their campaigns.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Well, they have the MSRP or retail price. And so they go, well, it's 40% off. And you go, it's still $78 for this car to get even 40% off. And next week when the sale's over, they're going to have a new sale and it's still going to be $78. So they use a lot of tomfoolery to trick you, Rachel. Don't fall for it. Don't fall for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's the big one.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Do you think it's mostly Instagram? Or do you see like Facebook and other places?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I think Instagram is the place you flex.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I don't think Facebook, there's a lot of flexing. It's mostly venting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Mostly Facebook groups. That's where I hang out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Like the neighborhood Facebook group is, I'm like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That's pretty hip.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
You think the guys are in there too? I feel like.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah, getting out of debt, maybe investing for the first time, getting that emergency fund in place. We love to cheer people on as they take control of their finances and start rewriting a different story.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
What are the guys posting?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So they split up.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Are you like mayor of your neighborhood? What are you doing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Wow. I didn't know you were like social butterfly in your own neighborhood.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I mean, you're a busy mom, you know? Like, that's a lot on the plate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Wow. Do you come up with the curriculum?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Nope. Oh, Ecclesiastes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
I need to read the book.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Any favorite verses or takeaways from Ecclesiastes you'd like to share with the group?
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
Yes. It's like Bon Iver into Michael Buble.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
It's a very different way. It's like the Titanic is going down. Let's have a good time. Mm-hmm, mm-hmm. Let the band play.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So everything is meaningless, so stop comparing your life to someone else's.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
That is a good one. And it's difficult because even as you, you know... you get better in your career, you get better with money. Well, there's always someone who's nine steps ahead of you that you're like, but we don't have that kind of money. Yep, totally. And we live in this county where Ramsey is. It's like the 11th wealthiest county in the nation.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
For some reason, January 1st is just a day, but it feels like a blank slate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
So the level of wealth here is just mind-blowing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
And you talk a lot about contentment. That's a great way to fight the temptation to compare.
Smart Money Happy Hour with Rachel Cruze and George Kamel
Things to Stop Doing With Your Money in 2025
You wrote a book about it. You've got a kid's book about it. You've got a journal about it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Like I'm not going to spend the time to make this mocktail at home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's simply too fancy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
How about you?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
No, no, no. That's fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I don't think anyone's like, man, I just love to pay 10 times more for pistachio milk.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Have you tried some of these milks?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Was this episode just made to be a personal attack on me? Because I am here for it and ready to defend my honor.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Who are you to tell nuts what they can be?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Never limit a nut, all right? Let the nut dream. How are they milking it? I have questions too.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Like we've just gone too much, y'all. Like let's just back it down. Let's just back it down.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I had a cauliflower dip that was exquisite and it was basically not cauliflower. I was like, okay, if you doll it up enough to not make a cauliflower, I will and buy. But doing a cauliflower steak, I feel like is offensive to cows. To just grill a flat piece of cauliflower and be like, we have a cauliflower steak for you this evening?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
No, rude.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Here's another one. Name brand over-the-counter drugs. Giant waste of money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Because you love Advil versus ibuprofen?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You love Tylenol versus acetaminophen?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Like, the words you're saying after some of these— Okay, right next to the Tylenol, there's like the generic brand—
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's literally the same ingredient. You can look at the box on it. It says the ingredient.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Look at the milligrams.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Look at the red 40. They add in for no reason. Oh my gosh. And you'll find out it's the same product. But I do think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
The price difference is pretty massive when you look at name brand versus generic brand.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Ask the pharmacist. Say, hey, what is the generic alternative to this?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I think you and I and almost all of the financial space agrees that new cars are one of the dumbest things you can spend money on. And people justify it all the time because they're like, Rachel, I want a reliable, safe car for my family. Why do they sound like that? I don't know. That's the accent.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Like, why would you— What's so special about the kids' protein?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Okay, another thing I think dumbest things people waste money on is overpriced coffee and lattes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
If you want caffeine, just get a black drip coffee. Or even an iced coffee. Those are the cheapest options when you're at any coffee shop in America. You start to add dairy for some reason, they go, oh, we got to charge you three times for that. So that's just how it goes. I just don't do it unless it's absolutely necessary that I have a latte instead of a drip coffee.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Everyone's got their thing. You know, some people, it's their coffee and their lattes. And this time, we're going to roast each other for the things that we spend money on that are dumb.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Ooh. How do we just make it a national law
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
We did one for our daughter's one-year-old party. She will never remember it. The photos will reveal. Yeah. But they did like a DIY balloon arch to save money. And it took all day. I mean, it was like clear the calendar. We got to do a balloon arch.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Say it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yep.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
All right. You said it. A lot of feelings are hurt out there.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Well, you know, following this path, I think we can say that weddings are one of the things that people waste a lot of money on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
One of the dumbest things we flex on. You just go crazy. You go, well, sure, get the donut wall. Yeah, we got to have the donut wall. What are we doing without the donut? We got to get the nicest flowers in the land that will die instantly. We got to get the videographer that is award-winning to film this wedding that we'll never watch, by the way. How many times have you watched your wedding?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Why do we hate new cars?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That's impressive. I would not even know how to play that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
DVD, yeah. Ours is on DVD discs with a case that has our picture in the front.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Do you want me to help you digitize it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Sure. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Get you a little MP4. Thank you. Be able to play it on your computer. Maybe even upload it unlisted to YouTube or something so you guys can have the link ready to go.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
When you guys got married, it was like, you're lucky to have a static camera capturing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Camera quality wasn't there quite yet. No, it was still like a little cheesy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
When we got married in 2018, we got a hip videographer.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I mean, we had drone shots the whole nine yards. It was amazing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Here's all you need.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What would you do?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What are the three things you need? What are the three, if you were like, okay, three things we're going to spend money on. Great band.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
because I think it's really expensive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It does.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, wow. Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Look good, eat good, good music.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I feel like the new thing is Silent Disco. You get a good DJ. Like, we had a Halloween party. Oh, yeah? Well, we didn't, but I went to one with a friend. And they had a silent disco thing.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And he ran all the music from laptops on playlists. And I was like, that's all you need. Yeah. That's where you should spend the money.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That's a good one. I'm going to one up all of these with my top one, I think.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And it's just vices. These are bad habits. We're talking about smoking and vaping and zinning. The things, the little addictions we have that we need to get through the day. Now, to be fair, everyone's got their thing. You know, some people, it's their coffee and their lattes. But these ones to me are like publicly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I'm like, I don't want to smell your like chemical cotton candy cloud that I got to walk through now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Do people vape still?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
All over.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, really?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And if you go to like, you know, some big cities, the entire city just smells of like a chemical vape smell.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And I'll be honest, I've made a lot of dumb purchases, but there's some that I feel like I will never have regrets about. And one of those is my Delete Me subscription.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
86.5 hours. Who's counting?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
So crazy, so crazy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Absolutely. And so if you want to take control of your privacy online, go check out Delete Me. They're giving our listeners on Smart Money Happy Hour a sweet discount, 20% off the annual plans. Go to joindeleteme.com slash smartmoney or click the link in the description.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
This time, we're going to roast each other for the things that we spend money on that are done.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I'll go first. I'm going to say— Hold on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
We're still friends.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's in the budget. We're paying cash. Birth's out of our values. Relax. Personal trainer. You know what to do. Oh! Like, what are they showing you that is like, oh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
They showed you a new move? They're coming up with new moves?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What's the move today that you learned? That you're like, I did not know the body could do this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You just sold me. I think I need to hire this person.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I take it back, Rachel. Smartest thing you've ever spent money on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Next up, guilty of this too, bottled water. Oh, shoot. That's an addiction.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Can you tell us the name of your bottled water?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, you're a purified gal. No, no, no. I mean, I'm on... No, no, no judgment, but... What does that mean? Extra judgment. I thought you'd at least be a spring water gal.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That's fair.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You can put it in a glass?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It is convenient. I'll give you that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
All right. Forget the Stanley then. Next up on my list, cable. You have like legitimate old school. You have like a dish on the roof. What are we talking here?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah, people here will buy a used car in cash and they go, oh my gosh, they want me to buy a $2,000 beater car from 1992? No, there's a gap between 2025 car and 1992. That's right. So buy a five-year-old car, two-year-old, 10-year-old car.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You DVR shows still?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What shows, can I ask, might be too personal, what are you DVRing these days?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Those are the ones, that's must watch television for you. Out of all those things that could be happening that you're like, gotta see Dancing with the Stars.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
One last one. Okay. Scalp massages. I heard a rumor.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That you got a scalp massage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What are we talking here? If I wanted to get a good scalp massage locally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You know that feeling? Where like you see the water and you're like, oh my God, it's so relaxed and now I have to pee a little bit. It's that feeling.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I feel like that's not as relatable as you think it is.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Because there's water. They literally have this like rounded half circled with like water that's coming down like this over your head. Could you imagine sitting there and it's warm water.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Isn't that a shower?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I'm confused. Can you imagine warm water just pouring down the back of your head?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Was it exactly like the video when you got it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
This is local.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Is it next to like a Subway and a Booth Mobile?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I went to one of those this week.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Because it's like a five by five room. Yeah. They're trying to make it feel like a spa. Yeah. I did that this week with an IV drip therapy. Have you ever done one of those? This is new. Okay, I guess this is the time to start my roast.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Okay, I'm about to start your roast. What?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I was under the weather, and so I went to get an IV drip. Did it work? I think so. Partially placebo, partially the fact that they just hydrated you straight to the main vein.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Hydration plus vitamins.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
They come to your house? They can. That one's far more expensive. I go to them.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And it's like $120, $150. Oh, my gosh. Go get a scalp massage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Sit there for an hour, and they put the needle in your vein like you're, you know, drawn blood, and you just sit there, and it just— You know? Yeah. I felt great after, honestly.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Okay.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Much better.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Good for you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
So, I mean, because I had to come to work and do this show, which is exhausting.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
But, yeah, not something I do regularly. That's like once or twice a year.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
All right.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Hurtful but true. It's twice a week to get their energy out because they don't do that during the day. They're just at home, and I don't want them crazy at night.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That one is necessary medically for my obese French bulldog. The vet said she is obese.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I believe it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And so she cannot, it's really bad for the spine and hips.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What's the other? Olive and blue.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Blue is very athletic. Olive needs, she can't jump off things. It will like destroy her physically.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I think it's obvious that we have to protect the temple.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yes. Is it more than what Whitney spends for her haircuts? Yes. But, you know, I'm on camera every day. I got to keep up with you and your fancy hairdos.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's not a big part of your financial world.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
This one, proud to say, I canceled.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
But while I had it, it was a dumb thing to spend money on. But I liked knowing I had it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's like owning guns. That's what I imagine gun owners. It's like I like knowing it's there in case of emergency. Yeah. That's how I view the gym.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
No different than gun owners.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That one I can vouch for is a life-changing $10 purchase.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Did you use it?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
No longer will you be stumbling through the night, flipping lights on flippantly, waking up the whole family.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Well, you know, to be fair, the actual subscription to get access to the camera footage from the five cameras, it's like five bucks a month. The cameras themselves, you know, you're paying up front a few hundred bucks for the cameras, but I think it's worth it to have security.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
But number two, I almost nabbed a kid who I thought gave my dog marijuana. So that's the real, that was the biggest benefit. Ibu, one of our producers, was actually at the house when this happened. She witnessed the interaction.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Who got, who, which dog?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Blue got medical, like he got, he got high. Brought him to, like, we brought him to the emergency vet, Rachel. Whitney brought him to the vet. The vet says, hey, I don't know how to explain this to you. Your dog has a high marijuana toxicity. And I'm going, we don't have marijuana laying, like, there's no marijuana in the house. So I looked at the camera footage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Lo and behold, he was in the backyard sniffing around something. Do you have a marijuana plant back there? No. Then I checked the footage four days prior, saw some teenage kids walking behind.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
They must have, on their way back home, they must have dropped something in the yard. Oh, no. To get rid of the evidence before they go back to the buddy's house. And my dog goes over and gets into it. I don't know what it was.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Is this the obese one?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
No. Okay. It's a very athletic one. So he survived. Okay. They gave him some charcoal pills or something. I don't know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, yeah. Totally.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Anyways, I ended up sleuthing, finding out who those kids were, got in touch with the parents.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Wow. Nancy Drew. Way to do it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
They show up at my door with the dads going, hey, heard you accused our kids of doing drugs. And I was like, uh, I'm just trying to figure out how my dog almost died.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Whitney was perturbed that I started this whole thing. Our neighbors have not talked to us since. Oh. And we plan on moving. That's the story of why I have cameras everywhere. You better believe I let him know. Oh, we got cameras. That's how I found out.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Ooh, Kia Sorento.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That's how I saw. Come by. You want to see the footage?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Come through again, son. See if I don't catch you.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Son.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
All right. We're done. I think we're done.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah, those are all silly purchases. Silly, silly purchases.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
A lot of shade has been thrown. But here's the spark notes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
We'll take it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
For most of the stuff... Just live your life, okay? If it's actually a good habit and it's in the budget, you're paying cash, you're not doing it to impress anyone, you're not trying to compare, then go for it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That's my take.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
This is... You ready for it? Mm-hmm. A sparkling pear mocktail.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Probably a top three mocktail for me. Costs $1.79 per glass. I'm going to go 10 out of 10.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You might, and then you did.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That was a very quick decision. I might, and I will. It's got spiced pear syrup, which involves pears, mulling spices, cinnamon sticks, ground ginger, vanilla extract, maple syrup. That feels like a lot of work. Can I just say? Fancy. That's what you did? Yeah. She made it this morning.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
So the spiced pear syrup is what really brings it all together. Then it's got sparkling apple juice. You can sub for sparkling wine if you want a cocktail. It's a great way to do it. And that's it. It's really just sparkling apple juice plus the pear syrup.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Recipes in the show notes. Give it a try this weekend.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Sorry, I shouldn't have chosen a cultured name. It's a lot for you right now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And I'm going to be a better mom. And that should go in Amelia's category.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What a wild... Train of thought.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I will, like, take it wherever I can to justify.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Does everything end with, I'm a great mom? Is that really the goal? If I can just get to why I'm a great mom for buying this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I'm just being so great, yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Wow.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
How about you? But I'm a justifier to the max.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah, I can justify it, but with like more logic and math. I'm like, well, you know, our sinking funds really are doing fine. I can just not do the sinking funds this month. And we'll just make that purchase. Yeah.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Especially if I feel like it was a necessity for our life. Like Whitney's now in her workout mom era.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And her AirPods were like dying. So I just went ahead and bought her AirPods. New AirPod Pros.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And so I was like, well, that wasn't in the budget for like, we didn't know we were going to purchase AirPods. Sure. But it's, you know, 150 bucks. I was like, all right, I'll move some sinking funds around, move some miscellaneous.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I'll cut my spending fund money down. Sacrificial husband. And we'll make it happen.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah, I want to free everyone listening and watching that this stuff happens. Life happens. The key is, are you prepared for it? Can you adjust and adapt?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And if you want to judge, keep moving. We did enough of that today.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Honestly, the older the car, the more respect I have. I'm like, dang, like we saw an old Lexus SUV, like one of their GX or one of those.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And they were like, it was like an older boxy SUV. It looked like it was from the late 90s.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You feel like it's gone downhill.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And cars, I mean, it's like airplanes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Maintain your cars. Get a pre-purchase inspection. We're not asking you to buy a lemon that's going to have $20,000 in repairs the first year. That's what's in everyone's mind. Yes. But just pay cash. Save up over time. Buy what you can afford. Upgrade over time as you can afford it. And your life will be so much better and you'll be able to build wealth. For sure. For sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I'm George.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah, some people have the right insurance, but they have not enough coverage or too much coverage that they're paying for that they don't need. Some people have stupid kinds of insurance that they were sold by a good salesperson, and they need to cut it out of their life. And so auto insurance is one that people can save money on. Home insurance is another one you can save money on.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And I helped a friend recently save $80 a month Plus, get better coverage. Look at you, George. Just by reshopping with an independent broker. So not going with your, you know, I've had State Farm since college from my old roommate. It's time to reshop with an independent broker. So jump on ramsaysolutions.com and reshop your coverage.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You can also go to ramsaysolutions.com slash checkup and we'll help you figure out, do you have the right coverage? Do you have too much? Not enough? Find the Goldilocks level and pay the best price. That's all I'm asking.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And it's, you know, it's one of the best ways to save in your budget without having to, quote, sacrifice.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Ooh, people love their warranties.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, yeah. And they'll do this for especially cars, appliances. You see this happen on little tiny things now.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You could drop it on a pillow and it would somehow shatter.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah, I don't think it's worth it. So the key is the amount you would have spent on the warranty, put that amount away, you know, every single month in a sinking fund in your savings account and you become the warranty. And chances are you're never going to need it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And now they add it to everything. You'll buy like a $30 lamp on Amazon and it's like, do you want a $15 warranty? I'm like, I'll just buy another lamp. I'm good. I'm fine, I'm fine.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Ooh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
This one's tough because, number one, it's a predatory industry in general. When you look at what zip codes are buying lottery tickets, it's usually lower income zip codes.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
They're destitute.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Today, we're talking about the dumbest things that people spend money on. And let me tell you, there was no shortage of content here.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
They're like, well, someone's got to win. That's always the thought.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And the odds of winning. Ready for this? Mega Millions jackpot. The odds are 1 in 302 million.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
By the way, that's basically one out of every person in America.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
We are sipping on a sparkling pear mocktail. And I can tell you right now, this might be one of the top three we've had.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I would say this. If any of those are a habit in your life— then you need to cut it out of your life immediately. There is an addiction there. You're hoping for something that's never gonna happen and you can do much better financially by changing those habits. For sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh my goodness. This is one of the most common things we get on the Ramsey Show. People calling in saying, I have a whole life insurance policy. I'm paying $300 a month. and I was sold this by my 24-year-old college roommate.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
My parents bought it for me.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And people think the problem with whole... So we like life insurance, but you should only get term life insurance. Whole life insurance or permanent life insurance, they try to do two things at once, insurance and investing. They say, well, Rachel, there's a cash value account that will build up over time, and it becomes a great way to...
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You know, you can use this money tax-free and borrow against it, and it's this wealth hack that the wealthy use. These are all sales tactics that the salespeople use to scam you. Never mix insurance and investing. Buy your insurance cheap. Term life is a fraction of the cost.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's unstoppable. It's a force to be reckoned with. Delicious. So stick around until the end. We're going to give you the rating and review the cost per glass at the end of the episode.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And invest the difference, and you'll be far, far better off.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, boy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I became, like, the anti-crypto boy.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And I'm really not mad at crypto.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
A normal part of your portfolio.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And it's not investing. It's speculative. You're betting on crypto. You're essentially gambling. And while Bitcoin is the one, it's the poster child. It's like, well, George, Bitcoin. okay, one out of thousands of cryptocurrencies ended up staying here, working, taking off, having a high return. It's still volatile. We don't know. It could crash at any moment because it's not based on anything.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
That's the part that I can get behind.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's going to be like marijuana. At some point, it just becomes regulated by the government and it loses the luster it once had.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
When there's money to be made, the government will get involved and say, hey, you need to pay taxes on that. And so... I don't buy that it's going to be unregulated forever. Okay, that's a good... Eventually, it'll be like in your 401k to choose like a cryptocurrency mutual fund.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
But right now, it's a lot of just hype and you're just putting money in and there's a much higher chance you will lose it than you will gaining 10x. And there's a lot of get-rich-quick mentality out there. For sure.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What's that? Cozy Earth. You can't make a stupid purchase with Cozy Earth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And can we just say with Mother's Day on the horizon, I think it's worth mentioning.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
For the woman who has it all or you don't know what she wants, here's what she wants. She wants cozy earth.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
She wants to feel bougie. She wants quality items. And you know what? She's probably not going to say it out loud. It feels like too much to even ask.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I know.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Rachel will be like, here's what I want.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
We might step on some toes here. Can you say that?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Maybe she wants temperature-regulating bedding. Maybe some ultra-soft PJs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
You can't go wrong.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
And to celebrate moms everywhere, this weekend only, May 2nd through the 4th, Cozy Earth is giving our listeners a special promo, buy one, get one free bamboo PJs.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I think Rachel's going to take advantage of this.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
So here's the promo code, smartmoneybogo, B-O-G-O, smartmoneybogo, one word, to take advantage of this bogo offer. Remember, moms deserve the best. And I won't tell, hey, if you get it for someone who's not a mom, I'm not going to, my lips are sealed.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
But I'll tell you this much. I think Whitney's going to get two PJs for Mother's Day.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Go check it out. We'll drop a link in the show notes. Be sure to use promo code SMARTMONEYBOGO.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
So that's the baseline. We all agree those are dumb things that people waste money on. These are a little more controversial, a little more personal, a little more subjective.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Ooh.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Caveat.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
What about the people who say, Rachel, this experience is meaningful to me?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, why is that worth it over a concert ticket?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Wow. So it's the acting that you're really there for.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, wow. Like we're going to roast each other at the end?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
I've seen this. Like Home Alone is playing on the screen, but they are doing the music.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Was it life-changing?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Are you watching the whole movie as is with the dialogue?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
The band is playing over it.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, wow. That's impressive.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yeah, I do think it is because of the fees and like you got to pay for the parking or travel if you're going to go see someone else.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's expensive. The food and beverage, you're going to go out to dinner, you're going to get dolled up, maybe buying outfits. You're talking, this could be hundreds if not a thousand or more for some of these experiences. And I do think the fees have made it less feasible.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Like that? Less feasible for a lot of Americans to experience.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Oh, dumbest waste of money. And I know this one I'm going to get some hate for, but I think wine at restaurants just feels like a scam.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
It's like $12 for the glass, but I could go to Costco and buy the whole bottle for $18.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
Yes. You know what I mean?
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
So I get that it's part of the experience of dining. I feel the same way about just like a pour of liquor. Like if you're going to get a neat bourbon at a restaurant, I'm like, you're going to pay... $12 for a Buffalo Trace neat. So I only will pay for drinks at restaurants that I could not make easily at home.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
If someone just poured it, I'm like, I could have done that and saved a lot of money. Because you're also paying tax and tip on top of that.
Smart Money Happy Hour with Rachel Cruze and George Kamel
The DUMBEST Things People Actually Spend Money On!
So unless someone else is paying or it's a special occasion, generally not going to do those things. But a craft cocktail, I feel like is worth it for some reason.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Hey, George Camel here. So you're thinking about buying or selling your home. It's exciting, but there's a lot to think about. And all those decisions can feel overwhelming. Well, here's the good news. You don't have to tackle the process alone. Ramsey's Real Estate Homebase is the place to find all of your free tools and resources for help to get prepared to buy or sell your home with confidence.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
You'll find calculators, start to finish guides, a podcast, and even an in-depth video course hosted by yours truly. What's not to love? So if you're ready to take the next steps toward your home goals, go to ramseysolutions.com slash real estate. That's ramseysolutions.com slash real estate.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Your Feelings Don’t Build Wealth — Discipline Does
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
Be the Tortoise Not the Hare
Especially when you're sitting on all these student loans, which tells me if you had the money to pay off your student loans, most people go, yeah, I'd love to pay them off. But you said, nope, I'm going to hold because of really what it is at the end of the day is it's a greed. There's a level of pride and greed that goes everywhere. Nah, I'm going to keep riding this ride. Well, it's arrogance.
The Ramsey Show
Be the Tortoise Not the Hare
I have too much anxiety for these 24-7 cryptos. I mean, you could pull up at 3 a.m. and it's going up, down, up, down, up, down. Okay, now it's here, now it's there.
The Ramsey Show
Be the Tortoise Not the Hare
This is stuff people go, well, we've heard all of it on the show. No, you haven't. Not this stuff. This guy's pulling out formulas that I think even mathematicians are astounded by.
The Ramsey Show
Be the Tortoise Not the Hare
Especially real estate. Exactly. So night two, we're focusing on real estate, real estate investing, buying investment property. And Dave pulls up real properties that he owns, showing you exact calculations of how he gets their cash on cash returns. And there's APODs. John, it's amazing.
The Ramsey Show
Be the Tortoise Not the Hare
You have the pleasure of sitting next to Dave and on a break you're like, hey Dave, can you tell me about this?
The Ramsey Show
Be the Tortoise Not the Hare
My favorite is that Dave says, who's going to care about this? They don't want to go that deep. And then people were like, please, we want to go deeper. Tell us more. Yeah, exactly. Dave calls it nerdville. because it really is, we kind of nerd out. We obviously cover the basics. We're going to tell you how to invest, how to pick mutual funds, retirement plans.
The Ramsey Show
Be the Tortoise Not the Hare
We cover all that, but then we go deeper into what about beyond that? What's beyond the baby steps?
The Ramsey Show
Be the Tortoise Not the Hare
We got you. George loves pickles. I specialize in brined cucumbers. Yes. Let's do this.
The Ramsey Show
Be the Tortoise Not the Hare
Decided that I wasn't going to be... Were you also called into 200 grand of student loan debt?
The Ramsey Show
Be the Tortoise Not the Hare
Sell it right now. Yeah. How much could you sell it for?
The Ramsey Show
Be the Tortoise Not the Hare
And here's how you go car shopping from now on. You have $9,000. That's your new car budget. Not $10,000, not $12,000 because the salesman was like, oh, you could upgrade to this model if you just put it. The one you can afford in cash is the one you drive right now.
The Ramsey Show
Be the Tortoise Not the Hare
And then with more savings, you're going to be able to save up with no debt to upgrade that over time to where it's not crushing your life and hurting your relationships.
The Ramsey Show
Be the Tortoise Not the Hare
You make $130,000. You've taken the step. Are you in crippling debt? Not at all. I have zero debt. Oh, my goodness. Dude, you're making more than double the average income in the United States.
The Ramsey Show
Be the Tortoise Not the Hare
I want to be an eagle. Because as Dave says, if you stay, you become a turkey if you never leave the eagle's nest.
The Ramsey Show
Be the Tortoise Not the Hare
That's awesome. Less than 25% of take-home pay. That's the angle.
The Ramsey Show
Be the Tortoise Not the Hare
No, it's not something that we recommend. Did you hear that you need it from someone else?
The Ramsey Show
Be the Tortoise Not the Hare
Yeah. Well, the only time we'd recommend something like that is if you don't qualify for term life insurance.
The Ramsey Show
Be the Tortoise Not the Hare
My brain couldn't even fathom when you said he makes $300,000. How much money do you all have in retirement savings?
The Ramsey Show
Be the Tortoise Not the Hare
Okay. So I'm confused where this $300,000 is going because it's not going to retirement. It's not going to cash flow because you're going to debt. So where is $300,000 disappearing into?
The Ramsey Show
Be the Tortoise Not the Hare
And if you want some encouragement, go check out our friend Jade Warshaw's story. Her and her husband were making, what, 30 grand when they started paying off almost half a million in debt? So we've seen worse. And what they did was they got their income way up. By the end, they were making over 200 grand. And you guys will be too once you're married. Let's set a plan.
The Ramsey Show
Be the Tortoise Not the Hare
I think you guys are aligned in knowledge, but we're not aligned on a plan. That's right. How much does he pay himself every year out of this business?
The Ramsey Show
Be the Tortoise Not the Hare
Because you said you have expenses, there's people you're paying, so you guys need to sit down and figure out what is our income going to be for 2025 And if it's $200,000, we need to be throwing the majority of that at our debt. We've got to cover the bills, the four walls, food, utilities, housing, transportation.
The Ramsey Show
Be the Tortoise Not the Hare
But beyond that, we're not going to let this money disappear because we've been doing that for four decades now, and we're going to have to retire one day. What was your revenue last year that you reported with the IRS?
The Ramsey Show
Be the Tortoise Not the Hare
So that would be your gross income for the year, meaning you're probably taking home closer to $120,000, so $10,000 a month take-home pay. You know that money's going.
The Ramsey Show
Be the Tortoise Not the Hare
You know what I mean? It's heartbreaking, especially when you get into your 60s and you're going, hey, we'd like to retire next year. And I go, the math says you can't. I'm the bearer of bad news now because I broke your heart, but it's not a decision you get to make. The math does that for you. Otherwise, you're going to just carry debt until you die of stress and anxiety.
The Ramsey Show
Be the Tortoise Not the Hare
And so in a situation like this, they can clean it up, but they need to be aligned on the plan of, all right, we got to throw five grand a month of this debt. That's 60 grand a year. We'll be done with the 120 in two years. Then we can start tackling the mortgage. Then we can retire.
The Ramsey Show
Be the Tortoise Not the Hare
We're going to say, all right, we're going to throw five grand of this debt every month. That's 60 grand a year. It's done in this amount of time. And bada bing, bada boom, you're out of debt in less than three years.
The Ramsey Show
Be the Tortoise Not the Hare
So it's not as, I don't want you to think this is like, oh my gosh, everything's on fire. It's bad. Let's not, you know, mince words, but it's not the end of the world. I need to file bankruptcy and start over. And can I challenge you with something?
The Ramsey Show
Be the Tortoise Not the Hare
I feel like fair is that that word is stuck with me. I'm like, is it fair? It's the wrong answer. It's the wrong question. It's more like what is necessary to keep the roof over our heads and keep the kids fed and keep the basics here. I wouldn't use it as a punishment. And I don't think you are. You sound like a lovely person.
The Ramsey Show
Be the Tortoise Not the Hare
My gut says if you, the attorney, the courts, they're going to say, hey, this is a last ditch thing that we would need to approve in order to garnish his retirement to make this happen. They're going to explore every other option and they may end up where you are going. This is all this guy has. And here's how much we're going to garnish to make this work. But he's broke.
The Ramsey Show
Be the Tortoise Not the Hare
And so we can't just rob his entire retirement and just give it to you. They might have a different option.
The Ramsey Show
Be the Tortoise Not the Hare
Yeah, that, if I'm you. That's the best solution based on what you told us. And I think if you went to the courts and an attorney, they'd probably tell you something similar. Is let's explore that before we garnish his retirement. But that doesn't put cash in your pocket.
The Ramsey Show
Be the Tortoise Not the Hare
I think we need to figure out how to make Kathleen's life sustainable without the outside help. And that might take some sacrifice in the short term. You might need to pause going to school.
The Ramsey Show
Be the Tortoise Not the Hare
And I imagine when something traumatic happens in your grieving, a piece of that grieving often looks like trying to find a villain, trying to find a shortcut to fix this, someone that can take this on.
The Ramsey Show
Be the Tortoise Not the Hare
That's part of the show. We don't always have magic answers. No. When we do, it is magic.
The Ramsey Show
Be the Tortoise Not the Hare
But I heard on the Internet that it's best to have separate accounts. And here you are telling me. Yeah. OK, I'm joking with you because this is the hate we get when we tell people combine finances for this reason, for transparency, accountability, because it's real hard to make financial mistakes when your partner is locked in arms with you.
The Ramsey Show
Be the Tortoise Not the Hare
You have someone else to say, hey, maybe we shouldn't take out that line of credit. So did you know he was doing this and agree to it? Did you tell him stop? Did he do it behind your back?
The Ramsey Show
Be the Tortoise Not the Hare
So let me answer your question simply. Should you help your husband pay off his debt? No. Should you guys pay off your debts? Yes. So there's a different piece of language that's going to require some hard conversations, some reset, some alignment to go. We're doing everything together and that means no more debt. We're paying this off once and for all.
The Ramsey Show
Be the Tortoise Not the Hare
And you're not going to make any decisions behind my back. I'm not going to make any decisions behind your back.
The Ramsey Show
Be the Tortoise Not the Hare
Why are you going with Webull? Why go with any singular app that you can get on your phone?
The Ramsey Show
Be the Tortoise Not the Hare
Or we use our workplace 401k. And maybe get on and do an index fund or something. Webull was designed for day traders, which if you heard on that last call, that's the kind of people who are using Webull. It's not to say you can't find some decent funds on there and invest in an index fund.
The Ramsey Show
Be the Tortoise Not the Hare
What I'm telling you is if you use one of those apps, it's going to psychologically get you to do something dumb. Because they're going to give you notifications.
The Ramsey Show
Be the Tortoise Not the Hare
Yeah. So, Victor, if you want to do – I have no problem with DIY investing. If you know what you're doing, you're comfortable with it, you've already built a foundation. But most people going on here are in crippling debt trying to get rich off a stock trade. And that's not how building wealth works.
The Ramsey Show
Be the Tortoise Not the Hare
And these people are not doing retirement investing in Webull. So I would start there. You want tax advantaged investing in a retirement account. Go with that with your employer, a Roth IRA. You can go with one of the big three if you want to do that. Vanguard, Schwab, Fidelity. But I would not mess with these bells and whistles apps that try to get you, lure you back in for another trade.
The Ramsey Show
Be the Tortoise Not the Hare
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way. Over a decade, I went from broke to millionaire.
The Ramsey Show
Be the Tortoise Not the Hare
and I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by, a life with more margin, more options, and more peace.
The Ramsey Show
Be the Tortoise Not the Hare
If you want to check out the book, go to ramsaysolutions.com to get your copy of Breaking Free from Broke. That's ramsaysolutions.com.
The Ramsey Show
Be the Tortoise Not the Hare
Today's question comes from Kurt in Florida. I'm a 30 year old business professional making six figures with a car payment and a mortgage. I bought a home in Florida, mainly for my mom, who now lives with me. I cover all the household expenses, including food and bills.
The Ramsey Show
Be the Tortoise Not the Hare
She receives a thousand in Social Security every month, which she doesn't touch, even though I ask her to at least contribute to the cost of groceries. My mom also pressures me to send money to relatives in another country, even though I've explained that I don't have much left after my financial priorities.
The Ramsey Show
Be the Tortoise Not the Hare
Am I wrong for asking her to contribute financially even though I can technically afford it? How do I set boundaries without feeling guilty or jeopardizing my financial goals? My father passed away three years ago, so it's just me and her.
The Ramsey Show
Be the Tortoise Not the Hare
Well, it sounds like he's, by the way, this is all phrased. He's resentful that he even is in this position. I bought a home in Florida mainly for my mom. She gets this money. I ask her to contribute and she's not doing it. She's asking me to do this for relatives in the other country. So he's fed up with this whole situation that he's put himself in.
The Ramsey Show
Be the Tortoise Not the Hare
The richest irony is that your name is Grace and you have none for yourself.
The Ramsey Show
Be the Tortoise Not the Hare
And you want to be an honorable son, which I think is what has caused a lot of this, of saying, well, mom didn't prepare for retirement. She makes $1,000 a month, which, by the way, is below poverty level.
The Ramsey Show
Be the Tortoise Not the Hare
And now I need to float her bills. Oh, and by the way, dad passed away, so now I'm the man of the house needing to provide for her.
The Ramsey Show
Be the Tortoise Not the Hare
So, Grace, there's two parts of this. One, there's the emotional healing that John's talking about. And then number two is the tactical, I got to work my butt off doing three side hustles. And guess what? You guys are going to get married. It's going to get paid off. If it's two years or four years, whatever it takes, it's going to happen.
The Ramsey Show
Be the Tortoise Not the Hare
I'm thinking about if you get rid of this car payment, that's kind of like what mom would have given you for groceries. So you can kind of create that income for yourself by getting rid of this car that you couldn't afford. And choose to not be miserable.
The Ramsey Show
Be the Tortoise Not the Hare
My favorite part of this question is the fact that he referenced himself as a business professional. I've just never heard that in real life, and I appreciate that, Kurt. I'm going to refer to myself as a business professional.
The Ramsey Show
Be the Tortoise Not the Hare
Most people are like, I'm doing so great. We're like, what's going on? You're like, well, I'm in crippling debt and super stressed. All right. What's up?
The Ramsey Show
Be the Tortoise Not the Hare
You give the payments to them instead, which tanks your credit. Collectors come after you, and then they go, we'll help you settle, and it'll all work out, right?
The Ramsey Show
Be the Tortoise Not the Hare
And so I think right now it feels like it's never going to happen. Therefore, I need a shortcut.
The Ramsey Show
Be the Tortoise Not the Hare
You do, and you'll have to cancel the contract with them. So you'll need to check the document you signed for a cancellation clause, see if there's any fees or penalties for getting out of this.
The Ramsey Show
Be the Tortoise Not the Hare
Amazing. Which tells me you guys on that budget can get out of this on your own. And so I would figure out what the fees are and calculate it and go, all right, we're going to be out of this debt faster on our own instead of hoping, wishing, waiting on someone else to do it while screwing us over.
The Ramsey Show
Be the Tortoise Not the Hare
Maybe a sunk cost fallacy. Ooh, I like that. That's a fancy word for it.
The Ramsey Show
Be the Tortoise Not the Hare
Okay, picture this. You sit down to do your taxes, but instead of stressing out, you're actually ahead of the game and filing with an affordable software that makes your computer shoot confetti when you're done. Okay, not that last part, but Ramsey Smart Tax does make filing easy and doesn't make your bank account cry.
The Ramsey Show
Be the Tortoise Not the Hare
Ramsey Smart Tax is a 100% accurate software that's honest about its pricing and is backed by a company who's been in the business for over 50 years. So go to ramseysolutions.com slash smart tax to take advantage of early bird pricing and stress-free filing. That's RamseySolutions.com slash SmartTax. Welcome back to The Ramsey Show. I'm George Camel here with Dr. John Deloney.
The Ramsey Show
Be the Tortoise Not the Hare
If you've been listening to the show for any amount of time, you may have heard us do a Baby Steps Millionaire theme hour. And so from time to time, we like to hear from real life millionaires, not the ones you see on Instagram and private jets. Those are not millionaires. They're either faking it or they're billionaires. Real life people like you and me. There's only two, John.
The Ramsey Show
Be the Tortoise Not the Hare
There's only two types. The one that rent it by the hour and the people who own it. There you go. And so we're going to hear from Kirk in Las Vegas and see how he did it. How did he actually create a million-dollar net worth? Kirk, what's going on, my man? How you doing? I'm doing great. How are you doing, guys? Great, great. So tell us your story. How old are you, and what is your net worth?
The Ramsey Show
Be the Tortoise Not the Hare
All right. Love it. And did you get a degree, I assume?
The Ramsey Show
Be the Tortoise Not the Hare
So that's a solid mix. And so the majority here, you said how much in the IRA and 401k total?
The Ramsey Show
Be the Tortoise Not the Hare
Okay. So that makes up the majority. And then the next, you know, biggest chunk would be real estate. Correct. Way to go.
The Ramsey Show
Be the Tortoise Not the Hare
Okay. So that proves our point. A lot of people think, well, a lot of these people inherited their money, so it's easy for Kirk to say. But you already did the hard work, and then you got a pile of money from Mom's Legacy. Correct. Amazing. Okay, so what do you attribute this to?
The Ramsey Show
Be the Tortoise Not the Hare
Okay. So when did you sort of get your finances together? I mean, you're obviously in the accounting world. You understand basic mathematics. If I put money away, I'll have some. If I spend it all on stupid crap and pay interest, I'll lose it. So did you get this early on?
The Ramsey Show
Be the Tortoise Not the Hare
And you've maintained them well? You kind of drive them until the wheels fall off, and then you'll buy something else with cash?
The Ramsey Show
Be the Tortoise Not the Hare
You know you're driving like a ticking time bomb, Kirk.
The Ramsey Show
Be the Tortoise Not the Hare
How long have you been married? I guess it would be 16 years. Amazing. Can I ask how your, I guess, financial freedom, your wealth, how has that affected your marriage? Has there been less money fights over those 16 years? What do you guys fight about now?
The Ramsey Show
Be the Tortoise Not the Hare
Are you tight-fisted going, no, we got to just, why would we do that? You're the frugal one and she's sort of trying to get you to let go?
The Ramsey Show
Be the Tortoise Not the Hare
Because you guys will have, by the time you're at retirement age, 10 years from now, your net worth will be, my guess is probably closer to 6 million. And that's if you do nothing else.
The Ramsey Show
Be the Tortoise Not the Hare
Congratulations, brother. So just talk to the 23-year-old out there who might be listening going, I'm going to either listen to this TikTok I found on how to get rich quick or Kirk. What advice would you give that 23-year-old?
The Ramsey Show
Be the Tortoise Not the Hare
Just delayed gratification. Be a crockpot in a world full of microwaves. You're an inspiration, Kirk.
The Ramsey Show
Be the Tortoise Not the Hare
I'm sure it's Googleable. George P. Camel. I'd like the mystique. You know? As public figures, we've got to have a little mystique, John. I regret that entire sentence. I don't have any mystique. Do I? No.
The Ramsey Show
Be the Tortoise Not the Hare
Are you talking about all of your money? Do you have an actual savings account? Do you have money in the bank?
The Ramsey Show
Be the Tortoise Not the Hare
Does your social media profile include the word Bitcoin? No. Okay. No, you're not. I just want to know how far on the spectrum you are. Okay. Bitcoin bro 27. That would be awesome, Anthony. You've done really well. And the truth is when you put your money into any single item, a single stock, a single cryptocurrency, you're putting yourself at risk.
The Ramsey Show
Be the Tortoise Not the Hare
And it may not feel that way because for the last, you know, the Bitcoin bros will tell you it's just been going to the moon forever. We don't know what the future holds. We just saw, I mean, chat GPT this week. China comes out with deep seek and all of a sudden it tanks the stock market because everyone's freaking out.
The Ramsey Show
Be the Tortoise Not the Hare
And so all it takes is one thing to happen in the news or everyone starting to dump their crypto for you to lose big. And so I would, if you were in Vegas right now, I'd be like, dude, cash out and go home. And so that's what I'm telling you to do. Cash out, pay off your debt, get an actual emergency fund in place. And then you can still invest. I can't call it investing.
The Ramsey Show
Be the Tortoise Not the Hare
You can still speculate in crypto and put some money there. But I wouldn't do it until after you've taken some prerequisite steps, which is pay off your debt, get an emergency fund in place and liquid cash in a high yield savings account. Then begin investing 15 percent of your income into retirement accounts. Then any money beyond that, some fun money, you can put it into Bitcoin.
The Ramsey Show
Be the Tortoise Not the Hare
And here's the deal. Don't think you're going to do that. I'm just telling you I'm going to sleep well at night knowing I told you that.
The Ramsey Show
Be the Tortoise Not the Hare
But you were zoomed into a very particular spot in history, and I'm trying to help you zoom out and look at the big picture and go, it may continue to go up, or like we saw in 2022, Bitcoin took a 50% hit. even the housing crash of 2008 didn't take a 50% hit in the stock market. And so it's way more volatile than the traditional stock market.
The Ramsey Show
Be the Tortoise Not the Hare
You can handle that risk right now as a young single guy, but we're telling you as married guys who have seen a thing or two, that it's not a good long-term play.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
I hate to admit this, but I don't always eat right. I know I need to eat more fruits and veggies, but sometimes I just have to pound some chips because they taste so good. That's why I love my Field of Greens. It helps me eat healthy when I don't have much time. And each fruit and vegetable in Field of Greens was doctor selected for a specific health benefit.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
Heart, lungs, kidney, metabolism, even healthy weight. And folks, I ain't getting any younger. It's super easy to mix with water. And here is the great part of it. I thought it might taste like grass, but it tastes great. And only Field of Greens makes this promise. Your doctor will notice your improved health or your money back.
The Ramsey Show
Go Slow: Never Invest in What You Don’t Understand
So go to fieldofgreens.com slash Ramsey for 20% off your first order. That's fieldofgreens.com slash Ramsey to save 20% on your first order.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
Hey, George Camel here with a not-so-fun fact. Every American social security number, including our children's, has been hacked and is now on the dark web. And this is not a scare tactic. This isn't fear-mongering. It's a reality that could turn into a nightmare for a lot of people. And believe me, I've been a victim of identity theft, and I would prefer it never happen again.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
Because once the bad guys have your social, it's the lifeblood for all of their activity. Think of all the places you use your social. Your banking, your employer, government offices, utilities, cell phone companies, everywhere. And once they've got it, thieves can open new accounts, drain existing ones, steal payroll, and wreak havoc all in your name. Not cool.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
And to be real, it's not a matter of if, but when. So you've got to protect yourself with Zander's ID theft protection. Zander has all the cyber tools to help, including home title monitoring, full recovery services if you do become a victim, and stolen funds protection. Not to mention, it's the best value on the market.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
They've been protecting my family for over a decade, and I trust them to protect yours, too. So get enrolled today by calling 800-356-4282 or just visit Zander.com. That's Z-A-N-D-E-R.com.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start? Well, as your nerdy friend who does the research for you, I found the solution. They're called Delete Me.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
And here's the reason they come in the clutch. The internet is packed with data brokers, which are these shady companies whose sole purpose is to collect your personal info and sell it for a profit. Enter Delete Me. Delete Me swoops in, finds your info on these sites, and removes it on your behalf. They even send you a report with all the details.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
And so far, for me personally, they have reviewed 27,000 listings, removed my info from 240 data brokers, and saved me 66 hours in the process. I trust Delete Me to help protect my family, and I trust them to help you too. You're going to get fewer spam texts, fewer phishing emails, and fewer creepy robocalls. And Delete Me also makes a great gift for other people in your life that you care about.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
Individual plans start at just $9 a month, so take an easy step to protect yourself and your loved ones today. And as a Ramsey fan, you'll get an extra 20% off any of their plans at joindeleteme.com slash Ramsey. That's joindeleteme.com slash Ramsey.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
Hey guys, George Camel here. Let's be real. If I had a dollar for every time Ramsey Solutions gave away free money, I'd probably be rich enough to give out my own cash prizes. And here's another one for you. We're giving away $20,000 at the Take Control of Your Money livestream on January 23rd. I don't know about you, but I'm definitely signing up for this event.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
Plus, my friends Dave Ramsey, Jade Warshaw, and Rachel Cruz will be there too. We'll be talking about how you can make real progress on your money goals. Maybe you're wanting to knock out some debt. Maybe you're ready to start saving for a house. Maybe you want to build for the future. Or maybe you just want to stop cringing every time you need to buy eggs. This live stream is for you.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
It's your time to ask us whatever you want about money. It'll be kind of like a New Year's party, money pep talk, and a live Q&A all rolled into one amazing event. Plus, if we're lucky, a little comedy on the side. And no, I will not be charging for my dad jokes. So listen, if you're ready to take back control of your money or you just want a chance to win some extra cash, join us.
The Ramsey Show
You Can Build Wealth No Matter Where You Are in Life
Go sign up now at ramseysolutions.com slash livestream. That's ramseysolutions.com slash livestream.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
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The Ramsey Show
Chasing Easy Money Always Ends in Regret
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by my co-host and co-host of the Smart Money Happy Hour, Rachel Cruz, is here, and we're taking your calls at 888-825-5225.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
This is in the South. We call this blocking a blessing. All right. If you're offering this gift to him and he's saying, no, no, no, no, that's blocking a blessing. If someone wants to take me out to dinner, even though I can afford it, I'm going to say yes, because that's a gift they want to give me.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And I think you as his new wife, it's something that you're offering and it feels like he needs to work for it. And the truth is he doesn't. He got you. That's the best gift of all.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So maybe he'll listen to this call and he'll be tracking.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Beautifully said. Thanks for the call, Christine. This is The Ramsey Show.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer service. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
The Ramsey Show question of the day is sponsored by YRefi. If you're buried in defaulted private student loans, you're not alone. Reach out to YRefi to see if they can help build a custom plan to help dig you out. Visit YRefi.com slash Ramsey. That's Y-R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You invest $600,000 and you'll be lucky to get $25,000 out? You're telling me there's 96% fees? Right. I just don't understand that part. But is the juice worth the squeeze here? I'm going to say no. Because, I mean, the attorney is going to cost money. I don't know if that – I assume that includes attorney fees. We don't know.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
But the time spent and then the mental energy and living rent-free in your head during this entire time, which could take years to go through with this, I don't think it's worth it. This is what we would call a stupid tax on steroids.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
If you were going to get potentially $600,000 back, I'd say, yeah, let's fight it.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
But to get a 4% return on this, I don't think it's worth it. I would try to rebuild as best as he can. I mean, if he was able to amass $600,000 liquid to invest, I hope he does well for himself and he can try to rebuild.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I don't know that I... I mean, this would take years of... This would make me sick. I would take the money you're going to put into this and just go to therapy. Honestly, that's really what I would do. Because you experienced a trauma that no one should experience here. And it's one of the reasons I am not a fan of the world of cryptocurrency.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Not crypto itself, just the world is rife with scams and fraud.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And you can't tell what's what and what's real. And is the exchange going to go down? And that's brutal. But I personally, I don't think I'd go through with it for $25,000. You can go make $25,000 for the time you would have spent fighting it.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Oh, yeah. OK, stay away from scams and don't invest a lot of your world into crypto. Yeah, that's just one man.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Would I put any of it into crypto? Yeah. I think it hurts my soul to lose money. And there's too much downside. It's not worth the upside.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Now, knowing what I know, would I have bought some Bitcoin 10 years ago? Absolutely. Wouldn't we all buy into a company stock that we knew was going to blow up?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Sure. I would have bought Uber 15 years ago.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Yeah, Peloton. Oh, my goodness. It skyrocketed, you know, with the pandemic in 2021, and then it just flatlined back down. And so it just goes to show you even things that seem like it's a brand that will be around forever.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And then you see Crocs exploding, and you're like, okay, what is happening now? What is going on in the world?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I have no desire. I'm not angry about it. It's not like a staunch principle that I'm anti. I would just rather put that into an index fund and lower my potential upside. Yeah, it's good.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
One man's take. All right. Tim is in Newark, New Jersey. Tim, welcome to the Ramsey Show. Hi, guys.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I think you're being generous calling this a career. What is this?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Um, but you're telling me this is what you want to be doing. What do you want to be doing in longterm?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Wait, you have a degree in Homeland Security? Yeah. What was the goal of that?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So why aren't you working in cybersecurity, making six figures? That industry is booming.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay. Well, I think basic facts are your friends here. Going, okay, I'm making $8.50 a month. The average starting salary.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I don't know who told you that sales was the answer. Yes, sales is a great skill to have.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Yeah. And I don't think doing door-to-door sales is your ticket to this grand career in business. I think right now we need to get a full-time stable job in the field that we graduated in. Even if that's not the full-time long-term thing, just get it now. Get out on your own. That's going to put some onus on you to figure this out in a different way. Okay. And you have the degree.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Could you go get a – I'm assuming the field of cybersecurity. I don't know what else is out there in the IT world and the tech world.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Is that what you're paid to do right now? How are you making the 850? It's not commission?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Yeah, but if you're bad at a job that pays stable income, then you at least can eat. And right now, you don't make enough to be on your own. And at 23 with a four-year degree, you should be on your own.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
Buying or selling your home is a big deal. Between clickbait headlines and confusing data, it's tough to know what's actually going on out there in the housing market. So we are here to make the latest trends easy to understand. So median home prices went up slightly last month to $430,000. And more homes are on the market, nearly 1 million, which is the highest since 2019.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
But in many areas, it's still not enough to meet the buyer demand. Average 15-year fixed rate rose to 5.9% last month. It's still under six. I don't know if that's still the case at this very moment. I just saw rates for 30-year went up to just over seven. So if you're financially ready, a small rate increase shouldn't hold you back. If it went up 0.2%, that's not the difference maker.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So if you want to learn more about the housing market trends and get free tools to help you buy or sell with confidence, head to ramseysolutions.com slash market or click the link in the show notes if you're listening on YouTube or podcast. Zach is up next in Nashville, Tennessee, right down the road. What's going on, Zach? Hi, how are you? Great. How are you?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Yeah, can you spare some change for our friends? What are you doing to make $30,000 to $90,000 a month?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay. How did you learn about this, and are you using a platform? How does this all work?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So here's the question. If you're so good at this, why not use your own money?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay, so he's a legitimate insurance broker?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay. So what happens if you make a bad trade? You get kicked out of these prop firms, right?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay. How much money do you have now that is liquid?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
What are you doing with the rest of this money?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay, that is something you need to get in place today.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You're going to get hammered with taxes if you're making $30,000 to $90,000 a month. Yes. You've got to set aside 40%.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And do you have any debt left? I do not, no.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And that $50,000, let's call that your emergency fund plus some?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I gotcha. What are your monthly expenses right now? All in.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay. So let's call it four grand. So you're telling me if you make 30 grand, you set aside, let's say 40% of that, right? So you'd still have about 15 grand left to just throw into savings accounts every single year. I mean, every single month.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So that you could save up a whole lot of money in a year. I mean, you could have a down payment ready in six months. Ideally, yes.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Because you're not needing to wait on the market to appreciate because it's been a little stagnant the last few years.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And I would not count on this gravy train of day trading for too long. I would get out while you can when the getting's good, but just know this may not be a five-year career. So I'd find something you can sink your teeth into with how smart you are, my man. Thanks for the call.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by bestselling author Rachel Cruz this hour. The number to call is 888-825-5225. We are here to help you take the right next step for your life and your money. Sarah is going to kick us off in Jacksonville, Florida.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
He kept turning to the next scheme to get him out of whatever mess he was in.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You call us, and we're going to have a good time and help you take the right next step with your life and your money. That is our guarantee. Andrew is calling up first in St. Louis. What's going on, Andrew? How can we help today?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And unless he's willing and open, it's going to be hard to help him. It's like trying to help a brick wall. You're not going to get very far. So, I mean, if he's willing to freeze his credit, cut up the cards, remove all these accounts, just remove anything in the path that could cause him to cause further damage would be what I would do for my own dad.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I mean, he's probably feeling a lot of shame and guilt and doesn't want to drag you into it, is my guess.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
But if you can get him to open up and say, listen, dad, I'm not here to judge shame. We just want to help in any way we can. Right now, we can't do that financially, but here's what we can do.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You guys, I get it. Inflation is hitting hard right now. Milk, bread, meat, the price of everything has gone up. So you can complain or you can do something about it, like shop somewhere. Stuff costs less. I'm talking about Aldi, the newest sponsor of The Ramsey Show. Aldi gives you a no-nonsense approach to shopping and prices that won't bust your budget. Listen to this.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You're making $10 an hour, busting your butt. That sucks.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
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The Ramsey Show
Chasing Easy Money Always Ends in Regret
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average EveryDollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now. If you enjoy the show, do us a quick favor. Hit the subscribe button wherever you're listening or watching. Leave a review. Share it with a friend. Click the button. Word of mouth. Send the text.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
It really means the world for us, and it's the best marketing we could hope for, and it really helps spread the word. Joseph is in Sacramento up next. How can we help you, Joseph? Hey, how we doing today? Wonderful.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
What has caused you to have this either-or scenario?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
They need three lines of credit in order to rent?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay, one place. Have you ever tried to say, hey, if I don't have a credit score, will I be able to rent?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay. So once you're there, are you asking, should I maintain it beyond that? Yes. And for what purpose at that point?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
As in to take out debt for a business? Yes.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
What I'm trying to get at is that credit score is just saying, hey, lenders, you can trust me with debt. That's all it does. So you can make all the business transactions you want without a credit score and without a credit card. So what I'm trying to poke at is to see what is the real reason you want to keep this credit score? Because I think it's beyond just making renting an apartment easy.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Aha. Okay, this is where I go. I wholeheartedly disagree with that strategy. I believe that you can and should grow and run a business completely debt-free just using cash and business debit cards.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And you've done it so far, all cash, no debt? No. Yes. Okay. So what is stopping you from growing at the speed of cash at this point? Do you make enough profit to reinvest in the business, buy new equipment, make new hires, all of that?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You're going to be stuck in the cycle the rest of your life.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay. So it's really a hiring problem. It's not a debt or credit score problem.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
If you're going to get a car, we tell you to pay cash for a reasonably used car. If you're going to buy a piece of equipment, I would say the same.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Americans have chosen the easy path and they're in crippling debt and the credit score is living rent free in their head and they're wondering why they aren't winning financially. And so I've done manual underwriting when I got my mortgage and then paid it off. And it really I thought there was going to be more hoops to jump through.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
It was verification of income, verification of rental history and one line of trade like a utility bill or an insurance bill that was paid regularly. That plus a good down payment. They said, cool, that's it. I went, okay, sweet. So it's really not as difficult as people make it out to be. Our friends at Churchill Mortgage specialize in these types of no score loans. And other companies do it too.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
They're not the only ones. And so I tell that to say, I wouldn't keep the credit score around just in case. I wouldn't keep it around for the house. Because what happens is, Joseph, you're going to go, well, I could buy that equipment now instead of saving up for it. And that will increase my business revenue by 2X. And then it doesn't.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And now you have payments and you have all this equipment that's going down in value while you pay interest on it. And it causes people to actually struggle in growing their business.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So the question America wants answered, Joseph, what are you going to do next?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Amazing. And what are you taking home out of that a year? What's your gross income on your tax return?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Great. Good job, Joseph. That's an amazing income at your age. Well done. And it tells me you're doing a really good job with this business.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
That's big. I love this. This was a great call because I think it points out the bigger picture, which is when you stop caring about your credit score, what you're really saying is, I'm done with debt. It's not an option anymore. And therefore, what am I going to do next? Well, I'm going to do what grandma used to do and just save up and pay for things in cash.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And if I didn't have the cash, I wouldn't do it.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And when you take out the debt, life is great.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Oh, yeah. Yeah. Is it an easier life? It's easier to live with peace and debt freedom. Is it harder to save up and pay for things in cash? Absolutely. But I'll take that every day.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
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. Hey, folks, how would winning $5,000 in cash change your life?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
This month, we're giving $5,000 to one grand prize winner, and we're giving away a $500 prize every week in May. It takes less than 15 seconds to enter, no purchase is necessary, and you can enter daily to increase your chances of winning. Enter the Ramsey Cash Giveaway until May 31st at ramseysolutions.com slash giveaway. That's ramseysolutions.com slash giveaway.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Okay, think, think, think, think. What happened three years ago?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
The year was 2020. I'll give you a hint. It made a lot of people pretty mad at you. Wait, has it been that long since horse skating?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
That's really special. And shout out to Kate. Katie. Katie and her horse started all of this three years ago.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Not in a good way, popular. It was infamous, I think is the right word.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Not a great impression of me, but... Flabbergasted. Rachel's face was the best part. I was like, you can't say... Because you represented what everyone was feeling in America with a heart.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And I thought, George Campbell. Well, to be fair, I said, Katie, I know this... Would you be willing to sell the horse? It was worth like $20,000, she told me. And she said, well, I've had it for 11 years and it's like... I said, Katie, the horse doesn't even know your name. Sell the... And then we go to break. And so we had to come back and do some damage control...
The Ramsey Show
Chasing Easy Money Always Ends in Regret
We ended up becoming friends with Katie. She was very sweet.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I had not realized over a thousand days had gone by. I need a sign. Like, a thousand days has gone by since George was super mean.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Yeah. Poor Katie. I hope she's dead free by now. We've got to check in with her. Where are they now? We should. I'll send her a message, and she'll give me an update. But goodness gracious, thank you for that. Shall we get to the news of the day? Yeah, let's do it. Okay.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
This is a recent article from Yahoo. Liam Payne of One Direction died without a will, leaving a $32 million estate. Wow. OK, so we've heard about celebrities dying without a will. Prince famously died without a will. And now his former partner, Cheryl Tweedy, who's also the mother of a son, has been named one of the administrators.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Good point to make. So along with Cheryl, there's also a music industry lawyer, Richard Mark Bray, was named as another administrator. And so now they've got to deal with this estate over in England and Wales and deal with the laws of the state and sit in courtrooms trying to figure out how to do this, all because –
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Liam didn't have a will in place stating, here's the beneficiaries, here's the wishes, all of the things that go along with making a will. And it's really sad, especially, you know, he was 31. I know he was so young. He died from this tragic accident in Buenos Aires. Yeah. Oh, it's a good reminder to everyone out there, whether you have 32 million or $32 to your name, you need a will. Yes.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Wills are not for a certain level of wealth.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
It's not a baby step. It's a get the will done today. And so this is one of those areas as well where people think it's too heavy to deal with. Like, I don't want to have these heavy questions, heavy conversations. So what I'll do is leave it for my grieving family to deal with. On top of the loss, they now have to deal with this. And so it's really important to get done. And I did it online.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
We have a great partner, Mama Bear Legal Forms. You can head to RamseySolutions.com slash will. And there's no lawyer fees, no fancy offices. You can just knock it out all online. Yes. With attorneys that are built by attorneys, but without the price tag. So it's super inexpensive. It'll take you a little bit of time to answer these questions, but then it spits out the document. It's pretty fast.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So great reminder to everyone out there. Get this done today. Let this be the wake up call. Oh, OK. Moving on to Anthony in Chicago. Anthony, welcome to The Ramsey Show. How can we help?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Wow. What kind of business is it? This is a child care business. And what's your role?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
oh yeah when you you started the call by saying my alpha dad what does the alpha term mean here is it just he runs the show he tells us what to do and we're not going to talk back and make any tweaks he's not there to listen to us yeah pretty much that okay that's i mean that's a sign of just poor leadership if it wasn't your dad you would say man this is a toxic boss man literally if it wasn't i feel like if
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So here's my takeaway, Anthony. If it robs you of your peace, it's not worth the paycheck. It's that simple. I think we need to have a conversation with Dad and say, you're done. Because he's not going to change. It sounds like he's made that clear. Right. And no amount of money is going to make this better.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
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
Chasing Easy Money Always Ends in Regret
Get connected at RamseySolutions.com slash SmartVestor. Again, RamseySolutions.com slash SmartVestor. Ramsey Solutions is a paid, non-client promoter of participating pros.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
If you're tired of living paycheck to paycheck, you're wondering where your money's going, your first step is getting on a budget. And our team is hosting a free budgeting training this month where you'll learn step by step how to make and stick to a budget using EveryDollar. Plus, you'll get your biggest budgeting questions answered in a live Q&A. So go sign up.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Spots are limited and it's completely free. Go to EveryDollar.com slash webinar. Adam is in Atlanta up next. What's going on, Adam? Hi there. How are you doing?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
That's going to be a big part of your budget every month is just making sure that you've set aside that amount to cover those things. So that'll be an ongoing cost. And we do. Okay. And your question is, how can I build wealth?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Yeah. We always say that your greatest wealth building tool is your income. And even though you're not working, you guys have a great income. And so that's the key is how much of that can we live off of versus invest. And so do you guys have any debt right now? No, we don't. Great. And you have an emergency fund saved?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Amazing. So, you know, I'm crunching the numbers here.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Yeah. You can max out two Roth IRAs. Now, VA disability income is an earned income, but because your wife has earned income, you can invest up to that amount. So the max is $7,000 in both of those Roth IRAs, and you can do the spousal Roth IRA. So you could do that and max out at $14,000 for the year to kind of kickstart this. Do you guys have anything saved in retirement so far?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Just a taxable brokerage account, non-retirement?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Great. Well, I mean, I can just show you with some numbers and stats what will happen. If you guys are 32, you got $150,000 saved already. And let's say you invest $1,500 a month. That's less than 15% of your income from what you shared. But let's say you invested $1,500 total per month at a 10% rate of return from 32 to 62, you'd have over $6 million.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
And even more conservatively, 8%, still $3.8 million by 62%. So really the key is you guys are building these habits now. Just keep it up. Be consistent. Keep putting money into the market when the market's down, when the market's up. When you have a good month, a bad month, just keep investing no matter what. And you're going to be just fine as far as the wealth goes.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So that'll allow you to focus on Adam and focus on, you know, raising your one-year-old and being present for your wife. And that's really the beauty of building wealth. It's not to just stack up cash. It's to create that impact, to leave a legacy and to stop letting money problems live in your head red free.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I hope and pray that there's just health care and tech advancements in the future. And so over the next few years and decades, you know, maybe there will be a treatment that can get you back to more mobility and less pain.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
This is compound growth at its finest. Because if you look at the contributions of this, it's a little over half a million contributed over those 30 years. The growth alone was 3.2 million. It's crazy. It's crazy. So when people go, well, I can't save a million dollars, I'm going, you don't have to save a million dollars.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You need to kickstart the compound growth process where your money makes more money. And it starts when you're young and you just keep it going and keep it going. So what we found is most people's retirement accounts, 80 to 90 percent of the balance is compound growth. Only 10% to 20% was the money they put into it.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You got to face the music and choose reality, negotiate down the debt as low as you can, and hopefully you can get out of this mess soon. To make the switch today. That's boostmobile.com. Christine is up next in Philadelphia. What's going on, Christine? How can we help?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So that's very encouraging for me, and it should be for you, that you don't need to make a bajillion dollars. You don't need to put away a million dollars. You need to put away money now, today, tomorrow, whatever you have, whatever you can. Make it a little until you can do more, and that's going to build wealth over time.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Appreciate that. That puts this hour of The Ramsey Show in the books. Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you've got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck. But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
Chasing Easy Money Always Ends in Regret
How much money do you have liquid? Like, could you write a check today and be done with all the debt and still have plenty of money left over? Okay. It sounds like he, this is a pride thing for him of like, no, I took out this debt. I made the mess. Let me clean it up as the man.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Did you tell them you were cash pay? Because usually you'll get a real steep discount.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
So she likes to know there is a spreadsheet. She doesn't want to actually look at it.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
I think you guys need a dream date and cast some vision.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Zoom out first, and then you reverse engineer it with the tactical.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
Is this a second marriage for him? No. Okay. I'm just trying to figure out where this is coming from. And it feels like, well, she's coming in to swoop in and save me because she's done a great job and I've done a poor job. And his whole life, his job is to save people.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
It's emasculating to be like, well, can you come save me from my debt? I messed up. And so I think you haven't been approaching it with any sort of attitude of, well, you need to fix this and I'll fix it for you. I think let him experience some of this sacrifice and also paint the picture of the future and go, what's the best way to accomplish this? Great. Let me just pay this off.
The Ramsey Show
Chasing Easy Money Always Ends in Regret
You're going to be sacrificing the rest of your life in this marriage to build wealth together. But let's get a clean slate faster. I hope that helps with him. I mean, if he really wants to do this on his own, he can. But again, it's not going to lead you guys toward the unity that you need as a couple.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
She's been playing and smiling this whole time, totally ignoring mom, just being a rock star on the stage, which is how it should be.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
If you're watching on the Ramsey Network app or on YouTube. Oh, cute, cute, cute.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And now an ambassador. What a cool title at four years old.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Yeah, generosity in times of good, that's fun. But generosity in times of grief and trauma, that will change you forever.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And in honor of our giving show, we're going to do a giving story instead of a question of the day. So today's giving story comes from Morgan in North Carolina. An older couple came into the small bank where I worked to open a checking account. The husband mentioned he was expecting a wire of over $1 million. Immediately, my alarm bells went off.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Someone had contacted him claiming to be the executor of a cousin's estate with documents and a website to create legitimacy. When I pointed out the flaws in the documents, the customer was devastated. He had no car and had planned to get one with his newfound wealth so that he could provide for his family. Every year, I collect money and donate items in my papa's honor.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
I called a friend who has an auto repair shop and asked him for help. God was working behind the scenes and he knew someone who was selling a reliable van. The lady who owned it... lowered the price to the exact amount we had to spend. We called the couple to let them know we had a surprise for them and were heading to their home. The man and his wife broke down in tears when they saw the van.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
He had just gotten home after walking in the freezing cold to get a loaf of bread. I'll never forget squeezing the keys in his hand and saying that he would finally be able to provide for his family again. Wow.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
She turned it from grift to grace. Oh, there's the book. They're going to make a movie about it. That title's free.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
That's a really cool story, though. That is fun. And again, you have to be able to look up and see the opportunity. When you're so focused on your own situation, your own money problems, it hurts your ability to give.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
That's cool to think about. Put that on your bucket list of generosity.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Yeah, if your car doesn't work or you don't have one, a $2,000 car might as well be a $100,000 car.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Seeing a theme here. Legacy. Paying it forward. Contagious generosity. Special.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
That's impressive. So I want to speak to the person out there who wants to give their they may, you know, go, I don't know if this is trustworthy organization. How do you get someone who has not given to go? All right, I'm going to jump into this cause. What is the target demo there? What gets them to give?
The Ramsey Show
It’s Our 2024 Annual Giving Show!
How do you even choose when the world is your oyster? What college did you end up going to? What did you study?
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Wow. He was waiting a long time for some payback, and he got the idea. Talking to Grandma, I went, I know exactly what to do. I really like this guy.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Yeah, now I'm wondering, do they need college at this point? There's some budding entrepreneurs right there.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Are you determined to get out of debt and build wealth this new year? 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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
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. 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.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And wishing you the best with the rest of college. And forgive my ignorance, I didn't know Xander did that. So that's a really cool program they have.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
You'll have to ask Jeff Zander about that next time you guys hang out.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Well, it's cool to see the other side, because when you're Zander, you give out the scholarship. You may not hear from them, so it's cool to see the progress and momentum and how she's changed her life because of this, going to school debt-free.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Well, and that checked off about four boxes on the Ramsey plan. We're talking about, number one, generosity. The kids are going to college debt-free, and they started and launched this debt-free business and grew it. That's entree leadership right there. I mean, you got your start mowing lawns way back in the day, didn't you?
The Ramsey Show
It’s Our 2024 Annual Giving Show!
I'm proud of you. Listen to this story. What a great reminder. You don't have to give a lot personally, but Danielle was bold and said, I'm going to start this thing, and the community rallied around it and made it happen.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
I wouldn't call it a feature, but there it is. That's fun.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Can you imagine if someone did that for you? You might have a lawn care business right now.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
If you just start listening and start looking, you will find so many opportunities to give. It's amazing.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Well, and just the surprise element of kindness is just so shocking in today's culture that it really does change a person's day, their week, maybe even their year.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Oh yeah, this one's from Carl in Knoxville, Tennessee. Here's what he had to say. A week or so later, we found a better pair of tickets for $1,100. We decided to purchase the second set and turn around and sell the first to recoup our money. To make a long story short, we tried for over a month and could not sell our tickets.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
We drove to Knoxville the night before the concert, and the day of the concert, we decided to eat at one of our favorite restaurants in Knoxville, and it was about three or four hours before showtime, and we still had the two extra tickets. Whoa. Whoa.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
There was no entitlement here. The kids worked hard.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
It took us about an hour working with her phone and hours to transfer the tickets on Ticketmaster, but we did get it taken care of and even gave her a big tip on top of that to cover her parking. The concert was fantastic, but my wife and I enjoyed blessing her and her husband even more than the concert itself. It was the first concert she had ever been to.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
She texted us after the concert and told us she and her husband had a wonderful time and thanked us again. Best $1,200 my wife and I have ever spent.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
That's the truth. And I know, Dave, you're a big Eagles fan. And, you know, being a Knoxville fan... It's all there. This is a very Dave story. If I had to make one up.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
If I said chat GPT, give me a generosity story that Dave will love. It's going to involve the Eagles and Knoxville.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Yeah, these kids are not going to be the Grinch when they grow up. They're going to remember this for the rest of their life.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And you know their kids are going to go to college debt-free. And so the ripple effect of this thing is massive.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
Here's how they do it. They scour the web to find and remove your data from these sketchy data broker websites. And this includes your name, your phone number, your email, your address, and more. And Delete.me will send you a detailed report of what they did and how much time they've saved you.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And they've saved me 66 hours so far, which is more time I can spend trying to nail the wordle of the day on the first try. Delete.me has been around for over a decade, and they now have over 100 million data removals, which explains why they have a mountain of rave reviews and an A-plus rating from the Better Business Bureau.
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It's been great for my family, and I love getting fewer targeted ads, fewer spam texts, and fewer creepy robocalls. So this holiday season, share peace of mind by gifting a Delete.me subscription to someone you love, or even just like. Their individual plans start at just $9 a month, and you can sign up today at joindelete.me.com slash Ramsey for 20% off. That's JoinDeleteMe.com slash Ramsey.
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It’s Our 2024 Annual Giving Show!
Well, I was just thinking I should have brought some tissues because usually these stories make my eyes leak.
The Ramsey Show
It’s Our 2024 Annual Giving Show!
And I bet the people that aren't giving would like to give more, and that's the power of the budget is you've got to find the margin to be able to give, to be able to look up and see those opportunities. And so that's the best part about it. That's why we put the giving line item first, not every dollar budget.
The Ramsey Show
Stick to the Plan Even When It’s Tough
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Stick to the Plan Even When It’s Tough
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Stick to the Plan Even When It’s Tough
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
Stick to the Plan Even When It’s Tough
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Stick to the Plan Even When It’s Tough
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So, Christy, my first question is why are you paying 40% in taxes and deductions? Because you told me you're making $19 an hour. It's about $40,000 a year, but you're only taking home $24,000 a year. Are you investing right now?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So when you said take-home pay, this was after all of those other expenses were paid? Your debt payment for the phone? Okay, got it. That makes a lot more sense. Yep. So you actually have more margin than you think. But you're saying, after all that's paid, I have $100 extra I could throw at the debt. It's not going to make a dent. And that's where Ken's advice comes into play.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Think about it this way. For every extra dollar an hour you can go make, that's $2,000 a year. At 40 hours a week. So if you can go make 25 an hour, you're going to get a $10,000 raise. Can you get out of debt a little easier if you had an extra 10 grand a year laying around?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah, you might do your 40 hours and then do another 10 hours doing this. I don't know your family life, and I want to respect that, but this is going to be some sacrifice and hustle.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
But to Ken's point, if we can get you out of the student loan debt, free up a payment, get you an emergency fund so you never have to go into debt again, now we have a foundation to where we can step forward from a place of strength into that next piece of education. And then once you're a nurse, goodness gracious, sky's the limit. Yeah, and now you're going to cash flow the master's degree.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
That's your next goal. So car and house, love that for you. That's going to have to be on the back burner. Down the line. I wish we could do it all at once, Christy.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Then let's pause everything and stack up money for this car, and then we'll push play on the debt snowball. This is The Ramsey Show.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Welcome back to The Ramsey Show. I'm Ramsey personality, George Campbell, joined by best-selling author, Ken Coleman.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
We are here, Ken. We're live. We're doing it. Call us up, 888-825-5225, and you'll be blessed to talk to Ken today.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Well, in a perfect world, if Dave was on air, he'd say, well, I wouldn't want you going back into debt. But also, it's not a sin to revert back to baby step six for a few years and knock out the mortgage. And so as long as you're doing it, you know, 15-year fixed rate, the payment's no more than a quarter of your take-home pay.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And with all the 100% equity you have in the house, roll that into the next one plus any savings and try to minimize the mortgage and then knock it out quickly. So what are we talking? What would it take for you guys to upgrade to a home that's like, all right, we got room for all eight of us with room to spare?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
But do you need five bedrooms, six bedrooms? No. Well, you got multiple boys.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Oh, yeah. But I think you're still going, all right, for the house that we would want, what's your current house worth?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And let's say the next house was 450, right? And let's say you want to do that. How long do you have it? Is this a year from now? What's the urgency?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Live from Ramsey Network, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by my good friend, Mr. Ken Coleman, and we're here to serve you in whatever's going on in your life. Maybe it's the job that you want to quit. Maybe it's that side hustle thing that you want to go do.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
God bless the Catholics. There we go. Whoa. I'm kidding. I'm kidding. Wow. Thank you, Grant, for that. You just dropped Catholicism on him. I just thought maybe, you know, they're like, let's have more babies. More and more. But I'm happy for you guys. He's living his best life.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Ken will give you advice off-air for that one.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Thank you for that. All right, Grant. He's not willing to give it up. Let's talk facts.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You're in Baby Step 7. Do you guys have a bunch of money in savings outside of your emergency fund?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
How much could you save up in 12 months for, you know, as a kind of a down payment plus your equity?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So you could save up, you're saying 15 grand in the next 12 months?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. So just set a goal and you're married. You have a wife. I am. Okay.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You never know. Thought we had covered that earlier. But I would set a goal with her and say, hey, here's what we're wanting to do. We want to upgrade about a year from now. Here's how much I think we can save. We're going to take all of our equity plus the savings and throw it at the next one. And then there likely will be a gap of, let's say, $50,000 to $100,000.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And here's how we're going to tackle that. Mm-hmm. We're going to attack that for two years or three years, whatever it is. Just set a goal and don't let this linger and don't do a 30-year with as little payment as possible. Get aggressive and get rid of it and get back to baby step seven in no time.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
But you have Ken and I's blessing that you're not, you know, it's not going against the Ramsey plan to get another mortgage and to be temporarily in baby step six. You guys have done such a great job. You sound like you're a young family. You've got a 10-month-old. How old are you two? Yeah, so I'm 36. Amazing.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And so if we say, hey, by 40, we're going to be debt-free again, back in Baby Step 7, the house will appreciate. And so I would go down that path. That's a lot of kids to bunk in an 1,800-square-foot home.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Good for you, man. That's great. So what's your question?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Bro, there's the answer. Without hurting the revenue for the business?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You could. I don't think it's going to be that much of a game-changer. I mean, and if you did that in a Roth IRA, you wouldn't be able to get a deduction on your taxes because you've already paid taxes. It's going to grow tax deferred and you can withdraw it tax free and all that. So I don't think it's worth doing it for the tax deduction.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I would do it because of where you're at in the baby steps, which is if you're debt free with an emergency fund, invest 15% of your income. And because you don't have a traditional retirement plan, the Roth IRA would be a great place to do that.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And I'm saying if I were you, I'd do Roth side. I wouldn't do it for the taxes. I'd pay whatever taxes are owed. And I'd rather be tax free. At your age, man, that's all going to grow tax free till retirement. So that's what I would do personally. But it's a great point. You can still max out your Roth IRA for 2024, people, until tax day. So get to it. This is The Ramsey Show.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
The Ramsey Show question of the day is brought to you by YRefi. Student loan debt is a swamp thousands of people find it hard to escape from. So don't be another statistic in the student loan swamp. For distressed private student loans, there's YRefi.
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Draw a Line in the Sand and Say “I’m Done!”
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The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah. To your point, Ken, the initial number is less important to me. It's more about how quality is the leadership at this company? What does a growth track look like in the role that I'm in? That's what I'm more interested in versus what am I making day one when I just got my license? Right. And she knows these folks.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah. But I think having a range in your mind is good. It's not going to be $30,000. It's not going to be $300,000. So having a range is good. I wouldn't plant on one specific number. And if it's a dollar less, I'm going to leave. That feels unhealthy.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
All right. Let's go out to the phones. Thomas is in Sacramento up next. What's going on, Thomas?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Now, you said you were using it for business expenses. So your business wasn't profitable and you were artificially propping it up with debt?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Um, I think we just found our answer, man. There's the answer. I think this baby Trump's having an investment property. Are you guys going to be financially okay? Losing the rental income?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And is there any income that will still come in?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Was it profitable now? Where does it stand?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Just to not be a long-distance landlord and be done with it. So... We have one thing solved. Sell it, take all the profits, and use it to fund this surrogacy. You've already got $40,000 in the bank.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I mean, I take Zillow with a grain of salt. It could be way more than that.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Which on top of your $40,000 is more than enough to cover this.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah, I think that'll give you a lot of peace during this chaotic time is just control what you can control. Control your spending, control your income. And we're wishing you guys the best with the surrogacy. And I mean, what a blessing to have this house that we can just sell to fix this problem. You know, it's a beautiful problem to have.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So and I again, I think this baby trumps the investment property, especially when you're essentially losing money on the deal. that baby will trump it all. So wishing you guys the best with that. Thank you so much for the call. That puts this hour of The Ramsey Show in the books.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Thank you to my co-host, Ken Coleman, everyone in the booth keeping the show afloat, and you, America, will be back before you know it.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. So how do we get this business to where you can pay yourself 60? What must be true?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by Ken Coleman, and the number to call is 888-825-5225. Ken is the man. If you need help getting that income up, he's the man when it comes to getting your income up. We say your income is your greatest wealth building tool.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
A lot of people are going, I got to make more. Ken is so good at guiding you through, coaching you through. How do you make more for your current state in the short term and in the long term? And I'll be alongside to answer all of your money questions and whatever else is on your mind.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. And you're wondering, hey, if I cash this out, I'll get $96,000 that I could invest minus some surrender fees?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. $78,000 that you can do what you want with. Or you go, I'm just going to keep paying this monthly premium and I'll have $150,000 death benefit, the face value of the policy.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Do you have $10 million in the bank? What's the nest egg?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So you're self-insured. You don't need life insurance.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
How many hours are you working right now in the business?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You're right. Okay. So when you think about the purpose of life insurance, which, by the way, we only recommend term life insurance instead of these whole life policies because of how expensive they are and because of a whole host of other issues, the goal is to replace your income if something should happen to you so that your loved ones won't have to grieve financially.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And so are there people in your life who rely on your income today? No. Okay. Okay. Just my wife and I. And on top of that, you're self-insured. If something happened, she's got $3.7 million sitting there, right? Correct. So the $150,000, that's cute compared to the nest egg you've been able to build up. And so that's the point and the goal of having that term life for 15 or 25 years.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Over that time, you follow the baby steps, you pay off your house, you've been investing consistently for decades, and here you are with this policy. So if I was in your shoes, just because it would pain me to keep making this payment... and this crappy product, I would be done with it. I'd take my 78, invest it, go on vacation, do what you want with it, but I wouldn't continue paying it.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Now, if you were destitute financially, you had no nest egg, this was all the money to your name, and you were in ailing health, I'd go, okay, I'd probably just keep paying the policy because it's going to be more helpful than it is harmful. But man, you've done such a great job regardless of this crappy product that it's impressive.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
There's a 25-year-old listening who says, I'd like to have $3.8 million. What do you tell that person? What was the key to your success?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
That simple. Live on less than you make, get rid of your debt.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Fund the kids or grandkids college fund. Go on a nice vacation.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Maximize that money. That's living like no one else. All right, Aaron is in Youngstown, Ohio. Up next, what's going on, Aaron?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So are you investing 15% of your gross income regardless of match?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. So you've got a Roth IRA that you're contributing to?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Do they have a Roth 401k option through your employer?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. I would check in on that, but here's the strategy. Match beats Roth beats traditional. So you're investing, you got the match, it's 100% return. Next, do all the Roth you can. For you, that might just be the Roth IRA. And if you still have money beyond that, in that 15%, go back to your traditional options in the 401k. And as far as diversifying, what are you invested in right now?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
What funds did you choose inside of your retirement plan?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I would avoid single stocks because of the risk and volatility. I would stick to those funds that you mentioned, mutual funds, index funds. And there's four types you want to diversify across. And it basically is like a large cap, mid cap, small cap, and international. Because that'll diversify even amongst those funds.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And to help you do a deep dive on this, jump on to ramseysolutions.com slash guide. We have a free investing guide where we walk through exactly how to choose those funds. Appreciate that.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And join us for the Investing Essentials live stream. The ticket is on me, Aaron. So hang on the line. It's on us today. Thank you so much for the call. He may have planted that to get a free ticket. I don't know. I'd like that move. Appreciate that. Smart move. This is The Ramsey Show.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
This is The Ramsey Show. I'm George Campbell, joined by Ken Coleman. The number to call is 888-825-5225. Andrew's up next in Pittsburgh. How can we help, Andrew?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. Are you like a financial power of attorney? Can you make financial decisions on their behalf?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. And you and her are working in tandem to figure this out?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. All right, so as you dug into the numbers, what do you mean parts of it may not be liquid?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Was this an advisor? Was this the one who got them into all this?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
They've been selling them crappy products for a long time.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
All I heard was ka-ching, ka-ching, ka-ching, more commission for me, more commission for me. Here's a whole life. Here's an annuity. These are some of the most complicated and expensive products that your parents honestly didn't need with this level of wealth.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Neither here nor there. But here's what I would do is figure out which of these has the least impact tax-wise. So think through some of that tax strategy because the traditional IRAs, they haven't paid taxes on the funds. So if you just withdrew $250, no, you're going to have to pay taxes on that as they file their taxes. So I would sell whatever else, like the gold.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Again, you're going to have taxes probably with anything that's not just straight liquid cash in a checking account. The cash value on the whole life, that's $31,000 worth of cash value.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I might get rid of that before I dip into the retirement accounts. You're going to need to dip into the retirement accounts anyways with a project this big. Right. And you guys need them living on the same property with you?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. But you're still thinking 250 grand is what this might cost?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. So you've done your homework. It sounds like this is not a wet finger in the air.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So if that's the case, I'm going to go strategically through a prioritized list of what I would liquidate first. And I would honestly get a second opinion. And if you want one, you can jump on ramsaysolutions.com and click on Trusted Pros. And you'll see a network of investment pros that we trust to help you out in this situation. And they're not going to sell you garbage products.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah, TaxPro as well would really help going, here's what's going to have the minimal tax impact based on what you sold, what the cost basis was, what the capital gains tax, all the NerdTron stuff as you dig into this. But it sounds like your sister's going to have to be very involved too.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Because she's making all these moves happen on your parents' behalf. But the good news is the money's there. It's not going to decimate. You're probably talking about liquidating a quarter of their nest egg to make this happen. And then what's the ongoing cost to take care of them? They need 24-hour private care?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Maybe it's how do I move up in my career. Maybe it's the job that you want to quit. How do I get out of debt? We're here to answer those questions and help you take the right next step. The number to call is 888-825-5225. Dante is going to kick us off in Chicago. What's going on, Dante?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And then going forward, we're going to cut up these cards. We're not going to put a dime on credit for this business or in our personal life. Can you draw a line in the sand today and say, I'm done?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So you're having to fight that and go, no, this is something. This is exactly why we got long-term care insurance, so that if it got to this point, they could have care. That was covered.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I would get together with all three of them and go, okay, here's where we're going to lay this all out. Here's how we're going to fund this project. Here's what the ongoing care is going to look like. Here's the priority in which we'll spend this money. And that way everyone's on the same page. Because this is the kind of stuff that will destroy relationships. That's right.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
When there's surprises, things weren't communicated, I expected this, I was supposed to get this, and I want to at least savor these relationships.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way. Over a decade, I went from broke to millionaire.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by. A life with more margin, more options, and more peace.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
If you want to check out the book, go to ramsaysolutions.com slash store to get your copy of Breaking Free from Broke. That's ramsaysolutions.com slash store. Welcome back to The Ramsey Show. I'm George Campbell, joined by Ken Coleman. Hey, if you're ready to get your finances in order once and for all in 2025, you've got to join us for our free live stream. It's on January the 23rd.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Take control of your money. It's hosted by Dave Ramsey and Jade Warshaw. And you're going to learn how to stop living paycheck to paycheck, how to free up more breathing room so you can pay off debt fast, finally get ahead with money. Plus, Rachel Cruz and I will join at the end for a Q&A where you can ask your money questions live. And if that didn't sell you... Here we go.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
When you sign up, you'll be entered to win into our cash giveaway. Five people will win four grand each.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And again, this is a free live stream. So go sign up, ramsaysolutions.com slash live stream, or click the link in the description if you're listening on podcast or YouTube. You know, I was thinking about that when you said that. That means four people or five people? There will be five people who win four grand each. So 20 grand total will be given away.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Worst case, you get information and motivation to help you get out of that. Best case, you might get a little cash to speed it up. I'll take the odds on that one. All right. Judy is up next in Tampa. How can we help, Judy?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah, we say, you know, you can't save your way to wealth.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. He's been two months sober. That's good. Yeah. Okay.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I get it, and you're broke. But he's saying it puts you in a precarious situation financially because you don't have any legal financial protections. So you need to treat your finances... No, I do own a home.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And in your personal life and in your business life, here's the number you want to focus on is margin. It's the gap between what you're taking in and what's going out. So in your personal life today, what are your monthly expenses?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So what happens if you guys split and you wanted to sell it?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I'm just wondering what's it like when you ask for a raise from your boyfriend? That's got to be awkward.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You can't save and invest until you make more. So here's the deal. There's a foundational savings you need before you ever put a dime into investments, and that's an emergency fund. So you need three to six months of expenses. She doesn't have any expenses. Let's pretend like you do have expenses. So what would it be?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Well, you just told me you're making $40,000 a year, which means you're in the hole by $8,000.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. That's not enough for you to retire on. So our game plan is, hey, when and if Judy can't work anymore, how is she going to survive if sugar daddy's not in the picture?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
See? Do you see how this gets messy and complicated? And you say, no, the house is in my name.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Get your own savings in place, then you can begin investing, and all of that is going to take more income because you don't have a ton to throw at any of this right now.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Yeah, I would say $10,000 minimum, and then you can begin investing. And we'll send you our investing guide. Go to ramsaysolutions.com slash guide. And we have a whole guide showing you the right way to invest, what to invest in. You don't need to be risky. I got that.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So here's one lesson. We got to go, what is causing us to spend $4,000 a month? If that's cost of living, we need to find a different place to live. We need to get a roommate. If it's eating out, we need to cut off that whole piece and go, we're going to meal prep. It's going to be rice and beans for the next few months, maybe a year or two. So you're going to do an audit.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Join us March 4th and 5th, Judy. You can watch with your boyfriend. I don't know if he's going to like it, but he can be there and hang out. But he can make that voice the whole time. It'll be great. Best impression I've heard today. This is The Ramsey Show. Okay, picture this.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You sit down to do your taxes, but instead of stressing out, you're actually ahead of the game and filing with an affordable software that makes your computer shoot confetti when you're done. Okay, not that last part. But Ramsey Smart Tax does make filing easy and doesn't make your bank account cry.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Ramsey Smart Tax is a 100% accurate software that's honest about its pricing and is backed by a company who's been in the business for over 50 years. So go to ramseysolutions.com slash smart tax to take advantage of early bird pricing and stress-free filing. That's RamseySolutions.com slash SmartTax. Welcome back to The Ramsey Show. The moment you've all been waiting for. It's here, guys. What is?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
The Ramsey Show Annual Listener Survey is now live. Ken can stop texting me every day wondering when it's going to drop. When's it going to drop?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
No, really, this is our biggest survey of the year. And we want to know your favorite parts of the show, what you like, what you don't, what you want to hear more about, whatever it is. We want to hear from you. And we actually, our team pours through this data and uses it to craft what happens on this show. And to tell us what to stop doing. Exactly. They go, Ken, don't do that.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
They don't like it. It's usually a long list. So there you go. Enough with the YouTube comments. Let us know in the survey and we'll take it to heart.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Two ways to participate. You can just text the word survey to the number 33-789 or go to ramsaysolutions.com slash survey. And if you're listening on podcast or YouTube. Show notes. Just go to the show notes. It's Ken's favorite place to hang out.
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Draw a Line in the Sand and Say “I’m Done!”
I could get through a record amount of calls. I'm impressed. And here's the deal. If you sign up for this survey and you actually complete it, you'll be entered to win a $500 gift card. As a little thank you. Enter to win. You're not guaranteed, but there's a chance. Nothing says I appreciate you more than cash. Exactly.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I don't know where the gift card's to, but I'm excited to find out. Where would you like a gift card to, George?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I'm going to help you with this by giving you our budgeting app called EveryDollar, and you're going to list out your income for the month, list out every single expense, and then see where you actually stand. And if you don't like what you see, change it. I got to spend less. I got to make more. Because here's the math on this.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
My practical says Amazon or Costco. Love it. Because Costco, that one $500 gift card, that's one trip to Costco if you're lucky.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
But I would be barking up that tree to see what that's going to cost. Well, the question is, you put $4,000 into this thing. At that point, what is it worth?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So it's worth $4,000 right now, but if you did this repair and put $4,000 into it, what would it be worth?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay. That changes my answer, I guess. And how much money do you have saved right now?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay, we're not going to touch retirement. So you're down to, in liquid cash, you got $600?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay, so you don't even have the money to do this repair.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
And your solution is to go finance a $25,000 car?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Instead of filing bankruptcy, what if you made a goal to say, I'm going to be debt-free in two years? I'm going to sell 20 grand worth of equipment. That'll get me out, right? Now we're down to 48 grand in debt.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay, so let's play the scenario out. Let's say they cover it, and they cover all $4,000 of the repair. Now you have a drivable $4,000 car?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Okay, and we'll drive that while continuing to save up.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
How long have you been living paycheck to paycheck, Raymond?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You want to try another way? Would you be open to that?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
You're calling me asking if you can finance a $20,000 car. I don't know what system you've found out.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
If we have to make the repair to get by, we make it happen. We pause all the baby steps. We save up aggressively, sell anything we can to avoid debt. So that would be the game plan for you. And the question is, how can I build a habit where you learn how to save up $500 or $1,000 a month to pay cash for things versus turning to payments to solve problems? Do you see the difference? I hear you.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Right. So that's where, if they can't fix it and you need to get rid of this, if it's undriveable, then we need to go, we'll sell it for what we can, plus use any savings we can to buy a car from Facebook Marketplace. And whatever car we can afford in cash, that's what we drive for the time being. And the goal is that you're not doing this for very long. It might be five months.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
It might be a year. So what is your income?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Well, you're going to need to settle eventually, right, with the creditors?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Well... You get married, kick mom out, but she's still on the mortgage and has to pay?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So they're going to be coming for you. I'd be proactive and saying, hey, I'm trying to figure out a way to get this paid off. It's going to go into your debt snowball. And maybe a year from now, they're willing to settle for, you know, 30 grand instead of 50. We don't know. It may not be new enough. You may need to pay the full 50. But this is not going to go away.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I think I'm the only person thinking about Raymond's future. I am. I'm just enjoying your version of it.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So I'm with you. Anyways, I'm kind of role-playing here, Raymond, to go, we've got to make different decisions. This house was a mistake. I'm not telling you you need to go sell it tomorrow, but this is a glaring problem in your life as you try to get out of this paycheck-to-paycheck cycle. And this car is one symptom. This is one Jenga piece in this mess.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Can you make more money? What are you doing full-time right now?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I'd be working a lot if I were you. And my car's in the shop and I'm desperate for a better car. Dude, I'd be working as much as I can selling anything in that house that's not tied down to get out of the situation. You have no other debt other than the mortgage?
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I mean, why does the 13-year-old need to be watched? I think we might need to figure out a child care situation where you both can work at once. Man, that's messy. Hang on the line. I'm going to send you a copy of my book, Breaking Free from Broke. And hey, if you want to catch the rest of The Ramsey Show, we got more where that came from. Head over to the Ramsey Network app.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Just search that in your app store or click the link in the show notes. If you're on radio, stick around. The show will continue.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
This is going to take you busting your butt two grand a month toward the debt. You're debt free in two years. That's the math on it if you do what Ken and I said. So bankruptcy is not the only option. You've got a ways to go. Call us back if you need help. Hang on the line. We'll send you every dollar. This is The Ramsey Show.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Welcome back to The Ramsey Show. Exciting day around here because we are launching our Investing Essentials event. It's a two-night virtual event hosted by Dave Ramsey and yours truly, George Camel. We know investing can be overwhelming and confusing. It's not something that you can pick up in a 60-second social media post.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So at this virtual event, Dave Ramsey and I will walk you through how to maximize your retirement plans, how to pick mutual funds, how to invest with confidence. And it's the only place to get Dave's personal playbook on real estate investing. And Dave will explain how he made hundreds of millions in property investing debt free. And he's going to go, this is nerdville. All right.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
We're going to be, we've got charts and graphs and formulas. It's going to blow your mind. Stuff we have never covered here on the show. So join us. Investing Essentials. It's happening virtually March 4th and 5th. And you can watch from the comfort of your own home, wherever you are. Tickets start at 199 bucks.
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Draw a Line in the Sand and Say “I’m Done!”
Get yours today at ramsaysolutions.com slash events, or click the link in the show notes if you're on podcast or YouTube. What's a recommended snack for that? Since people can watch that in the comfort of their own home.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
the content we went we went deep into the cookie jar at the event and so i'm feeling it's going to be a cookie kind of evening yeah you know kind of a comfort food yeah okay that's in march you're kind of just like get me to spring already yeah so yeah get your favorite snack and uh post up and watch for two you are famously gluten-free i think america would love to know what is your favorite go-to gluten-free cookie
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
Oh, well, you know, you got Tate's. That's a standard if you like a crispy cookie. Okay. Chips Ahoy did come out with one recently that hits.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
I love it. Well, let's be men of the people and let's go out to Christy and see if we can be of service in Grand Junction, Colorado. What's going on, Christy? Hey. Hey.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
None of that. And here's why. Number one, you're not actually going to change any of the habits that got you here. So we got to dig into that part of what caused me to go $68,000 into debt with money I don't have. And the other piece is it will destroy your financial life for the foreseeable future.
The Ramsey Show
Draw a Line in the Sand and Say “I’m Done!”
So what I'd rather see you do is go, what do I need to do with my income and my spending in order to climb out of this thing in the next 18 to 24 months? If that was the only option, then you'd start getting creative. You'd go, all right, what can I do with my work? You know, what are you making right now, Dante?
The Ramsey Show
This Is How You Take Control of Your Own Life
I think you need to talk to the landlord and explain what's going on and see how quickly you can get out of this lease. Because it's going to continue to bleed money for the foreseeable future.
The Ramsey Show
This Is How You Take Control of Your Own Life
You need to sell all the assets you can on the equipment, get out of the lease with as little damage as possible, and then go get full-time jobs, both making six figures and clean up the debt of the failed business. Yeah.
The Ramsey Show
This Is How You Take Control of Your Own Life
Welcome back to The Ramsey Show. I'm George Campbell and joined by Dr. John Deloney. And we have a special guest for this segment on the debt-free stage. We have Jawanda. How you doing?
The Ramsey Show
This Is How You Take Control of Your Own Life
Thanks for coming to celebrate with us for a debt-free scream.
The Ramsey Show
This Is How You Take Control of Your Own Life
Can we say that? Were the playground you spent most of your days?
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This Is How You Take Control of Your Own Life
That's fantastic. I love it. Okay, how much debt did you pay off?
The Ramsey Show
This Is How You Take Control of Your Own Life
Wow. And what was your range of income during that time?
The Ramsey Show
This Is How You Take Control of Your Own Life
Very cool. And what was this $86,000 in debt?
The Ramsey Show
This Is How You Take Control of Your Own Life
Wow. And what were the student loans about? What was the degree?
The Ramsey Show
This Is How You Take Control of Your Own Life
Awesome. And you're putting it to good use now. I am. Okay. So 48 months ago, you look down and you're like, okay, I owe a car lender some money. I owe the government a bunch of money. I got the student loan over here. What made you get on this Ramsey plan and go, I'm going to clean this up fast?
The Ramsey Show
This Is How You Take Control of Your Own Life
Wow. And so you just made a decision. There was no like rock bottom thing that happened. You just decided, I'm done with this. What am I doing? I worked too hard to be this broke. Okay, hold on.
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay. And then what is your sister's involvement in all of this?
The Ramsey Show
This Is How You Take Control of Your Own Life
Wow. That takes a lot of emotional maturity to put down the instant gratification and go, you know what? I'm going to make some sacrifices now so I can have the best later on. And the future is looking bright for Jawando. I'll tell you that much right now. What was the hardest part of the journey for you over those four years?
The Ramsey Show
This Is How You Take Control of Your Own Life
Was it a lot of regret and guilt and even some shame?
The Ramsey Show
This Is How You Take Control of Your Own Life
You're just trying to beat yourself up a little bit.
The Ramsey Show
This Is How You Take Control of Your Own Life
Well, here you are now. I mean, you got a lot of life ahead of you. Four years of sacrifice. Was it worth it?
The Ramsey Show
This Is How You Take Control of Your Own Life
How do you describe the feeling to someone who is where you were? They're sitting with a big pile of debt and now you're debt free. How would you say this is what it's going to feel like if you're willing to make that sacrifice?
The Ramsey Show
This Is How You Take Control of Your Own Life
You're building for your future instead of some lenders. You're done paying for the past.
The Ramsey Show
This Is How You Take Control of Your Own Life
It's amazing. We've got a parting gift for you. We've got two every dollar one-year subscriptions for you. You can use that. You can pass it on to someone else who maybe encouraged you, maybe doubted you. Give it to the haters and say, hey, this is for you. Check this out.
The Ramsey Show
This Is How You Take Control of Your Own Life
We're so proud of you. We're happy to celebrate with you. Let's get to the moment we've all been waiting for. It's Jowanda from Philadelphia. $86,613 and not a penny less. Car loan, unemployment, back taxes, city back taxes, the student loans. It's all gone in 48 months, making $70,000 to $84,000. Count it down. Let's hear a debt-free scream.
The Ramsey Show
This Is How You Take Control of Your Own Life
That was cathartic. From her chest, man. Oh, my goodness. If that doesn't light you up, doesn't put a little fire in your belly, you're not living. Check your pulse, man. Jawan does an inspiration. This is The Ramsey Show.
The Ramsey Show
This Is How You Take Control of Your Own Life
Welcome back to The Ramsey Show. George Campbell here with Dr. John Deloney. The number to call is 888-825-5225. John, I don't like to hit the news very often, but there's one thing that applies to people's personal finances, if I can connect some dots for you.
The Ramsey Show
This Is How You Take Control of Your Own Life
So much we could talk about. But this is the one. Trump's IRS layoffs have some people asking, why bother filing taxes this year? So a couple of weeks ago, the Trump administration, they started to lay off almost 7,000 IRS employees. Commerce Secretary told the media that Trump's goal is to, quote, abolish the IRS. This has a lot of people confused whether they should hold off on filing.
The Ramsey Show
This Is How You Take Control of Your Own Life
Like, is this a government shutdown? We're like, we're good. We don't have to file. Yay. Some people are taking this as an opportunity to just ignore it and not file. So whether you agree with, believe, or put stock into anything politicians say, it takes a long time for anything big to happen in the government. So layoffs do not mean a shutdown.
The Ramsey Show
This Is How You Take Control of Your Own Life
The IRS is still very much alive and well, ready to make sure you file your return. So if the IRS were being closed, Trump would let us know. You still need to file like usual. And the earlier, the better. In fact, John and I were just talking about how we got ours done. We like to get ours done as soon as possible. As soon as possible. Yeah. So that we know. Yeah.
The Ramsey Show
This Is How You Take Control of Your Own Life
I just want to know, am I going to owe? Am I going to get a refund? Let me not let it live in my head rent free until April 15th.
The Ramsey Show
This Is How You Take Control of Your Own Life
Now, here's what could happen. The layoffs will likely slow down refund processing time, support phone lines, and the longer you wait, the worse it could get if you do need help down the line. So tax collectors are still on the job. They're not going to stop just because of the layoffs. And the IRS penalty for you not paying your taxes is a half a percent of your tax bill every single month.
The Ramsey Show
This Is How You Take Control of Your Own Life
The failure to file penalty is 5% of your tax bill per month, and it spikes to 25% after five months.
The Ramsey Show
This Is How You Take Control of Your Own Life
That's it. And you won't go to jail for not paying your tax bill all at once, but you could go to jail for not filing at all. So that's the key is you got to file regardless of if you can pay it all up front or not. You can work on a payment plan. You can get that extended, but you got to file by April 15th.
The Ramsey Show
This Is How You Take Control of Your Own Life
So if you're holding off on filing because you may not be able to afford your tax bill, you have options. File as soon as possible, even if you can't pay. Pay as much as you can over the next month.
The Ramsey Show
This Is How You Take Control of Your Own Life
If paying is going to take longer than a month, you can set up that payment plan and then make adjustments like you were doing the debt snowball to cut everything in your budget so you don't have this problem again. And we tell people IRS debt goes to the very top of the debt snowball. It's the first thing you pay because they can destroy your life.
The Ramsey Show
This Is How You Take Control of Your Own Life
And we can help you make it easy. If you have a simple tax situation, you haven't had any major life changes, big investments, check out Ramsey SmartTax. This is tax software that Dave and the Ramsey team approves of. We've partnered with TaxSlayer on this. It's powered by TaxSlayer. They've been in the business for 50 years.
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This Is How You Take Control of Your Own Life
This is 100% accurate tax software, saves you up to 80% compared to the other guys. So get started, RamseySolutions.com slash SmartTax, and get it out of your life. Stop letting it live in your head rent-free.
The Ramsey Show
This Is How You Take Control of Your Own Life
Because I was able to do it on my own.
The Ramsey Show
This Is How You Take Control of Your Own Life
If it can handle the chaos of John Deloney's life- You're going to be fine, guys. That's right. You're going to be fine.
The Ramsey Show
This Is How You Take Control of Your Own Life
ramsaysolutions.com slash smart tax. All right, let's go to Renee in Akron, Ohio. What's going on, Renee?
The Ramsey Show
This Is How You Take Control of Your Own Life
Sure. So you have a mortgage right now?
The Ramsey Show
This Is How You Take Control of Your Own Life
Yes. Wow. Most people's car payments are higher than that.
The Ramsey Show
This Is How You Take Control of Your Own Life
Well, everyone's mad at you right now. You've lost all empathy with the people listening. Forget this lady.
The Ramsey Show
This Is How You Take Control of Your Own Life
I would agree. Ignoring your debt and saying, well, I'll just die with it. That's a terrible financial plan. And I can't speak to all of the ramifications of, you know, if it's an unsecured debt, they might write it off when you send a death certificate. If it's a scared debt, it's going to get paid from the estate. So any assets she has will be used to pay it off.
The Ramsey Show
This Is How You Take Control of Your Own Life
And what are your monthly bills to cover all your expenses?
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay. So a six-month emergency fund, let's call it $20,000 to round up, to be conservative. Okay. That's what you'd be looking at for a six-month emergency fund. And you could take your income down and still survive. But again, you have other goals. I want you to retire with dignity when you want to and not work because you have to. I want you to be able to pay off that house one day.
The Ramsey Show
This Is How You Take Control of Your Own Life
And so cutting your income down to like a ministry income of $30,000, I don't like that plan. I'm with John on that, that I would keep your full-time job or take another job full-time that still offers flexibility for you to do this vocational ministry part-time.
The Ramsey Show
This Is How You Take Control of Your Own Life
And so I'm not sure how all that's going to shake down. Is your mother in good health? Is she able to work?
The Ramsey Show
This Is How You Take Control of Your Own Life
Love it. Hey, Renee, we're going to send you a copy of our friend Ken Coleman's book, Find the Work You're Wired to Do. It has a Get Clear Career Assessment in there. I think that's going to really help you create some clarity around this next chapter of your life. We're excited for you. This is The Ramsey Show.
The Ramsey Show
This Is How You Take Control of Your Own Life
Live from Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by the host of The Dr. John Deloney Show, Dr. John Deloney. Open phones to 888-825-5225. Jason is going to kick us off this hour in Columbus, Ohio. What's going on, Jason?
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay. The good news is you can sell that truck. You might be a little underwater on it. Do you know how much it's worth if you sold it private party? Uh, I don't through KDD. I haven't looked. That's going to be part of your homework. You got to figure out exactly what it's worth if you sold it for top dollar and you owe 35. So there's going to be, there may be a gap. Let's say it's only worth 30.
The Ramsey Show
This Is How You Take Control of Your Own Life
Was she unable to pay all of her bills, including her minimum debt payments?
The Ramsey Show
This Is How You Take Control of Your Own Life
You would need to come up with the extra $5,000 either through saving it up or going to your local credit union and getting a loan for the difference and then getting enough to get a little beater car on top of that. Is this your only vehicle? Yeah. Okay. So that's the good news. Think about that. I could free you today by selling that car down to $25,000 total in debt.
The Ramsey Show
This Is How You Take Control of Your Own Life
Can you breathe a little bit easier now? A little bit. And now we go, okay, what's a plan to pay off 25 grand? Well, easy math says if I was able to throw two grand a month, this debt, it would be gone in a year, right? Yeah. And how much do you make every month? What's your take-home pay?
The Ramsey Show
This Is How You Take Control of Your Own Life
Great. So let's say 4,000. Are you doing any investing right now at all? Is there a company 401k? Is there a match or anything you're doing?
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay. So you make 4k. Now we look at, okay, what are your monthly expenses? What does it take for you to live? We're not eating out. We're not doing anything exciting. No frivolous spending here. But how much do you need to live? Pay rent, bills, food, all that. Probably at the most $2,000. Jason, do you see what we just unlocked? Done.
The Ramsey Show
This Is How You Take Control of Your Own Life
I just told you if you put $2,000 a month toward your debt, you're debt-free in a year, and you said you make four, your expenses are two. That looks oddly like $2,000 left over to throw at the debt, doesn't it?
The Ramsey Show
This Is How You Take Control of Your Own Life
They'd say, dude, this isn't even a problem. You're going to be done with this debt in a year. And so then you do the debt snowball method where you pay off the smallest balance first. So what is the smallest balance you currently owe?
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay. So two and a half months, you're done with that first debt. Now we're down to 20,000 and we free up that payment. What's the payment on that $5,000 debt?
The Ramsey Show
This Is How You Take Control of Your Own Life
So now you freed up another 300 to throw at your next smallest debt. Do you see the momentum that gets built with the debt snowball?
The Ramsey Show
This Is How You Take Control of Your Own Life
So I just showed you the math. And again, there's, there's two parts to this. There's all the emotion. There's a psychological aspect that John can talk to you about, but I just showed you on paper how easy this is to fix. While all your other friends said, dude, it's too bad. You just got to file bankruptcy, man. That's America. What can you do?
The Ramsey Show
This Is How You Take Control of Your Own Life
And I just showed Jason how to take control of his life with the guy in the mirror. Tell me about this job.
The Ramsey Show
This Is How You Take Control of Your Own Life
But why did your sister moving in add all of these extra expenses to where now your mom can't stay afloat?
The Ramsey Show
This Is How You Take Control of Your Own Life
Live from Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by number one bestselling author and all-around good guy, Dr. John Deloney. Taking your calls at 888-825-5225. Jump in. We'll talk about your life, your money, and try to help you take the right next step.
The Ramsey Show
This Is How You Take Control of Your Own Life
Bankruptcy is not in your future, my friend.
The Ramsey Show
This Is How You Take Control of Your Own Life
Only financial freedom and debt freedom.
The Ramsey Show
This Is How You Take Control of Your Own Life
We've worked hard. So I think you're the concerned brother watching your family drown, and you want to give them a life raft, and there's nothing you can do. Yeah. You can give them all the solutions. I don't think they want to hear it from you, do they? Have you tried to talk to them?
The Ramsey Show
This Is How You Take Control of Your Own Life
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
This Is How You Take Control of Your Own Life
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax. Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney.
The Ramsey Show
This Is How You Take Control of Your Own Life
Hey, if you're not sure if you're on track with the baby steps, take a quick quiz that can help you check your progress, and you'll get a personalized plan just for you. Simply head to the show notes of this episode, click on the link that's titled, Are You On Track With The Baby Steps?, and complete the quiz. Molly's up next in Macon, Georgia. Welcome to The Ramsey Show, Molly. How can I help?
The Ramsey Show
This Is How You Take Control of Your Own Life
You're such a sweet, wonderful person. I'm glad that you were the one gifted with this money. Can I ask where it came from? My father passed away recently. Oh my goodness. And this was part of your inheritance. Was there anything else?
The Ramsey Show
This Is How You Take Control of Your Own Life
There's a lot of ways to do this. And truthfully, this is going to be up to the matter of the heart. And so I don't want you to feel like there's a right way. And if I don't do it this way, I'm not being wise. The fact you're even asking this question tells me that you're already a generous person.
The Ramsey Show
This Is How You Take Control of Your Own Life
Yes, you can sell it all the day of transfer and essentially have no taxes.
The Ramsey Show
This Is How You Take Control of Your Own Life
but i mean you'd just be putting somebody else in that same situation like some church or educational institution or wherever you sold it yeah i don't have to convert it i i think that's over complicating it what i would do molly if i was in your shoes and i was gifted this money i would just go okay i'm going to tithe off my first fruits and so the income that i actually take home i'm going to tithe off of that and so if the stock is growing and you're not actually selling it and making money from wherever it's invested that's not going to count as income that year you see what i'm saying
The Ramsey Show
This Is How You Take Control of Your Own Life
But whenever you do sell it, I would take 10% of whatever that is and tie that.
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay. And so that's what I'm talking about here. There's basically an asset here that was invested. It hasn't really turned into income for you. You're just basically converting it into a different asset. And so what I would do if I was in your shoes is just tithe 10% of your income. You can also be more generous than that. It's up to you. You could give all of this to charity today.
The Ramsey Show
This Is How You Take Control of Your Own Life
But if you're just saying, hey, what's the right way to tithe out of this from a biblical perspective? The way we see it at Ramsey is it's first fruits. It's based on what you actually took home. You know, gross or net, you know, Dave always makes jokes about that. It's up. That's really a matter of the heart.
The Ramsey Show
This Is How You Take Control of Your Own Life
If you made $100,000 gross this year, you can tithe $10,000 to your local church and even give above and beyond that to whatever organizations or causes you so choose.
The Ramsey Show
This Is How You Take Control of Your Own Life
Yeah. If you just invested this money and I'll just give you a quick example, $750,000, you never add another dollar to that. You just let it grow. How old are you, Molly? Yeah. 55. 55. Let's say even for the next 10 years, you just park that money in a good growth stock mutual fund or even in a taxable brokerage account in an index fund, and it made, let's say, 9% on average over those 10 years.
The Ramsey Show
This Is How You Take Control of Your Own Life
It would turn into 1.77 million. So 750 gained another million without you doing anything. So that's the power of compound growth at this level and this scale. And so you can really create some sizable wealth to do even more good in your community and in the world with that money. And it sounds like you're going to do that. And so I love that you're thinking about how do I manage this well?
The Ramsey Show
This Is How You Take Control of Your Own Life
Do you trust the financial advisor you're working with?
The Ramsey Show
This Is How You Take Control of Your Own Life
They're helping explain all of this to you. They're educating you. They've got the heart of a teacher.
The Ramsey Show
This Is How You Take Control of Your Own Life
You got to challenge him. Yeah, make him think outside the box. That's how I would look at it, Molly. And again, I don't think there's a wrong way to do this. The way I look at it is whatever income I took in that year, if I want to tithe the 10% off of that, that's what I'm doing. But you don't need to look at it as one giant pile and I've got to do this today.
The Ramsey Show
This Is How You Take Control of Your Own Life
You can invest it and based on what you actually convert to income, tithe off of that. Or you can do what John said and just go, you know what? I'm just going to take 85K off the top of this and that's all. I'm going to tithe out for that and the rest is going to be investments.
The Ramsey Show
This Is How You Take Control of Your Own Life
Yeah, you wouldn't even touch the principle of that money. It's all going to just be growth at that point, which is incredible. And you said you don't need this money. It sounds like you're doing really well financially yourself.
The Ramsey Show
This Is How You Take Control of Your Own Life
And guess what? I can tell you're going to do the same for your kid, and I hope they do the same for their kid, and that's generational wealth. A good man or woman leaves an inheritance to his children's children. You're an inspiration, Molly. Thank you so much for the call and trusting us with this. This is The Ramsey Show.
The Ramsey Show
This Is How You Take Control of Your Own Life
Wow. Yeah, there's no way they're even staying in this house. Is the house paid for? Are they renting?
The Ramsey Show
This Is How You Take Control of Your Own Life
I'm George Camel, joined by Dr. John Deloney. This is The Ramsey Show. Our Ramsey Show question of the day is brought to you by YRefi. With YRefi, you can take control of your defaulted private student loans with a plan that works with your monthly budget. Visit YRefi.com slash Ramsey to learn more. That's the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
This Is How You Take Control of Your Own Life
I'm not sure they can even afford that, plus insurance and taxes.
The Ramsey Show
This Is How You Take Control of Your Own Life
And then having that deep why of like, oh, that's why I'm doing this. Because when you're in the middle of it, you sort of forget like, why am I running this marathon? Why did I decide to run a marathon? Oh, that's the reason why.
The Ramsey Show
This Is How You Take Control of Your Own Life
And what I found, this works for me, John, this may not, I don't know if this works in your world, but when I find that I'm getting too like emotional about something, I try to lean toward the facts and reality. And when I get too into the math and that becomes overwhelming, I try to lean into the emotional side of here's why I'm doing this. And so that tends to help me not be out of balance
The Ramsey Show
This Is How You Take Control of Your Own Life
And car insurance and gas? I mean, I don't see a way out unless we increase the income. And I don't know how mom's going to survive with or without your sister living there. It's clearly not helping to have your sister there. But even if your sister left, I don't see a world where mom pays off $30,000 in debt making $1,500 a month barely making it.
The Ramsey Show
This Is How You Take Control of Your Own Life
on one or the other. And so it may help to go, look at the numbers, look how much debt we've paid off. Let's make the little chain and make it visual and let's make the thermometer and color it in to show the progress. Because sometimes it is hard to see the forest from the trees when you're in the middle of this.
The Ramsey Show
This Is How You Take Control of Your Own Life
It's not because you hate yourself. It's because you love yourself enough to see that version.
The Ramsey Show
This Is How You Take Control of Your Own Life
We got to update the operating system.
The Ramsey Show
This Is How You Take Control of Your Own Life
All right. Cole is in Cincinnati up next on the phone. What's going on, Cole?
The Ramsey Show
This Is How You Take Control of Your Own Life
uh no okay you get it and send it to george underscore i'm just kidding don't send him your extra money well you're right you said you're in baby steps four five six so those are done simultaneously so once you have 15 they're done in order but at the same time so 15 boom we got that going next up do you have kids uh no i'm only 20 so oh great so you're gonna leapfrog past five do you have a mortgage
The Ramsey Show
This Is How You Take Control of Your Own Life
So here's what you can do. Jump on to RamseySolutions.com and use our mortgage payoff calculator and set a goal of, hey, man, how cool would it be to have a paid for house in four years? And here's what it looks like. If we make an extra payment every month of a thousand bucks that we have, you said, left over.
The Ramsey Show
This Is How You Take Control of Your Own Life
So however much that is that you want to allocate toward the mortgage, let's allocate that money every single month and have a goal to have that home paid off in a certain amount of time.
The Ramsey Show
This Is How You Take Control of Your Own Life
And that can become extra on the mortgage. That could be, hey, you know what? I need sinking funds for a vacation. I'm going to put money away for an upgrade in a car two years from now. And so what I've done is just set up a bunch of sinking funds in my every dollar budget to where that money has a name.
The Ramsey Show
This Is How You Take Control of Your Own Life
The most dangerous thing you can do is to not have every single dollar assigned to a job in your budget. And so assign it and sit down. You have a wife.
The Ramsey Show
This Is How You Take Control of Your Own Life
And for now, it's Cole's money. And so we're going to have only goals for Cole, only Cole's budget. And so, again, I would set up sinking funds, probably looking at a ring, probably looking at cash flowing a wedding, maybe further education. Who knows? Just assign it to all of the places you want it to go. And if you don't have a place for it, I just start chunking it at the mortgage for now.
The Ramsey Show
This Is How You Take Control of Your Own Life
And then also, would it be able to put it... So after I get done with all that stuff, should I put it into like index funds or... Yeah, once you're in Baby Step 7, once you get rid of that mortgage, you can increase investing beyond 15% and you'll max out retirement first and then move on to index funds and non-retirement accounts and all that good stuff. But you're a ways away.
The Ramsey Show
This Is How You Take Control of Your Own Life
But keep dreaming, my man. This is The Ramsey Show.
The Ramsey Show
This Is How You Take Control of Your Own Life
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. If you want to see Dr. John Deloney and Dave Ramsey, they are headed out on the open road for the Money and Relationships Tour, and they're going to make this event a little different.
The Ramsey Show
This Is How You Take Control of Your Own Life
You get to choose the content before the event, and they'll talk about things like raising great kids, handling money fights the right way, making real friends in the 21st century. And they're coming to a city near you, hopefully. Louisville, April 21st. Durham, April 23rd. Atlanta, April 25th. Phoenix on May 5th. Fort Worth, May 7th. Kansas City on May 9th.
The Ramsey Show
This Is How You Take Control of Your Own Life
And these are some really cool venues and theaters you guys are hitting.
The Ramsey Show
This Is How You Take Control of Your Own Life
I can't wait. I'm scared for them. I hope they're not filming it.
The Ramsey Show
This Is How You Take Control of Your Own Life
You'll get to see it. Get your seats today. You can get tickets at ramseysolutions.com slash tour. And if you're tuning in on YouTube or podcast, click the link in the show notes. Let's get to the phones. So Hybe joins us in West Haven, Connecticut. How can we help today?
The Ramsey Show
This Is How You Take Control of Your Own Life
No, where? Are you renting an apartment? Are you living with family, friends?
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay. No, $650 sounds very reasonable. What's wrong with that?
The Ramsey Show
This Is How You Take Control of Your Own Life
Can I give you a pro tip for being a new immigrant to the States? And if you can avoid this thing, you will have such a wonderful life of opportunity. And it's this. Don't fall for the American trap of debt. No country in the world makes it so easy and so attractive to take on payments like the U.S.
The Ramsey Show
This Is How You Take Control of Your Own Life
And I'm scared that you're already getting starry-eyed going, ooh, could finance a car, and they're saying they can get the payment down to $300 a month, and so I might as well get a nicer, newer car. Do you have any debt currently?
The Ramsey Show
This Is How You Take Control of Your Own Life
You said you have $4,000 saved up? Yes. Way to go. So instead of seeing that as a down payment, see it as this is my car budget right now total, right?
The Ramsey Show
This Is How You Take Control of Your Own Life
Well, let's say you could save up another $2,000 over the next three months, right? Right. Now your car budget is $6,000. And yes, absolutely 100%. Yeah. And it's not going to be the nicest. It's not going to be anything like the new cars that they show you on the lot, but you're not driving this car for 20 years.
The Ramsey Show
This Is How You Take Control of Your Own Life
You're going to drive it for maybe two years until you can save up and be in a better place and upgrade the car. You'll sell that one for probably what you paid for it and then upgrade with the money you have saved up. Do you see that kind of slow burn by using cash and how it slows you down to make better decisions?
The Ramsey Show
This Is How You Take Control of Your Own Life
And let me advise you, get a pre-purchase inspection. It's going to cost you $100, $150. It's going to be worth every penny so that you don't go, oh, my gosh, I got a $5,000 car. It needs 3,000 repairs the week after I bought it.
The Ramsey Show
This Is How You Take Control of Your Own Life
Get a pre-purchase inspection from a mechanic that you trust, an independent one, that can look it over and go, all right, this car is not going to have a bunch of issues. It's in solid condition. This will get you another 50,000, 100,000 miles. And that will put you in a place to then save up because you free up that payment. Now you can save that money and upgrade a car.
The Ramsey Show
This Is How You Take Control of Your Own Life
And I'm going to also send you my book, Breaking Free from Broke, on top of Financial Peace. Read the car loans chapter specifically, and I walk you through the right way to buy a car. Every single step from the payment to the research, the negotiating, all of that to give you some confidence and clarity. And the one thing you're not going to do is walk away with a payment.
The Ramsey Show
This Is How You Take Control of Your Own Life
And, man, you're 14 months in. You're doing really, really good.
The Ramsey Show
This Is How You Take Control of Your Own Life
And don't be tempted by American stupidity. I know they make it look so cool, but everyone is miserable and broke and anxious, and I don't want you to become that. There's too much opportunity for you. So hang on the line. We're going to send you Financial Peace University and Breaking Free from Broke. I hope you can avoid the traps that America has created for you.
The Ramsey Show
This Is How You Take Control of Your Own Life
She's not just going to bury her head in the sand and have this go away. So there's going to be some hard conversations, some major lifestyle changes. Everyone's going to have to get to work, and I don't want you to enable it. It doesn't sound like you're trying to do that. You're not trying to just fund their life.
The Ramsey Show
This Is How You Take Control of Your Own Life
That puts this hour of The Ramsey Show in the books. If you want to catch the next hour, jump onto the Ramsey Network app. It's totally free. It's linked in the show notes or just search Ramsey Network in the app store of your choosing. And we will continue the show over there. If you're on radio, stick around. The show will continue as promised. This is The Ramsey Show. Hey, you're still here?
The Ramsey Show
This Is How You Take Control of Your Own Life
What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
This Is How You Take Control of Your Own Life
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
This Is How You Take Control of Your Own Life
But there's going to have to be a conversation about what the next year looks like, five years, ten years. Otherwise, you're going to be left with a mess and have to just wash your hands of it and go, you guys do what you want to do.
The Ramsey Show
This Is How You Take Control of Your Own Life
Jason's going to kick us off in Cincinnati. Jason, how can we help?
The Ramsey Show
This Is How You Take Control of Your Own Life
Find somewhere to rent. Sister's got to go make some real money. Mom might have to work part-time. Man, I'm so sorry you're dealing with this. It's a series and pattern of terrible financial decisions over a long period of time. That's a hard knot to undo, my friend. This is The Ramsey Show.
The Ramsey Show
This Is How You Take Control of Your Own Life
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Give us a call, 888-825-5225. Kelly's up next in Salt Lake City. Kelly, welcome to The Ramsey Show. How can John and I help?
The Ramsey Show
This Is How You Take Control of Your Own Life
Okay, and you said you've sunk everything into it. What does that mean?
The Ramsey Show
This Is How You Take Control of Your Own Life
Was the business ever profitable to where you weren't needing to go into debt for it?
The Ramsey Show
This Is How You Take Control of Your Own Life
Well, your debt payments are your biggest overhead. No, what's your debt payment? You said $325,000 on an SBA loan?
The Ramsey Show
This Is How You Take Control of Your Own Life
So was this like a line of credit from the bank up to $325,000?
The Ramsey Show
This Is How You Take Control of Your Own Life
And so far it's making, what, $15,000 a month? Yes.
The Ramsey Show
This Is How You Take Control of Your Own Life
How are you guys living? How do you eat? So you're working for free while going hundreds of thousands of dollars into debt.
The Ramsey Show
This Is How You Take Control of Your Own Life
That didn't pass my smell test. I would question who she got in contact with and what their actual credentials are, but this sounds like a debt relief company. That's the only people who would tell you, hey, stop paying on your debt, give me the payment instead, and we'll resolve this on the back end when you tank your financial life and we'll try to settle it. Was that the intention, you think?
The Ramsey Show
Nobody Builds Wealth by Accident
I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Nobody Builds Wealth by Accident
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Nobody Builds Wealth by Accident
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Nobody Builds Wealth by Accident
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Nobody Builds Wealth by Accident
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Nobody Builds Wealth by Accident
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Nobody Builds Wealth by Accident
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteeme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
How to Escape Living Paycheck to Paycheck
Right. Yeah, we planned on paying the house off that we're in now within the next five to ten years.
The Ramsey Show
How to Escape Living Paycheck to Paycheck
Hey, I'm doing good, Mr. Angie. How about yourself?
The Ramsey Show
How to Escape Living Paycheck to Paycheck
All right. So me and my wife, I'm the only one that works out of the family. We've got two kids. The only debt we have is our house. We owe about $141,000 on it. And we were going to continue paying towards the house and paying it off sooner, but we were wondering, should we sell the house and move farther inland? away from Galveston Bay, so our insurance ain't so expensive.
The Ramsey Show
How to Escape Living Paycheck to Paycheck
My flood insurance is about $3,000 a year. Homeowners with fire is about $2,000, and my windstorm is around $1,500. Should we sell the house that we have a 2.7% interest on and move farther in for a more expensive house with a higher interest rate or stay?
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
Hey guys, I'm super excited to announce that two of the goats of sticking to a budget have finally teamed up. That's right, Ramsey and Aldi are partnering together because, well, groceries cost a lot of money. And besides that, most stores are designed to trap you in a maze, a sad, expensive maze. But Aldi is different.
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
Aldi gives you simpler, better food choices that save you money and get you in and out so you can focus on what really matters. From affordable, high-quality must-haves to grass-fed meat, organic produce, and yes, even name brands, Aldi has what you need at prices that won't steal your joy. So stop paying more and start shopping smarter at Aldi. Find a store near you today at Aldi.us.
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
Two things. One, that we're already down to the wire on the tax deadline. And two, statistically speaking, most people haven't filed yet. And if that's you, I'm not trying to shame you or anything, but just know that taxes don't have to be stressful. Ramsey SmartTax is a 100% accurate software that makes filing simple and easy and doesn't make your wallet cry.
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
So don't be the person pulling your hair out because you're trying to file at 10 o'clock at night on April 15th. Get this party started and over with by going to ramseysolutions.com slash smart tax. That's ramseysolutions.com slash smart tax.
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
You Can Still Escape the Debt Spiral Before It’s Too Late
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start? Well, as your nerdy friend who does the research for you, I found the solution. They're called Delete Me.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And here's the reason they come in the clutch. The internet is packed with data brokers, which are these shady companies whose sole purpose is to collect your personal info and sell it for a profit. Enter DeleteMe. DeleteMe swoops in, finds your info on these sites, and removes it on your behalf. They even send you a report with all the details.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
And so far, for me personally, they have reviewed 27,000 listings, removed my info from 240 data brokers, and saved me 66 hours in the process. I trust DeleteMe to help protect my family, and I trust them to help you too. You're going to get fewer spam texts, fewer phishing emails, and fewer creepy robocalls. And Delete Me also makes a great gift for other people in your life that you care about.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Individual plans start at just $9 a month, so take an easy step to protect yourself and your loved ones today. And as a Ramsey fan, you'll get an extra 20% off any of their plans at joindeleteme.com slash Ramsey. That's joindeleteme.com slash Ramsey.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Hey guys, George Camel here. Let's be real. If I had a dollar for every time Ramsey Solutions gave away free money, I'd probably be rich enough to give out my own cash prizes. And here's another one for you. We're giving away $20,000 at the Take Control of Your Money livestream on January 23rd. I don't know about you, but I'm definitely signing up for this event.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Plus, my friends Dave Ramsey, Jade Warshaw, and Rachel Cruz will be there too. We'll be talking about how you can make real progress on your money goals. Maybe you're wanting to knock out some debt. Maybe you're ready to start saving for a house. Maybe you want to build for the future. Or maybe you just want to stop cringing every time you need to buy eggs. This live stream is for you.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
It's your time to ask us whatever you want about money. It'll be kind of like a New Year's party, money pep talk, and a live Q&A all rolled into one amazing event. Plus, if we're lucky, a little comedy on the side. And no, I will not be charging for my dad jokes. So listen, if you're ready to take back control of your money or you just want a chance to win some extra cash, join us.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Go sign up now at ramseysolutions.com slash livestream. That's ramseysolutions.com slash livestream.
The Ramsey Show
Don’t Let Toxic Money Situations Keep You Trapped
Learn more at ramseysolutions.com slash smartvestor.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Well, credit unions, for one thing, are non-profit, which means that the members, the customers, own the credit union. So any profits that the credit union makes goes back into customer accounts. pricing. So you get better interest rate on savings, cheaper checking, and so on, that kind of thing.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
But what's more important than that, though, is the fact that the customer is the owner changes the spirit on the credit union. So I find very few credit unions that aren't very customer-centric.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
They're the right kind of people with the right kind of values. And they've done a really, really good job with customer service. And the deals that they're offering, the Ramsey tribe is incredible.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Hey, you guys know how much I hate banks in general. And so for me to do this is a big deal. Talk to our friends at Fairwinds and check out the combined checking and savings bundle that they created just for the Ramsey tribe. You guys, it's incredible.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Let's be honest, shopping for health insurance can be confusing. With high costs, complicated terms, and customer service that doesn't really serve you, most folks just pick a plan and hope for the best. See, insurance companies don't work for you. They work for themselves, meaning they love it when you overpay. So you need a guide on your team to help you make the best choices.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Health Trust Financial works for you. They're not salespeople. They help you find the health insurance option that makes sense and saves you money. The fact is health insurance is one of the biggest expenses in your budget. But most people who work with Health Trust Financial end up saving $500 a month. Imagine putting that kind of money toward the baby steps.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
My team has worked with them for over 20 years, and they've served thousands of people just like you. They're the only health insurance broker that's Ramsey Trusted to help you. So stop throwing money away and get the health insurance that's right for you at healthtrustfinancial.com. That's healthtrustfinancial.com.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
You know, one of the first things I discovered working in the financial world is how absolutely devastating it is when the breadwinner of a family dies and there's too little life insurance or none at all. Grieving families are suddenly left behind scrambling to pay bills and trying to make ends meet.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
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 or 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 Bank Balance Is a Reflection of Your Habits
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 Bank Balance Is a Reflection of Your Habits
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
Your Bank Balance Is a Reflection of Your Habits
Hey, folks, how would winning $5,000 in cash change your life? This month, we're giving $5,000 to one grand prize winner, and we're giving away a $500 prize every week in May. It takes less than 15 seconds to enter, no purchase is necessary, and you can enter daily to increase your chances of winning. Enter the Ramsey Cash Giveaway until May 31st at ramseysolutions.com slash giveaway.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
That's ramseysolutions.com slash giveaway.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
How you doing? I'm 64 years old. I'm going to be retiring at 67. And I have $300,000 in a 401k, and I'm putting 15% a week into that. A week? Yes. Okay. I have about $120,000 in the bank. My question is, I have no debt. I'm debt-free, other than my mortgage. I own two homes. One of them's paid off. My question is, I've stayed out of the market.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
I've been adverse to the risk, and I've completely missed this whole time with the markets going up and setting records, second records. But now I'm to the point where even in my 401K, I'm not really making any money on the money. Why? Well, it's in some kind of staple fund fund. through my work. Like bonds?
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
But it's not really making any money. I'm not losing any money, but I'm not making any money. Oh gosh, that's unfortunate.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Brought to you by the EveryDollar app. Start budgeting for free today.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Well, I guess I pulled it out of the market, I don't know, five or six years ago. Oh, you pulled it out? Yeah, I pulled the money out because I got nervous and I never put it back in. So where is it now? It's in my employer's 401k program.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
Oh, it's in a stable value fund, but it's not earning money.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
The Money and Relationships Tour is halfway over, and the energy in every room has been unreal. Each stop has been packed with real talk, big laughs, and life-changing moments. Now it's your turn. Come hang out with me and Dr. John Deloney in a city near you for a night that could change your money, your relationships, and your future.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
This is your last chance to join us in Phoenix, Fort Worth, or Kansas City the week of May 5th. Grab your tickets today at ramseysolutions.com slash tour.
The Ramsey Show
Your Bank Balance Is a Reflection of Your Habits
You know, knowing that I'm adverse to the risk personally, what should I put this money into in the 401k and my savings? What can I put it into that's going to earn me some money? It doesn't have to be a lot, but some money.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
Your Financial Journey Is a Marathon, Not a Sprint
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
Your Mindset Matters More Than Your Money
Ну, Павел, я буду говорить с тобой, как будто бы я вернулся в время, потому что у меня было больше вреда на студенты, чем у тебя, и я сделал меньше, чем у тебя. И так, в 23-м году у меня было $40,000 вреда на студенты, я не сделал никакого прогресса, я пытался играть в то же самое, как ты, балансируя все это. Вот, что ты должен сделать. Парадайм-шифт. Попробуем проверить план.
The Ramsey Show
Your Mindset Matters More Than Your Money
Это значит, что мы возьмем $9,000 из этого транспортного фонда, и оплачиваем вред. Редактор субтитров А.Семкин Корректор А.Кулакова
The Ramsey Show
Your Mindset Matters More Than Your Money
Я знаю их все. Я думаю, что цена правильная. Один доллар, Боб. Это как хип-гейм-шоу. Я бы хотел увидеть, когда цена правильная, Дэйв. Это не слишком поздно.
The Ramsey Show
Your Mindset Matters More Than Your Money
Да, я с этим. И я также спрашиваю, ты говоришь, что она не может работать.
The Ramsey Show
Your Mindset Matters More Than Your Money
Ну, я думаю, это связано с дальнейшими преимуществами. Если это будет еще неделя, и мы все еще живем в таком помещении, то это место, где мы должны уйти. Мы должны иметь стратегию выхода из этого, когда она ухудшится.
The Ramsey Show
Your Mindset Matters More Than Your Money
Вау. Ну, ничего не сделает тебя взрослым, как иметь ребенка. Так что материя, мы просто нажимаем на кнопку fast forward прямо там. Добавляя ребенка, он сделает это.
The Ramsey Show
Your Mindset Matters More Than Your Money
Да, я слушаю. Что ты сейчас инвестируешь в?
The Ramsey Show
Your Mindset Matters More Than Your Money
Хорошо, вы зарабатываете большую часть этого, на что теперь можете инвестировать. Так что да, вы потеряете что-то из этого аккаунта, но вы все еще будете инвестировать за следующие 20 лет.
The Ramsey Show
Your Mindset Matters More Than Your Money
И что заставило вас сказать, что вы будете тратить все это на криптовалюту?
The Ramsey Show
Your Mindset Matters More Than Your Money
Это гораздо темнее, чем рынок. Ты трейдишь крипто-маркет для стаба.
The Ramsey Show
Your Mindset Matters More Than Your Money
Это достаточно, чтобы зарабатывать? Нет. Что в ваших инвестициях сейчас?
The Ramsey Show
Your Mindset Matters More Than Your Money
В вашем возрасте я не пойду в Вегас и просто поставлю все на черное и надеюсь на лучшее. Это не хороший план зарплаты.
The Ramsey Show
Your Mindset Matters More Than Your Money
Если бы я сказал Мэгги, что в следующие два года деньги будут возвращаться к тому, как они были в вашей зарплате, я не думаю, что она бы это сделала. Но это сложно увидеть так далеко впереди, когда вы видите, что ваша зарплата сломается. И вы просто хотите сделать что-то, чтобы не делать это.
The Ramsey Show
Your Mindset Matters More Than Your Money
Ну, мы также имеем цитату от Уоррена Буффетта, что он бы не платил 25 долларов за все биткоины в мире. Да.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я имею в виду, что зависит от того, какую криптовалюту. Многие пошли в банкротство, есть фрауды, скамы, 97%.
The Ramsey Show
Your Mindset Matters More Than Your Money
Хорошо. Что заставило тебя делать этот план в первую очередь?
The Ramsey Show
Your Mindset Matters More Than Your Money
Да. И что 40-летняя Джессика хочет посмотреть на это и сказать, что, чувак, я так рад, что Джессика сделал эти решения. И если это означает, что, ты знаешь, убирать информацию о вашей дебетной карте от каждого сайта, который у вас есть, скрывать ее, иметь ответственность с другом, сделай, что угодно.
The Ramsey Show
Your Mindset Matters More Than Your Money
И давайте посмотрим, у нас действительно есть зарплата или нет. Выбирайте, что это за часовые зарплаты на это.
The Ramsey Show
Your Mindset Matters More Than Your Money
And you look at him and go, honey, what part of this is smart?
The Ramsey Show
Your Mindset Matters More Than Your Money
Другая вещь, которую люди делают сейчас, это идти в ваш дом и делать работу там.
The Ramsey Show
Your Mindset Matters More Than Your Money
И другая вещь, которую он может сделать, это просто идти работать в зоопарке, который уже имеет личное обучение, и они приглашают его и платят ему деньги.
The Ramsey Show
Your Mindset Matters More Than Your Money
Но тебе нужен человек, который кричит на тебя, кроме того, кто в твоем голове.
The Ramsey Show
Your Mindset Matters More Than Your Money
Мы видим так много больше этого, потому что люди имеют очень низкие рейтинговые цены, которые они не хотят отпустить, Дэйв.
The Ramsey Show
Your Mindset Matters More Than Your Money
It's a great feeling. Instead of worrying about what the market's doing.
The Ramsey Show
Your Mindset Matters More Than Your Money
But you never really had it if you owed it to the lender in the first place.
The Ramsey Show
Your Mindset Matters More Than Your Money
Если ты хочешь создать достоинственную власть и иметь свою интеграцию, заплачь свои налоги, Чадо.
The Ramsey Show
Your Mindset Matters More Than Your Money
Надеюсь, это было понятно. Это правда. Интересно, как это проходит через каждую часть вашей жизни. Вашу карьеру, вашу семью, ваши отношения, ваши финансы.
The Ramsey Show
Your Mindset Matters More Than Your Money
Субтитры сделал DimaTorzok Продолжение следует...
The Ramsey Show
Your Mindset Matters More Than Your Money
Даже если это снижает вашу стоимость, это стонет вашим ростом, и это вызывает отношения, которые будут страдать, которые уже слишком страдают, чтобы их улучшить.
The Ramsey Show
Your Mindset Matters More Than Your Money
Пять лет с очень малыми счетами, ты должен был сделать серьезный прогресс на счет налогов. И это звучит, как будто ты чувствуешь себя комфортно, живешь дома, ты как-то присоединяешься к твоему старшему детскому себе, и ты не делаешь так много прогресса, как ты думаешь.
The Ramsey Show
Your Mindset Matters More Than Your Money
И я бы пытался это сделать до того, как год и полутора закончится, и тогда начать инвестировать. У тебя есть деньги, которые расширены. Ты знаешь, что ты не будешь иметь вреда для этого свадьбы. Это твой цель здесь.
The Ramsey Show
Your Mindset Matters More Than Your Money
Редактор субтитров А.Семкин Корректор А.Кулакова Продолжение следует...
The Ramsey Show
Your Mindset Matters More Than Your Money
Your buddy is going to make way more commission off of that.
The Ramsey Show
Your Mindset Matters More Than Your Money
Дэйв, я вижу это во всех социальных сетях. Я не знаю, почему, но молодые люди гравитируют над этими универсальными политиками жизни. И вот как это маркетируется. Они говорят, что вы знаете, что вы должны использовать вашу личную инвестицию, пока вы живете. Вы знали это? И все говорят, о, боже мой, это замечательно. Эта инвестиционная политика внутри моей всей жизни. О, боже мой, это невероятно.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я буду становиться миллионером. И комиссии и налоги, которые эти ребята делают и продают, это невероятно. Да. И количество времени, которое нужно потратить каждую неделю, чтобы заработать столько денег, это абсурд.
The Ramsey Show
Your Mindset Matters More Than Your Money
Но они пишут это как очень специфическое, нюансовое. Это так сложное, что вы не понимаете.
The Ramsey Show
Your Mindset Matters More Than Your Money
Мы учим, что вы должны взять разницу, если вы платите 5 баксов за полную жизнь против 100 баксов за целую жизнь, возьмите 95 баксов, которые вы бы потратили, и инвестируйте в это, и вы будете гораздо лучше, чем если бы вы�щались с одной из этих храбрых политик.
The Ramsey Show
Your Mindset Matters More Than Your Money
И я стал... А теперь он взрослый человек, Америка.
The Ramsey Show
Your Mindset Matters More Than Your Money
Я не знаю, если бы он это сказал, но нет вреда, вложение в бюджет, это хороший место, чтобы инвестировать и купить квартиру с кашей, разнообразную квартиру, наслаждаться чем-то, и остальное я бы инвестировал в более реальное хозяйство, если он комфортен, или просто вложить в хорошие бюджетные бюджеты.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И что сейчас происходит? Какой у вас обычный месяц?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Продолжение следует... Итак, давайте перейдем к следующим звонкам. 888-825-5225 – это номер. Эмма находится в Сан-Бернадино. Эмма, добро пожаловать на «Рэмси-шоу».
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
О, боже мой. Да. Это как будто ты хочешь остаться в группе на Титанике из-за денег, но мы можем видеть, что это снижается.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я думаю, что он должен видеть написание на стене, что этот парень имеет множество судов против него, люди пытаются активно убивать его. Деньги могут быть хорошими сейчас, но, во-первых, за что стоит ваша душа, и держаться рядом с этим уровнем интеграции. И, во-вторых, это деньги могут не быть рядом в следующем году, когда слово обойдется в инвестиционном мире.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Спасибо, что держите референсы в порядке.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ставь лайфхак, и давайте найдем ему еще работу. Он отличный агент в хозяйстве, и это основная основа здесь, а не эта магическая агентства, которая начинается.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Если мне достаточно трогать, чтобы назвать национальную радио, то мне достаточно трогать, чтобы поговорить с женой.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ладно, давайте перейдем к Миннеаполису, Миннесота. Джереми присоединяется к нам. Джереми, добро пожаловать на наш канал.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Хорошо. Ты звучишь победителем, Джереми. Ты просто ждал на линии слишком долго?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ты просто будь проактивным, чтобы они не думали, правильно?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Это похоже на то, что они просто не хороши в математике. Они просто фактируют что-то, что они хотят.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Это очень глупая решение, но ты можешь просто получить маленькие билды и просто иметь их на тебе, когда ты будешь есть.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я делаю это для моих отрезков. Это отличный пример. Я плачу за мои отрезки, чтобы получить скидку. Я просто пошел сегодня, и я иду к банку рядом, и я отрезаю 20-е, и получу 10, 5 и 5-1, чтобы я мог дать ему exact, exact amount, with tip included. Но ты не знаешь, сколько ты будешь платить за еду, конечно. Но идея здесь в том, что у тебя есть 5, у тебя есть 1. У тебя есть варианты.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Это хорошая точка зрения. Потому что вы просите за изменения, а они смотрят на это, как, о, он так дешевле.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
We're back with more of The Ramsey Show.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
I'm George Campbell, joined today by Rachel Cruz.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ну, я просто сделаю математику и скажу, окей, скажем, ты разговаривал с окружающим, с третьей партией, с инвестором, чтобы получить оценку на то, что это может быть?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И он говорит, что он может добавить 800 в месяц, потенциально?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Если это 800 в месяц, то абсолютно не стоит, потому что это 10 тысяч в год. Да. Ты сейчас плачешь за это заявление, чтобы получить 10 тысяч в один раз. Но это последний случай. Это последний случай. Правильно. Так что я говорю, что есть ли способ решить это без выполнения заявления?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Они просто, типа, отворачивали и выключили? Или там была ключ?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Потому что обычно мы просто смотрим на математику и думаем, что это будет ROI? Это имеет значение для математической точки зрения. Но здесь слишком много неизвестных, чтобы точно сделать это. Теперь, если я в твоих шахтах, я мог бы просто сэкономить и купить им дешевый автомобиль.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Мы не собираемся купить ему $14,000 автомобиль, мы собираемся купить ему $4,000 автомобиль.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И ты скажешь, что... Мы добавим 2 тысячи, ты добавишь 2 тысячи, мы найдем тебе машину за 4 тысячи, мы договоримся об этом на Facebook Marketplace, ты возьмешь ее, чтобы ее инспектировать, и я думаю, что это поможет ему видеть эту машину по-другому.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И я все еще останусь на этом полицейском репорте. Я буду, я имею в виду, машины закрываются, это невероятно. И это может длиться несколько недель, но если это еще не на «Чоп-шопе», то это может просто сидеть где-то в автомобиле. Хорошо. Без плейтсов, кто знает, что они сделали. Да, это правда. Но это невероятно, как эти вещи закрываются.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Поэтому все еще держите в виду это, но в то же время говорите, сколько мы хотим вложить, дайте ему, вы знаете, может быть, прийти с половиной этого денег, и дайте ему начать смотреть, и дайте ему решить.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Спасибо. Спасибо, Мелисса. Это тяжелая ситуация. Боже мой.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я не в этом мире, но это страшно, чтобы подумать о том, что кто-то мог просто вставить в вашу машину и уйти. Я знаю. Волшебные времена. Да. Вау. Ну, это все, что мы можем сказать о «Рамзе» в книгах. Наши благодарности Аустону, Келли, Бену, Джеймсу, Андрю, и, конечно, моему сообществу Райшелу Крузу. И кто мог забыть о тебе, Америка? Мы благодарим тебя за слушание.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Мы вернемся с тобой, пока ты не знаешь.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Она судья. Она держит. Она держит кисти.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Келли не уверена. Я не знаю, Келли, что ты думаешь? Да или нет? Ну, Расти ухаживает за нами. Он находится в Мансфилде, Охайо. Расти, добро пожаловать на «Рамзи-шоу».
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
What do you think she'll make this year?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ну, если я в твоих руках, я чувствую чувство угрозы, и я говорю, что мы продаем эти машины завтра, и мы будем ездить в битер-карах, мы продаем эту квартиру в следующий месяц, и мы будем жить где-то, где мы можем зарабатывать.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я имею в виду, что, да, мы сделаем эти экстремальные...
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Продолжение следует... Оливия приглашает нас в Буффало, Нью-Йорк. Оливия, добро пожаловать на «Рамси-шоу».
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Редактор субтитров А.Семкин Корректор А.Кулакова
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Субтитры сделал DimaTorzok Продолжение следует... Добро пожаловать в «Рамзи-шоу». Я Джордж Кэмпбелл, присутствующий с Рэйчел Крузом. Наша «Рамзи-шоу» вопроса дня приведена к вам от Y-Refi. Студентская кредитная кредитная кредитная кредитная кредитная кредитная кредитная кредитная кредитная
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Learn more at yrefy.com slash ramsay, that's the letter Y, r-e-f-y dot com slash ramsay, might not be available in all states.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да. Так если мы поднимем это на 20 миллионов, это 10 миллионов, это довольно хорошо. Я буду идти, 5 миллионов в месяц, это будет 2 миллиона.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Или 2 тысячи. Да, примерно 2200 баксов в месяц. От 14 до 30. Это еще много денег для 14-летнего ребенка. Мы хотя бы нашли что-то, что мы можем найти.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
And who you are as a person, Nathan, is going to have a big part in this.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Because there are people, I would say, that have millions and millions and are still very discontent people.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я отмечаю все эти «будьте богатыми» и «будьте быстрыми», даже если это с достойными ценностями, и вы хотите сделать это в менее рискованной способности. Есть просто нет хорошего причины, что любой человек должен сделать сотни миллионов, или даже «я должен иметь миллион в этом возрасте». Правда, Натан, если ты следишь за Рэмси Бэйби-Степсами, ты сможешь достичь 30.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Твой заработок будет миллион долларов или больше, если ты остаешься без налогов, собираешь деньги, купишь дом, зарабатываешь деньги на дом, инвестируешь 15% твоего дохода. В течение времени, рост компонентов будет проявляться и сделать тебе тяжелый рост. Так что это не очень веселая ответственность, но я думаю, что нам нужна новая книга от Дэйва, которая называется «Бэйби-Степс 100 миллионеров».
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я посмотрел, это называется сентимиллионер. Сентимиллионер, да.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Сентимиллионер. У тебя больше 100 миллионов.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но спасибо за вопрос. Ты знаешь, Натан, это было хорошим мозговым упражнением. Даже если это было довольно wild вопрос. Это здорово.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я... Что это было еще? Сентай-миллионер. Я шучу. Ладно, давайте перейдем к телефону. Айнар находится в Озлоне, Норвегия.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Это противоположно Кэмпбеллу. Но да, это хороший момент.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Окей, так это не были зарплаты, другие средства, кэш, и так далее?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И Винстон, наверное, редко пробирается через его деньги.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Потому что я не думаю, что Винстон любит, если бы ты уменьшил его сумму.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Вот так это происходит. Однажды в году Винстон говорит, что хочет купить это, и он просто это делает.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
А Рейчел говорит, ой, сколько денег у меня есть?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Так что я не хочу создавать конфликт между женскими парнями.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
I don't know that there would be much here for you, based on how complicated this whole thing is and was.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но здесь еще одна вещь. Я не имею никаких hobbies.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Так что, Айнар, ты можешь дать нам номер? Что это за криптовалюта в Норвегии? Кронер?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
То есть, сейчас есть предположения и предназначение, что он будет это обеспечивать, потому что он очень хорошо работает, и он должен это обеспечивать.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я не знаю, сколько у каждого есть. Много, как я думал.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
У тебя есть деньги сейчас? Да. Сколько?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, это правильно. Ну, ты обращаешься к нам с большим током и мудростью, и я аплодирую тебе за это. И то, что они даже хотят иметь тяжелую беседу, говорит мне, что здесь есть надежда. Но это может взять несколько этих бесед, и достаточно времен, чтобы они получили напечаток. И вы знаете, это может повредить эти отношения.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Эти люди могут не хотеть отдыхать и идти на ужин, потому что у них есть свое отрицание, что они, вы знаете, что-то, что они пьют.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И поэтому я не хочу, чтобы это было рефлексом на вас, и это будет больно в некоторых из этих ситуаций, но вы должны сделать то, что правильно для вашей семьи, и вы не можете позволить эту генеральность превратиться в требование, потому что это вырабатывает всю радость из этого.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И это было моё сердце. Я был такой, что они не интересуются учением. Возвращение к имуществу происходит далеко от работы. Это обычно так. И я люблю старый цитат. Я думаю, это цитата Амайи Анджелу. «Когда кто-то показывает тебе, кто ты, поверь им впервые. И если они показывают своему характеру, что эта связь основана на транзакциях, и ты заставил генеральность, то это не связь».
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И они выбирают оптимизировать эту отношения, если это так, как они видят тебя. И самое тяжёлое в этом всём, это ты сражаешься с этими эмоциями. Это не имеет никакого значения с ними. Это ты чувствуешь, что ты не плохой человек. Потому что они будут тебя подогнать и сказать тебе, что ты злой, я не могу поверить тебе. Ты такой стинжи, после того, что мы сделали для тебя.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Помнишь, когда ты был пять, и я тебя взял?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Без курсов, я не знаю, уходи из страны и изменяй свой имя, но не делай этого, понимаешь? Да, правильные курсы, иметь тяжелые разговоры, как много раз, как нужно, и тогда ты должен выделить линию и сказать, слушай, мы говорили об этом несколько раз, это то, на что я стою, я люблю вас, но наша отношения не могут быть основаны на транзакциях.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Добро пожаловать в «Рамзи-шоу». Я Джордж Кэмпбелл, с вами Рэйчел Круз. Открывайте телефоны на 888-825-5225. Вы звоните, мы надеемся, что вы возьмете правильный следующий шаг для вашей жизни и вашего денег.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Нет, это почему, извините. Там есть мудрость в этом, Дэн, мне нравится. Хорошо, так что ты хочешь купить дом, когда ты отстанешь в следующем году?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Но у вас нет смысла даже знать, где она, как с ней общаться, она на планете сейчас. Правильно.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И 403B на 350, я имею в виду, что это не огромный коврик, который будет наслаждаться 30 лет. И так, сколько денег вы можете заработать в течение времени, чтобы получить оплату?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я бы сидел сегодня и поднялся к калькулятору и сказал, что если бы мы подняли, скажем, 50 в дом, мы бы получили 100 тысяч долларов в калькуляторе, что бы это было в месяц?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Потому что моя опасность, если вы живете из 2К, и вы, возможно, не сможете поднять тонну из этого 403B, пока сидите на этом стадии, на 350, потому что вы бы десимировали, если бы вы взяли 150 из этого 403B, я имею в виду, что это большая часть вашего калькулятора, который вы отключили от будущего компонентного развития. И я бы сидел и смотрел, может ли это сделать смысл заработать?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Можем ли мы заработать за $750 в нашем районе, вместо того, чтобы заработать $1,200? Это то, что я бы делал, чтобы увидеть, как мы можем жить с этим заработком. Потому что это не очень много заработка, если рассматривать только $2,000 и немного от $403.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ну, в дальнейшем, я бы хотел, чтобы ты был в доме. Но сейчас, просто, нет много денег, чтобы отправить в дом и просто купить его с кашей, без просто использования всей твоей зарплаты.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Ты поставил 50, получил 100 тысяч долларов зарплату. Я сомневаюсь, что скидка будет астрономически высокая. Но, опять же, если ты сделаешь 2 тысячи, и скидка 1000 баксов, это много твоего мира, просто скидка. Да. Да.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Мог бы ты делать еще один год? Ну, я мог бы, да.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я мог бы, чтобы дать вам немного больше места для расслабления, позволить вашу NesTag вырастить, позволить вам получить больше денег за оплату. Это бы дало мне больше спокойствия лично.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да. И если бы я был в твоих руках, я бы сидел с финансовым адвокатом, который мог бы выкручивать эти цифры для тебя, но я бы не был комфортен, если бы я выиграл более 1000 или 1500 долларов в месяц из этого 4-3B, потому что у тебя может быть еще 30 лет впереди, и ты должен жить из этого. Правильно. И поэтому это то, где цифры появляются.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Напкинг-матх бы сказал, что, знаешь, вытаскивая 2000 из этого НЕСТАГа каждый месяц, ты, наверное, уйдешь из денег.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я даже не понимаю эту часть, это так странно.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Если ты в этом месте, вот что я бы сделал, если бы я был в твоих шахтах. Что бы ты бы платил, рынок рынка, я бы взял эту сумму и оставил ее в инвестиционном аккаунте, как долго ты будешь иметь эту карьеру, так что, когда ты отстанешь, ты скажешь, о, боже мой, у нас 400 тысяч, просто наличие для дома.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, почти опасно, если бы вы ее преследовали.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Мы сделаем это после этого часа. Для всех, кто слушает нашу программу на YouTube или на подкасте, она уже заканчивается. Но вы можете слушать остальное на нашем канале. У нас будет еще больше. Вы можете закончить нашу программу бесплатно. Вы можете посмотреть нашу программу бесплатно в App Store. И вы сможете получать еще одну час. Продолжение следует...
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Подожди, я собираюсь послать тебе копию книги Доктора Джонда Лоне, «Он твой прошлое изменит твое будущее», чтобы помочь тебе снижать все это.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Редактор субтитров А.Семкин Корректор А.Кулакова Да, куча медицины, куча сахара сделает медицину падать. Я думаю, это то, что значит Smart Money Happy Hour. Это то, как это кажется. И люди любят это. Девочки слушают это, они говорят, я слушаю, мой 10-летний мальчик любит это. И потом люди говорят, я 75, и я люблю слушать вас. Так что что-то для всех с Smart Money Happy Hour. Мы все здесь.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Так что посмотрите это вечером. Вы можете бинжить все эпизоды, которые есть там каждый Thursday. Хорошо. Клэр присоединяется к нам в Seattle, Вашингтон. Клэр, добро пожаловать на наш канал.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Это круто! Отлично! Так что скоро ты учишься? Я учусь через год.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И что ты там делаешь? Немного более 16.50 часа.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Я просто думал, что люди, которые работают 15-20 часов в колледже, имеют выше GPA, чем те, кто не работает. И вот и все. И ты проверила. Да. Итак, ты лучший, номер один. У тебя есть какие-то вреда?
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
И сколько у тебя в счетах и зарплатах? Это невероятно. Хорошая работа. Хорошо, давайте поговорим об инвестициях. Я думаю, что Roth IRA – это ваш лучший бет сейчас. Хорошо. Я не думаю, что вам нужно беспокоиться обо всех остальных вещах и о том, что вы слышите. Вы можете встать в Roth IRA.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
После того, как вы начнете свою карьеру, вы, возможно, получите опцию для Roth 401k, и это еще один хороший место, и начните делать 15% в этом моменте.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Это могут быть депозиты, у тебя может быть необходимость улучшения машины, улучшения оборудования, обеспечения, обеспечения.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Да, и если вы хотите помочь в установке Roth IRA, вы можете подключиться к одной из наших смарт-вестер-про. Они не работают для Ramsey, но они предоставлены инвестиционным профессионалам, которым мы доверяем. Если вы зайдёте на ramseysolutions.com и нажмёте на «Trusted Pros», вы сможете связаться с одним из них в Сеатоне, и они начнут вас. Отлично. Давайте перейдём к Брэндону из Далласа.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Брэндон, добро пожаловать на наш канал.
The Ramsey Show
Don't Let Debt Happen To You—Face It Head-On
Что ты имеешь в виду, что она удовлетворила вашу больную маму?
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
Hey, George Camel here with a not-so-fun fact. Every American social security number, including our children's, has been hacked and is now on the dark web. And this is not a scare tactic. This isn't fear-mongering. It's a reality that could turn into a nightmare for a lot of people. And believe me, I've been a victim of identity theft, and I would prefer it never happen again.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
Because once the bad guys have your social, it's the lifeblood for all of their activity. Think of all the places you use your social. Your banking, your employer, government offices, utilities, cell phone companies, everywhere. And once they've got it, thieves can open new accounts, drain existing ones, steal payroll, and wreak havoc all in your name. Not cool.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
And to be real, it's not a matter of if, but when. So you've got to protect yourself with Zander's ID theft protection. Zander has all the cyber tools to help, including home title monitoring, full recovery services if you do become a victim, and stolen funds protection. Not to mention, it's the best value on the market.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
They've been protecting my family for over a decade, and I trust them to protect yours too. So get enrolled today by calling 800-356-4282 or just visit Zander.com. That's Z-A-N-D-E-R.com.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way. Over a decade, I went from broke to millionaire.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
and I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by, a life with more margin, more options, and more peace.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
If you want to check out the book, go to ramsaysolutions.com to get your copy of Breaking Free from Broke. That's ramsaysolutions.com.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
We'll be right back. Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start? Well, as your nerdy friend who does the research for you, I found the solution. They're called Delete Me.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
And here's the reason they come in the clutch. The internet is packed with data brokers, which are these shady companies whose sole purpose is to collect your personal info and sell it for a profit. Enter Delete.me. Delete.me swoops in, finds your info on these sites, and removes it on your behalf. They even send you a report with all the details.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
And so far, for me personally, they have reviewed 27,000 listings, removed my info from 240 data brokers, and saved me 66 hours in the process. I trust Delete.me to help protect my family, and I trust them to help you too. You're going to get fewer spam texts, fewer phishing emails, and fewer creepy robocalls. And Delete Me also makes a great gift for other people in your life that you care about.
The Ramsey Show
Building Wealth Happens One Baby Step at a Time
Individual plans start at just $9 a month, so take an easy step to protect yourself and your loved ones today. And as a Ramsey fan, you'll get an extra 20% off any of their plans at joindeleteme.com slash Ramsey. That's joindeleteme.com slash Ramsey.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
23, 24, something like that. A long time. Long, long time. I'm at seven, and I can tell you the ring has never come up in conversation.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
right i want her to look nice whatever but i mostly want to buy it so that i can be like look like i got my wife an upgraded ring and this you know what i mean and that's a different different ball game yeah i mean personally i would just rather spend 5 000 on the ring and go on a really nice honeymoon and cash flow the wedding and have some down payment money that feels like a better you're setting yourself up for a better marriage versus having something flashy to go he loves me this much it's
The Ramsey Show
Cut Debt out of Your Life! (Literally)
crazy that's a tough one that's a tough one this may be antiquated i know we have some recently engaged uh ladies in the booth right now who may have a differing opinion but i just tell you can you just thumbs up or thumbs down are we crazy are we crazy well she sort of thing i know she's got that real diamond she said she wanted the real thing we're talking to the wrong lady twenty thousand dollars though too much no
The Ramsey Show
Cut Debt out of Your Life! (Literally)
There's a limit. There's a limit emotionally, financially. And he makes $200,000. But in New York City, that might be a down payment if you're lucky. And so there's a piece of me where you've got to look at the opportunity cost. And I know life is more than opportunity cost. But we have very clear data that the marriage isn't better because you spent more on the ring.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And so, therefore, I go, what's the point of the ring? What was the original... Why did we come up with this idea? Oh, that's right. It was like De Beers and Kay Jewelers decided, oh, yeah, three months salary on a ring. That's what you should be spending.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
It's a symbol that says... I want the real blood diamond, John. I want the real thing.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Well said. I'm pumped for this. I'm lucky I get to just hang out next to Dave as he does this. So I would pay good money. Imagine that, five hours with Dave over two nights. Would you pay him $199 to sit with Dave and ask him all of your investing questions? And that's the cool part. You can actually submit your questions if you're part of the event, email them in.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
We'll take them as they come in live. And it's going to be a really good time. Dave's going to unpack it with formulas and how he analyzes every investment with real examples from his portfolio.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Well said. RamseySolutions.com slash events. Don't miss Investing Essentials. It's happening next week. All right, Maria's in Orlando up next.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
You're welcome. That singing is free. What's up, Maria?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
cut them up and then cut them up right now do you have them on you i don't i'm on my way home i'm gonna be there like 15 minutes can you promise america that you're gonna cut them up and that you're gonna dm me a photo of the cut up cards as soon as you do it okay yes i promise we have proof now that you said you would and you're a woman of your word so yes cut up the cards it has no bearing on the account it's just you burning the ships physically saying i'm done i'm done
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Letting my life be run by lenders and the sick games they play to get me into the points and rotating cash back with 25% APR. You're done with that. You're too smart and successful to deal with credit cards.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
As close to zero as you can get. It's just indeterminable.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
So it's not that I have a bad score. It just doesn't exist. I disappeared in the eyes of the credit bureaus because I paid off everything, closed all the accounts, including the mortgage. And so when you do that, you'll have no score.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And what you'll find is everyone made up some crazy story about how hard life would be without a credit card and how dangerous you are for using your own money through a debit card and how you'll never be able to rent a car again and buy an airline ticket in a hotel. And then I just did it and I went, oh. They didn't even batten. I was hoping to put up more of a fight at the counter.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And they just went, oh, yeah, your debit card's fine. That works. We'll take your money.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Way to go, Maria. I feel like we got one win in today, John. That's good. I feel great. I needed that. All right. Let's go out to Brian and see if we can help him in Syracuse, New York. What's going on, Brian?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Great questions here. So you're in Baby Step 4?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Absolutely. Well, you're asking great questions. I'm proud of you for where you're at and reaching out to a pro knowing, hey, I want to know that I'm doing the right thing instead of just hoping and guessing. And a good financial advisor will actually teach you and help you understand and leave the ball in your court to make the decisions. And they are truly there as the guide.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
You're the hero when it comes to your investing journey. And so ask them, hey, how do you operate? What's your investing philosophy? What kind of services do you offer? Beyond just helping me choose a few funds, what is this relationship going to be like? How are we going to communicate? How often? How do you get paid? That's an important one to know.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
That's an important part of it. Yeah. If you don't like them, don't work with them.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
That's it. It's part art, part science. Do we vibe and do I understand everything laid out here in the relationship?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I mean, you want to avoid anyone who's selling you crappy products. And so if you jump on a RamseySolutions.com and click on Trusted Pros, I guarantee you they're not going to be pitching you on whole life and annuities for a young guy. And so that's one thing to look out for. Are they really just an insurance salesman, you know, a wolf in sheep's clothing?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Or are they actually a financial advisor who's licensed to sell me investments, who has my best interest at heart? That's the key, man. Great questions. RamseySolutions.com. Click on Trusted Pros. This is The Ramsey Show.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Welcome back to The Ramsey Show. Our question of the day is brought to you by YRefi. When the payment on your defaulted private student loan is as much as some mortgages, it's hard to get ahead. And that's when YRefi can help. We're financing to a low fixed rate loan built just for you. You can find out more at YRefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
May not be available in all states. Our question comes from Lucia in New Jersey. What is the question, John?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
No, I would not add her. This is not going to be a blessing to either of you. I hate that she's going through this. It's going to be tough. But here's the good news. As her credit score improves, as she makes mortgage payments and stays out of debt and stays on time with all of her payments, her credit score will naturally improve and she can refinance to a better rate down the road.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
But I would not add her as an authorized user. Her credit history will become part of your credit history and affect both of you. And if you make any poor decisions, God forbid, then that will also affect her negatively. And so I would say, listen, I love you a lot. I cannot bring you into my financial world and tether you to it. There's risk for both of us, and I'm not comfortable doing that.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Yeah. And the other part of this is you might actually be hurting her by artificially propping her up and keeping her in this house that she really can't afford. That's right. The answer might be she needs to sell the house because it's too much for her to take on on her own. And that's not a fun thing to do, but it might be the truth she needs to hear.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And so you can be a support for her without attaching her to your financial world and dragging each other down. Great question, though. Cherokee's up next in Vegas. What's going on, Cherokee?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Who else is in his community right now other than you? Does he have family around?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I think he needs to move back home and get some care from the family, and you go out on your own.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And he can't split bills with you right now. He's not in a place to do that.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
So you've got two people who are leading from a place of weakness, and you can't carry the weight for him. Yeah, he doesn't need to feel bad.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
You're going to be no help when you get evicted and your car gets repossessed and you can't even go to work. You're going to create even more problems if you continue this. Yeah.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
So you need to make sure that you're well, and he needs to focus on him and get his family involved, and you can be a supportive girlfriend on the sidelines, but I would not intermingle our finances at all.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
How's it looking? Has the doctor said anything?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, here with Dr. John Deloney, host of The Dr. John Deloney Show, and we're taking your calls at 888-825-5225. Peyton will kick us off this hour in Atlanta, Georgia. How can we help, Peyton?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Well, that's the thing is you have no control of this money once it's given.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by my friend Dr. John Deloney, number one best-selling author, and we're here to help you take the right next step for your life and your money. Give us a call at 888-825-5225. Sarah's up first in Dallas, Texas.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
You're about to be Bank of Payton once they find out that you're just giving away money like a game show, and they're going to be coming back.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
You did it last time. Why not now? Why are you so stingy now?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Have they asked for money, or is this just your own survivor's guilt talking?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And what needs does she have right now that you feel like you could help with?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
So is that child care? What would you exactly help with versus just writing a check?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Yeah. The more specific you get, the better. And you can remain in control if you do what John said and go, I'm going to give directly to the need versus just throwing a check at it. But you're a noble guy, and I got nothing but respect for you, man. Good luck with your decision.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Welcome back to the Ramsey Show. Do not miss the upcoming Money and Relationships Tour. It's Dave Ramsey and Dr. John Deloney like you have never seen them before.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Unfiltered, unscripted, and packed with wisdom and laughter.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And the audience, they choose the content of the night before the event.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
They're headed to a town near you. Louisville on April 21st. Durham, April 23rd. Atlanta, April 25th. Phoenix on May 5th. Fort Worth, May 7th. And Kansas City on May 9th. Get your tickets. RamseySolutions.com slash tour. And if you're tuning in on YouTube or podcast, just click the link in the show notes. Be sure to say hi. I wish I could go. They don't invite me. I'd love to drive out to Atlanta.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Maybe me and Rachel will crash in Atlanta. That would be a blast. Just show up.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
All right. Skylar is in Fort Worth up next. What's going on Skylar?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
So they want you to pay for the building of this in-law suite so that you can live in it?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Why don't you just leave? Can't you just go live on your own and rent an apartment somewhere?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Okay, you just need to go. I don't understand. I mean, you need to say, hey, mom, dad, it's been great. Thank you so much for letting me crash. Me and baby are going to go get our own place. You said you're in a better place financially. Can you afford to rent your own place?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And you said your hours, they range from 5.30 in the morning to 8 at night?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I'm wondering, what does child care cost around you if you were to put him in daycare?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Okay. But soon, this is a temporary problem. Soon he'll be old enough, he'll be in school, this will all be behind us, right?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Okay. Well, just know this is not forever. This is a season, and it's going to be hard, and it's going to be uncomfortable, but you're going to be on the other side, more mature, more independent, standing on your own two feet.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I think this is you starting to realize how angry and resentful you are, living this life this whole time while he hid everything. But the truth is, like John's saying, it has no bearing. You have your agreement on what it says will happen, and that's what will happen if you take the agreement. And so he may have hidden money offshore. I have no idea. But it doesn't matter.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I think that's a good start, and she'll let us know if she needs anything else. That's right. We're here for you, Skyler. We got you, Skyler. Hang on the line. We'll pick up and get you those resources. This is The Ramsey Show. Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Okay, picture this. You sit down to do your taxes, but instead of stressing out, you're actually ahead of the game and filing with an affordable software that makes your computer shoot confetti when you're done. Okay, not that last part, but Ramsey Smart Tax does make filing easy and doesn't make your bank account cry. James is up next in Dallas, Texas. James, welcome to the Ramsey Show.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Right now, this is about you and your kids and your health and your safety.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Hey, guys. Thanks. I really appreciate y'all having me on. Absolutely.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Well, I'll tell you, regardless of if you have consumer debt, regardless of if you have the mortgage still left on it, I would tell you to sell it. Okay. I would not keep it as a rental and live two and a half hours away and be a long distance landlord. And the easy way to look at this is this way. If you lived in Austin, would you buy an investment property in Dallas, Texas?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And so I would sell it and be done with it. And guess what? It's also going to leapfrog you through the baby steps, get rid of this debt, put you in a stronger place financially and give you less headache and more peace.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And if you want to buy real estate down the road in the future, you want to pay cash for an investment property near you, go for it. You'll be able to do that. What kind of money will you guys be making?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Yeah, I just didn't know. Chick-fil-A is like, I mean, it's Fort Knox to try to get a Chick-fil-A. You can't just go buy one up.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And once you guys are in a better financial spot, be sure to send John and I some sandwiches. We'd appreciate it.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
All right. Francois is in Los Angeles up next. How can we help, Francois? Hey, how's it going? Great. What's going on?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
So what is the business making today as it stands with the work that you can take on?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
So after all expenses, you were making like $5 an hour.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Between the California tax and the soul tax, you need to get out of this thing.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I think anyone would be lucky to have you. And so I'd be looking around your industry to see who's hiring and what value you could bring to them. This is The Ramsey Show.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Welcome back to The Ramsey Show. Reminder that this is the last segment for this hour unless you jump over to the Ramsey Network app. It's the only place to get full episodes of The Ramsey Show. You can download it for free using the link in the show notes or just search Ramsey Network in your app store. If you're on radio, stay tuned. The show will continue as promised.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Well, John, sometimes on the show, we don't know if the callers actually follow through with what we told them to do or what they said they were going to do. And so we had a caller earlier named Maria who was asking, hey, should I cut up my credit cards? I'm working on paying off these debts. I got most of them paid off. Is it going to affect me if I cut them up?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
We said, no, go ahead and cut them up. Do it now. She said, well, I'm on my way home. I don't have the cards with me, but I will. And I said, promise, send me a DM with a video of you cutting them up. And she delivered. She slid in to George's DMs head first. That's the kind of DM I want to see. Just cut up credit cards. So here we go. We have the clip that she sent in.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Let's play it if you're watching. Yeah, yeah. Oh, beautiful.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
This is what I want to see. There was like seven cards. Can we play that again? I think there's like seven or eight cards in this pile. Yeah, there's a huge pile. Remember she said she had nine or something like that? Oh, my goodness. There's no site more beautiful than just a pile of credit cards. There you go. It represents freedom. You're breaking free from broke. You're bucking the system.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
We love to see it. So thank you for that, Maria. All right, switching gears, John. One of the top things that you talk about is wills and insurance.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And that's just off air, just behind the scenes when we hang out.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
It's brutal. Daggering to me. And so I want to cover some top myths about wills and insurance real quick, just to clear the air, help people understand the importance of this. And it is crucial for effective estate planning. And no, you will not die sooner by talking about this stuff.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
On the background of some of these. If I was a rapper, you'd be on stage with me, hyping me up.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Myth number one. Young or single individuals don't need a will. Here's the reality. Regardless of age or marital status, if you're an adult with any assets at all, a bank account, property, a pet, a will ensures that your wishes are honored after your passing. That's all it does. Without a will, it's a mess. The distribution of your belongings is determined by the state, a.k.a. the government.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
which may not align with your preferences. They're not great at divvying this stuff out, dealing with it in a timely manner. So if you want it done the way you want it done, get a will in place. It's super easy to do. Myth number two, creating a will is super expensive.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Reality, attorney fees for drafting a will can range from $300 to $1,000, and there's way more affordable options now with online services like Mama Bear Legal Forms. They've been a great partner with us. That's who I have my will through. And they offer legit wills that are done by lawyers at a fraction of the cost. Another myth, John, identity theft isn't a significant concern.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Identity theft is a crime, according to Dwight Schrute.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Yeah, it's a growing issue. Get this, in 2023 alone, 15 million Americans experienced identity theft, and that resulted in a total loss of $23 billion. That's a 13% increase from the previous year, and I think that number is going to keep going up over time as we deal with more... digital life, the digital world with crypto and AI, and you have your info and 19 more accounts.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And so you got to get identity theft protection. And that's the next myth. People think that's unaffordable. Individual plans typically cost between 10 bucks and 40 bucks a month. Family plans range from 13 to 60 bucks monthly. Listen, your subscriptions add up to more than what it would cost to get this protection. So get that in place.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And finally, the last myth, if you can rebuild your home with cash, homeowner's insurance isn't necessary. Yikes. even if you have sufficient savings to rebuild after a disaster, which by the way, 99.9% of people don't. Purchasing homeowner's insurance is very wise. It's going to protect your savings. It mitigates financial risk, allows you to preserve wealth for other purposes.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Dave Ramsey has homeowner's insurance on his property and every single investment property he owns because for the price you pay for that premium, it is totally worth the insurance company taking that risk instead of you. So there you go. If you're unsure you have the right protection in place, we have a free coverage checkup that makes this super easy.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Go to ramsaysolutions.com slash checkup or click the link in the show notes if you're listening on podcast or YouTube. Well worth your while to get that coverage checkup. ramsaysolutions.com slash checkup.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I would say you don't need to pause investing right now. You have a six month emergency fund. And then if you have vacation funds, other sinking funds that are for more fun stuff, I would just hold on that until we know that he has stable income beyond June. And then once he has that job lined up and he gets that paycheck, let's push play. Let's restart the sinking funds. Let's take the vacation.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
But for right now, it's not an emergency situation where you need to just pause everything you're doing, don't invest a dime, and just stack up cash. Because you have a six-month runway beyond June where your expenses are going to be covered, plus the vacation funds.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I would tighten up the budget. I would not be living luxuriously during this time. I would look at the budget and say, we're going to live on a bare-bones budget. We're going to keep investing, but we're going to cut things where we can. We're not going to eat out as much. We're going to just live like we know this job is going to end because it will.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
And I hope that by June he's got something lined up. That's some pretty incredible runway you guys have. Like, there's a lot of blessings here that you guys are in the financial spot you're in, that the job wasn't an immediate loss, that he's getting paid through June, right?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
No, it's not bad form. The HSA, you could do that with the 401k. You're not going to be able to just lump some back in because it has to come from those paychecks each time. So you could ratchet up your 401k investing to make up for it. So if you wanted to take down the HSA for now, you could do that. And again, there's going to be severance. They have the vacation money on top of the six months.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
That probably is looking like closer to 12 months.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I feel pretty good about it, especially the fact they have no mortgage payment. So that's where I'm like, they have more wiggle room than they think now. There you go. That puts this hour of The Ramsey Show in the books. Yeah, you weren't talking.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Welcome back to The Ramsey Show. I'm George Camel here with Dr. John Deloney, and we're going out to George in New York City. What's going on, George? How can we help? Are you with us? How's it going? Good. How are you?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
All right, well, I'll tell you the general parameter, and it's, you know, my hot take is spend as little as possible. That will still make her feel loved. There's no data that shows that a nicer ring bodes for a better marriage. In fact, the data shows the opposite.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
But generally, at Ramsey, we would say, hey, one month's salary is plenty, which is a little bit, you've saved even more than that. So are you making, what, $15,000 a month? Yeah, roughly. Okay, so I'd set a budget. If that's $15,000, hey, you do you. You're debt-free. You can pay cash, right? We're not going into debt for this. And go, here's what I'm going to do.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I'm going to find the nicest ring I can for $15,000. Is she involved in the ring shopping?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Sure, looking at the opportunity cost of this ring. And the other piece is, you know, you got to pay for an expensive wedding now. You buy a $25,000 ring, you got to have a $250,000 wedding to match. And now we need a million dollar home. Because now we got to keep up a certain lifestyle for the people in our circle. And a pony.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
But you see where we're going with this? There's a piece of this where you have to detach from what your friends think. And if your friends care that deeply about what kind of ring you got for the woman in your life, you need better friends. God, dude, I know.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Are you guys planning on buying a home together one day?
The Ramsey Show
Cut Debt out of Your Life! (Literally)
That's a down payment for some people. Yeah, a hundred percent. What has the conversation been like with her? Cause I feel like she may have expectations at this point based on what has been said.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
Who's going to know if it's lab-grown or moissanite or made of, you know, ring pop? Who's going to know other than you two? Exactly.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I'd go, hey, let's shop. What kind of rings do you like? And then we go, okay, that one's out of the budget.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
I don't care if he makes a dollar or a million. It has no bearing on your involvement in knowing what's going on financially in the family.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
That's a lot. It's between you two at this point. I don't think she's a vain person who wants a $25,000 ring. Nothing indicates that. But I do think your friend circle has too much influence in your life and your impending marriage.
The Ramsey Show
Cut Debt out of Your Life! (Literally)
you're going to spend on on a ring on a ring so i want you to have some more cash which means pull something but dude you do you boo yeah thanks for the call george there's no uh easy answer there it's it's largely dependent on the couple and again we're not here to tell you what you can can't do with your cash but just two knuckleheads opinions who have been married a good while now i'm uh john's going on how many years for you john
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Hey, George Camel here. So you're thinking about buying or selling your home. It's exciting, but there's a lot to think about. And all those decisions can feel overwhelming. Well, here's the good news. You don't have to tackle the process alone. Ramsey's Real Estate Homebase is the place to find all of your free tools and resources for help to get prepared to buy or sell your home with confidence.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
You'll find calculators, start to finish guides, a podcast, and even an in-depth video course hosted by yours truly. What's not to love? So if you're ready to take the next steps toward your home goals, go to ramseysolutions.com slash real estate. That's ramseysolutions.com slash real estate.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Don’t Throw Away Your Long-Term Security for Quick Fixes
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And then if he was just looking at an investment property to rent, what would the formula be for that?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I like the idea of taking the quarter million job and using that to fund his real estate ventures. Yeah. That's the move until it spins off in a flip.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So you're in pool sales and then you're like, hey, by the way, I can maintain this for you.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Got some swag from the Ramsey Cafe store.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
We got a shriek out of Yvonne. She was too excited to even yell. Just a shriek was perfect. That's the I'm going shopping shriek. Yeah, it sounded like she won a game show. I think that's what just happened.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Today's question comes from Justin in Minnesota. Many people think that for a person to become wealthy, other people must lose wealth because it's a limited pie that is sliced up unequally. I think wealth can be created through innovation, for example, and therefore not limited. What is your opinion of this?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If we both placed a bet and I was right and Dave gives me his money, he lost, I win. That's where that would make sense. Exactly. But the stock market is different. If an Apple share goes up in value because the company is worth more and they make great products, nobody lost in that scenario. Exactly.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Shut up. So it's basically I'm broke because other people are rich.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's their fault for making addictive products. Yeah.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I think I'm getting hungry thinking about all this.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
The extension of this is should billionaires exist? I've seen this come about. Well, billionaires just should not exist, Dave. Apparently, once you hit 999 million, that's it. You're fine. You're a good person. Once you hit billionaire, apparently you become a terrible, awful human being. Is it true?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
He just lit that fire, added some gasoline on it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Does she just feel like it's restrictive and it's just not a fun thing to do?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If we got her on the phone right now and we said, okay, share your side, what would she tell us that you're not telling us?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah. So live your life in such a way that they want to ask you for financial advice because unsolicited financial advice, especially coming from their kid, it's not going to land. It's going to hit deaf ears. And so you've got to live your life in a way where they go, man, you're like a new person. Like your whole demeanor's changed. You're happy. You're crushing it. What's going on?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And then you go, well, I'm following this plan. It's really been helpful. And then you can tell them about your experience.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It's like when you learn this, you're like, I got to tell everyone. Everyone needs to know, but they got to get on this. But it comes across sometimes a little bit too eccentric or judgmental or whatever.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I like that. Line of credit to rent the backhoe. That's a new one for me, but the banker one makes total sense. It wasn't an actual experience he had. It was a guy said, I can't do it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Oh, so it's flexible enough that when you don't have her, you can do your coursework.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Just us two. Well, what kind of debt is your $27,000?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Have you been making a budget every month?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Is it all expenses and very little income? Are you drowning every month? Yeah.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
That's when the old cart gets full. Yep. And you start scrolling the ex's Instagram, see what she's up to. Yeah, that's dark. That's real talk.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Well, hey, let me, if he doesn't already.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Can we give him every dollar premium in case he doesn't have it? Let's make sure we hook up our vet friend with that. So hang on the line. Christian's going to pick up. We'll make sure that you're not paying for every dollar premium as our gift.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I don't think you need to refinance. You just need to sell it, pay off your debt, rent for a while, and build a foundation.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
With no debt and an emergency fund.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If it's delayed by six months because she can't go Uber Eats a few hours a week, that's okay.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
What do you mean ended up? Like it just happened. Yeah, it just happened.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
It was entertainment, but it wasn't actionable for you. You're like, that's for other people.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Yeah. Well done. Good job, you guys. Impressive. How old are you guys to have a paid for house at this age?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
A lot of hustle, a little bit of legacy, and you guys are free. Yes.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
I'm impressed. So you've been staying at home now for a few years. How long has it been?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Wow. Did it take the weight off when you became debt free? Because I know staying at home is a luxury for a lot of people. We can't afford it. And now you guys can afford it.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
Wow! Never gets old. That transformation, because it's so much more than just money. It's not like, oh, we've got a truck paid off. It's more than that.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
And our millionaire study, they revealed one out of three millionaires never made six figures in their working lifetime. So it's not always about income. It's about what you do with it. And the earlier you get it, the better chance you have of living your best life and building wealth.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So getting it at 30, goodness gracious, I can't imagine where they're going to be 10 years, 20 years, 30 years from now.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
So you might win a lawsuit out of this.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
If your expenses are five grand and you have six months worth, that's $30,000. How many emergencies out of pocket would be over $30,000? None. Close to zero.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You're never going to get to unity through apathy. So you've got to have people who care about this. That's a line. You can tweet that line. I'll tweet that. Does Twitter still exist?
The Ramsey Show
Hope Is the Difference Between Victim and Victor
You've got to have two people who care.
The Ramsey Show
Hope Is the Difference Between Victim and Victor
What were these offers you passed up?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Building Wealth Is Hard but Being Broke Is Harder
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And another tactical piece of this is adding some stopgaps in there, like freezing your credit with all the bureaus so that you can't open debt. Because right now it could just take one little slip up and you open a new line of credit, got another loan. And like you found out, these dealerships, these lenders, they don't care. They'll do whatever it takes to get you another loan.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And so put some stopgaps in place to help protect yourself.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So you'd have to sell it, then use the proceeds to invest into a REIT.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Today's question comes from Allison in Minnesota. I agree with your advice not to get whole life insurance, but I have a question about it. With term life insurance, if you outlive the term, you lose all of the money you paid in premiums. With whole life, you would still have some cash value. Is the difference between them worth the risk of getting nothing? Well, here's the thing.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Term life is not an investment. So the idea that you got nothing, that's like saying, well, my house didn't burn down, so I guess I wasted all that money on homeowners insurance. It's not the point. It's to replace your income if something were to happen to you. And by the way, that whole life is going to be 10 times the cost, and it's a giant ripoff because it all goes to the whole life company.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So there is a huge difference, and term will still come out ahead in every case.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
What's the old saying? If you don't argue with an idiot, they'll drag you down and beat you with experience. That's most whole life agents.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
How much consumer debt do you have? Let's separate the mortgage out cause that'll help take away this mountain of debt you're looking at.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And used debt to fund it, essentially.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Are you guys investing, too, at all?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah. So baby step one is a thousand dollar starter emergency fund. Likely you guys have that. And then baby step two, again, you're pausing investing. We're not borrowing another dime. You're going to pay off all of your debts from smallest to largest balance with the debt snowball method. So you make minimum payments on all the debts, but on that smallest one, attack it with a vintage.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So as much extra as you can add it and it gets knocked out real quick because it's the smallest one. Take that payment you freed up, apply it to the next and to the next until you're completely debt-free. And if you do it that way, making $165 and maybe working even more, maybe you get a side hustle, you guys can clean this up in two years.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And one of the biggest traps out there is when you play the shell game, you start moving the debts around. Well, we can consolidate that. We can wrap it into the HELOC. And you feel like you did something because action was taken. But you just moved the debts around and didn't clean any of it up. In fact, it probably is worse now because they're not separated.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
So you don't get to do the debt snowball with a giant HELOC sitting there. And so this is the stupid tax that we talk about. And- One day you look back and go, man, remember when we were young and we made all those decisions? Well, at 27, you guys are going to be completely debt-free if you do it this way with the rest of your life ahead of you.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I wouldn't wait for this payout to get control of your money and get rid of this debt.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
We've seen some incredible inspirational stories of people in their 60s who cleaned up a mess and still were able to retire with dignity.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I do appreciate the honesty of him just coming out and saying, I'm lazy.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
They'll just go right into your bank account.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
They have the power to do whatever they want.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You spent years trying to get everything just right for your family. Now you need an easy way to make sure your important financial documents are as organized as the rest of your house. Well, good news. Knockbox, that's N-O-K box, as in next of kin box, is a complete system that helps you be sure that you leave happy memories, not a mess, when you pass away.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Knockbox is a simple way to organize important paper and digital documents. IDs, tax returns, insurance policies, estate plans, accounts, and other personal history in one manageable place. Your family will feel your love in every detail you take care of. So start taking care of them at knockbox.com slash Ramsey. A well-organized legacy is a gift to your family. That's knockbox.com slash Ramsey.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And you want the latest and greatest because now there's better technology.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It really made me feel like a superhero. I was very kind because they see my face every day in the classroom watching our foundations and personal finance curriculum. So the guy from the TV is in front of them now. So this is as close as they'll get to seeing a real celebrity. Did they say that you're taller in person? I forced them to say that. I said, do you guys think I'm taller in person?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You're bulked up now. I sent some snark on them.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yes, I have, George. Sketchy and never trust them.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Yeah, they do. Delete.me actually goes in and removes your information from data broker websites. And it is an incredible service that everyone needs.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But Delete Me will delete your data, hence the name. It's gone. They'll wipe it out for you so you can sleep easy.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's right. And then once they remove your information, then they're going to send you a detailed report telling you where they found your information, when they removed it, how many hours they've saved you. I mean, it is incredible. So detailed and it's beautiful.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Get this. So far, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites and saved me 77 hours of time. It's incredible.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Absolutely amazing. And Winston and I now get fewer texts, weird emails, spam calls, all of it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteeme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Again, that's joindeleteeme.com slash Ramsey. Make sure to check it out, you guys.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It's a big deal, Dave. I know it's not to you. You're used to seeing me in person. But you catch me in a Costco. It's a riot out there. People are losing their minds. Yeah.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It means we're helping kids change their lives. I asked them, I said, who's committing to living their life debt-free? All the hands flew up in the air. So our work has meaning. The next generation is getting it, Dave.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I don't know what I would have done without you, Rick, on Breaking Free from Broke. You are a savant at what you do. We're grateful.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I got to ask, Rick, I know your personal life and your heart for generosity and missions. Was that a why in this? Were there other whys as to why you guys did this?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Rachel's in there. Deloney's in there. We've got some Ken in there. But you're the primary, right? I was hosting, so you see a lot of me. Ah, okay. Because I was all over it.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
You've got to be watching on YouTube or Spotify video right now. It is too precious.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
We love seeing our team members hit Baby Step 7. We celebrate it big around here.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
This might have been a first for me.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I love it. I mean, believing in the mission, still teaching FPU 14, 15 times over now.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's rare air we're breathing over here.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
It's a great curriculum, though. A lot of people don't know that our curriculums are now at 48% of high schools in America.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
They are really cute. I know. I mean, Rick's a good-looking guy, but goodness gracious, the kids did really well.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Do you guys have anything in savings?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
What do you think? Well, part of what got us here, Troy, is doing too many things at once and not really focusing on anything. And my worry is you keep doing that for the next 5 to 10 years instead of just getting aggressive like Dave mentioned. And I crunched the numbers for you here with our investment calculator.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
If you waited until 58 and you started dumping that 15% of that $110,000 income, you'd have a million bucks, but you're going to have to work into your early 70s.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's nothing. No match, no raise. You just keep that exact income. So you did make a million dollars. And so you will have a million, but you'll have to work.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
He'll have to work till 73, which is not ideal. But for a late start to still have a million bucks, that's a pretty good life.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That's where I said, yeah, he's going to have to work a little longer to hit that. That's not like a magic number that allows you to retire or not, but just a good ballpark to go.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
And get the house paid off and start dumping even more on there? It's definitely possible.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
If Dave was out here delivering pizzas.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
I don't want him showing up at my door. That's all I'm saying. Hey, hey, hey. Yes, you do.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Because you're a good tipper. That's true. If I saw Dave at my door, you better believe I'd be tipping well. I'd give him a copy of Total Money Makeover as well. If I show up as your Uber driver with some strange sunglasses. Can we do that, Dave?
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
If I see Dave with hair, I go, that ain't Dave.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
That ain't Dave. That might be his brother.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
It’s Not Too Late to Get Back on Financial Track
Are you stable? Are you back on the meds?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
What is your yearly income from all of this after all of your expenses?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
You could go work a retail job and not break your back doing this and instead get out of this completely.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Wait, so it's a money bank. Can you just go ahead and pay off the loan then? Yeah.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Better than paying $15,000 in interest that you don't have. Yes, Karen. This is get out of jail here. This is get out of jail, Kirk. I thought the damage was done and you already bought the van and did the renovations, but if you have the money sitting there... Oh, yeah, no.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Hit the rewind button. The bank gave you $31,000 at 48% interest.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Absolutely. And what's the RV worth? You owe $4,000 on it. What could you sell it for?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay, take your $441 that you'll save by getting rid of that, plus your Social Security, plus your part-time hours, and you can afford rent somewhere. You might need it, you know, to do what Ken said.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Today's question comes from Drew in Nebraska. He says, We're comfortable paying about $2,500 a month in rent. We would like to build this summer and potentially finish by the end of the year. Is this something we can afford? Well, Ken, this is like a common core math problem, and I don't think he's going to like the answer. I don't think so either.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I got my mortgage calculator up here on the Ramsey website. I love it when you talk nerdy. I know, and here's the deal. You're going to have PMI because right now you guys have about 12% down, $80,000 into $650,000. Tracking? Mm-hmm. which means you're going to have to pay PMI, which will likely be at least a few hundred bucks, maybe $300, $400, or even more.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And so you said we're comfortable paying $2,500 a month in rent. That mortgage would be closer to $6,200. So that's a lot. Now, you guys make great money. Stout. $250,000, I mean, that's serious. And so if you want to look at 25% of take-home pay, let's say they're bringing in $15,000 a month or so. Mm-hmm.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, that's probably a $3,000, $4,000 mortgage would be comfortable for them, which just tells me it's a patient's thing. We either have to save up more down payment or we need to lower the build of the house or look in a different area. And so this isn't a, no, you can't do this. This is a, we got to be patient here. And let me tell you, the baby lives in your room for the first six months.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So you already bought some time there. Not my room. Next up, now Ken's out. He's out on that. It's going to the nursery immediately.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So there's one part of it, but really a baby, you can live where you are for the first year or two of the baby's life and survive. And so my take is have a little patience here and let's wait on this home purchase. Because number one, having a baby is a lot already on top of moving and building. There's a lot of moving pieces there.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And so I would encourage you guys to just stay put where you are and continue saving. And I believe I have my computer plugged in if we want to take a look at that. Oh, you're going to show people what you're doing. I thought it would be fun. I thought it would be fun to show them if I can. I don't know that I'm capable.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
No, I can't see. It's too far away. All right. There you go. So private mortgage insurance, the property taxes, home insurance, HOA dues. So you can play around with the numbers on this real estate mortgage calculator to figure out, hey, how do we get this within 25% of our take-home pay, which, by the way, is after taxes but before other deductions. Yeah.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So we're not talking about after the 401k, after the health premiums. Just take out your taxes, state and federal, and then see what your take-home pay would be and aim for a quarter of that. And again, it's just a parameter. If it's 26%, we're not going to yell at you. It's just a parameter to make sure that you can get through the other steps. But congrats on the impending baby.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That's a whole lot of combo meals. Yeah. There's a lot going on here. Was she sneakily going behind your back to McDonald's? Yeah. And not telling you?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Yeah. Well, a lot of people have these golden handcuffs, Ken, because they refinanced or bought in 2020, 2021, and they're going, well, I got a 2% or 3% rate.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So is she paying every single bill in the household?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So as you look at the budget and the bank account, where would you say most of this money is disappearing to?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. And are you saying that you feel like she's overspending on groceries? Yeah.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And is there a reason? Have you asked her, hey, what's going on with the groceries here? Can we change our grocery store? Are we wasting food? How can we do better in this area?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
But even then, are you guys taking home $9,000 a month? What's your take-home pay?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That feels awfully low for you guys to be making gross close to $130,000.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Even at $1,000 in groceries, you guys still have $5,000, $6,000 of random other bills, and so I think there's more to it.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. So you have your fun money. You've got John's fun money, $150. You've got groceries.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
But there's still a lot of money to be accounted for in here, and this is going to be a conversation with you and your wife sitting down with accountability saying, okay, if we need $700 in groceries for some reason, that's the limit. And once we go over that, it's over. Yeah.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
If you've actually tracked it against the budget, the budget will tell you very quickly where your money is going.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I think you're telling the truth, but I think she might be telling the truth. What if little Junior does need all this stuff? He's a year old. He doesn't need anything. I don't know what he needs, but, you know, dad's at work and running.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Did she know that it was not tied to the cards that you were aware of?
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Make Decisions Based on Guidelines, Not Headlines
So you can't raise the price. So they locked in the price at $1 a needle, and now you guys are getting charged $1.10, and so you're losing money on the contracts, essentially. Right.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, and there's the retaliation tariffs from Mexico that now affect U.S. businesses.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I think until leadership is actually saying, here's what's going to happen, and hey, phase one, here's what happens. Phase two, layoffs. Here's who goes. And, you know, even Ramsey did this during COVID. Our team communicated, leadership said, here's what's going to go down if things take a shift. And then you kind of know the game plan.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And so I think there's not enough information right now to go, I'm going to pause. Because this could be... a year long. This could be three years. We don't really know how short-term this is. And if it was a short-term storm, I'd say, let's pause and save up. But if this is going to be four years of who, will they or won't they?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And can you guys, will you guys, you know, change suppliers next month and then this will be solved in 90 days?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Yeah, what's the $15,000, $16,000 outside of the student loans?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. So how quickly would you get out of debt? If you just stayed on the Ramsey plan, how quickly would you get out of debt at this point?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Three more years to pay the rest of this debt off?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That feels like a long time based on, I mean, what's your household income right now? I think it's like 120. So 120 grand and you have another, what, 40, you have 51 grand left in debt? So why can't, out of that 120, you take 25 and be done in two years or less? I feel like that's even conservative. So I'm thinking we get really intense about this and try to knock this out very quickly.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And if you do get wind that, hey, layoffs are imminent, they are happening, I would then pause and save up. But right now, I don't know that there's enough ammo to go, we're going to push pause on life and just stack up cash.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I just feel like everyone's on edge, and so leadership is preemptively communicating. Now, his is legit, where their business is affected directly and instantly.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Not owing people money, having an emergency fund, that's the goal is getting to that financial piece to where no matter what's going on in the headlines, your family's going to be okay. Yeah. So in this case, would you tell our friend Isaiah, hey, I might be looking for a different job. I wouldn't be doing that.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And it's a good lesson in diversification for business owners out there. You can't just rely on one supplier because if something happens to that supplier, prices, they shut down, whatever it is, COVID, now you're stuck and your whole business relies on that. So it's important to have backup plans.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
How long has it been since you've been removed?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. Yeah, it'll take longer than that for it to fall off the report. It's going to be more like a month or two. And you can also contact the credit card issuer. You can also go online and file a dispute with the credit bureau saying, hey, I'm not a user on this account. Please remove it from my report.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And so you can do a few things to just kind of check in on it and expedite it, but it should be falling off here shortly. Okay.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, I think number one, we have to realize that this is not a, you know, you're not the chaperone here. You are as guilty of making a lot of stupid decisions as we all are. So I think this needs to, you lead first by going, hey. Yeah. I have not done a good job handling money. I haven't done a good job leading us in this area. I want to work together on this.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Did you see anything else on your report, or was it just that one card?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And you can also check your credit report weekly for free at annualcreditreport.com. And so you can check back in on this. I might check every two weeks or so. You don't have to be like on top of it, but I wouldn't worry about it because you're not in debt and you're off the card. And so the risk is gone. It's just the annoyance of having this thing fall off.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That's a weird thing to do to your grown adult child. I can see it. Was she worried about you?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
It feels like you've got to go through a few steps to get an authorized user. I know.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Here's what that's going to look like. Do you agree? We're going to meet weekly for a budget meeting. We're going to track every transaction. There's going to be nothing hidden. Everything's got to be on the table if this is going to work. Are you in?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Do you feel the unity and teamwork in that conversation versus a, well, I'm taking over because clearly you can't be responsible for, you know, very different condescending tone on that second one. Yes. And so if you want to get her on board, it's going to start with you leading with empathy and creating a vision for what this is going to look like. And then her agreeing, yes, I agree to that.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
You're a one-car family right now?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
We've gone backwards here financially. So I would look into selling the truck. I don't know if you can convince them of that. And you don't need a new car. You need to buy cars that you can afford in cash and keep it that way for the rest of your life. So this is going to be a come-to-Jesus moment. But it's not going to be, well, you got a new car, so I get a new car too.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
It's going to be, hey, we need to figure out a plan to become completely debt-free. And that means selling your truck and buying two cars in cash and selling the rest.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Great. Now we can actually set some accountability based on what we agreed to in the past.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That's right. If you fall for the trends, you fall for the traps.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So easy to do what? To go into debt?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay, but what did you actually, what happened? What did you take out debt for?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That sounds like it's on you. I don't think you fell. I think you jumped voluntarily.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Oh, here we go. Dylan, we got to be honest with each other if we're going to make this relationship work. Is that fair?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Have all credit cards been cut up and closed?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. So how much total debt do you have?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. And what kind of debt is the 30? You got 11 in the personal loan?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
All personal loans. Why is that? Interesting. Did you not? Yeah, but like a credit card, did you not have any credit cards? I'm just curious why you went personal loans all the way.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. Okay. He draws the line there. You draw the line. So what's the interest rate on all this debt?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I'm dizzy. Why did you darken the door of a payday lender? Oh.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
His dogs are barking. I'll tell you that much.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. Okay. Well, here's the deal. We can't solve the current debt if we don't stop going into debt. And so can you make a truce with me and everyone listening right now that you are not going to touch another diamond debt?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
You're not going to go. You're never going to be in the parking lot of a payday lender ever again. Agreed?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay. Because right now it's like the hot light is on at Krispy Kreme and you can't help yourself but stop in and get a few dozen. And we have to stop. We got to get to the root of what's causing that. I don't know what, if it's something you're running from, if there's a vice in your life, but a guy making 85K in Oklahoma should have a pretty good life. Don't you agree?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
If I'm the wife and I see you still with your credit cards open, I'm going, whoa, whoa, whoa, butter. How are you going to be over here telling me how it's going to go, but you won't even cut up your own cards?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Like if you told 15 year old Dylan, like, hey man, one day you're going to make an $85,000. And here you are going into debt instead of being able to just save up and pay cash for things.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And you're using these loans as therapy to try to go, if I can just have this as a coping mechanism and buy more stuff and take more trips, I'll distract myself.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, we can hit the financial piece and I'll send you some resources, including my book, Breaking Free from Broke, that'll walk you through all of this and then give you some encouragement. We'll put you through Financial Peace University if you're willing to join a local class and
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
and go week after week for nine weeks with a group of people who also have made dumb money decisions, would you do that?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Awesome. Okay, so after the call is done, we'll get you on with Christian, and he'll hook you up with those resources. Let's talk about the debt for a second. What is your smallest current balance?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay, and I assume you've got nothing in checking and savings right now.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
But you're still, you're living just down to the bone, down to the wire every single week. So the way to get out of this is we need to cut our spending down to nothing and increase our income. So can you work overtime? Can you take on side hustles in order to get your income up in the short term?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Great. So here's the deal. Once you have that $500, we're going to just throw everything we can at that next smallest debt because the problem with these payday loans is they grow like a cancer. because of the interest, as you've seen. It's hard to get out of them. It's why it's a cycle that we see a lot of low-income neighborhoods.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
It's why payday lenders sit there, because they're willing to take your $100, and they're going to get $100 out of you by the time the month is over. And so you've got to attack these things aggressively to get rid of them. And if you do that debt snowball method, you can get out of $30,000, make an $85,000. It's going to take a lot of sacrifice.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
It's probably the next 18 months of your life is going to just look like work, work, work, work, work, no time to spend, no time for trips. Okay. Do you have anything you can sell? Have you bought any toys, items that you could sell to help get rid of this debt? No. You owe nothing to your name?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Okay, good. Well, that's the plan, man. Hang on the line. Christian's going to pick up. We'll send you a copy of my book, Breaking Free from Broke. We're going to send you Financial Peace University, go through all nine lessons, and get some professional help where you can get to the root of what's going on here.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Because I agree with Ken, if we don't get to the root of it, we're just going to stay in the cycle.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Hey guys, George Campbell here. Do you ever feel like insurance companies only care about your money and not what you actually need? Well, there's a better way. When you go to Ramsey's Insurance Resource Hub, you'll start feeling confident that you're getting the right coverage that's truly best for you.
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Make Decisions Based on Guidelines, Not Headlines
You'll find helpful info on everything from life insurance, health insurance, identity theft protection, and more. And when you're ready to get the coverage you need, you can connect with a Ramsey-trusted insurance pro who will only get you what you need at the best price. Go to ramseysolutions.com slash insurance, ramseysolutions.com slash insurance.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I mean, it's okay to admit that. I know it hurts. I've been fired before. It's the worst feeling in the world. But it wasn't a layoff in terms of, hey, business is struggling and we can't afford to keep you. It was, you can't do this job. I guess you're right. And so it's okay to own that, but we've got to figure out what's next for you.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, you have money. The number one rule is don't go into debt for it.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Yeah, so, okay, let's say we buy a $7,000 car. Yeah. What's wrong with that?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, long-term is irrelevant right now. This is not the car you're going to be driving for the next 15 years. That's right. But my last car before the one I own now was a $6,000 09 Civic. And so by the time I got it, it was already 10 years old. And so it's okay to drive something that's older. And here's the deal. Get a pre-purchase inspection from an independent mechanic that you trust.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
That'll cost you $100, $150. And then you know you're not buying a lemon. You know exactly what you're getting into. And then buy it from a reputable dealer or person. Don't get scammed in the deal here. Make sure that all the pieces are lining up. Meet in a public place if it's not with an independent dealer.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
But you can go to an independent dealer right now in the Nashville area and find cars for $7,000.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Let's give him every dollar premium for a whole year.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
But here's what you don't do. Don't go to the new dealership car lot and go, hey, can I get a $7,000 car? They're going to steer you into the nicest, newest cars and go, what can you afford for a payment, young man? Oh, we can make that work, $400 a month, sure. That's what you've got to go in knowing exactly what you're doing. Go in with a check.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Say, I've got $7,000, and I'm leaving here with a car. And if they tell you no, go to the next dealer.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
It'll connect to your bank account. Here's what you're going to do. Cut up the cards, and you can set up auto pay on your debit card. Yeah. So that's going to be a little bit of homework for you to do. And she can sit there and you can walk her through it. So she has total awareness about here. Here's where all the bills are. Here's how I pay them.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Ken loves nothing more, Elijah, than researching cars. So you came to the right place. But you're doing the right thing. The next piece is no interruption of income. So how can we get you a job ASAP this week to where you're not going with $0?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Bring her into it instead of saying, hey, I'm going to handle it. You step away. Let her be a part of it.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Love a Honda. I also, I warned you that you started, said chin up, eyes up, hopes up. There's your third one. Come on, bring it in.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I don't know. A smize? Yeah. What's that? I think it's what Tyra Banks invented. I think that's what Dave was aiming for here. It's not a real smile? Yeah, we have the picture here if you're watching on YouTube.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Yeah, it's not a teethy grin. No. It's just kind of a squinted smile. I know what I'm talking about.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
and you're sure that's your dream home yeah when you said forever and those are red flags to me because as a millennial we've moved like four times since we've been married and every next home is the dream home
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Sadly. He takes care of them, but yeah. Sadly true. Okay.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
How's that, George? So you're on the cusp of now getting into that baby step 3B, which is saving up a down payment. Yes. So even then, this even starter home, it wouldn't be for another year or two. Yeah.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, I feel like maybe we got to start eating at home and cooking together as a family.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
All of your bills only add up to $30,000 a year?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So let's say $4,000 a month is your expenses, and you're bringing home $7,000. So you've got $3,000 spread that you could sock away, maybe $3,500 if we get tight, right?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So that's $42,000 in a year you could save up. So in a little over a year, you guys will have $50,000 saved up, and if you do it in a high-yield savings account, that'll help speed it up a little bit. And so let's start talking a year from now, we're going to start home shopping for a $250,000 house. Sound good?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Because you hit the nail on the head. It's a moving goalpost. That $400,000 home five years from now is going to be a $520,000 home. And so I would rather you get your foot in the door with a very reasonable mortgage payment, 25% of take-home pay on a 15-year fixed.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And then who knows, four years from now, if you keep doing 50 grand a year on that mortgage, you're going to knock it out in four years. Do you see the math on that?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Yeah, now you're set. And that's what my wife and I did. We rolled over the 100% equity in our townhome that we had into our next home, which then gave us a very reasonable mortgage payment, and then we paid that off fast. So do you see how this kind of snowballs and allows you to not jump into too much home and add stress to your life?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And every home is a temporary home until the Lord takes us to our eternal home. Isn't that right, Ken? Wow. Are you writing Christian greeting cards all of a sudden?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So that might be a $350,000 home five years from now and it's paid for. That's right.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
now at your age is you are so far ahead of the curve a lot of people aren't buying their home i just saw the stat ken it's moving and moving and moving now people are entering home ownership into their 30s really instead of their early 20s or mid-20s like it was back in the day because of home prices yeah and because of debt it's holding them back from buying a house so the fact that you guys are debt free got the emergency fund the down payment's going to be there you're not biting off more than you can chew that's right that will help you build wealth just moving slow and steady that's right
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Well, Zachary, I just think if there's a commitment that we're both not going to eat out, it changes the game. And so then there becomes an inherent accountability. And so if you guys get on that budget every single week, sit down, track your transactions against your one checking account that is shared, that's going to create some momentum for your money and for your marriage.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
We had one little tiny bathroom. If you opened the door, you'd hit the person on the toilet. That's how small this bathroom was that all four of us shared growing up. I resonate with that.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
But now the standard is, well, every kid's got to have their own bathroom. Boundaries. Privacy. We've lost our mind. We've lost our ever-loving mind.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I think this communication is only going to help the marriage.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Most of your payments are going to interest, essentially, not touching the principal. How much was the loan for?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
I've never heard anybody say that before. That's an extra $15,000 in interest alone.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Oh, competition. You don't want to give away your Shark Tank idea here. Well, I hire mobile groomers, so I'm just curious because I pay these people and I understand how the business works.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
How much could you sell this thing for to someone else who does mobile grooming?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And what's your total debt that you owe? Everything but the mortgage.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
No, just everything, all your debt. Because you said you had other debt, and you took out this debt to try to pay off some other debt. So what is your total debt load right now?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
So you're living in an RV right now?
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
We all have a plan until life punches us in the face.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
Is the brick and mortar business profitable? Right now, no. So here's what it sounds like. You're jumping from unprofitable to unprofitable to unprofitable, hoping to strike gold at some point. And instead, you just keep digging a hole by maxing out these cards and jumping to another piece of debt to try to cover the other debt. And so we're trying to stop you from playing the shell game.
The Ramsey Show
Make Decisions Based on Guidelines, Not Headlines
And number one, create a profitable business. And two, get out of debt. And that might mean a clean slate where you get rid of this mobile grooming truck, you sell it, sell the RV, you rent for a while, get rid of all your debt, create a foundation, and then start slow and with cash.
The Ramsey Show
The Key to Transformation Is Admitting You Have a Problem
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
The Key to Transformation Is Admitting You Have a Problem
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
The Key to Transformation Is Admitting You Have a Problem
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
The Key to Transformation Is Admitting You Have a Problem
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
The Key to Transformation Is Admitting You Have a Problem
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteeme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
The Key to Transformation Is Admitting You Have a Problem
Okay, picture this. You sit down to do your taxes, but instead of stressing out, you're actually ahead of the game and filing with an affordable software that makes your computer shoot confetti when you're done. Okay, not that last part. But Ramsey Smart Tax does make filing easy and doesn't make your bank account cry.
The Ramsey Show
The Key to Transformation Is Admitting You Have a Problem
Ramsey Smart Tax is a 100% accurate software that's honest about its pricing and is backed by a company who's been in the business for over 50 years. So go to ramseysolutions.com slash smart tax to take advantage of early bird pricing and stress-free filing. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Let me tell you the guy that's going to cut you down.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Current rates are about 3.8. Oh, not great. is what I've been seeing. They've been ticking down over the last few months, but that's still better than your 0%. And so I would put anything above your expenses that you need in that checking account, I would just store the rest in a high-yield savings account.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So the key is if you need it anytime soon, don't invest it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Okay. So where are you at financially? What's your income?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I love it, Candice. You got some money in savings?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Today's question comes from Brooklyn in Maryland. She asks, my husband's pay has increased to $115,000 this year with a possibility of increasing to $200,000 in the next two years. He's 35 and we hope to have children soon. We have a $750,000 under term life policy for him. Should we increase the life insurance amount based on his income increasing, or are we okay to stay with the $750,000 policy?
The Ramsey Show
Money Stress Is Real, But So Is The Solution
We're on baby step two with about $100,000 of debt. We rent and don't plan to purchase a home until we have a fully funded emergency fund and at least a 20% down payment. Good. A lot of good things happening here. So the question is, income increases. We recommend 10 to 12 times your income in a term life policy. And so he's making more than 75 now.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
It's time to get probably keep the policy you have and add a new one onto there to supplement it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
But likely less than 100 bucks a month based on what I've seen from these.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
These just give me heart palpitations, the complexity of this, where you go, all right, 17 people will eventually own these nine properties. That's not a blessing. No. Left to deal with that mess.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So you're spending 10% of this inheritance to reset the business and your marriage. I think that's a worthy investment.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I'll leave it to Dave. But I think putting it that way just helps me loosen the resentment and go, all right, I'm going to drop it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You have to hope that there is a clause in the LLC that says you can actually force your share to be sold to the remaining parties.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You guys stay in the lines, that's impressive. Some of the best coloring work I've seen on this show.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You guys are in your 20s from what I can tell? Oh, Thank you, George. I mean, just a young couple who goes, we can do this plan. Because people, here's the thing. How old are you? I'm 33.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Amazing. Because Dave gets a lot of flack and they say, Dave's plan, it's so out of touch. It doesn't work in today's America. And here you guys are, smiling, relaxed, peaceful, going, no, we did exactly what they said to do because they said it would work if we did it.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I think she just needed some pop on mama time.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
See, social media is not all bad, Dave. If it helps people change their life.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Let's play a game. Raise your hand if you've already filed your tax return. Ready? Go. Okay, I can't actually see any of you, but I can feel it in my bones that not enough of you are raising your hands. Y'all need to get on over to Ramsey SmartTax and file your dang taxes. Ramsey SmartTax is a 100% accurate tax software that won't pilfer your wallet or surprise you with garbage hidden fees.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Plus, it's powered by TaxSlayer, who's been trusted in this industry for more than 50 years. Go to ramseysolutions.com slash smart tax and file with tax software you can trust. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Here's two quotes for you, Preston. Etch these in your brain. Number one, when in doubt, zoom out. When you zoom out, go look at the 5-year, 10-year, all-time track record of the S&P 500, and you'll go, ooh, up and to the right with a few little dips in there. Oh, yeah, let's zoom in. Ah, it's a crash. No, just a little dip. We'll be all right. It's a bump in the road. And the other one is this.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Time in the market beats timing the market. And so what you're saying is, it's now the time to sell. I don't know. I don't want to lose money. You didn't lose money. You have the same exact amount of shares that you had before. The value has temporarily taken a dip. It will come back.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
And a month from now, six months from now, a year from now, we'll be back to all-time highs and the news will not be covering it because that doesn't get clicks and views.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
I didn't come up with it, but when in doubt, zoom out. When in doubt, zoom out. So if you got all this fear, you just pan back and go, oh, it's actually up 80% over the last five years when you look at it a different way.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Instead of zooming into the one little dip that's over a five-day period freaking out.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
So perspective definitely helps. And you have the benefit of that, having invested in it for 30 years.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Not the intended goal here of leaving a legacy.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Well, it's important to note the stock market does not actually represent the economy one for one. It's a part of.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
You're not going to find it on the S&P.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Exactly. And she also occasionally goes, hey, how are the investment accounts doing? Where are we at with our savings plan? And I go, here you go. She has the access. She knows the logins.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
She understands what we're doing, why we're doing it, the principles.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
Yeah. And so part of it is just knowing that if you ask questions, you should be able to answer them with honesty and show you the accounts, give you access to the accounts, and understand the principles.
The Ramsey Show
Money Stress Is Real, But So Is The Solution
All right. So I love the idea of a small business. I don't know that now is the time to do it, depending on what type it is and what kind of investment you're talking about. Cause a small business might mean I got to invest 10 grand and I might not make money for two years. Well, that sucks when you're in debt.
The Ramsey Show
Big Dreams Require Big Sacrifices
Why haven't you paid it in full? You said as a, like, you have a balance you're carrying month to month?
The Ramsey Show
Big Dreams Require Big Sacrifices
for less than 30 days yes sir okay well that's a call for another day about how we would recommend running your business but man I'm telling you you run that thing with a debit card you're going to be spending differently that's fair I would be you're 26 you're single I'd be working full time because you have goals right you have future goals you want to buy a home one day you want a nicer truck that's not giving you issues you have a home
The Ramsey Show
Big Dreams Require Big Sacrifices
Yes, sir. You own it free and clear? No. Oh, okay. You have a mortgage.
The Ramsey Show
Big Dreams Require Big Sacrifices
Today's question comes from Brianna in Illinois. Is there ever an appropriate time to stop investing? I'm 32 and I'd like to invest up to $150,000 in a 401k with an annual rate of return of 10%. At 60 years old, your calculator says I would have nearly $3 million to retire with without investing anything additional.
The Ramsey Show
Big Dreams Require Big Sacrifices
If I understand correctly, this will generate $300,000 of interest annually to live off of and still be able to leave the original $3 million to my family. This seems more than reasonable to live off of, though I know things will be more expensive due to the cost of living, but I'll have less expenses. My thought was, why would I continue to invest?
The Ramsey Show
Big Dreams Require Big Sacrifices
I could apply some of the die with zero principles Rachel has mentioned and give more to my children during the times they need it most if I stop when I have $150,000 in my retirement account. Wow. This is very thought through Brianna. Thank you for this question. Yeah, it is. I got to really think through this.
The Ramsey Show
Big Dreams Require Big Sacrifices
So it's not like, oh, we're going to just like— If you knew exactly when you would die, that would help. That's right. Most people don't.
The Ramsey Show
Big Dreams Require Big Sacrifices
It does. My confusion remains with the invest up to $150,000 in a 401k. You can't do that at once. You know what I mean? You can't just throw $150,000 in a 401k.
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah, she's saying I do this from 32 to this age and then I stop. What would that happen? You know, and I haven't crunched the numbers myself to see if this is accurate. And the 10% is just the average. You're not going to just get that every year. So you're not just going to see $300,000 show up in that account every year. There might be years where it loses money.
The Ramsey Show
Big Dreams Require Big Sacrifices
There might be times where you get more than that. And so we don't know what the future holds. And because of that, I'm kind of a glass half full kind of guy and go, well, I'm just going to invest more. I'd rather have too much than not enough.
The Ramsey Show
Big Dreams Require Big Sacrifices
That's a good problem to have. I can give more. I can spend more. I can bless my kids more with that money. So I would continue investing because you have the margin to do it. And in the same breath, enjoy your life. Spend some of it. Give a lot of it. And so I think the balance is important there. Otherwise, you get a flat tire.
The Ramsey Show
Big Dreams Require Big Sacrifices
And at 32, you just truly don't know what life is going to throw your way. So I'd rather just keep building for the future. At 32, yes.
The Ramsey Show
Big Dreams Require Big Sacrifices
Who knows? We might have hyperinflation. One day, a wealth of bread is going to be like rent. You're like, oh my gosh, I should have invested more. What are we doing? What are we doing?
The Ramsey Show
Big Dreams Require Big Sacrifices
Yes, yes, and yes. I would do it all. And you can increase investing at this point beyond the 15%. You can increase your giving and you can increase your spending. And so I would absolutely be now cash flowing all those upgrades you wanted to do to the car, to the house, on top of investing more. You should have the margin to do with that $1,700.
The Ramsey Show
Big Dreams Require Big Sacrifices
Plus, you probably have more margin where that came from.
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah, I would be tracking all of that. Hey, are we on track for this goal of retiring at 60 with our retirement? Are we on track to upgrade the car in the next year with this sinking fund in the budget? Are we on track to replace the carpet in the next six months? So start to outline all those goals and make it real in the budget with a line item.
The Ramsey Show
Big Dreams Require Big Sacrifices
That way you don't feel guilty about using that money. You already had the goal. That money had a name already. It's not, oh, I feel bad. So the hardest part for you, Jeff, truthfully, is going to be reversing this gazelle intensity sacrifice life and going, oh, we can breathe. We can have fun. We can upgrade the car. We don't deserve this car. We've been driving the beater for 20 years.
The Ramsey Show
Big Dreams Require Big Sacrifices
Jeff, drive the nice car, man. Live like no one else so later you can live and give like no one else.
The Ramsey Show
Big Dreams Require Big Sacrifices
It almost feels like this is between your sister and your parents. Yes, it is. And if your parents feel taken advantage of, they need to have a conversation with your sister, right?
The Ramsey Show
Big Dreams Require Big Sacrifices
Oh, yeah. I do think that is one of the best ways to help is to do it directly because you don't know if she's going to use this for something else. So say, yeah, I'd be happy to help. Give me the landlord's name. I'll work with them directly to handle the deposit. OK, so you could do it that way. You can also say no. That's also an OK answer.
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah, I would feel the same way. So is it bad to be resentful? Is it a sin? No. If you let it eat you alive, you're just drinking your own poison. And so that's the part that worries me more, is how do we get you to let go of this and go, this is between them, And, you know, I feel like this is a confession. We're the priests here. She's coming to us with this.
The Ramsey Show
Big Dreams Require Big Sacrifices
She just moves on to the next person. And Bank of Sierra was up next.
The Ramsey Show
Big Dreams Require Big Sacrifices
Are you involved in her life at all, or is it just you hear from her when she needs money?
The Ramsey Show
Big Dreams Require Big Sacrifices
There you go. I think this is your way out is to start giving directly. And if she says, nope, then you know the red flags were there and you did the right thing and your conscience stays clean.
The Ramsey Show
Big Dreams Require Big Sacrifices
But I do think there's a level of this where you go, listen, we're all going to get our fair share. We're all going to be fine financially. They're adults. They can make decisions on their own volition. And yes, it can also hurt that your sister got the, you know, the long end of the stick and you got the short end.
The Ramsey Show
Big Dreams Require Big Sacrifices
Giving should be intentional, just like spending or saving.
The Ramsey Show
Big Dreams Require Big Sacrifices
What's your total debt outside of the rental properties? Put those aside. What's the total consumer debt?
The Ramsey Show
Big Dreams Require Big Sacrifices
And that's credit cards. There's multiple car loans?
The Ramsey Show
Big Dreams Require Big Sacrifices
And you could clear $100,000 profit if you sold the duplexes?
The Ramsey Show
Big Dreams Require Big Sacrifices
Well, it sounds like you just found your get out of jail free card right there. What's the net income you're making off of all these rentals per year?
The Ramsey Show
Big Dreams Require Big Sacrifices
This is a big hassle, and there's really no ROI, because you're not even factoring maintenance and repairs and tenant vacancy and all kinds of other risk. Man, I'd get out of this and get a clean slate if I were you.
The Ramsey Show
Big Dreams Require Big Sacrifices
Is that one of the duplexes? Do you have one duplex or three?
The Ramsey Show
Big Dreams Require Big Sacrifices
I would do that for now, just so you guys can breathe, because you said you're drowning. So trying to get your head above water means let's get rid of two of these duplexes, pay off the debt, build some emergency fund, then we can reassess the situation with the parents after that. Okay. All right. Are the cars worth anything, or are you underwater on both of them?
The Ramsey Show
Big Dreams Require Big Sacrifices
Oh, you told me you had $40,000 in consumer debt. Sounds like there's a lot more.
The Ramsey Show
Big Dreams Require Big Sacrifices
So you're probably making $10,000, $15,000 off of that, not $100,000 off the other one.
The Ramsey Show
Big Dreams Require Big Sacrifices
The real estate transaction doesn't fix the behavior. That's the route you need to get to. But right now, the transactions are a good start.
The Ramsey Show
Big Dreams Require Big Sacrifices
Are they both in the Atlanta area? Are they nearby each other?
The Ramsey Show
Big Dreams Require Big Sacrifices
She'll be making 150 together come October. Yes. Are you guys going to combine finances completely? Yes, sir.
The Ramsey Show
Big Dreams Require Big Sacrifices
So you were more independent. You needed less attention in general because you were more self-sustaining.
The Ramsey Show
Big Dreams Require Big Sacrifices
So once your primary home is paid off, then save up and pay cash for an investment property.
The Ramsey Show
Big Dreams Require Big Sacrifices
Are you going to get added to the deed and the mortgage? Yes, sir. Yes, sir.
The Ramsey Show
Big Dreams Require Big Sacrifices
I love the idea of throwing that lump sum from the proceeds at her mortgage, and then you can recast it. Or refinance it, but probably you should be able to recast it and just add your name to it with that lump sum, and that'll make that payment so low, you guys will knock that mortgage out so fast. Making $150,000, your mortgage is now down to $230,000 at that point. Right.
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah. Anything beyond your six month emergency fund. I assume that includes your, that's all your savings. Yes, sir. Okay. So anything beyond the six-month emergency expenses, yeah, once you guys are married, throw that on top of the lump sum from the proceeds, use the extra savings, you'll knock that thing down maybe closer to $200. Okay. That'd be amazing. All right.
The Ramsey Show
Big Dreams Require Big Sacrifices
Would you want to trade places with your sister today? No, I think there's our answer. I think that just gives you perspective to know you're only seeing the parts you're jealous of. You don't see the other parts where they go, oh, my gosh, I just want my own space. I wish they would. We don't know what's happening on the other side, good or bad.
The Ramsey Show
Big Dreams Require Big Sacrifices
And you guys still have time? You're going to cash flow a wedding, I assume, by October?
The Ramsey Show
Big Dreams Require Big Sacrifices
Hey, Winston, how's it going? He's like, man, there's some good days. There's some bad days.
The Ramsey Show
Big Dreams Require Big Sacrifices
That one didn't take. But when you do it with cash, it just changes the desperation involved.
The Ramsey Show
Big Dreams Require Big Sacrifices
um but we had no mortgage payment right so it's like you know you can afford just to let it kind of you're not like bleeding money yes like you would have i'm like seriously there is something so powerful about it and um but yeah there's some there's some nasty houses well if you just watch tiktok you don't see that all you see is buy my course and i'll show you how amazing this is and yeah no i worked one hour a week to make all this money but the reality of it is it's a lot of pain turmoil to get the reward on the other side yeah
The Ramsey Show
Big Dreams Require Big Sacrifices
And so it feels like you're festering on this, making up stories and a narrative in your head that they've abandoned you. And I think it's I think you should have a conversation with them if you feel that way. Otherwise, I would just let it go and move on with your life and we'll all be friends and you'll get your inheritance.
The Ramsey Show
Big Dreams Require Big Sacrifices
It is time for one of our favorite segments on The Ramsey Show in the lobby of Ramsey Solutions on the debt-free stage. Joining us are Micah and Jessica, which can only mean one thing. You guys are debt-free. Can you confirm or deny? I can confirm.
The Ramsey Show
Big Dreams Require Big Sacrifices
Now, if you were getting zero inheritance and you put in all this work, I'd go, that is unfair.
The Ramsey Show
Big Dreams Require Big Sacrifices
But everyone's getting their equal share. They just have a different situation.
The Ramsey Show
Big Dreams Require Big Sacrifices
The bigger question, how much was this vacuum that it required going into debt?
The Ramsey Show
Big Dreams Require Big Sacrifices
Okay, I've heard of these. What are these vacuums? Are they like miracle workers compared to a Dyson?
The Ramsey Show
Big Dreams Require Big Sacrifices
Because someone else was like, yeah, we have vacuum. It's $4,000. I don't even know where to buy a $4,000 vacuum. So funny. I don't have access to those.
The Ramsey Show
Big Dreams Require Big Sacrifices
You were like a toddler in a Richie Rich blank check situation. Yes. I love it. So what was your life like during that 29 months? Show us the other side of the sacrifice. What did you do?
The Ramsey Show
Big Dreams Require Big Sacrifices
Did you kiss it goodbye? Like what is the process?
The Ramsey Show
Big Dreams Require Big Sacrifices
So there has to be some purpose behind it versus a joyride. Correct. That's probably for the best. Oh, my gosh.
The Ramsey Show
Big Dreams Require Big Sacrifices
I mean, you think about trying to convince a guy to sell his truck. He sold his aircraft.
The Ramsey Show
Big Dreams Require Big Sacrifices
Okay, so how do you convince another guy listening out there who's going, no one's taking my truck away from me?
The Ramsey Show
Big Dreams Require Big Sacrifices
No one's ever like, no one takes my Prius away from me. No one's ever said that in history.
The Ramsey Show
Big Dreams Require Big Sacrifices
Yes. Micah said it so much nicer than I could have.
The Ramsey Show
Big Dreams Require Big Sacrifices
The sliminess of it all. The predatory nature. Right. Oh, I love that. So good. Wow. What's the house worth?
The Ramsey Show
Big Dreams Require Big Sacrifices
Awesome. Amazing. So you guys are well on your way to Baby Steps Millionaire now. We are. And Baby Steps 7. That's incredible. What do you tell people the key is to getting out of debt, if it was one thing?
The Ramsey Show
Big Dreams Require Big Sacrifices
I love it. Oh, my goodness. Well, we have a parting gift for you guys. We have two every dollar premium subscriptions good for a year. So you can use those, pass it on to the naysayers or the cheerleaders to help them on their debt-free journey as well. All right. Here we go. You ready? Let's do it. All right. We got Micah. We got Jessica. $163,000 paid off in 29 months, making $160,000.
The Ramsey Show
Big Dreams Require Big Sacrifices
And they sold the aircraft, the truck, to do it. Count it down. Let's hear a debt-free scream. Three, two, one. We're debt-free!
The Ramsey Show
Big Dreams Require Big Sacrifices
So here's the ad. If your muscle memory is leading you to DoorDash and Uber Eats and Amazon, download the EveryDollar app.
The Ramsey Show
Big Dreams Require Big Sacrifices
Elizabeth? Hi. There you are. I was worried sick. Okay.
The Ramsey Show
Big Dreams Require Big Sacrifices
Just gift it. Okay. Oh, yeah, that's great. That's nice. So it doesn't cost you anything. And this is a physical brick and mortar location, just one?
The Ramsey Show
Big Dreams Require Big Sacrifices
OK, that's great. What's the structure right now as it stands?
The Ramsey Show
Big Dreams Require Big Sacrifices
Okay. And is there an operating agreement? Is there something in paper, like a buy-sell agreement? What have you guys outlined so far?
The Ramsey Show
Big Dreams Require Big Sacrifices
But nothing with the original owners, your family? No. Okay. All right. But is there anything in writing saying that they gifted this to you? I guess that's what I'm trying to get after is this transfer. It was just a handshake deal?
The Ramsey Show
Big Dreams Require Big Sacrifices
Have you contacted like a small business attorney to help with this?
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah, there's attorneys that will specialize in small business or even an estate planning attorney can help with this. And the things I would want to look into is just making sure that there is some sort of ownership transfer agreement in place and something that is guiding the legal structure. Like, is this an LLC? Is it a sole proprietorship? There's so many options out there. It is an LLC. Yeah.
The Ramsey Show
Big Dreams Require Big Sacrifices
And so has the LLC been transferred into your names? Not yet. So there would be one piece of homework there, filing the right paperwork with the IRS and your state, licensing transfers, the lease agreement, that part's done, which is good. Any liabilities? Is there any debt attached to this business? No debt at all. Oh, good. Okay.
The Ramsey Show
Big Dreams Require Big Sacrifices
And then on the tax side, I'd be working with a good tax pro to figure out, are there gift tax returns? Does your mom need to file any forms to make sure she doesn't get hit with a gift tax for the sale of this business?
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah, it's like five stages of grief. Maybe you write a letter. Maybe you give it to them. Maybe you just rip it up. But I think just getting it out on paper would help you move through this instead of just wrestle with it.
The Ramsey Show
Big Dreams Require Big Sacrifices
It's amazing. I love it. So great. So just to recap, there's three people I would reach out to if I was in your shoes. Number one is that attorney who can specialize in this and help you make sure that the T's are crossed, the I's are dotted. Number two is a CPA to help on the tax side.
The Ramsey Show
Big Dreams Require Big Sacrifices
And lastly, I would make sure you have a good insurance pro in your corner to help with liability insurance and, you know, workers comp and whatever other pieces that the business needs. And make sure it's all in your name and you have the right coverages. Beautiful, beautiful. Yeah, but it sounds like it's as simple as it gets.
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah, that'll bleed into your personal estate planning with this business of what's going to happen with this business one day.
The Ramsey Show
Big Dreams Require Big Sacrifices
much messier with from the financial perspective right of a lot of parents that build a business you know they need that the sale of that business for retirement right that's the retirement plan that's a lot of these business owners they didn't invest they just went i'm going to build a business and one day i need the cash and now it's on the kid to pay or go into debt for this business and they call in saying well my dad said it's a great opportunity it's valued at a million should i take out a million in debt to buy the business and we're like no don't do this don't do that don't do that yeah so this is
The Ramsey Show
Big Dreams Require Big Sacrifices
So Elijah is, yeah, in a very... Oh, you know what I should do for Elijah is send him a... I think he's still on the line. Hang on, Elijah. Kelly's going to pick up. We're going to send you the book from Dave, the newest one, Build a Business You Love. It's great. It's going to walk you through the stages of business, the drivers that move through the stages.
The Ramsey Show
Big Dreams Require Big Sacrifices
And I think you're going to find it really helpful as you take on this new endeavor to do it with a lot of wisdom, which Dave will outline in that book.
The Ramsey Show
Big Dreams Require Big Sacrifices
Selling used kids stuff. I'm in the wrong business, Rachel.
The Ramsey Show
Big Dreams Require Big Sacrifices
High end. This is the kind of place my wife would love to shop at.
The Ramsey Show
Big Dreams Require Big Sacrifices
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you've got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Big Dreams Require Big Sacrifices
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
Big Dreams Require Big Sacrifices
Yeah. What year is this truck? How long have you had it for?
The Ramsey Show
Big Dreams Require Big Sacrifices
Did you do a pre-purchase inspection on the truck?
The Ramsey Show
Big Dreams Require Big Sacrifices
Okay. I'm just, I'm trying to figure out what went wrong here where you poured the eight grand into it. And was there anything kind of red flags along the way? What is it worth today if you tried to sell it private party?
The Ramsey Show
Big Dreams Require Big Sacrifices
How is that possible? Less than two years ago, you paid $8,200, and you fixed it up.
The Ramsey Show
Big Dreams Require Big Sacrifices
So I would, this time, do a bunch of research, do a pre-purchase inspection, maybe go private party, maybe go independent, use dealership, and make sure that they're well-reviewed. So you're going to do your due diligence this time, and what you're not going to do is go lease a brand-new truck because you don't want issues.
The Ramsey Show
Big Dreams Require Big Sacrifices
We've all had a toxic ex, and so this will be your future toxic ex. It doesn't mean all women are like this. It's just the one that you dated. She was something else.
The Ramsey Show
Big Dreams Require Big Sacrifices
You'll look back and laugh, but you've got the money, and so I would just really start doing your research. What are you making from this handyman business? What's your income per year?
The Ramsey Show
Big Dreams Require Big Sacrifices
I'm confused. You're making like $12 an hour in this business. You could go work retail and make more.
The Ramsey Show
Don't Chase Money, Chase Freedom
I love it. Just watching Dave unpack a formula, I don't know, that's my new hobby, I guess. But it really is. It's stuff we've never talked about on this show, mostly because you thought it was too dry and boring.
The Ramsey Show
Don't Chase Money, Chase Freedom
The algorithm in your social media feed will go, man, you should own 20 properties by the time you're 26. And so the goalpost is always going to keep moving until you decide.
The Ramsey Show
Don't Chase Money, Chase Freedom
You got a flat tire right now. You got the money part down. Let's focus on spiritual growth, physical health, social relationships, family. That's what's going to give you a lot more purpose on top of doing what Dave said and giving and serving.
The Ramsey Show
Don't Chase Money, Chase Freedom
But then people went, no, no, no, Dave, we actually want to know, how do you select a mutual fund out of all the investment options? We're going to cover that. It's too nerdy. How do you calculate the cash-on-cash return to know if the investment property is worth it?
The Ramsey Show
Don't Chase Money, Chase Freedom
Now, you mentioned this side hustle of doing real estate that helped to pay it off. What were you doing?
The Ramsey Show
Don't Chase Money, Chase Freedom
Sigh of relief from the kids. We don't have to take care of dad in his old age. He's going to be just fine with his big old nest egg and paid for house.
The Ramsey Show
Don't Chase Money, Chase Freedom
What's next for you? What are you doing with the free mortgage payment?
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah. I love it. Get to use your outdoor voice indoors. That's the joy of the debt-free scream.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, patience and delayed gratification. I mean, you heard him saying, I've lived on less than I made. I put off things and it's worth it. I mean, six years feels like a long time. It's going to happen. It's going to fly by. You're going to be 64 at one point or another. So do you want to have a paid for house or do you want to have lifestyle creep take over and you've got a pile of debt going?
The Ramsey Show
Don't Chase Money, Chase Freedom
I hope I can retire one day. That's normal in America.
The Ramsey Show
Don't Chase Money, Chase Freedom
No. In our millionaire study, we found what average millionaire happens at 49 years old and they pay off their house in 10.2 years. That's the average. And so he probably fell right in there. He's a little faster on the mortgage payoff, but it's really not rocket science, and it's really not that impressive when you look at what was going on there.
The Ramsey Show
Don't Chase Money, Chase Freedom
They just consistently put money away, consistently made extra mortgage payments. There was no rocket science.
The Ramsey Show
Don't Chase Money, Chase Freedom
And we got a gift for him. Two every dollar subscriptions that he can use or give to someone else to kickstart their journey.
The Ramsey Show
Don't Chase Money, Chase Freedom
Today's question comes from Shelby in Idaho. My husband and I have been married for 15 years and have two children. We're on baby steps four, five, and six. Last year, he was diagnosed with leukemia and underwent chemo and a bone marrow transplant. My husband's estranged sister was a perfect match, which probably saved his life.
The Ramsey Show
Don't Chase Money, Chase Freedom
Now she has gotten herself deep in debt trying to flip houses and rent out Airbnbs and has started asking us for money. We already gave her several thousand dollars last month. How should we respond? Whew.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, you can't compare the health crisis that he went through and go, hey, the quid pro quo is I support financial misbehavior for the rest of my life. That's not going to work. So it's going to be a tough conversation. And you can't save her. Yeah, and it might hurt the relationship.
The Ramsey Show
Don't Chase Money, Chase Freedom
This vending machine is going to keep eating your money.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, and if you want to save up a little more and do this in six months, that's fine, too. You just got to weigh it out and go, we got to get a little less house. But mortgage payment is probably going to be about $1,000, so it's reasonable for your income.
The Ramsey Show
Don't Chase Money, Chase Freedom
Yeah, you're one of our top performing episodes, so congrats.
The Ramsey Show
Don't Chase Money, Chase Freedom
And it was her idea? She came to you and said, hey, listen, you know what happened. I'd love to give you this money too?
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. I think you need to drop the guilt for taking it.
The Ramsey Show
Don't Chase Money, Chase Freedom
Right. Correct. Here's my take. We're Southern Baptists over here. We call that blocking a blessing. You don't want to block a blessing. That's what you're doing right now by not allowing your mom to give you this money.
The Ramsey Show
Don't Chase Money, Chase Freedom
You're the prodigal son's brother, right? Prodigal son misbehaved. Dad comes home and says, hey, party at my house. Prodigal son's back. And now you get to come to the party too and enjoy the feast. I see no problem with this. Okay.
The Ramsey Show
Don't Chase Money, Chase Freedom
Regardless of my opinion of going $70,000 to debt and then having to get out of jail free card, the fact that she wants to give you this money has no bearing on what happened there.
The Ramsey Show
Don't Chase Money, Chase Freedom
And if you stay the course you're on now, how long would it take to pay off the debt?
The Ramsey Show
Don't Chase Money, Chase Freedom
I like it. First time she's going to be debt-free in her adult life. It's going to taste different.
The Ramsey Show
Don't Chase Money, Chase Freedom
Okay. Let's talk about your spending here. You've got no money to spend. So what are you spending your money on and how much?
The Ramsey Show
Don't Chase Money, Chase Freedom
Hang on the line. I'm going to send you a copy of my book, Breaking Free from Broke. Read through the whole thing, especially the Spending is Self-Controlled chapter. I think it's going to help you get control of this because you're too young to be making dumb decisions, which is when we all made them. But you can be set free of this.
The Ramsey Show
Don't Chase Money, Chase Freedom
So you pre-decided that you were going to be done with debt completely before you were 30. That's right. Did you have a set goal to pay it off in a certain amount of time? We did.
The Ramsey Show
Don't Chase Money, Chase Freedom
I bet a couple of engineers had a plan. Oh, of course. Yeah.
The Ramsey Show
Don't Chase Money, Chase Freedom
That's incredible. So parents out there are going, I hope this sticks with the kids. Hey, they're taking it all in, even if they have their arms crossed the whole time. They can't not remember the time when Dave said, debt is dumb, cash is king.
The Ramsey Show
Don't Chase Money, Chase Freedom
You know, ignorance was bliss, and you go through that curriculum, and now you know too much about car loans and budgeting and saving, and you guys are living proof this stuff still works. Yeah, it's amazing.
The Ramsey Show
Don't Chase Money, Chase Freedom
And we got two every dollar subscriptions for you. You can use those or pay it forward to someone else and get them started when they go, wait, what do you mean a no score? What are you smoking, man? You can just check this out.
The Ramsey Show
Don't Chase Money, Chase Freedom
What do you make, Angela? What do you make from your job? 10% is $300,000, by the way.
The Ramsey Show
Don't Chase Money, Chase Freedom
Amazing. Now if we could just clone them and put them all over America, this country would be in a different place, Dave.
The Ramsey Show
Don't Chase Money, Chase Freedom
That'll definitely help. Instead of you being in debt for 10 years, we can speed this process up by selling this rental property. You got any savings, anything else you could sell?
The Ramsey Show
Don't Chase Money, Chase Freedom
So let's free up money every nook and cranny in your budget, and we're going to get you on a budget because that's going to be the real path out of here regardless of what happens, getting your income up, getting your expenses down. But I'd love to see you debt-free in under two years. You think you could do that if you got in tents?
The Ramsey Show
Don't Chase Money, Chase Freedom
What kind of law are you doing? Is it the specific niche that you're in?
The Ramsey Show
Don't Chase Money, Chase Freedom
Everyone should go watch Borrowed Future on our YouTube channel. It's our documentary on the student loan crisis, and it explains all of this beautifully.
The Ramsey Show
Don't Chase Money, Chase Freedom
Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
Don't Chase Money, Chase Freedom
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Let's play this through. Let's say they continue financial misbehavior and blow through the $80,000 that you left alone, and now they're broke, living off Social Security, barely enough to feed themselves. Are you okay not taking any rent and just floating their bills for the rest of their life?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay. Just know that you're not going to evict your own parents if Bush comes to shove. And so I would rather just not get involved and say, hey, mom and dad, let's find you a place that you can afford to rent with the money that you do have. I don't want to artificially prop up their life because that's going to turn into entitlement on one side where they just go, well, Steve is a nice guy.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
He's going to cover our expenses forever. And so anytime we need something, we're just going to go to Steve. It's now Bank of Steve. Yeah. Or it's resentment, more financial misbehavior. You resent them. You want them out. You regret getting into this. And now you're stuck in a conundrum because now you're the landlord. Right. So when they don't take care of the house, it's on you to fix it all.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And so if you're saying you're financially able to do that and willing to for your parents, I got no problem with that. Just know that what you're getting into and don't couch it as, well, this is an investment. I agree. Sure, you'll get it one day.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I'd rather you help them sell this thing and help them downsize into a place with cash. Me too. And you stay out of it and teach them how to manage the money they do have coming in. That's the better scenario to help them live an independent life where they're not reaching into your purse strings every day.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I'll just say this. Not financially, but emotionally.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
All right. Who passed away?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Wow. Was this recent?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
That's a good place to start there. And then, you know, the first order of business is take a deep breath. This is a lot of money and we don't want to, you know, manage it wisely and steward it wisely. And most people, you don't, you're not the type, but most people would go, whoo,
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Windfall, time to go get some toys, give some money, buy this, buy that, and just pausing for six months and just storing that money in a high-yield savings account. Just let it sit for a little bit before you make any decisions as wise. And then filtering it through the baby steps, your house sounds like it's next if that's your only debt remaining.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And I know it's a low interest, but I don't think we're worried about interest rates at this point of our life. You're about to have so much wealth, you're going to free up a mortgage payment that you can now use to invest. And so it's going to be a wash, but the peace of mind will be totally worth getting rid of that debt, regardless of the interest rate.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Awesome. So you guys are already millionaires. So this is, you know, this is a lot of money. You're doubling your net worth overnight, essentially. And so now we go, okay, what does the future look like as we want to build wealth and leave an inheritance to our children? And what kind of life do we want to set up for ourselves? You know, what does retirement look like one day?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And what kind of work do we really want to do now that money is not an issue? And so there's a lot of life changes that could be happening. Are you both of you working right now?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay. Do you guys have kids?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay. Awesome. So looking at this from a high level perspective, we want to go, all right, we got a primary home paid for. Let's make sure that our retirements are fully funded. We're maxing out retirements. Now we're going to go the kids college. Let's fund that. Let's put a portion of this in a 529 plan. Then it becomes, do we want to invest in real estate or just mutual funds?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And how do we look at giving? Let's increase that. Let's increase our you know spending a little bit as well and enjoy some of this money so a good way to look at it is just not getting a flat tire where you're hoarding all of it in savings or you gave it all away or you spent it all and didn't save any of it and so it's a good way to just filter it through giving saving and spending goals yeah
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So it just leapfrogs any goals you had and probably time to reassess and get a team of experts on your side. If you don't already have a good financial advisor, jump on RamseySolutions.com. Same for a tax pro. You mentioned an accountant. If you like working with them, that's great. An estate attorney would be wise at this point. Maybe a real estate expert if you want to get into real estate.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And then make sure that you have the right coverage now. Because you've a bigger target on your back if something were to happen. So I would reassess all of your insurance coverage. You definitely need an umbrella insurance if you don't already have that.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And our friends at Zander can help out with all of that to make sure that you are maxed to the gills on your home insurance, your auto insurance. I would get all of the liability coverage way up. That's a great call.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
As you gather and build wealth, you also need to protect the wealth that you're building, and that's where all of the different insurance products come into play. The right ones, not the crappy ones, and that's where our friends at Zander will steer you correctly.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Yeah, five years would be the minimum for me to be investing in the market versus a shorter term goal where you have your money parked in a high yield savings account because you increase your chances of making money versus losing it when you start to extend the timeframes out.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
The bigger question is why not just pay extra on your mortgage and then sell the property, roll all the equity over to the next house?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay. Well, I'll tell you what my wife and I did. We got a townhome. At the time, it was $300,000. The loan was, I think, $165,000. And we just aggressively attacked that, and we got it paid off and rolled 100% of the equity into our next home, and we just kept doing that. And so I would encourage you to do the same, to create a forced savings plan, because when you don't, here's what will happen.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You'll call back and say, hey, hey, we're thinking about keeping this townhome as a rental and taking on an even bigger mortgage for the next home with very little down. That's the temptation that happens when you don't just force the savings plan into the mortgage. So that's the way I would do it.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I didn't realize that.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Yeah. You're a little whiny, a little whiny. They love the idea of keeping it as the rental. That's always the move. I know. I'm telling you.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I just think there's a time and place for it. I think you're right, by the way.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
It lives rent-free in my head.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I do, actually. Thank you.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
When purchasing term life policy, the monthly premiums are affordable. However, while still paying off debt with gazelle-like intensity, it seems that those premiums should be used to get out of debt faster. Any advice on, quote, adding a monthly cost in the form of a premium while also trying to get out of debt quickly? Yes. Lots of advice here. Namely, this is not an added cost.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
This is insurance. And this protects you as you get out of debt. It protects you as you build wealth. So the same would go for your health insurance. We would never tell someone to forego health insurance and auto insurance and homeowner's insurance to get out of debt faster. These are prerequisites to life as an adult.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You need a will, you need term life, you need auto, you need home, you need health. All of these things are requirements. And therefore, here's what you do. You get the term life policy through Zander. Let's say it's $240 per year.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You can set up a sinking fund line item in your budget of $20 per month that gets added in there so that by month 12, you have $240 saved, ready to pay that yearly premium if that's how you pay. That's how I do it for my family, and that's how I would recommend you do this as well. And I don't see insurance.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I used to be very negative about insurance, Ken, when I was younger and go, oh my gosh, I got to pay the insurance premium. Now when I see that life insurance premium come through in particular, I just go, thank God. Thank God that my wife is going to be okay. Because you got two special ladies in your life.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Yeah. And if you want proof of how important this is, go listen to some of the Ramsey show calls where a spouse passes away without life insurance. Now they're really in alerts trying to pay off debt. Losing that income. And so that's the goal of term life to replace your income.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
If something should happen to you for the people that you love, you want 10 to 12 times your income and that policy 15 or 20 year term policy should do it because if you follow the Ramsey plan, you'll be self-insured by then paid for house. You've been investing for 20 years. Your family's going to be okay at that point.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
But in the meantime, you need to transfer that risk to the insurance company, and Zander is the folks we trust for all of those. So go to Zander.com and get that done and start your EveryDollar budget and add it as a line item and thank me later.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Because he signed the title over. What was the agreement when you guys made this deal? Was it, hey, I'm going to pay you this much money eventually, or what?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Well, you got five years. Do you have any other debt?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay. So based on the $200,000 and you paying off $230,000 in 18 months, is there a similar trajectory? Could you pay off the $240,000 in less than 18 months?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Yeah, exactly. Plus, like Ken's saying, with your future profits coming in, instead of adding to the giant pile you have, let's also add that to your debt.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Speed this thing up. He pays it off in a year. It's done.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Just put all of your debts in the debt snowball. It's all tied to your name, so there is no business debt versus personal debt. You're just going to snowball this thing and be done in a year, year and a half.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
But he paid for it in full?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
All I keep thinking of is you used the word magnanimous earlier, and I can't stop thinking about it.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Was this a loan? Did he say, hey, I'm going to need this money back, but you're going to pay the insurance. It'll be in your name. No, there's no loan. It was just essentially a gift.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You have spent your whole life trying to avoid feathers getting ruffled.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Well, they need to force, the decree would then force a refinance in order to get your name off of it. And so you need to go, it's not going to be fun. You've got to go back to the courts and say, here's everything on paper, which, by the way, is now the law of what he has to do. And he's not doing it. And as long as you keep letting him not do it, he's going to keep not doing it.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And so I would not have as much grace as you. I'm going to fight this on behalf of my own family and my own financial future.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
He is not entitled to the payout. If you want to give him the $3,500 that he put into it, that's fine, and let that be off your conscience. But I'm not going to give him a check for $10,000. While you're out of a car, you're going to be back in the situation again. He's going to buy you a car that you're going to have to maintain and own, yet he has these weird purse strings attached.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay, picture this. You sit down to do your taxes, but instead of stressing out, you're actually ahead of the game and filing with an affordable software that makes your computer shoot confetti when you're done. Okay, not that last part. But Ramsey Smart Tax does make filing easy and doesn't make your bank account cry.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Ramsey Smart Tax is a 100% accurate software that's honest about its pricing and is backed by a company who's been in the business for over 50 years. So go to ramseysolutions.com slash smart tax to take advantage of early bird pricing and stress-free filing. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Well, I don't think anyone's in the wrong here. I don't think anything is on fire. I do think we might need to get to the motive and heart behind it, and then we can look at math and go, okay, what mathematically should and would happen? We pay off the mortgages, we free up those payments, which we can now invest, right? So there's one side of it. It also reduces your risk, gives you more peace.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I don't like this.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
We don't know what the next three years hold. I hope it's all sunshine and rainbows. The world is a wild place, right? We don't know what's going to happen with the tenants and all of that. And so it's going to give you a little more peace and less risk. On the other side, you have the stock portfolio. Is this your entire nest egg?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Just in a taxable brokerage account? And what is it invested in?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And what are the total mortgage payments that you're making right now?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So if you take $3,800 a month and invest it instead, you're going to be okay from $41,000 to $60,000, right? Do you see his point? I'm playing devil's advocate to show you the other side. On top of the interest savings of not paying interest on these mortgages for the next three years, having them paid for.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So again, I don't think there's anything wrong with following your plan and going, hey, we're going to pay these off in the next three years. I think it's a great plan to have a fully paid off rental portfolio. You guys have done really well. Nothing is on fire. Nothing's going to put you in crazy risk. But I can see his point, and I don't think it's as bad as you think.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Um, I know you want a nest egg portfolio. The rental properties are part of your nest egg. You have 24 paid for rental properties. If you need money, you know where to get it either from the cashflow or you can sell one.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
What is the total? All 24? What are they? What's the value?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So is there a compromise where maybe we go, all right, once every year, I'm going to cash out enough to pay off one mortgage. Split the difference.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
There we go. I think that makes him feel a little better, and it does reduce your risk. It causes you guys to make a little more progress than you would have, and it causes you to slowly deplete this portfolio. And remember, you're going to free up a payment that you can now invest on your own volition as you please. That's right. And so either way, this is a good problem to have.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You guys are doing really well.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You guys are in really good shape. I am the least worried about this, but I do think just some compromise would get you guys to an agreement and cause you to move forward because this is living in your head rent-free right now. It doesn't need to. No.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Thanks for the call.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You know what really bothers me?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
The amount of times people send me just Kirkland signature related content would blow your mind, Ken. Well, you've made a big deal out of it. That's my fault. That is on me. So there it is. I love it. Can we get to a social question? Do we have time for one?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Go for it, go for it. Johnny from TikTok asks, during what point in the baby steps is it best to start a business? What say you? Baby step. At what, during what point?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously. How are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
No, I miss it. We kind of switched it up and did my YouTube channel, which is a version of the fine print podcast. You're doing the same thing. But it's the same thing. I want to break down these money concepts that can feel overwhelming, complicated. Right. Never fully understood it, and I want to break it down quickly for the benefit of the people listening and watching. I can't wait.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
What is the topic today? Refinancing. Ah. So you've heard of financing. We're talking about re. We're refinancing. Coming back to the table. Booyah. Okay. And we're going to specifically focus on refinancing a mortgage, okay? Oh, man. So if you bought a home and interest rates were high, you may be wondering if refinancing might save you some money now that rates have dropped a little bit.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Well, it can, but it also depends. So what is this? Mortgage refinancing, very simply, it's when you replace your current mortgage with a new one. Why should you do it? Why do people do this? Well, number one, to get a lower interest rate. All right, so you got to make sure that refinancing will save you money in the long run more than it costs you.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Number two, people do it to reduce the loan term and become debt-free faster. So you go from a 30-year mortgage or an adjustable rate mortgage to a fixed rate 15-year mortgage, for example. And that can get you a lower interest rate, shorter mortgage payoff, get your house paid off sooner, double win. Another reason people do it is to get rid of PMI, private mortgage insurance.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And that's a great way to pay less on that monthly payment because you're not paying the lender anymore. And it really just protects them in case you foreclose. And lastly, like I mentioned, you're switching the loan type. A lot of people have an adjustable rate mortgage and maybe they want to go to a fixed rate mortgage.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
That would be a good time to refinance as well to avoid those rate fluctuations. So for everyone out there, here's the questions to ask yourself. How much will my interest rate go down? How much will it save me? And what will I pay in closing costs? And closing costs can run about two to six percent of the total amount you're borrowing, depending on your situation, where you're at, all of that.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So here's the deal. Simply only refinance if it gives you a lower interest rate and saves you more money than it costs. So an example, if you save $2,500 a year refinancing, but you have $10,000 in closing costs, it will take four years to break even before you start saving money. So refinancing is only a good idea if you plan to stay put long enough to save money.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So that's kind of where you've got to weigh it and go, all right, we do plan on staying here long enough to get the ROI on this. So it's that simple. Here's six steps. If you're ready to do this, crunch the numbers to see if it makes sense financially. Number two, you've got to shop around for the best interest rate. Three, you've got to choose a lender.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Don't forget to ask about those closing costs, the fees, the prepayment penalties. A lot of them will lure you in and go, oh, we're going to give you a great rate. But then they ding you with all these fees on the back end to make up for it. Don't fall for that one. A little bait and switch. You love that term. I was looking for it. You helped me out. I got there faster. I'm quick to the draw.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You are. Cowboy camel here. That's it. And number four, you got to lock in the rate. Five, you'll go through the underwriting process, just like you did when you got the original mortgage. And then six, you close on the new mortgage. Good for you. So here's the deal. If you need help, you've got questions with this about refinancing, do what I do.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Reach out to our Ramsey-trusted friends at Churchill Mortgage. They are experts in this. And you can go to ramseysolutions.com slash mortgage or click the link in the description if you're listening on YouTube or podcast. Quick and painless, Ken. This is why I like when you talk nerdy.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I don't think so.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Some people were so riveted.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And there's more than one great company in America, and so you will find it. But you need to be making six figures in order to pay this off in the foreseeable future, Joseph. And that might mean you get that new job and you take on a bunch of side hustles and work overtime and, and, and for the next three to four years in order to knock this out. What's the car like? What's left on it?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay. So the majority of it was PT school? Yes. Yes. Just PT school.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Well, you got a bunch of loans out there, right? Probably 15 to 20 different student loans. you're going to attack that smallest one and free up a little payment. What that's going to do is give you a little light at the end of this tunnel that you're actually going to get out of this thing.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So the longer you hang on to all of the savings, it's going to give you a false sense of relief because, my friend, there's an avalanche on the other side, and we have to start attacking that thing one bite at a time. That's the baby steps. So hang on. I'm going to send you a copy of my book, Breaking Free from Broke.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
to give you the step-by-step plan, give you the motivation to climb out of this thing. And I'm also going to send you Ken's book. Which one should we send him, Ken? What's going to be most helpful to him?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Hey guys, George Campbell here. Do you ever feel like insurance companies only care about your money and not what you actually need? Well, there's a better way. When you go to Ramsey's Insurance Resource Hub, you'll start feeling confident that you're getting the right coverage that's truly best for you.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
You'll find helpful info on everything from life insurance, health insurance, identity theft protection, and more. And when you're ready to get the coverage you need, you can connect with a Ramsey-trusted insurance pro who will only get you what you need at the best price. Go to ramseysolutions.com slash insurance, ramseysolutions.com slash insurance.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
A little anxiety.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Meanwhile, I just scanned some tax files for my upcoming appointment at the printer, and I was stoked.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I love my TaxPro more than you love your TaxPro. Here's the thing. I don't want other people to find them, and now they're booked up. I just did a first name only. I still don't. I've got trust issues. They have a very unique name. All right. Can't give it away.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Once you got a good one, you don't give it up. But you can find a trusted one in your area at RamseySolutions.com slash TaxPro. And here's the deal. Our tax pros aren't going to be like, have you ever thought about getting a G-Wagon to write it off as a business? No. No, they're not going to give you trash tax advice for some write-off. Do you think I would look good driving a G-Wagon?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Would you look good? Yeah, who doesn't look good? You know? Well, I don't know. I mean, some people shouldn't probably drive a G-Wagon. Yeah, I did see a pink Cybertruck the other day. And I thought, wow, it could get uglier.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
That had to be like some kind of Mary Kay. I don't know what was happening with that pink Cybertruck.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
It's a dark time.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
That wasn't love. I'll tell you that much.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
But what was your plan to cover living expenses while you both were in grad school?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay, so you have $140,000 that you will have liquid. You need to use $100,000 to cover grad school for both of you? Is that what you were saying?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Wow. Okay. Good for her. So you'll have 40 grand left over after grad school is covered and you got a baby on the way. So let's keep a big portion of that saved up as an emergency fund. Do you guys have any debt?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Wow. Okay. And you guys are living pretty frugally, it sounds like. That's good. So we've got most of this figured out. What's the question?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
That's where I think the compromise is. I'm going to give him the money he paid in. That gets him out of this. Don't care what he feels like he's deserved. I agree. That's what I would do, Randall. But know that that's going to be ugly. What does Randall's wife think about this? Randall, what does your wife say? Has she talked to him?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
George, I just think we're trying to do a lot at once here.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Yeah, what's the game plan? If you're not working for three years, she's going to keep working. She's going to take a maternity leave for a few months, I imagine. And then is she planning on going back to work? Because you said you want to also have time with the baby.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
She can't be a full-time mom at home with the baby and full-time at work pursuing this dream.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
I would have a come to Jesus reassess conversation with your wife tonight and go, hey, listen, we both had these dreams. They'll happen one day. Right now we've got to delay one of these dreams so that we can eat and provide a home for this baby.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Thank you. This is the best thing for you and your family and the careers. If they need to take a back seat for now, I'm okay with that.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Is that like a Tuesday in Alaska? Like, how often does this happen?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
So pumped for you.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
No credit to you there. None. The content is also amazing. So it's front to back, soup to nuts. This thing is just perfect. Back to my roots.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Yeah. 14 years ago.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Yeah. And I've always said, Ken is the best interviewer. Maybe on the face of the earth. I don't know.
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
Okay, now we're getting some numbers. All right, and you're saying you could afford to pay cash for this property?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
And buy it before they go into foreclosure?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
But they're not going to sell it to you for $120,000. Why would they sell a $380,000 house for $120,000?
The Ramsey Show
Getting Your House In Order Is The First Step To Financial Success
They need the equity in the house. What are they going to do? Because now you own the house.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I think that'll prove to her that you're serious about this.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Like $2,500 or bust. If there's 35 days for the wedding, say, I'm going to make $100 every day no matter what.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
uh on the baby steps how can we let's give them a wedding gift george what would what should we do i love it i think financial peace university for the two of you would be great along with breaking free from broke for you specifically jason read the margin is breathing room chapter i've got 10 ways to make more 10 ways to spend less if you do both of those things you're going to find that margin to save up and i want you to have that next conversation not with a mopey attitude but with optimism
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
with an excitement, with an enthusiasm that she goes, oh my gosh, this is a new Jason.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Just in checking accounts? Or normal savings accounts?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Today's question comes from Felix in North Dakota. Bitcoin has been going through the roof. Roof recently, and it looks like it's becoming more and more of a stable investment. Do you now recommend it as an investment, or do you still believe it's too dangerous of an investment and that people should steer clear of it? Oh. Good question.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Excited to clear the air on Bitcoin because people really want to know my opinion, said no one. Here's the deal. I've never been anti-Bitcoin. We took a call yesterday, Ken. young man had every single one of his dollars in Bitcoin. Had nothing in savings, everything in Bitcoin. And he'd been doing really well. And he asked us, well, what's wrong with this?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. So we can get that money invested working for you at least. What is your income?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And I'm going, you've been alive for four days. So yeah, if you just think this is how it's always going to be, then sure. But we've seen things. We've seen Bitcoin drop 50% in value in 2022. It's 24-7. There's a lot of fraud and scams around the crypto world right now.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
It's been on a wild trend up lately, and so you're going, well, why invest in the stock market to get a measly 10% when I could get 1,000%? So what it really comes down to is what I call the three stooges of wealth, which trips people up, especially young people. It's fear, greed, and pride. So it's the, I'm so scared.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
There's the FOMO of I got to get in this now or else I'm going to be broke forever. There's the pride of, well, I know better. There's a little bit of arrogance there. And then there's the greed of just like, I'm not going to settle for 12% in a slow way to wealth when I can make it a lot faster. And so with Bitcoin, it's like investing in any single stock that's been on a wild ride.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
You know, you see Nvidia going up and then DeepSeek from China came out and Nvidia takes it. And there's all this just gyration and fear in the market of what anything is going to do. And it's why I recommend diversifying. So it really comes down to diversifying versus Bitcoin equals bad. And it's more that you got all your eggs in one basket. That's too much risk for one person to handle.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And so if you want to invest in Bitcoin, I can't say invest. If you want to speculate in Bitcoin, put some money in that after you've already invested 15% of your income into retirement, into tax advantage, retirement plans, proven mutual funds and index funds, be my guest and use your fund money to do that. Knowing this is money you could burn on the table.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
But putting all the chips in on Bitcoin, I'm telling you, I think history is going to show that was a very risky move. Now, there's Bitcoin billionaires out there who are going, ha ha, and they're laughing from their private islands right now. That could be the case. Well, I think it's here. I think there's no question that cryptocurrency is here to stay.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. And do you have any pension or anything like that? Any other retirement income we should be aware of? Nope. Okay.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And the other piece of this we didn't talk about is that Bitcoin isn't based in anything. When you invest in a mutual fund, it's filled with 90 to 200 stocks of actual companies producing real products and services and real revenue you can attribute to that. And therefore, what is it based on? Well, a lot of hype. A lot of, well, my buddy said, and they're investing, so it must be good.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
People that invest in gold, well, you're investing in crypto. And the last thing I do is I go, what are actual wealthy people doing with their money? And what I found is most of them aren't saying, oh, dude, you got to get in on crypto. They might be dabbling in there with a very, very tiny percent of their world. They're not going all in on it.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And so if you want to know how actual wealthy people invest, Dave Ramsey will be unpacking that in a two night virtual event called Investing Essentials. I'll be joining him. And here's the deal. We know that if you're following social media, you're going to get investing advice from a 60 second TikTok reel or Instagram reel. That's dangerous.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
At this virtual event, over two nights, two hours a night, we're going to walk you through how to maximize your retirement plans, how to choose the right funds, how to get the most out of your money, how to invest with confidence. Plus, it's the only place you're going to hear Dave unpacking his personal playbook on real estate investing, which is
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
fascinating stuff, something he's never done here on the show. This is brand new information. You're going to get the clarity you need to invest. So join us March 4th and 5th in the comfort of your home. It's completely virtual. Tickets start at $199. Get yours today at ramsaysolutions.com slash events or click the link in the show notes if you're on podcast or YouTube.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. And are you living alone?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Why are you trying to go into debt again?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
$20,000 or $22,000? Sorry, what was that? The car is worth $20,000 to $22,000 if you sold it today.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, why not sell it private party and get $25,000?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, you know, CarMax is buying it at $22, and they're going to sell it for $28. They're buying it at a discount from you, and so you're getting screwed on these kind of trade-in deals, and they're going to try to then sell you on a car you can't afford again.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I'd rather see you sell it private party, clean it up, sell it on Facebook Marketplace for $25 or $26, and be as little underwater as possible, if not break even.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Meet in a public place, in daylight, bring someone with you.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. And are you a homeowner? I own my home, yes. It's paid for? No mortgage? It's been paid for for, yep, no mortgage. Good. What's that worth?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Yeah, go to the bank, ask for a cashier's check, go to the bank, have it cashed. They'll verify the funds are there. This happens all the time. It's not worth losing $4,000 over. Do you guys have any money in cash to cover the negative equity? Yes, we have.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay, that will clear it. You still don't have the $8,000 for this minivan, so we need to figure out what we're going to do. If that's going to a local credit union to get the difference so that you can get a cheaper car. But I think we still need to figure out how we get an even cheaper car for now until we can upgrade to the $8,000 minivan. But I would not roll the negative equity. Bad plan.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
This is going to keep you where you're at.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. And what are your monthly expenses? Have you added this up to see, here's my monthly budget, here's what I need to live?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay, great. So here's some good news. You don't need a lot to survive. Now, I don't know what your retirement plans are. I don't know if you had big dreams. We might need to change that picture based on the reality of where we're at. Right.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
It didn't help you actually get a career?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
This is per month. That's your take-home pay after taxes get taken out.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
So you're making $7,500 take-home every month.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. So $3,500 a month. And that means you should have $4,000 left over if you're doing a written budget, which is just a plan for your money where you go income minus expenses. Here's every dollar we're going to spend.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
But based on my math, you're going to need, you know, and this is not including health care if there's any other needs you have, but you're talking about $20,000 a year is what you're going to be spending. So here's the good news.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
No, don't listen to them. They're lying to your face. They're trying to bully you into paying. You don't have to do anything.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
They're trying to pressure you to get so stressed that you'll do anything it takes, even taking out a debt consolidation.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Listen, if they want to take you to court over a $2,000 debt, be my guest. It's going to cost you more in lawyer fees than it will what I owe you. They are threatening you. So you let them know, hey, I'm trying to pay this off aggressively. Here's my plan. Here's what I can do and when. Put the ball in your court. Don't let anyone bully you. Don't let them take advantage of you.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
If you put the majority of your savings into the stock market, into a good growth stock mutual fund or an index fund, you would see on average over the next 20, 30 years in your retirement, 10 to 12% return. Which means you put $200,000 in, on average, again, not every year, you're going to see $20,000, another $20,000. And so that gives me some hope that you're not going to be out on the street.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Don't fall for these debt settlement companies. Don't fall for debt consolidation. This is on you guys to pay off on your own, and you will do that with your newfound income. This is an amazing blessing. You're going to have over $4,000 a month to throw at this. You're going to be done with all of this within four months. Think about that.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
George Math says four months. You guys are going to live off nothing. You're going to grocery shop and just enough rice and beans to where you don't need anything else. You're not going to buy clothes. We're going to really look at every dollar. We're going to have full accountability with you and your husband. We're not going to spend anything we don't need to for the next four months.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Good. You guys are warriors. You have been through a lot, and I hate that you're getting taken advantage of after being refugees and moving to Canada. You guys have had a lot of life change. It's been really hard, and you've been grinding it out, learning a new language, entering this new atmosphere, and all the while getting taken advantage of.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And we have to also remember we did this to ourselves. So there's a personal responsibility of, yeah, we chose to go into debt. We chose to put ourselves in this position.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Say, hey, I need written verification of all of these debts before I pay a penny.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Good. And get written confirmation. Everything, get written confirmation and don't give them any access to your checking account. Yeah. That's the key here. And once you do that and you put the ball in your court, you're going to feel a sense of relief and confidence. You're going to get out of this. But do not let anyone bully you any longer. We're done with that.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
But we're also not going to be eating out and going on vacations. This is going to be a bare-bones retirement. Okay. Now, if you could invest a big portion of your income, now that you have a paid-for house, how much could you invest every month from your income? Could you do, let's say, $2,000? Yes.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, you told me your expenses are about 1,600. You're taking home probably close to 4,000, right?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
If it's going to mean going back to school and not working and going to $0, then no. But if this is something where you could do this on the side, get the training you need and do it on top of or make that instead of a leap, it's just a little jump, then we're talking. And what's your wife's income?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay, so you guys are making about $110,000 gross per year? Yeah, about. And on the current trajectory, how long will it take to get out of debt from here?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, Ken can help you fill in the gaps of income. But if you have stable income, you could invest $2,000 every single month from age 61 to 67. You'd likely have around $200,000 sitting in that investment account.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
So I would continue to do that as a side hustle, do as much of it as you can, figure out what training is needed to move into the private sector, if any, and then pursue that, you know, all that at the same time as you get out of debt. Okay. It sounds like you know what you need to do. It's just the confidence of going, should I make this move into maybe the private sector? Yeah.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
You've got a few years of experience at this job, right?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start? Well, as your nerdy friend who does the research for you, I found the solution. They're called Delete Me.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And here's the reason they come in the clutch. The internet is packed with data brokers, which are these shady companies whose sole purpose is to collect your personal info and sell it for a profit. Enter DeleteMe. DeleteMe swoops in, finds your info on these sites, and removes it on your behalf. They even send you a report with all the details.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And so far, for me personally, they have reviewed 27,000 listings, removed my info from 240 data brokers, and saved me 66 hours in the process. I trust DeleteMe to help protect my family, and I trust them to help you too. You're going to get fewer spam texts, fewer phishing emails, and fewer creepy robocalls. And Delete Me also makes a great gift for other people in your life that you care about.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
So that is one option on top of the savings you have putting that into the market. I also would recommend you sit down with a financial advisor and actually crunch these numbers, and they'll walk you through to make sure you're understanding where you're putting this money. I don't want you to do it because George said or Ken said. I want you to do it because Amy understands.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Individual plans start at just $9 a month, so take an easy step to protect yourself and your loved ones today. And as a Ramsey fan, you'll get an extra 20% off any of their plans at joindeleteme.com slash Ramsey. That's joindeleteme.com slash Ramsey.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, here's the simple wisdom. Fire them. Okay. You don't have a financial advisor. You have an insurance salesman posing as a financial advisor. Sure.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Yes. Ate and left no crumbs. Thank you for that.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I'm trying, folks. I'm really trying. I hate nothing more than when people get ripped off. And I'm glad you're catching this before you jumped into it. And we have to tell you, cancel the whole life policy and fire your financial advisor. And so I understand what they're telling you. Here's the key. Any good financial advisor would tell you, you should not mix insurance and investing.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
If you want to invest, be my guest. If you want insurance, get you some term life insurance. But you should not mix the two. It's a very crappy product. Just the internal cost of this thing could implode eventually because of how expensive it is and how high the commissions are for the insurance agent. And so they don't have your best interest at heart. That's the bottom line.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And any financial advisor who's worth their salt would tell you, oh, Jake does not need whole life insurance. He needs to invest in XYZ fund. And so they should be, I don't know where you found this person. Is this an old buddy of yours?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. I would say no thank you, and I'm going to actually pause, and I'll circle back when the time comes, and then just never circle back. You do it as politely as you need to, and if you want a trustworthy financial advisor, jump on to RamseySolutions.com and click on Trusted Pros, and I can guarantee you they're never going to be pitching you whole life insurance.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, I keep thinking of this line for you. The best time to plant a tree was 20 years ago. The best next time is today. And so I know you're 60 and you feel behind. There's probably some guilt that you could have done more. You should have done more. You should have been investing. But I'm telling you, it's not too late to have some dignity in retirement, but it starts today.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
So you feel like house prices are very high right now, and you want to buy a house. What's the question?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
The bubble, we talked about this last time this came up, which was around kind of post-COVID. Everyone was freaking out, and we did a whole real estate event talking about, hey, there's not going to be this market crash. It's not going to be 2008 all over again. And there's a lot of reasons for that. We covered it in the event. The TLDR on this is I would not wait.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
We can't have the excuse any longer of, well, I just don't know what I'm doing. Ignorance was bliss until this call.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I would not sit on the sidelines waiting, hoping for some bubble. And here's how I know that. If mortgage interest rates go down, what's going to happen? It's going to cause more buyers to flood the market, right?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Correct. What happens when more buyers flood the market? Prices don't go down. They go. They go up. Exactly. Right. Right. And so I don't see a drastic change in home prices. We've seen a little fluctuation here and there. And I think you're going to look back six years from now and go, oh my gosh, why did I wait? That house that was 600 is now 750.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And so the right time to buy a house is when you're financially ready. And so when you said I put all my money, what does that entail?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. How much are we talking?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And how much is the house that you would like to buy?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Now let's talk about that seasonal income gap. What are you doing in the wintertime? What changes that you don't have enough work?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay, so what would that cost? Is it $400,000, $450,000, $500,000? Yeah, it's looking like, to touch it, it's $400,000. Okay, so let's say you took out a $50,000 loan. Could you afford the payment on that with your retirement income, where it's 25% or less of your take-home pay?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Then I would do it, and I would pay it off, and in a few years, it'll be gone. I mean, most people have car loans bigger than that, and so taking on $50,000 to get into a house now before it becomes a $500,000 house four years from now, I'm going to do that. I agree. So you don't have a moving target on your hands. I agree. That's a smart play.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Yeah, I don't have a crystal ball, and so I live my life like I'm in control of what I'm in control of. And I hope they change the regulations and that we're flooded with more supply in the market, and that helps the housing market as a whole. But I don't put a feather in my hat. I've got to live my life.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Is that a thing, James? Maybe.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
For free tools and resources to help you reach your home goals, go to ramseysolutions.com slash real estate or click the link in the show notes.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
When you say he's not aligned, has he, from the pulpit, talked about debt?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Wow. I read there's a book out there. It's called The Bible. Has he looked into that?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. How does he reconcile, you know, Proverbs 22, 7, the borrower is slave to the lender?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I don't have a theological basis for this. These are just like, just spitballing.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Or is this just grandma stuff?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
George, I'm not saying, hey, you need to leave the church tomorrow. I'm saying if you can't deal with the incongruency and you also don't trust his leadership anymore, then I think that's going to weigh on you just like it would in a career. If you don't trust your leadership, you think there's a lack of integrity there. It doesn't align with your values.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Eventually, that's going to eat away at your soul. And so I'm telling you, that would be a reason to leave. But if you're like, hey, good guy, theologically sound, we disagree on debt as a tool, all right, that's a different situation.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
But there's a piece of this, Ken, and my church, we inherited, there was a church merger, they inherited $7 million of debt, and they looked up and said, we're giving a million dollars in interest to lenders every single year. Yeah. What if we aggressively attack this as a church and we freed up that million dollars to do the work of the church? Yeah. And that's exactly what they did.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And now they're able to fund ministries and new projects, and they're building centers for recovery, and they have a whole ministry for single parents to fund car repairs and furnish cars for them. That's the kind of stuff you can do when you're debt-free instead of, well, we've got to make payments, so that's what your tithes are going to, kids.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And that's not up to you. Well, you just gave me a light bulb moment. I think William should lead a Financial Peace University class in the church. Start a groundswell movement of people going, hey, we became debt-free in our personal life. What's going on with the church? What if we could become debt-free as a church?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way. Over a decade, I went from broke to millionaire.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
and I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by, a life with more margin, more options, and more peace.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
If you want to check out the book, go to ramsaysolutions.com to get your copy of Breaking Free from Broke. That's ramsaysolutions.com.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Great nerdy question from our friend Derek. He has been doing the research. Yes, he has. Okay, so I'll give you one man's take on this. I am personally not a fan of target date funds, and here's what they do. They start out with mostly equities, right? Stocks. And over time, they'll start to introduce more bonds into the equation, which will...
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
reduce your quote unquote risk, but it also reduces your returns. So think about this. You get to retirement age at 60 and you could make it to 90. So for the next 30 years, you've basically stunted the growth of that account to the point where it might run out. And so here's my take. And Dave would back me up on this. It's wise to just stay invested heavily in equities.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Now, if you talk to your financial advisor at 60 and you take into account your risk tolerance and all that, they might go, hey, let's put you in 20%, 30% bonds, whatever. But I'm not a fan of target index funds doing that on your behalf, especially for a young 30-year-old. You want to stay heavily invested in the stock market versus moving towards those bond funds.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
So, yeah, S&P 500 index fund is great. Growth stock mutual funds are great. In those retirement accounts, mutual funds are awesome. Like you're talking about a taxable brokerage account outside of retirement. That's where the index funds really come in handy because they're low turnover and you'll have lower tax implications on that. So great question, Derek.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I'm going to go with no to the target date fund and yes to staying in the equities, my friend.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, a lot of people just set it and forget it. That's the beauty of target date funds, and you can do worse. It's not a terrible, terrible thing, but my take is you want to stay. I want to keep that 10% to 12% return instead of getting a 3%, 4%, 5% return in retirement.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Is it due to the nature of your career?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay, gotcha. Can you purchase this through your employer?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. So if you're going to go kind of look at the marketplace, have you gotten some quotes yet?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
So if you're unable to work due to those conditions, it won't be covered? Got it. Yeah, that's a tough one. I mean, your goal should be to become self-insured at that point.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
I would take the disability insurance for $100 a month, and then on top of that, be working those baby steps to become self-insured over time and make sure that you have other insurance in place, like term life policy, for example. Do you have that?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Awesome. So you're looking at a million-dollar policy. And some of these you can even do no medical exam completely online. And so you might be able to, especially if you're just trying to get a little bit more on top of the one that you already have, It's going to be very affordable. The disability insurance you just mentioned, $100 a month, very reasonable.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Usually it's 1% to 3% of your annual income, and it's going to cover 60% to 70% of your income should you need to use it.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And remember, here's the point of insurance. It's just a transfer risk so that you don't have to shoulder it. So to pay someone $100 a month, $1,200 a year, you do that for 20 years, it's $24,000. Over 20 years. I will happily pay that for the peace of mind, knowing that if something should happen, I'm going to get that $3,000 a month for the foreseeable future.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And so that's where I'm, is it worth the investment? Absolutely. For the $100 a month you're paying and for the risk that you're transferring, it's definitely worth it.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Thank you, Bridget, for the call.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Not every day you get to talk about disability insurance. It's fair. That's a good point. And Ramsey, you know, we have ours covered through Ramsey, so it's a good thing to check with your employer to see if they already cover it, if they offer it. Usually it's very affordable through your employer, and that's a great way to go.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And you might need to work until 70. That's right. You get to retire when the numbers say you do, not when you just decide. And so jump on to RamseySolutions.com. Get in touch with a smart investor pro. They can walk you through the investing portion themselves. And this is going to take work.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
What would be the point of that, to lower the payment?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Well, you can just do that on your 20-year mortgage. You can still add more to the principal. It's not going to change the numbers.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. I think this is reasonable. I would just attack that mortgage with a vengeance. What you can look into is a mortgage recast, where they can just recast it without changing the terms, without changing the interest rate, and that can get your payment lower while really accomplishing the same goal. So I wouldn't refinance at this juncture unless you're going to ROI on it real quick.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And you got to remember, inflation is going to be that's going to be kicking your retirement in the pants. So you've got to get on top of this thing and start investing instead of just saving.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Let's say you can't give this $2,500, you can't give a dime. What changes about this wedding a month from now? What can't we do that we said we were going to do?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Here's the third question. Is there a pattern of you making a promise, telling her something, and then it not coming to fruition? Are you letting her down? Is this the first time?
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Have you told her about this yet and just be honest with her and say, hey, listen, I was expecting this income. Oh, yeah, they talked about that. But she expressed some disappointment. She was upset about it. There's a lot of emotion already with planning a wedding and doing this. Even if it's just one-on-one, it's a big life change.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
And I think this just probably triggered something inside of her going, this man, is he going to be able to provide? Is he going to be able to be the partner and leader that I need him to be? So it's probably causing some bigger questions in her mind.
The Ramsey Show
Normal Is Broke and in Debt. Do You Want To Be Normal?
Okay. So you have another month to go. Is this wedding in March? Yes, sir. Okay. So you can go do a side gig, you know, one of these, you know, kind of a Instacart, Uber Eats, whatever it is, you can go sign up for one of those and go make 500 bucks a week until the wedding.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Quit Letting Broke People Give You Financial Advice!
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
But Delete Me will delete your data, hence the name. It's gone. They'll wipe it out for you so you can sleep easy.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Get this. So far, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites and saved me 77 hours of time. It's incredible.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes up to less than nine bucks a month. Super affordable.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Hey, George Camel here. So you're thinking about buying or selling your home. It's exciting, but there's a lot to think about. And all those decisions can feel overwhelming. Well, here's the good news. You don't have to tackle the process alone. Ramsey's Real Estate Homebase is the place to find all of your free tools and resources for help to get prepared to buy or sell your home with confidence.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
You'll find calculators, start to finish guides, a podcast, and even an in-depth video course hosted by yours truly. What's not to love? So if you're ready to take the next steps toward your home goals, go to ramseysolutions.com slash real estate. That's ramseysolutions.com slash real estate.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
When Are You Going To Clean Up Your Financial Mess?
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I mean, you have a salary. I'd say it's healthy and independent for you to get on your own. If you want to stay home until you have the next step of proposal or engagement, that's totally fine. But I would start making payments to your parents just so that you're not caught off guard, you know, come six months from now. But I do think it's going to take more time to get a down payment, you know.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
15 grand is not going to cut it in today's housing market. And so we've got tons of resources for you, Timothy. Log on to ramseysolutions.com slash real estate. We have an entire home hub for you there. And I'll even give you Ramsey Plus, which will include my video course on how to buy a home the right way. And watch that.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You can watch it with your soon-to-be fiance and go, hey, this is going to be on our radar in the next few years. I'd love to watch this and get prepared and see what you think of it.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
That'll increase your savings rate. That's right. Help you get that down payment faster. That's right. So it's a great call, Timothy. Thank you for that question. You're far beyond most Americans at 19, so I want to encourage him there. And to that, the interest rate question.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
My interest rate, I actually ran the numbers with the folks at Churchill, and they told me, if you do our plan, 15-year fixed rate loan with at least 10% down, you will get the same rate as someone with excellent credit. So he disproved it with facts, but people don't care about facts in the face of their feelings a lot of the times.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You haven't let lifestyle creep crush you.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You've stayed a very sane person. That's right. And you're self-aware enough at 25 to go, this ain't it. Most people, Rob, it takes 20, 30 years of a career to finally admit that.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
As you guys are talking, Rob, I think you've got somewhat of a flat tire. Your financial life and your career life, you're crushing it. I would assume, prove me wrong, that relationships may be struggling, social life might be struggling, spiritual life might be struggling, and I think leaning more into those areas right now can help you realize, oh, I actually like New York. I like this job.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I just needed a better community. I need to get plugged into a local church. I don't know what that is for you, but I realize that at 25, you kind of have this quarter-life crisis of like, what did I, I just followed this path that was laid before me, and here I am, and they told me it would be amazing, and It's not.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And never YouTube in the RV, please. Yeah. Just keep it to yourself.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Go full hatchet, full castaway for a long weekend.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Well, then you haven't been. Do you go on your own?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Pay off your debt today with the money you have.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And do you have any debt that's in your name beyond that, or is the rest in his name only?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay, so that's going to be his problem.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Your name's not on there, so you're not going to be liable for that loan.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Is he in la-la land? Does he shut down when you bring any of this up?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So he doesn't understand that his decisions affect you financially, emotionally, maritally. Okay. He's made that very clear on where he stands, and he's not going to change.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I wish I could have my rose-colored glasses on and tell you the three steps to solving all of this. I can't change people. I don't have the magic wand. And so if you've made it very clear of, hey, this is what it's going to take for this marriage to work, and he's unable to fulfill that, I would be talking to an attorney and figuring out how do I at least protect myself?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
How do I begin a phase of separation so that you don't get dragged down with him?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Get that out now before your brain talks you out of it. reduces your expenses so that you're going to be able to hopefully survive off of your fixed income, even if there isn't spousal support. That's where I would go sit down and make a budget for yourself based on here's what my expenses would be if I was doing this on my own.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
All right. Today's question comes from Camilla in Hawaii. My husband and I are on baby steps four and six. We have no kids. He's in the military and I'm a lawyer. Our gross annual income is $250,000 and we have no debts except our mortgage of 350. We have a fully funded emergency fund, and we invest 15% of our income, and we still have $3,000 left over at the end of every month.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Is it a mistake to put all the extra money towards paying off the house early? I'm wondering if we should be investing a portion of it and taking a more balanced approach. Now, that's a fun question of the day, isn't it? Really fun. So here's the deal. Do you have to throw every single penny at the house? No. Baby steps four and six, you're moving from intensity to intentionality. I'm a nerd.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I might be throwing all of it towards the house.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
But you also might want to go, we haven't taken a vacation in five years. We should probably save up for that. Hmm. So what I would do is set up sinking funds for things that you actually enjoy, like a vacation. Or, hey, it's really time to upgrade that car. We're in four and six. We make 250 grand. We don't have any debt with the mortgage.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Let's enjoy life and upgrade a little bit with a reasonable approach. And that's where the sinking funds in the budget and planning for that fund money help me let loose of the reins of, I got to pay all... Every penny should be going towards this. You don't need to live like you're on fire because nothing's on fire here. But I would set a goal and say, hey, if we put...
The Ramsey Show
Don’t Become a Victim of Your Circumstances
A grand extra on the mortgage will be done with this five years early. Let's make that a goal. The extra two grand, let's put towards these other things for now. And you can always change it as you enter different seasons of life.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I like to set them up separately. So there's a car savings account, and we're going to put $500 a month into that account. That helps delineate it so you don't go, oh, there's a big pile of money. Lord knows what.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Why are you enabling them? You're right. If they can do it on their own, say, hey, we've been happy to help. Sounds like you guys have it figured out. Best of luck out there. Sometimes that's the best thing you can do for someone, even though it feels harsh in the moment.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
What do you think? I'm in for this plan. I'm just, I'm wondering, does she need you financially? Are you supporting her in any way or are your finances completely separate?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So it sounds like there really were no conditions of them living here other than, hey, let's aim for a month. Yeah. I would have a lot of strings attached with this.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
It probably already has. And so she needs to be leading this. It's her parents. And so for the son-in-law to get involved, it's just too sticky.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
It sounds like she knows they're not going to care what she has to say. And so that can be a conversation you guys have together, the four of you, and say, hey, we love you guys. We want to help you get back on track. Here's what it's going to take. Here's the conditions. We want you to be financially independent. You're going to start paying rent. We're going to show you how to budget.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You're going to take FPU and we're going to, we're going to help you get out of this thing, but it's not going to be by bailing you out financially. It's by showing you the steps. You've got to be willing to do the work. Otherwise this situation can't work.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. So you need her more than she needs you. She has money. Okay. I'm just wondering, you know, how far away is this new town you'd be moving to? Is it 45 minutes or five hours?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Absolutely. I don't think they should be living with them. I understand you guys tried it. You tried to help them once. I think at this point he makes good money. He can figure it out. Rent.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
He's going to have to figure out these payday loans and you can always be there to support with resources and say, Hey, show up to this course with me, show up to this course, but intermingling them with your personal life and your own house. I think that's not going to work anymore.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
But when you need a roof over your head, mama's going to work. She has no option. Oh, yeah. What is she doing? And so I don't think this is going to lead to them actually living on the streets. It's just going to lead to them saying, all right, we got to figure this out. And asking your kids to bail you out is just a gross injustice to me.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And generationally and different cultures that are going to come at us, Ken, is to go, you don't understand. I get it. But this is a very different situation. That's what I'm talking about. Enabling misbehavior versus living generationally with grandma. Thank you for clarifying that.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. There's a lot of unknowns. So what I would do is say, hey, I don't know where I'm going to end up. What are you thinking when this does happen? Are you going to live on your own and stay here for a while for a season? And we try that out. And if it becomes too unbearable, then you can move closer.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Or do you want to wait it out till I'm stationed, you know, planted somewhere and then we figure it out? I don't know that I'd drag her with the ultimatum of you're either coming with me or it's over, you know, to this new phase. Because who knows what's going to happen? You know, we hear the stories of people who move for a significant other they're not married to and things don't work out.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Oh, yeah. So you're doing 17 things at once, Monica, and none of them are inherently bad. So let me encourage you that you're in a good spot at 57 being debt-free. You've got a little nest egg going. You've got some savings going. But we're doing like seven things. You've got the CD over here. We've got some savings here. We're doing a little investing here.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
What's the deal with increasing it from the 8%? Why not just go, I'm going to invest 15% for... with the Ramsey plan. I'm going to do the Roth accounts and see where I go there.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Love it. Look at you. Which means you need more in retirement because you're going to live to be 120 at this rate by eating so healthy.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
She's working on a lot of things, Ken, a lot of irons in the fire here.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
That's good to know, because you don't have a mortgage, and you may not ever.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Yeah. Okay. All right, George, take it away. You guys have separate finances? Correct. Okay. So I'm going to pretend like this is Monica's situation through retirement, is that she's doing this on her own. Okay? Yeah. So I crunched your current numbers. Here's what I found out. You got 50 grand in retirement accounts. Let's say from 57 to 67, you invest 15%. You never get a raise.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
It's about 600 bucks a month. right, of your $48,000 salary, and assuming a 10% rate of return, you'd have $258,000. Now, that's great. That's not enough for me to retire on. I don't know about you. I'd want a bigger nest egg. Yes. So what does that tell us? We need to, A, get our income up and savings rate up, and B, we might need to work longer than expected. If our body allows us.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And now there's extra resentment because she moved for your job that didn't pan out and now it affected her career and her life.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So you might need to do both of those things, and I would recommend it. Because if we can get your income up, get your investing rate up, have you work a little bit longer, now we can go, okay, we might retire with half a million. The other piece of this equation is you're going to have to pay rent the rest of your life if we don't get into a house with a fixed expense.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And so that's the part that worries me here. I hope you guys are together a long time. I hope you get married because that changes this equation completely. But this idea of you sort of just not having anything, not building towards something at your age, it gives me some pause.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Yeah, can you make $60,000, $70,000 in your field doing something similar with your experience?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
The income then goes up along with confidence.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Savings rate goes up. The nest egg will start to grow. And you might need to work until you're 72. And I hope you're able-bodied with all those organic foods that, you know, you're still very limber. Monica's eating clean. She can work. We can learn a thing or two from Monica. Yeah. Hey, Monica, hang on the line. Jump on ramsaysolutions.com slash guide. We've got a free investing guide.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
It's going to walk you through this. Much more detail. Anyone can go get it. ramsaysolutions.com slash guide.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Well, we got a big event tonight, Ken, so I had to pull out all the stops.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Every dollar. So, John, I've got your numbers here, and I have them in every dollar, but for the people's sake listening out there watching, what is your total debt load?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So you're going to lose all of that income next month?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
All right. And then you're not – are you paying rent or mortgage right now?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay, so we're going to need to figure out where we're going to live and how we're going to afford that. We need income before that happens, of course. And then I see here, it says car rental $1,000. What's going on there?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So what is your plan to get around once this project's over?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. We'll keep going here. You've got groceries 200, restaurants 500, correct? Correct. I think I see a spot we can cut right now. Could you just not eat out and increase your grocery budget a little bit?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay, that'll cut it down. So I'm going to cut this down to $100 for restaurants. We'll increase your groceries by $100 to make up for it. And so we'll save some money right there. Then you've got a phone, $65 a month? Correct. We could do a little better there. My friends at Tello, $25, unlimited everything. So that one you could shave off $40 a month right there.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And then the rest is all of your debt. I mean, I'm staring at, let's see here, every dollar adds it up for me. You have over $3,500 in just minimum payments on these credit cards?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
That is wild. So here's the deeper question. This is not the point of the call, but what got you here to where you ran up $100,000 in credit cards?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
But a guy making 175 has no need to go into credit card debt. So what was going on in your life that you were spending this money on?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So has that spending addiction ceased or are you still adding to this credit card debt?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You know it's bad when even the credit card companies cut you off.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Oh my goodness. Okay. Anything that we can sell?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Did you purchase anything on these cards that was a physical item that you can go sell on Facebook Marketplace?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Well, here's the deal. We need to get income in our life ASAP, and that's where Ken's advice is going to come into play here because without income, this whole plan is moot. The budget needs income in order to cover the expenses and attack the extra debt. So here's your goal is cover your four walls. That is your priority.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Before any credit card company gets paid, cover your food, utilities, shelter, transportation. Keep it all to a minimum. Okay. Okay. Beyond that, you're going to start attacking these debts from smallest to largest. So I see here your credit card number one. The balance is $2,600 if I click into it.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So that's going to be your first one to tackle. You're going to make minimum payments on the rest. So you've got to make at least $3,500 of payments. Then anything beyond that, throw toward card number one.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. And are you able to make all of your payments currently on the remaining cards?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So with this debt snowball, as you clear each debt, it's going to also clear up that minimum payment, which frees up more money to attack the next one. Are you getting that?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Which means once you get started on this, it feels overwhelming now. But man, if you can get that job making 150 again, we can get rid of this debt. Think about it. If you can throw 50 grand at this debt per year, you're done in two years. And we're never going into debt again. John, that's what we're talking about. A short season of sacrifice.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
We're going to send it to John as well. We're going to give you a premium for one year so it connects to your bank account, has all the paycheck planning features to help you along this process. Everyone can go download it in the App Store. All right.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Absolutely. Yeah, I'll be a part of it along with Rachel Cruz. Dave and Jade will be leading off, teaching you all the things you need to be doing to get ahead financially, to start building wealth. And then we're going to have a live Q&A where Rachel and I will join answering your questions. We're taking questions live from Zoom. We're taking questions live from email and social.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And so this is your last chance to sign up if you want some life change this year. Tell your friends, tell your family. Again, it's free. Sign up for the live stream at ramsaysolutions.com slash live stream. You'll be entered to win for a chance to win for a grand. We're giving away $4,000 cash. to five people, which is going to be fun. And make sure you create a free EveryDollar account.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You'll get a bonus entry in the giveaway for doing that. We're going to be using EveryDollar in the live stream to show you practically, just like I did with John, how to find more margin, how to speed up the progress. So 7 p.m. tonight, central time. We'll see you there, ramsaysolutions.com slash live stream.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I believe the first section with Dave and Jade is probably about 45 minutes. And then we're going to do about an hour of Q&A. We really wanted to make it about what people are really experiencing.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
It must be nice to be Ken Coleman on his couch tonight watching us do the heavy lifting.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
uh watching you i appreciate that a little bit of popcorn several hundred thousands and it's gonna be great later on your mom and dad are gonna be very proud my mom has always texted me during these saying you need to smile more mike thanks mom very helpful feedback you know i don't like your attitude exactly i think your mom's probably right she's right well you know why don't you do what your mom says you're listening to questions you're focused it's hard to smile i gotta remind myself i've never noticed that about you you strike me as a very joyful person thank you worried but joyful
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Do you know what I'm saying? There's an element of, hey, if it's meant to be, it's meant to be. If you live apart for six months, you're going to survive. And so if it's 40 minutes away, she doesn't need to uproot her whole life and job for this for a season.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay, you're making $18 an hour. So what we're saying is if you can go make $20 an hour temporarily, you'd get a raise right now.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Which wouldn't be that hard to find. So give George your debt picture.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. And is your wife working outside the home?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Use that passion to fuel your debt-free journey to say, man, I hate that I can't do that right now because I'm out working three jobs. I want to get back to that, so let's get rid of this debt fast. You see how you flip the script?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So you guys are making about $60K. You've got about $25,000 worth of debt, and it's going to take the debt snowball method. And so any money we have beyond our expenses, which, by the way, should be minimal, we're talking about no eating out. Are you guys doing any of that right now?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
The old post-church lunch isn't happening?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
It's the number one need in the market, George. I just wanted to throw that out there. No, that's true. And this income will change everything to clean up this $25,000 of debt. It's not on fire. We've seen much bigger numbers.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
That's a good news. But it feels like it is right now because of that lower income. You get that up, this problem will solve itself, man. This is The Ramsey Show.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
If you're listening to the show right now, you have no excuse not to join us. It's free. Go to RamseySolutions.com slash live stream, and you'll be entered to win some cash.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Well, they can always rewatch it, but if we sign up, we'll send you all the info. We'll get the email to you, the replay, all that good stuff, and you'll be entered to win.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Is there a law in Pennsylvania that says you can't rent if you're married?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Let me free you. There's no timeline for this. The right time to buy a house is when you're financially ready. If that's at 19, you're crushing it. If that's at 25, you're crushing it. And so I just want to free you from this idea that this has to happen now and I've got to propose in the next two months and I have to buy a house five months later.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
I can feel that on you of just the aggression toward your goals. And I want to redirect that towards a healthier approach.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So tell us about your financial situation. Sounds like you're debt-free.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. And how much do you have in savings?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. What's the $15,000 for? Is that for a ring or other stuff?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. But you don't have a fully funded emergency fund. We got this twisted. We got to get the emergency fund first, then we can start saving for the house.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So how much would a three to six months, yeah, what's three to six months of expenses for you?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. Well, let's pretend like we're in the real world. You got rent to pay, you got bills. As you move into this next phase, let's call it 15 grand as your emergency fund and you have four grand for your down payment. Is that more fair?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
And we also need to buy a ring for this lovely lady, right?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You're crushing it. Okay, so if I was in your shoes, and I've been in your shoes, here's what I would do. I would pause and I would rent. Maybe it's for a year, maybe you renew for two years, and you stack up a nice big down payment as you... Get to be married and experience all of that joy and chaos because it's going to be a wild ride.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
So to add on home ownership on top of that, that's a lot at your age. But I love where you're going with it. And I also know you don't have a credit score because you're debt free. And you're saying, are you worried about not being able to buy a house because of that?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. Can I tell you this? I have actually done it. So would you trust my experience over theirs? That means the world. Yeah. So let me tell you this. There are a few hoops to jump through, one being verification of income. You have that for 12 to 24 months? Great. You'll need rental payment history, on-time rental payments for at least 12 months. You'll have that once you've rented, right? Yeah.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Okay. You have a 12-month history of your bank statements and saving statements. Your debt-to-income ratio is amazing because you don't have any. And then you have something else you're paying for, like a cell phone bill or an insurance bill regularly?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
Great. That's all it takes to do manual underwriting. So anyone else who's saying otherwise has not done it. And if you call Churchill, I'm sure they told you that. They said, hey, you do need on-time rental payments. Was that the one that threw you off because you didn't have that?
The Ramsey Show
Don’t Become a Victim of Your Circumstances
You could pay your parents $400 a month for 12 months, and that could count. And so just rest assured... It's not as scary as you think. The rains aren't going to be astronomically higher. I've done it myself. I had a great rate when I did this back in 2019. It was a very easy process. Churchill makes it super easy. They'll walk you through everything you need to know.
The Ramsey Show
Don’t Become a Victim of Your Circumstances
But I would not let that be the stress point. You've got enough on your plate right now. I would continue saving. I'd propose, get married, pay cash for the wedding, rent for a year or two, and then you guys will have a fat stack of money and you'll be able to do it from a place of strength.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. So there's nothing to split, nothing to sell. You've already moved out? No.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I'm guessing it's going to be impossible for you to find health insurance with this condition now.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
They even explained it to you and you guys said, sign us up. Let's do it.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Why isn't it selling?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah. And if you do rack up any more debt, what's going to happen is your parents would get a bunch of death certificates and they would give it to all of your creditors and lenders and they would just wipe the debts. And so I'm not as concerned with you like racking up a bunch of medical debt and your parents having to cover it.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
They're going to give them the certificate and they eat the cost of that and write it off. Mm-hmm. And so, again, I'm with Jade on this one. You can do all the things you can to protect your finances, but right now, man, I mean, you've got a timeline and you've got to live.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And so I wouldn't go into crippling debt for fun, but I also wouldn't try to just grind my way out of this $1,500 in credit card debt in the meantime. You've got a lot going on. I would just take care of Randy right now. So sorry.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Today's question comes from Lucas in Missouri. What is one of the biggest financial mistakes you've made? How did you feel in the moment, and how did you work through it to recover?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
It's a dark curiosity from Lucas. People see us at this desk, Jade, in the studio, and they go, wow, these people have never made a mistake in their life. But we have made mistakes with zeros on the end, as Dave would say.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Been there, paid the stupid tax. So now, biggest financial mistake I've made. I'll go first. I was underinsured. I was on my dad's insurance when I first started here at Ramsey for car insurance.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And I got into a little wreck right outside the office. And the lady was fine. Let me make that very clear. But you had the cops rolling up, the fire trucks, the ambulance. And now every employee at Ramsey's looking out the window seeing me sitting on a curb like, oh, my gosh. Walk of shame. Curb of shame. I thought that was the end of it. I thought, all right, this is why you have car insurance.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
They're going to fix her door. A few months later, I got served. A lawsuit at my doorstep of my house. Oh, thank God it was at home and not at work. Yeah, that would have been way more awkward. And this lady was suing me and my dad for $375,000. Holy moly. Which- uh, you know, 23 year old George didn't have close to that. He had like $3. Yeah. Yeah. And so it turns out we were underinsured.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
She was suing our insurance company, her insurance company. And long story short, she was an ambulance chaser and ended up walking away with 50 grand from the insurance companies. You didn't pay. It hit our limit, but they didn't go above that. But if they had gone above the limit, I would have been on the hook.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
My dad would have been on the hook for however much she could have gotten from this lawsuit.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So it took years, by the way, to settle this. So that's looming in my life, living rent free in my head. And I was so stressed out about this that it was going to decimate not only my life, but my father's. Yes, because I was on his insurance. And so that very next day we upped the insurance.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yes. This is why I'm such an insurance nerd, because not having it can wreck all the wealth you're trying to build. One hundred percent.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That's the big one. On top of, you know, going into student loan debt and credit card debt. Sure. All the normal fun stuff you do. Listen, George, those are the stories that the people are here for.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I get heart palpitations just reliving that.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Were you panhandling for 50 bucks to get through?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Get me out of this country.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That has nothing to do with money. I think we need an after show, Ramsey After Dark for that. You got kids listening. I know, man. That's scary.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah. You come back a different woman. You're getting the Argentinian steak now. Okay. All you can eat.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Which one do you like the most out of those? I just pick one and move.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So you guys have to take the petting zoo with you wherever you go.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That's great. So right now you almost have $10,000 coming in? Guaranteed income?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Wonderful. And so you don't need to touch the investments.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And that's why we recommend Delete Me. They help with that.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
and there's a lot of shady companies out there that solely exist to sell your personal data to bad guys and that means your info like your email address your home address your kids names your name everything is just out there for scammers and spammers to find so much but delete me will delete your data hence the name it's gone they'll wipe it out for you so you can sleep easy
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Get this. So far, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites and saved me 77 hours of time. It's incredible.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteeme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So what are you hoping it sells for at this point?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I wouldn't have floundered as much. Just sort of soul searching and wasting years at college hoping I'd figure it out.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Once you graduate. Yeah. And that could have saved me some heartache. Because I took the Get Clear Career Assessment.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
It's like everything I'm doing now. But it took me a decade to figure out. So I could have fast-tracked that. Who knows where I'd be now, Jade?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
To go on their eat, pray, love journey. Yes. At the tune of $200,000. Man.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
For an art history degree.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
too good to be true fishy yeah yeah no you are spot on my man uh did you were you just googling like how did you even find this or did they find you with a targeted ad
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. Yeah, you're spot on. So what they do is they don't eliminate your debt. They just delay it. They restructure it. There's upfront fees. There's ongoing monthly fees, a percentage of the debt reduced, and then exactly what they'll tell you. Hey, stop paying your payments. Let it go into default.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Let your creditors come after you, and then later on down the road, hopefully maybe we can settle for less. and get you out of this mess. And we'll do it for you. Hey, relax. Relief is on the way. Relief is in the name. It sounds amazing, right? Yeah. But here's the problem. Creditors might refuse to negotiate. It tanks your financial world.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So if you go to rent a place or do anything financially, your credit score is shot. Your debt settlement offers might get rejected. They could come after you and sue you. So this is not a fun ride. And you can do all of this yourself by just paying off your debts and negotiating the debts if they are in collections on your own.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. So you don't need someone else then. You don't need to pay them to do it. You need the debt snowball method that's going to walk you through how to do all of this. So hang on the line. I'm going to send you Financial Peace University. Watch all nine lessons along with your lady and get this stuff dialed in and say, hey, I know I've screwed up. I've made some mistakes. I want to clean it up.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I love that. I love just the optimism. Let the market go up until Trump burps and decides to do a tariff and then undo a tariff. And then the housing markets back down. The Fed's not moving rates. I mean, we all thought that a year ago.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
How much do you have total? That's liquid.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
No last name. I'm like Cher. George.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
We just want to tell you the truth, and sometimes the truth... It hurts. It hurts before it will set you free.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And what's your net worth?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And no debt to speak of, no mortgage or anything. Nope, nope. I just try to pay everything in cash. And you said you run a million dollars worth of expenses through your business? Through my company, yes.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And that's what I want to encourage you with is you have been able to do this not with the help of the credit card companies. You have done it with your own sheer discipline and willpower. And the rewards are nice, but they have not made or destroyed your wealth. And I don't think the way you're living, it's probably not going to hurt you that much in the future.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So there's a lot of angles with the credit card. You know, argument and the latest one that is very compelling for people like you is to understand where these rewards are actually coming from. Have you looked into that?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
No, I'm saying the $20,000 the credit card company gives you, what is funding that? And there was a recent Fed study that found there's an annual redistribution of $15 billion from less to more educated, poorer to richer, from high to low minority areas. And all of that is due to the fact that essentially broke people are subsidizing your rewards. Right. And this is not a moral high horse.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Like, I don't think you're a bad person if you get rewards. But I'm saying if you're looking for a reason to cut them up beyond, well, I think I'm winning. Why shouldn't I keep doing this? It's just a predatory gross system and industry. And it's not one that I personally want to take advantage of, even if I wanted to and could.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So, but are you going to be the target problem calling in saying, hey, I'm at $40,000 in credit card debt and I'm excited about my rewards. I just think you could be more successful and at least as successful without the credit card. So here's a good test. Don't use the cards for 30 days and see if it changes your personal spending. See if it changes the way you run your business.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And if it doesn't change anything, you do you. That's how I feel personally.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
It just sounds like he's doing anyways.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
But I mean, this is the outlier where it's like, OK, he's running a business, running a million dollars of expenses. It's a different situation.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
But even then, there's not a single credit card that is being used to run this company. Yeah. And so Ramsey is running a whole lot more than a million dollars of expenses. Uh-huh. And we are not tempted by the allure of a 2% rewards card. I don't own a credit card. I cut mine up back in 2013. And I'm telling you, something mentally switched in me to where I was excited.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
about my Discover, Cashback, and my American Express, Delta, SkyMiles, it changed the way I was thinking and it changed where I was headed. And so my goals were no longer, let me see how much rewards I can get. It was, what am I doing to take control of my money, to build my own wealth, to create my own rewards through budgeting and spending more wisely?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And because of that, my investing rate and savings rate increased. My spending decreased. And so people don't think about how much more they could make than that 2% just by getting on a budget. And could you cut 2% of your spending this month if you realize I'm only using my own money? Absolutely.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Because we found that when you use a credit card, you're going to spend upwards of 12% more, 20% more, 100% more than the person next to you using cash or a debit card. That's right.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Here's the TLDR. When it hurts less, it costs more. That's psychology. That's human nature. You can thank the fall of man for that. But that's how it goes. And so the more friction you add to your spending, the better off you're going to be. The more frictionless it is, you use other people's money and you pay it back later, you're going to make very different decisions.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Too long, didn't read. That's my version of SparkNotes.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I can't believe I taught Jade Warshaw something. That's pretty cool.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And I make these videos for my YouTube channel, the George Camel YouTube channel, and they're the top videos. People want to know what is the average net worth by age. That's a big one. So I thought we can cover the high level here so that people listening can just figure out where they stand. We want to compare ourselves. Yes. And let's make it clear, your net worth is not your self-worth.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
If you are below this, you're above this, you're not worse or better than anyone. Okay? You're still a fallen human being, and we still love you. But it's good to just go, how we doing, America? That's what we're going to call this segment.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
How you doing? And it's going to get dark real quick, as you'll see. Oh, boy. So net worth by age, we're going to start for the folks in their 20s. Okay. The average net worth, $113,000, which is impressive. Yeah.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So these folks know what we're... Your net worth is your assets minus your liabilities. So everything you own minus everything you owe. And that's cars, homes, all of it. Wedding rings. So for someone in their 20s to have an average net worth of $113,000 is impressive.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Because we're talking, and that means you have probably paid off your debt. You've got equity in a home. Now, we got to talk about average versus median. Yes. This is where it's important.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Average is skewed because you have the crazy high highs and crazy low lows. So this average number is skewed by people who are- Crazy high. Maybe some trust fund babies. Uh-huh, uh-huh. Now we're going to move to the median. So we go from 113 grand to the median net worth for folks in their 20s, $7,600. Wow. That's more like it. That's more accurate.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So median is a more accurate measure because it's simply the number in the middle of the list from the smallest to the biggest number. So that's the number two. If you're going to try to use the measuring stick, that's sort of the suck bar. Yeah, median. I would say the average net worth, that's more like, okay, that's a healthier number to look at.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I'm with you. I'm with you. I mean, we can do better than that as you exit your 20s.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
When you think about the median being $7,600, it's not that far from being in the negative.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So a goal to aim for in your 20s, I'm just going to throw out kind of a BHAG, a big, hairy, audacious goal. $200 to $250 is like you get an A-plus from George. Wow. For long-term wealth.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So good goals in your 20s. Get out of that consumer debt. And if you can get into a home, great. But usually that's going to happen for people as they enter their 30s in today's world with how expensive homes are.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I know. I know. I'm here to just, I'm just spitting facts. I didn't come up with this research. This is just reality.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah. In your 30s, average net worth, 317 grand. Median net worth, 35 grand. Got you. Okay. So that's 30 to 39. Uh-huh. I think that's good. You know, life's picking up speed. You probably have maybe some, you're married, kids, a mortgage by this point, and you're 30 to 39. But your income is usually higher. True. And so your saving and investing should become priorities.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And if you still have lingering debt, you got to get serious. Uh-huh. Because you still have compound growth on your side when you're this young. That's true. You've got another 30 plus years of a working career to invest. And that's the hope. Take advantage of that. So an A plus goal from my book, four to 500 grand by the time you exit your 30s. That's a pretty decent net worth.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Think about that. Yeah, it is. You've been investing in your 401k for a period of time. You've got some home equity now. You paid off the debt. This is if you're following the baby steps to a T. And you're 39, not 30. Exactly. There you go. Now, in your 40s, average net worth, $791,000. Okay, okay, okay. Median net worth, $125,000. Got you. So this is an interesting one. That's a big gap.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And my guess is, let's say you guys walk away from this with, I don't know, $900,000 net. Yeah. Or is there still a loan to pay off?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
We found in our millionaire study where we study 10,000 millionaires, the average age was 49 years old. So this isn't far off. The average net worth, $791,000 in your 40s. So to have a million-dollar net worth by age 50, I think personally that's a good goal to reach for because that tells me you're right there in that millionaire study data. Mm-hmm.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Now, in your 50s, it climbs up to average net worth of $1.4 million and a median net worth of $288,000. So $288,000 is the median there, which again, that scares me because if you're heading into retirement and your net worth entirety, home equity, investments, everything is a quarter million, we got some catching up to do.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
You can still retire with dignity, but you're going to have to work longer than you want to. Yes, that's right. You're not living a super comfy retirement life. You're correct. So target net worth in my book by your 50s, if you had a million by 40s, I would say let's start climbing up closer to two.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So 1.75 to 2 million total net worth, not just investments, but everything, home equity, investments, cars, all that. By the time you're 59, I would say you're going to do just fine. And then finally, we get to the 60s, average net worth 1.7 million, median net worth 439,000. And this is where people are hoping to retire, to be able to.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That tells me you have put everything else in your life first and you've not put on your own mask.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That's a scary one. Or you've been signing up for parent plus loans and trying to pay off your kids' debts, your own debts, keeping up a lifestyle you couldn't afford, not investing into those retirement accounts. And so a good action step in your 60s as you head into retirement, get the house paid off, make sure that your investments are strong enough to last you another 20, 30 plus years. Yeah.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So you're telling me on June 1st, the entirety of that loan is due?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And so how do you improve your net worth at any age? It's simple. If your net worth is assets minus liabilities, let's get rid of the liabilities column.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Get rid of your consumer debt, which will increase your net worth. Next, get into a home when you can financially afford it.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That's a forced savings plan. The home will appreciate in value over time. And we found that 68% of millionaires have a paid-for house. And that's a wealth building machine as part of your net worth. It really is. And then your primary home doesn't produce income. And so you need income outside of that. And that's where the investments come into play. So aim to invest 15% of your monthly income.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And if the earlier you start, the more compound interest has time to build. And here's what we found in the retirement accounts, 80 to 90%. Is all growth. Yeah, that's right. Only 10 to 20% is what you put in. That's right. So when we say, well, Jade, you could have a million dollars. We're not telling you to try to save a million dollars.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
We're telling you if you save 200,000 over the next 30 years, it will grow to a million. People don't understand the power of compound growth.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
But how are you going to come up with that amount of money even if you sold this house?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That explains most of the comment section on the Internet.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah, I went from negative net worth to millionaire in 10 years. So don't underestimate how much you can accomplish over a long period of time.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. Can you negotiate an extension with the lender? That would be your best bet right now.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Well, otherwise, it's going to go through foreclosure.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Because your house is the collateral here. So that's even scarier. So I'm wondering if they would work with you and say, hey, we can give you this much right now. Would you be willing to file an extension buying us another month so that we can close and explain the situation?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
What was the connection? What was the connective tissue from the gambling to the car getting repoed?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Have you gotten control of the gambling addiction? What are you doing to resolve that?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Have you gone to Gamblers Anonymous?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. I just want to make sure that we've resolved the root problem here before we just fix the repo, which we can help you with that. Are you driving another vehicle now?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Are you working full-time?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. Is that remote, or how are you getting transportation?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Good. And what is your total debt, including the repo deficiency balance?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah. And then put pressure on the buyer to say, hey, we need to close by this date in the contract no matter what.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So because you owed like 24,000 or whatever it was, 22,000 on it. Correct. Originally. They sold it for three. You owe the rest. Oh, gosh. Have you reached out to the company?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I mean, is it something that – I mean, you're going to have to – you can attempt to lump some settlement and see if they would take less. Okay. Let's say you come up with – I don't know, $7,000. They might be willing to take that as a lump sum settlement as paid in full.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And the key is you want to get all of this in writing, the full settlement terms, the exact amount due, a statement that the payment will satisfy the debt in full, and that will allow you to make sure that you don't get screwed on this.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So you clear this repo debt and you're completely debt-free? Correct. That's amazing.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So you're saying you could put away – I mean, you said your bills are likely, what, $1,500 to $2,000 a month total? Yeah. So you could save up about $2,500 a month. Let's say you did that for three or four months. That's, you know, eight or ten grand. And then call them up and say, hey, listen, this is everything I have. Would you be willing to settle in full for this amount?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And then don't give them access to your checking account. Get it all in writing and instead do like a cashier's check or a money order to solve this and then move on. And make sure you've dealt with that underlying gambling problem so this doesn't come back to haunt you in another form of debt. But I hope we're moving forward to the future.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That's tough. Repo? I've seen those videos of cars getting repoed like at a gas station. They just roll up real quick and just drag that car away. I mean, it's heartbreaking to watch.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
What I'm telling you to do is you can open it up and say still accepting offers. So it would say like contingent, still accepting offers. You can still get more offers. And if a buyer can close fast, that's your ticket out of this thing.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Oh, one of my favorite questions. And I truly wish there was like a magic, well, I know exactly what college is going to cost, especially for the college your child will get accepted to and go to or want to go to. Because here's what I found. People say, well, Jade, I don't want to stay for college because what if they don't go?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And I go, what if they do go and now they go $150,000 into student loan debt when you could have saved and had the power of compound growth, the power of this tax-free growth in this 529 plan or whatever college savings plan you choose. And so how much to save? We're going to ballpark it based on the state school cost in your area plus inflation. And there's calculations.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
You know, we have one on our website that can help you figure this out. But again, it depends on where your kid goes. They could go to the community college and pay $5,000 a year, or they might go to the out-of-state private college and pay $75,000 a year.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I would rather have too much versus not enough because now with the new Secure 2.0 Act, you can roll $35,000 over to a Roth IRA and you can also change the beneficiary. So you can... You can bless another kid. Maybe you or your spouse want to go back to school. Maybe it's a niece or nephew. The range of who you can make the beneficiary is pretty amazing.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And so I want to have six figures personally for each kid.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Well, they won't offer anything if it says it's under contract.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah, you pay a 10% penalty. 10%.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
You know when you love something, you can't help but tell people about it.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
There's a new show called Number One Happy Family USA that is about a Middle Eastern family post 9-11. It's an animated series. It's hilarious. It's true to my family growing up.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Love that. So it feels very relatable to me. How about you?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Can I share my honest feedback about the NBA? I don't like the squeaks. I have sensory issues and I don't want to hear the squeaks. The shoes on the, on the pavement? Too many squeaks. Okay. Okay. You know, so that's my, that's my, if they can make shoes that are squeakless, I'll watch.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Come on, guys. Get on it, Nike.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Oh, wow. I'm so sorry, Randy. Three years ago, she passed?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I'm so sorry. And so are you needing to sell these rings for financial reasons, or is this just like you want to kind of grieve in your own way and heal and move on through this?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
So it's not like this ring would get passed as an heirloom with a lot of sentiment to, you know, a daughter or something.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
No, I mean, at the end of the day, stuff is stuff. And if it's if, you know, the sentiment can be different for everyone. It might not be in the wedding band. It might be in the memories. It might be in a photo. It might be in a thousand other things.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And so if that's something that you feel like will help you get the house paid off and that's your own way of leaving a legacy from the life that you guys built together, I see nothing wrong with that.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
How much further do you have on the house? I'm just wondering, you know, I know this will help you make some progress, but is this like I'm not going to be able to retire because of this? How much further do you have to go?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And that's enough to cover all your bills?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. What's your total nest egg and what's left on the mortgage?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
$350,000 to your name. Does that include the equity in the home, or is that just your nest egg investments?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
What's the house worth?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. So your total net worth is about a half a million, give or take?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. And you are not going to be working? Are you done?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. I'm just wondering, are you going to have to work? Is this going to be enough to cover your bills with Social Security, the survivor's benefit? Does that run out at a certain point, or is that forever?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
It wouldn't be the first thing I did. No. And so, I can't even imagine, though, walking through that scenario. No.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Get that ring back from that pawn shop.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Oh, my goodness. But here's the other thing. It's not going to make a huge debt in the mortgage. You know, 65 left. Yeah. It'll get rid of like 9% of what's left. And so there's still a lot left with no current income happening. And so I would want to go into retirement with no mortgage. That would be my goal for our friend Randy.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
I don't know currently how he's going to do that without decimating the nest egg.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
That's true. That's another problem to solve. Yeah.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Oh, gosh. I think Facebook. I like what the boomers are doing over there. That tells me a lot about you. They're having a good time.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Oh, see, this is why I chose Facebook. The juicy stuff is happening on Facebook. It is. It is. Wow. Okay. Teenage daughters, you got to get a job.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
And now she's going, well, if I give her 20 bucks a week, does it feel like I'm giving in? Yes. Well, you can have free money anyways for spending.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah, I don't know. With the ages here, it feels like a lot to make a judgment call. But we're talking about $80 a month for, what, two months now with summer? Yeah. It's not that long. So it's $160 total. I would say here's what I'm willing to do. You can have $20 a week or I'll give you $80 a month for these two months, but nothing above that.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
You're going to have to work if you want to spend anything above that. That's a fair compromise.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
How about this? I'll match anything you make.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Well, I imagine they also want to like save for a car. Like they probably have some bigger goals. That's true. Maybe I'll match it into a car fund.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah. And I'm trying to also put myself in the teenager's shoes. I don't think I was working every single summer. As soon as school got out, I was working a full-time job all summer.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Was that a forced thing? Was this forced child labor at this point?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
You were hustling. We were hustling, man. I was out there skateboarding, you know, but I was a simple man. A 7-Eleven Slurpee could tide me over for hours.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yeah, $1.25, I can get by for the day.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Are you still on your wife's insurance? You're saying that will end when the divorce goes through?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
They won't. If their name's not on it, they're not going to be liable for your debts. Your estate will pay the debts.
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
What was the interest rate, and then what was the amount?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Could you do a legal separation, and that way you could stay on the insurance for the time being?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Yes. And she just doesn't care? Pretty much. Okay. How long have you guys been married?
The Ramsey Show
Everyone Makes Financial Mistakes – Don’t Let Yours Define You
Okay. So my guess is in your state, I don't know the laws, you'll need to look into that, but there's probably going to be an equitable distribution of the assets and the liabilities. So likely you guys would just split the debts. And so if that's the case, what is the total debt you guys will have?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And that might be a temporary stopgap.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
If we looked at your bank statement and saw where all this money went, where are the top few things we would see? Food, eating out.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Basically, the White House has a lot less effect on the housing market than you think they do.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
No one spends $10,000 a month at the grocery store, though. What are your vices?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah, it's definitely been crawling, and I think it's going to take longer than we all want it to. And so for those folks who've been sitting on the sidelines waiting for something drastic to happen – Quit waiting. If you're ready to buy a house, like you said, don't time the market. Time your own financial life and go, now is the right time for us to buy.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And you're paying cash. And for those folks that, you know, they're taking on the mortgage, Dave, and they're going, well, Dave, the rates are so high. What do you say to them about the rates? You marry the house and you date the rate.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You've got health insurance premiums and the 401K.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah. Quit waiting around. Regardless of what's happening in the economy, you can affect it a lot more than anyone else. So we've got a lot of resources too, Dave. Our team built a real estate hub with tons of resources, tools, calculators, articles, even a video course, ramsaysolutions.com slash real estate. And we'll be talking about real estate investing here soon.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, stuff you've never talked about on the show because you're like, this is too nerdy.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And I wouldn't do it for free because now you're actively losing money every month because you still have to make your mortgage payment.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Today's question comes from Chase in Florida. My aunt recently reached out to me for advice since I'm considered the financially responsible one in the family. She's 37, and we come from a low-income family. She worked at Tesla for six years and recently discovered that her old Tesla stock holdings are now worth $650,000. Yeah! I love it. That's great.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
She currently works as a project engineer earning $70,000 a year. Her monthly rent is only $1,000 and she has $20,000 in debt, which will be paid off this year. She has retirement investments, but no cash savings. She's hesitant to sell the stock because her goal is to let it reach a million dollars before selling. She's also concerned about the tax implications if she sells.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I've explained that this mindset borders on gambling, emphasizing the danger of investing in a single stock. If you were in her shoes, what would you do with $650,000 in Tesla stock?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
I love this, and I do agree. This does border on gambling, waiting for your single stock to go up another 30-something percent so that you can cash out at the right time. That scares me.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
But the good news is if you hold that asset for over a year, that would hit the long-term capital gains tax.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And that's if you cashed it all out at once today.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So she could be debt-free today and be in a different place financially.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
She's a renter. She has $20,000 in debt. This would change her life to cash this out. Go buy a house. That actually goes up in value instead of potentially, who knows what's going to happen with Tesla.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
People are so scared of paying taxes.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And they'll go, here's what it is. All right, I'll pay that out of the proceeds.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
How long have you been living like this?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Just gone in a poof, a little puff of smoke there. But that's the truth. If you really want to go on this trip, what are you willing to do? What are you willing to give up? And that might mean the truck gets sold yesterday because that's a lot of truck. That'd get you out of debt real quick. Use your savings plus sell the truck. You're out of debt this year. Ta-da.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Book the trip by Christmas if you do it that way. But I think we found the problem. Don't know that he's going to want to get rid of that truck. That's the next job.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So you just low key brainwashed him into going, you don't need to do this debt thing. We make good money. Why are we paying these payments?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You went from like no urgency to a thousand percent urgency.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And I assume now you have some great stories to share from being in the trenches and how this has helped your marriage and got you guys on the same page. You probably feel invincible now. You're like, what area of our life can't we affect?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
So you still have the Sonic? What's the game plan here?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
And once it breaks down, you'll have the cash.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Well, mom's a therapist, so you can handle any trauma that comes your way.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
We've got a couple of gifts for you. We've got two every-dollar subscriptions, good for a year, so you can use them, pass them along to someone else to give them some hope to do this journey, too.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
When someone asks how you did this, you can show them.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
That's awesomeness right there. I guess there is hope, Dave. I've been reading the headlines, everything's so tough, inflation, and yet here's this couple who goes, nah, we're going to do our own thing. Mic drop. It's just wild how that works. You've been doing this 30-something years, and there's been debt-free screams every year, regardless of what's happening in the economy.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah, we're going to really get into the weeds with choosing mutual funds, different investment traps. And on top of that, Dave, you know, we think about $199. If Dave Ramsey said, hey, I'll coach you up for essentially $50 an hour – there would be a line out the door. So this is a great value to just really pick your brain when it comes to real estate. And I'll be the proxy for the audience.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Anytime I go, hey, Dave, you nerded out a little too hard, unpack that for us. So I'll be there to help translate a lot of the lingo for the people out there to go, this is the right way to do it from a guy who's actually done it. There we go. And a guy who's on his way. I'm not hundreds of millions in real estate, but I do own a single home. That's a win. That's a win. Yeah.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
You get a pretty penny for a talking French Bulldog. Keep that. That's valuable. Sell the dog. Yeah. What make and model in yours is the Tesla?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Yeah, that's a great vehicle. And unless you have a severe change in income, I would just keep it and aggressively pay it off.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
This is worth celebrating. Number one, Dave Ramsey didn't tell you to sell the car. Number two, he let you keep a Tesla. This will go down in history.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Why do you park next to me if you're going to plug in your car? You're the one who chose to put your parking space next to the electric charging. That's on you.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Do you have other debt, Mark? Do you have other debts other than the credit cards?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
There's just less and less to inherit as time goes on. So that's really what you're looking at here. But you're not liable unless your name's on that mortgage.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
The burden falls onto the estate of that person.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
No. Much like news and politics, the reality is actually more entertaining than anything you could write or dream up.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Almost any retailer is paying over $12 an hour.
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Has it been like this your whole adult life, David? Just kind of lack of purpose, no real spark, just kind of going through the motions? Or was there a time where you were lit up, fired up?
The Ramsey Show
Attack Your Debt Instead of Letting It Attack You
Have you ever taken a moment to think, here's where I want to be five, ten years from now? Here's the kind of career field I want to be in?
The Ramsey Show
Wealth Magnifies Who You Already Are
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Wealth Magnifies Who You Already Are
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Wealth Magnifies Who You Already Are
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Wealth Magnifies Who You Already Are
But Delete.me will delete your data, hence the name. It's gone. They'll wipe it out for you so you can sleep easy.
The Ramsey Show
Wealth Magnifies Who You Already Are
Get this. So far, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites and saved me 77 hours of time. It's incredible.
The Ramsey Show
Wealth Magnifies Who You Already Are
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Wealth Magnifies Who You Already Are
You know what's crazy to me? Two things. One, that we're already down to the wire on the tax deadline. And two, statistically speaking, most people haven't filed yet. And if that's you, I'm not trying to shame you or anything, but just know that taxes don't have to be stressful. Ramsey SmartTax is a 100% accurate software that makes filing simple and easy and doesn't make your wallet cry.
The Ramsey Show
Wealth Magnifies Who You Already Are
So don't be the person pulling your hair out because you're trying to file at 10 o'clock at night on April 15th. Get this party started and over with by going to ramseysolutions.com slash smart tax. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Wealth Magnifies Who You Already Are
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Wealth Magnifies Who You Already Are
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start? Well, as your nerdy friend who does the research for you, I found the solution. They're called Delete Me.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
And here's the reason they come in the clutch. The internet is packed with data brokers, which are these shady companies whose sole purpose is to collect your personal info and sell it for a profit. Enter DeleteMe. DeleteMe swoops in, finds your info on these sites, and removes it on your behalf. They even send you a report with all the details.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
And so far, for me personally, they have reviewed 27,000 listings, removed my info from 240 data brokers, and saved me 66 hours in the process. I trust DeleteMe to help protect my family, and I trust them to help you too. You're going to get fewer spam texts, fewer phishing emails, and fewer creepy robocalls. And Delete Me also makes a great gift for other people in your life that you care about.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
Individual plans start at just $9 a month, so take an easy step to protect yourself and your loved ones today. And as a Ramsey fan, you'll get an extra 20% off any of their plans at joindeleteme.com slash Ramsey. That's joindeleteme.com slash Ramsey.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way. Over a decade, I went from broke to millionaire.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
And I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by. A life with more margin, more options, and more peace.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
If you want to check out the book, go to ramseysolutions.com slash store to get your copy of Breaking Free from Broke. That's ramseysolutions.com slash store.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
Hey, George Camel here with a not-so-fun fact. Every American social security number, including our children's, has been hacked and is now on the dark web. And this is not a scare tactic. This isn't fear-mongering. It's a reality that could turn into a nightmare for a lot of people. And believe me, I've been a victim of identity theft, and I would prefer it never happen again.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
Because once the bad guys have your social, it's the lifeblood for all of their activity. Think of all the places you use your social. Your banking, your employer, government offices, utilities, cell phone companies, everywhere. And once they've got it, thieves can open new accounts, drain existing ones, steal payroll, and wreak havoc all in your name. Not cool.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
And to be real, it's not a matter of if, but when. So you've got to protect yourself with Zander's ID theft protection. Zander has all the cyber tools to help, including home title monitoring, full recovery services if you do become a victim, and stolen funds protection. Not to mention, it's the best value on the market.
The Ramsey Show
The Road to Financial Freedom Begins With Hard Choices
They've been protecting my family for over a decade, and I trust them to protect yours too. So get enrolled today by calling 800-356-4282 or just visit Zander.com. That's Z-A-N-D-E-R dot com.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But if you're in her shoes, why would you work part-time?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I don't even know how you drag out a bachelor's degree for eight years. That's what I'm saying, even if it was a master's. That's honestly impressive. Is she just taking like part-time classes or like flunking every time?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
For those reasons, I'm out. I mean, I'm sure she's a wonderful person, but this is not someone I want to continue down the path with personally, based on what you told me.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
You want a partner in this.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Who's hiring this guy? I see on your resume here you've been in school for 13 years and have yet to get a bachelor's degree. Sure, you get the job.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Go hit play on boys to men, end of the road and grieve this relationship.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Why are you getting money from your mom? Because what he's giving you isn't enough to cover the things that you want or need? Right. This is not okay.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
That's mostly what's happening in Rachel's brain is dumb and dumber quotes.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Yeah. Okay, so you got $19,000 in consumer debt. Yes. And you have $15,000 in savings.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So you have no money. Okay. Right? Because you have all this debt. So you know what I mean? Like your liquid savings compared to your debt.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So that worries me, is that you think you're in a great place financially, and really, we have some work to do. We've seen a lot worse. You can clean this up pretty quick. What do you make a year?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Okay, what do you make from that per year, would you say?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So you'd probably bring in about 60,000 this year, give or take?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Okay. So number one, I would focus on building some financial foundation before you even think about home ownership. And here's what that looks like. Getting completely consumer debt free. So paying off the truck completely, paying off the credit cards completely, not going into any more debt, and then building an emergency fund of three to six months of expenses.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And that might take you a year to do all of that. Yeah. And so there's a prerequisite there. Then once we have that foundation, we can begin saving up for the down payment on top of that and a separate savings account.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Yeah, he said, what's the best mortgage to get for this? You want to focus on getting a conventional fixed rate mortgage. There's a lot of crappy mortgages out there. Conventional fixed rate is the way to go. And then you've heard of a 30-year mortgage, right? Yeah. And there's a 15-year mortgage.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And so that's going to increase the payment, but it gets you out of debt 15 years faster while saving you potentially six figures of interest based on home prices and the interest rates we're seeing out there. And so people go, well, I can't afford that. Well, that might mean you need more of a down payment. You need a bigger down payment.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
It might be a 10, 20, 30 percent down payment, which could take longer. And it also might mean we don't need the McMansion when we're a single guy or we just got married. Maybe that's a townhome or it's further out of the city. If you're in Aspen proper, I imagine home prices there are insane. Very expensive. Oh, yeah, definitely. So this is going to take a while.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And there's no rule of law that says you have to own a home by 26 or else you're a failure. So if this takes you three years to save up the down payment, that's okay. But you want to make this house a blessing instead of a burden. And too many people rush into it because they think, I don't want to waste money on rent. And so they just jump into a house at all costs. So that's one thing to avoid.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Stick to a 15-year fixed rate conventional mortgage where the payment is no more than a quarter of your after-tax income. So think about your gross income, subtract the taxes, but then don't put in the other deductions like healthcare and 401K. That doesn't count in that 25%.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Just after tax income, keep that to around a quarter of your income so that you have margin to continue the other baby steps and have money to go on vacation and save up to upgrade things and pay off the mortgage early.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Exactly. And then just changing the mindset of, well, it's just a little bit of debt. Any single piece of debt in your life is stealing from your future. It's stealing from your paycheck. So I want you to look at debt like the villain and get rid of it, cut up the cards, and stick to using your own money. It changed how I handled money, John.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Back in the day when I got out of debt, I cut up that card. Okay.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I feel like the fuddy-duddy sometimes. Don't you ever just want to grant someone their dreams and go, go for it?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Add to cart with that house and go for it. But I care about John. A lot of people, they just want to tell John what he wants to hear.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Which is you deserve it. You work hard. That's not a lot of truck payment. You could still afford a mortgage on top of that. Yeah. And it's just we get the calls when they thought life was going to work out perfectly and now they're drowning in payments or they moved in with the girlfriend and now the girlfriend is no longer the girlfriend.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
She moved out, but her name was on the deed and the mortgage and they're no longer together and it's getting foreclosed on now because he stopped paying.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And we're like, this is it. She's like, well, we don't communicate. I'm like, well, you're going to have to start to, cause you guys got into this business transaction together and the most expensive financial decision of your life.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Having access to $15,000 of other people's money is different than having $15,000.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I don't want John to be average. I don't want him to settle for that. Average sucks in America. The average 401k balance sucks. The average car payment sucks. You can do better and escape average and break free from broke if you're just willing to do some hard things for a short season. He's not far off from being completely debt free with a fully funded emergency fund.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
12 months of changing some habits, changing his mindset. He can do this stuff.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Have you shown that you're financially irresponsible? Where did all this come from?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Today's question comes from Mason in Michigan. Is Dave's stance to only buy a cell phone in cash, or is he okay with putting it on an installment plan with a cell phone provider over two or three years? Couldn't tell you Dave's stance. I could guess Dave's stance, but we can give you George and Rachel's stance at least. I don't want to put words in the guy's mouth. He's not here to defend himself.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But the simple answer is yes, only buy a cell phone in cash. An installment plan is effectively debt. because you have to finish paying off the phone before you actually own it. And you're also locked into this contract for two or three years. So if anything happens, you want to switch, you want to change phones, well, you're kind of stuck in these handcuffs with that cell phone provider.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And so I always recommend buying a phone in cash. And if you can't afford the brand new iPhone 16 Pro Max with 512 gigabytes, then don't buy it. You can buy a used phone. In fact, I just sold a used phone online.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Within a day. And I got great money for it.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
It was like an iPhone 6. It was so vintage. It had the one lonely little lens.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
This is from a former Apple store employee.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
thriving he's fine so you can buy a cheaper phone if you need to all's gonna be okay i feel like these installment plans also have caused like cell phone inflation because the cell phone company's like we can charge whatever they'll just put it on payments yes so it's part of the problem and it causes you to get into a cycle where it's like a gateway drug to other payments yeah you're okay with this payment why not buy now pay later right they promise zero percent too
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
That's the simplest answer.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I hope he's buying an iPhone. Don't be an Android guy.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
That doesn't count, does it? And then an Android.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
There we go. That's the real answer.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And now you've changed. Now you are that person.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I kid. I like to upset the Android people with their green bubbles. I don't need you in the group chat, all right? That's all I'm saying.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
What are you doing for work, and what do you make?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And you're legitimately working two full-time jobs?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
What does the growth track look like in the hospitality world where you can make $75,000 a year?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
You want to leave this industry completely?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
How much is it going to cost and what's it going to be?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Because you're kind of stuck trading your time, right? You've got to bring the backdrop, set up the backdrop, break down the backdrop. You've got to keep it local to where it's drivable. Right.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
You've done this before. You've made money. So I would, yeah, if you're going to spend cash on this and go with a small investment up front of three to five grand, I would go for it and see where you can take this thing and see how you might end up needing to hire someone out because you're working and can't be at every single event in all places at one time.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But maybe you pay them, you know, 15, 20 bucks an hour to go set it up and break it down and you still make profit. And that way you don't have to be everywhere.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I was going to say, I feel like you're going to need a pretty big car to carry all these backdrops. So what I don't want you to do is go, I had to finance a $50,000 van to transport the backdrops. So just be smart about it.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Maybe I'd say I'd work on saving up and cash flowing a SUV or van so you can use it for business and increase your income that way, too.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Just go slow and be smart about it. Use profits to reinvest in the business and start to grow this thing and see where it goes.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Ladies love a balloon arch.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
the men could do without them.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Well, he knows everything. What good are you at this point?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I'll tell you this much. The best teacher that convinced me was my own stupidity when I was that age. So that might be the key to solving this is you just let him keep doing it until he either becomes a multimillionaire and buys you a house or goes completely broke, which at 17, he didn't have much to begin with. And he learns that the stove is hot. Let's not touch stoves anymore.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
That might be my strategy. Just seeing, I cover it in my book, Breaking Free from Broke. I have a whole chapter on investment traps and I cover day trading because people see it as a tool to create wealth. And as I looked into day trading, here's what I found. One study found that 97% of day traders who persisted for more than 300 days lost money.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So if he hasn't lost money yet, just give it time and he will figure it out. And if he thinks I'm going to be the 3% mom, his risk meter is broken. He doesn't have bills to pay, so why would he be concerned about losing the 50 bucks that he had? You know what I mean? And so I think part of this is just him experiencing a little bit of pain, and that's hard to do as a parent.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Of course, you don't want to see your kid experience pain or do something stupid. But as long as he's not leveraging money and borrowing a bunch of money, if he's just using his own fund money and this is what he wants to do, it might be a good financial sort of learning to go, all right, I'm learning about how investments work. I'm learning about the risks of day trading.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And eventually, hopefully he goes, been there, done that. I'm going to invest in something a little more proven, a little less volatile. That's my take. Rachel?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
You can take away his phone and say, I pay the phone bill and you're not going to get on these apps. But I think that's only going to cause him to want to retaliate.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But that involves patience and delayed gratification, which is something no 17 year old has.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But you can play some calls from the Ramsey show. We've taken them where people lost 30,000, 150,000, even $300,000 day trading.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
His curiosity actually bodes well for him.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And then the sunk cost fallacy of, well, I'm really far down. I need to get back up.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
What are some of the words that he would use when he's kind of like in a fit when it comes to money? What kind of stuff does he say to you?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Hey, let's open you a Roth IRA and get you working and throw some income in there. And that can be a healthy way to channel this energy of him wanting to learn and grow and build wealth without losing his hard-earned money.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Think about what apps are designed to do. They're designed to get you to open them back up. And so that's what Cash App is doing. They're just like Robin Hood and M1 and all these flashy apps. They're getting young people to try to have a little notification that says, hey, come back and make a trade. You can make some serious money. Hey, we'll give you a little discount.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
We'll give you a free trade. And all of that is enticing young people to make really risky financial decisions under the guise of entertainment.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So, Ray, I'm going to send you a copy of my book Breaking Free from Broke to give to him. And if you prefer the audio book, let our team know we can get that to him and just have him read the investment traps chapter and have a conversation about it. You don't need to be heavy handed here. Just say, hey, would you read this and let me know what you think? He might say, this guy's an idiot.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I know what I'm doing. And I, listen, he wouldn't be the first one.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But I'm just not interested in losing money at the stage of my life. And I think you kind of need responsibility and bills to feel that a little more. Right.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Versus being under mom and dad's roof. I was spending every dollar I made when I lived with my parents.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And I wasn't as smart as her son.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Not going into crippling debt.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So there's a clear he does not trust you when it comes to finances, and he thinks that you're not smart enough to even understand it.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And there's a lot of gaslighting where he makes you think you're the crazy one.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
He's going to refinance it into his name solely?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So he's saying, no, I'm not going to sell it. And yes, you're going to stay in the mortgage even after we're divorced. That's insane.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
You're going to need a judge to tell him he can't do that.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
What was that? He's not tax compliant?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
That's a nice way to say he hasn't been paying his taxes? Correct. Okay, how much does he owe in IRS debt?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I can tell you what I would do in your shoes, Quan. I would sell both properties at all costs.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So it's cheaper. Okay. A little cheaper. But what if you just sold that rental? You could net $135,000 off of that.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Okay. But we're going to force the sale of that in the divorce because he can't afford that.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
You're going to net about $270,000 if you sell both of these properties, which will clean up your debt and still give you $130,000 on the other side.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Yeah, whatever the court decides is equitable here. Because if it's a premarital asset, I don't know how they're going to view the rental. But if his name's on the deed, that will change things. So again, I'm not your lawyer. I would work with them to figure out how this is all going to go down. But until then, it's just a lot of speculation and gyration.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So to Rachel's point, focus on stability right now. Cover those four walls and try to just liquidate everything. everything you can to get to some stability and get rid of this debt.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
It's the elephant in the room.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
It's just been like a stagnant, scummy pond of just like make something happen.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Here we go. Prices surged during the pandemic, up roughly 50% over the last five years, and mortgage rates hit rock bottom. Americans reconsidered where they wanted to live during that time. Well, all these gains have had consequences.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Homeowners are sitting on record levels of home equity, but it's increasingly challenging for buyers, especially the first-time homebuyers, to break into the market. But now prices, as they say, are falling back to earth and may continue to do so. So this is not a crash, but we're sort of getting back to reality here. instead of the inflated prices that we've seen.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So the Mortgage Bankers Association expects prices to rise only 1.3% in 2025, and Fannie Mae economists forecast a 4% price gain. So it's worth noting many analysts have predicted a similar trend in the past, only to see a sharp imbalance between demand and available supply, keeping prices elevated.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So I think that's kind of what's been happening is people are now just, they're like, all right, fine, we're ready to list our house. And so the market does have more supply than it used to.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But there's not quite demand meeting it, which would cause prices to fall.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And you just got to sit back and watch all these offers roll in. And now you're like, will someone maybe want to look at our house in the next week?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So what's happening is you list a house and then a month in you go, all right, we got to lower the price by $10,000. Yep. $20,000 until finally you have a buyer. And so they're saying it's too soon to call this a buyer's market. And experts kept caution that the national housing market is, in fact, increasingly local, which is a great reminder of, well, this happened in my town.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Well, your town might be a real hot area where this is happening. And some towns may not be experiencing this at all. So it's hard to say across the board it's a buyer's market. But realtor.com data...
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Realtor.com data is showing that more sellers are making price cuts, which is a signal that we're heading towards a buyer's market.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So you've got a $500,000 home. You owe $90,000 on it, so you could roll all the proceeds into the new home, which would likely be, let's say, after fees, like $375,000. Is that fair? Yes, sir. And you also have $60,000 in the bank.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Is that fair? Yes, sir. That would give you a $500,000 mortgage. On a 15-year fixed rate with the current interest rate, you're looking at about a $5,000 mortgage? Yes.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Would your income go up when you move or it would be the same?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Or a lack of income tax. That's what's up in Tennessee. Yeah. I mean, we are. And for the record, for everyone listening, we are in Williamson County, the Ramsey Solutions headquarters. So we know this area well. And it's about a million dollars is the average home price right now, which is a lot. People think, well, it's Tennessee. I'm sure they just got double wides over there. No, no, no.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
This is one of the wealthiest counties in the nation, and we think we're worth that. So can you make this move? I mean, $14,000, let's see, the mortgage I'm spitting out here is about $4750. And so with our rule of 25% of take-home, now is that after-tax but before other deductions like healthcare, 401k, all of that?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
This will help your numbers. So when we say after tax, a quarter of your take-home pay, what we're really saying is just after tax, but before other deductions. So put back in your 401k contribution, put back in the health care contribution. That should help your numbers. That would essentially make your take-home, your after-tax income probably more like $16,000.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So then you take a quarter of that. Well, now we're looking at a $4,000 mortgage. Yeah. And the 25% rule, it's just a parameter. Nick, it's not like, well, I'm at 26%, so Ramsey said no. The idea here is you don't want too much of your income tied up in that mortgage to where you can't accomplish the rest of the baby steps.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I mean, yeah, I would say you're real close to making this happen.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
About $4,700. Okay, yeah. And that's on a 15-year fixed rate, which is going to put you in a really strong position. And so if I was your financial coach, I'd say, let's start home shopping probably in the $900,000 range and continue saving. How urgent or imminent is this move?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Friends, family, people that you can confide in?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Thank you so much. I really appreciate your expertise. Oh, absolutely, Nick. And if you want to reach out to a great real estate pro, you can do that at RamseySolutions.com for the folks that we trust. And good luck on the home search. I think right now is actually – like we just talked about, Nick, it's a good time to buy because –
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
you could probably get a deal, quote unquote, where if the listing is 950, if you offered 920, they'd probably take it right now. And so you can actually do some great home shopping and that real estate pro will help you figure out the right strategy to make that offer.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I could use a primary care physician, Nick, if you're offering.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
This inheritance, this is just yours, right? He has no legal right to this.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Ah, there we go. It's just bank of lane is what they're coming to you for.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Yeah. Okay. So they're not asking to be taught. They're just asking for a handout essentially, which is how I would be if I was a teenager too. Sure.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
No. I mean there's a lot of things you can do to get them excited about financial literacy. I think the best way is to listen to them. What are their goals? What are their dreams? And then alongside that, hey, what's the reality of what those goals and dreams are going to cost? Well, let's figure out a plan to help them get there.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I would keep it separate and I would use that to get some counseling just for yourself right now. I don't know that he's willing. I hope he is one day.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Now they're excited about their own life instead of just dad going – Back in my day, we worked 70 hours a week uphill both ways. You know, that's kind of what they hear when you're doling out financial advice. So instead, be interested in their life and then find out what they're really after. Why do they want this money? What are their money goals?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
For the 15 year old, it might be just buying a car. For the 24 year old, it's, hey, I got to get an apartment of my own. And so they all have different stages of life they're in. And I would try to hone in on that.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
It's fine. I would drop the shame. You're an amazing dad. I think any girl would be lucky to have you as a dad.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Rachel's like the cool older sister on Smart Money Happy Hour. They go, wow, I want to be like Rachel one day. Well, Rachel budgets. So maybe I should try that out.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And hence you wanting to start budgeting.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Because, I mean, you basically said you've out-earned your stupidity for your entire adult life. And you've just been able to work really hard and go, well, I'll be able to make all the bills. But you're wanting to be financially responsible, not just for your daughters, because we know more is caught than taught, but for your own financial future. Yes, sir. Yes, sir.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
You're being held financially captive.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
What if you guys, how many are living with you?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So the youngest one you have the most influence on right now because they're under your roof. The other ones, how often do you see them? Is it a phone call here, a FaceTime there, a holiday?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Took too good care of them.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And now they're like, I need a new car. Mine's bad now.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And that's where you leading with humility is the key here. It's not you saying, hey, I want to teach you guys some things because I've done it all right. It's you saying, hey, I've screwed up and I tried to give you guys a good life. Here's where I went wrong. I would love for you guys to avoid those mistakes so that you can leapfrog me and get to this point way ahead of me.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
What if we got a plan to do that? And maybe that's you guys reading a book together, an audio book, a family Zoom call. I don't know what the vibe of your family is. Figure out what works for you. Maybe you incentivize it and say, hey, I'm going to give you guys $100 if you read Rachel's book.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
They're grown adults. So this is not like a cutesy thing. You have to be like a friend now versus the parent.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So sometimes that's the best motivation is to do the opposite of what your parents did. And clearly you're you're I mean, you've done really well, Lane. You're not this like just basket case of financial ruin where they're like, oh, my gosh, my dad was terrible with money. He was able to buy us cars and help us fund moves in college and all kinds of things.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So I don't think that's as bad as you think. But I do think your approach needs to change to a friend versus a chaperone.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So I have to have basically a year, you know, and you need kind of a peaks and valleys fund to where you set aside the money knowing you need that to cover the next three months. Correct. Yes. And we're going to give you every dollar premium as our gift so that we can actually walk with you in the budgeting. And I'll also send you my book, Breaking Free from Broke.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I have a whole chapter called Budgeting is Freedom, where I walk with you through it, give you my best tips. I think those things paired together will help you get on the plan. And maybe your girls will be inspired and go, oh, my gosh.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you've got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Oh, Jake, you were speaking my language. This is one of my favorite questions because it feels like a magic trick. You know, when people ask this question, they go, I need to build a credit and I can go through how to rent a car without a credit score, renting an apartment, all the things. But the house is the one that gets people. So that tells me you already know there's a way to do it. Yeah.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
So what have you found out in your research so far about how to buy a house without a credit score?
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Perfect. So, when you think about the credit score, this was invented in the 90s, and all it did was make it easier for lenders to kind of do a vibe check on the people they were lending money to, right? So Jake has a high score. Great. He's a reliable borrower. We know Jake's probably going to pay back. Well, back before credit scores existed, instead of automated underwriting...
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Through computers and AI and credit scores, there was something called manual underwriting, where a real person like me sits down, looks at Jake's tax returns, his pay stubs, his previous payment history on his rent and utility bills and insurance and go, oh, okay, Jake's a reliable person. He's going to pay back the money he borrowed.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And so that's all manual underwriting is, is instead of relying on a credit score, it relies on a real person to look at your financial documentation.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And a lot of mortgage companies, because they're truthfully just lazy, go, no, we don't do that. So people think, wow, I can't get a mortgage without a credit score. But there's a lot of companies that will do it. And the main one that specializes in this is called Churchill Mortgage. They've been a partner of The Ramsey Show for over three decades now.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And that's who I went through to get my last mortgage without a credit score. And they made it real easy. You'll have to supply things like – 12-month history of your savings and bank accounts, tax return for verification of income, rental payment history. So if you've rented an apartment or even from your family and you have an on-time payment documented every single month, that counts.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And then an alternative trade line like a cell phone bill or insurance bill that you paid regularly. So if you have all of that, plus you got a solid down payment, you're going to be in good shape. It's going to be kind of a nothing burger.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
A whole chapter on credit scores specifically.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
I don't like the word allowance used when it's not with your own child. Right.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
And Jake, you've done such a great job. I want to applaud you. If you just continue down this path, you're going to have so much money that credit scores will become irrelevant because you don't need to go borrow money for a car loan, right? You're going to be able to pay cash for a used car. Yeah. So keep it up, man.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
That's my encouragement to you. You're doing the things the right way. Hang on the line and, uh, Emily will pick up. We'll get you that book.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Is she just stretching it out because she's got mommy and daddy's bank attached? I'm like, sweet, why ever leave school? I'll be in school until I'm dead.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Hey, parents, let this be your memo. Don't do this ever.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Based on your behavior? Did you clean up your toys? I don't understand.
The Ramsey Show
Focused People Build Wealth—Distracted People Stay Broke
Yeah, I would get some clarity around all of this. Have you shared with her your concern of saying, hey, I'm kind of worried that you're just going to stay in school forever because your life's being funded? Have you kind of been honest with her?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
What is your take-home pay every month?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And what's your student loan payment every month?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
You know what that's going to do, right? Your $230,000 is going to turn into $300,000. Because the interest still keeps cooking. The interest is higher than what you're able to pay.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Well, you've got to find out what's actually going on there because the interest can still be growing. Even though it's like, hey, you don't need to pay. Don't worry about it. And the interest keeps growing while you sit there. And so that's the math for you to solve is I need to make the most money with the lowest living expenses possible.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Because otherwise, even if you're able to pay $1,000 a month toward your debt, which I don't know you could even do, it would take you 20 years to pay off this debt. And that's if the balance didn't grow by a cent.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And so you're going to have to debt snowball this thing, but I don't want it to take 20 years. I think Lexi has a lot of life to live.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And then what's your next smallest balance if you split up all the loans?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah, what's the smallest loan balance you have out of all the loans? I'm guessing they're split up amongst many loans.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And if the debt's not in your name, I would not be worried about it right now. If it's in mom's name, worry about that later. Focus on the ones that are in your name. Unless you consolidated it all together. It sounds like that could have happened. Hang on the line, Lexi. I'm going to send you a copy of my book, Breaking Free from Broke.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I hope it gives you some encouragement along what might be a long journey.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Pump for it. Let's go to the phones. Jared joins us in Brunswick, Georgia, up next. Welcome to the Ramsey Show, Jared. How can we help?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Well, you need to have the title cleared, and so have you talked to the DMV or the title office to understand what needs to be done to clear the title?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And they can get in touch with him. It's not going to take a pigeon carrying a piece of mail to get in touch with this guy. That's right. They have all the information when they sell a car from this guy, and they can get in touch with him, and they need to. But it's their job to track him down, not yours.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
My question is, can you go to the DMV and request a corrected title?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
They essentially illegally sold you a car. That's right.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Live from the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by Dr. John Deloney, and we're taking your calls at 888-825-5225. You jump in, we'll talk about your life, your money, your relationships, whatever is going on.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
If I'm in your shoes, like, again, we're not lawyers, but I would contact one and go, hey, we need to put some heat on this to get this done because right now you can't even drive the vehicle.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So do you need to get to and from work? What's your situation right now?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
The silver lining is you're not paying payments on a car that you can't drive.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Let's head out to one of John Deloney's favorite places, Fort Worth, Texas. Allie joins us there. What's going on, Allie?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I know that's not what you're asking, but... Yeah, so you're saying that the downside of him losing out on my 4% match I was getting for two years, what happens with that money?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Okay, but you just have the car loan and the truck loan.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So how about this? If we're going to talk about, I don't want to miss out on investing, why don't you just sell the truck and the car today and invest the payment you were making?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Okay. So we're not talking about a long time if you paused investing.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
We're talking about a little over a year.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Okay. So you're talking about essentially your match, whatever you're investing now, that thousand bucks a month that you guys were investing, so 12 grand a year, essentially. You'd miss out on 12 grand of compound growth in your accounts. But how much are you investing right now? What percentage of your income?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Here's the good news. You guys are going to double your investing rate. And so missing out on the thousand bucks a month is not going to make a dent when you guys are doubling that for the rest of your life from 32 to 65.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And if I'm in your shoes, if you want to get to investing that bad, sell the car, sell the truck, buy something reasonable in cash.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Welcome back to The Ramsey Show. Christina is up next in Raleigh, North Carolina. Christina, welcome to the show. How can we help?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So good. What's going on with you?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And to learn this at 25 is such a gift. So don't feel like it's too late. You're right where you need to be. Awesome. Welcome to the gang, dude. We'll help with it all. We'll help you with the financial literacy. We'll help you get out of this debt, and you are the solution. And the fact that you're calling tells me you know that now. So how much debt do you have?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I like the exact numbers here. Now, you said you have an auto loan. How much is that out of the 88?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Okay. So you have almost 25 on one, 22 on the other. That's 47. What's the other 41? So I have $37,809 on student loans, and then collections, $1,170, and then credit cards is $671.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So you were excommunicated from the family post-divorce. Yeah. There's a bigger thing going on here.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
But you're making more than that now.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Well, the balance is ministry is a luxury when you're broke.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And you'll make a bajillion dollars more.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Now, the main thing we need to get out of is this car. You said you're stuck in it. What does that mean? Why can't you sell it?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So what was the original loan you took out for this car?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah, did you roll a bunch of negative equity into this?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah, but why would a car depreciate that much in value in that short of a time? I don't understand how it's only worth $8,000.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And you did private party value, not trade-in?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah. And then you still owe the 25 grand on the repo with no asset to show for it.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That's why I'm confused why this amount is so high. If they had sold the car.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yes. But let's pretend in this scenario, you owe all the money. All 88 is owed. There's no way to get out of this. You're going to need to go increase your income by about double. Because here's the deal. I want you debt-free in two years. Would you agree?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That means you need to throw $44,000 of this debt every single year. Okay. That looks like close to $4,000 a month you need to be throwing at this debt. You're not even making $4,000 a month right now. Do you see the gap in the math?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So we need to get your expenses down as low as possible to where you're just able to survive, but we're not doing anything else. I don't care if you have three roommates and four jobs. I would rather see you debt-free in two years than hang on to this debt for the next decade. And so it's going to be a lot of hard work, Christina. I hope the financial literacy helps.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I'm going to send you my book, Breaking Free from Broke. It's going to come with three months of every dollar premium to help you with budgeting and making every dollar count. And that's what you need to do for the next two, three years while you fight these debts.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That puts this hour of The Ramsey Show in the books. Thank you to all the folks in the booth, to my co-host, Dr. John Deloney, and you, America. We'll be back before you know it. Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by number one bestselling author, Dr. John Deloney, and we're taking your calls at 888-825-5225. Marlis is in Seattle, Washington to kick us off this hour. What's going on, Marlis?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
How do you guys cover the mortgage?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
But he has no stake in this house.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
But essentially he's renting a house from his wife. Yeah. So I'm trying to play devil's advocate to see his side, and I'm going, yeah, I think I'd be a little bit ticked if I was paying my wife rent, but I have no stake in the equity of this house. It's not in my name. It's not part of my wealth-building journey. I want to go buy my own house and build some wealth then. Do you see his side?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah, but you don't own the house free and clear. And so therefore, I would say in that prenup, here's the equity that I came in with. Now every equity dollar that we build together, you're going to have a stake in. That would be more fair to him, don't you think?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So I think there's a compromise here.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Why did you guys get married? It seems like you want to keep your lives separate.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
This is The Ramsey Show. I'm George, joined by Dr. John. The number to call is 888-825-5225. Eric is in Atlanta, Georgia, coming up next. What's going on, Eric?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
It sounds like you guys can't afford to live there. Why doesn't you just sell it and you guys go live somewhere you can afford?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
It sounds like this deal sounded nice and now reality has hit and the math is she's going to gift you $70,000 to prop up your life in this house? Why would she just gift you $70,000? Just out of generosity?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
But doesn't that cripple her ability to buy a house in the future? If she gives up $70,000, that would have been a down payment?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah, I don't see a world where this works out or she's not resentful or doesn't hurt her financial future. I would rather you guys live where you can afford to live. What is your rent right now?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So if she sells, you've got to move out and live somewhere. Right. What's your household income?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Okay. So could you find a place to live that's, let's say, $1,500 a month?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I mean, it'd be a stretch, but yeah, I think we could... I'll tell you what's a stretch, becoming a homeowner when you're broke and can't afford the property taxes, the insurance, the maintenance, the rising costs of all of that over time, plus the mortgage... That's tough.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Because here's the thing, Eric. I don't want you calling back a year from now and you go, man, we can't afford this house. We got into it with my daughter trying to front some money to get the mortgage lower, but it's just too expensive for us, and now we're stuck with it. What do we do? That's the future. Right. Do you guys have any money right now saved up?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I would focus on getting a financial foundation for yourselves by getting rid of the debt, getting a fully funded emergency fund in place of three to six months of expenses, and then begin saving up a down payment to where you can do this on your own independently instead of relying on your daughter to help fund this while you guys are still in a bad financial situation.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So I think we have to have a hard conversation that this dream is no longer a reality and that she needs to just go ahead and sell the house, take whatever profit she gets, and roll that into a future house.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I'm sorry. I know it's not the news you wanted to hear, but it's what I would do. If you were my dad, I'd have this hard conversation with you and say, Dad, as much as I want you to be able to stay here, it's going to be too expensive for you guys to afford, and I don't want to put you guys in a financial bind in these kind of weird handcuffs. Right. Who was wanting this all to happen?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
We're going to put it out in front of everyone to help you take the right next step. Jillian is going to kick us off in the great city of Scranton, Pennsylvania. What's going on, Jillian?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Was it more on your daughter's side, or was this your idea?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
If you wanted to keep it, the only way to do it would be like an assumption loan or a refinance. But my guess is they're going to say, hey, we can't grant you this. And even if they did, the bank will grant you way more than you can actually afford. They don't care.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And so I think right now the best thing to do is just to go find somewhere you can rent affordably, get rid of the debt, get the emergency fund, and maybe a few years from now we can revisit you guys buying your own place. Okay.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That's a tough situation, Eric. Sydney is up next joining us in Portland, Oregon. How can we help Sydney?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah, there's a few things. I mean, health insurance would cover you if you get sick. But if you're talking about replacing income, you'd want to look into long-term disability insurance.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That's what we would recommend. And usually you can get it through your employer. John and I have that through Ramsey. It's very affordable through an employer because of the group plans, but you can get it on your own. It'll likely be roughly 1% to 3% of your annual salary, and that will cover about 60% to 70% of your income.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And then for short term things, just an emergency fund would do the trick. Three to six months of expenses saved up would cover you for the short term. And so that you don't need to buy short term disability insurance. Just get the emergency fund in place. Do you guys have that right now? Are you still in getting out of debt?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Oh, boy. Is this like a five-year? Is it 10 years? Two years?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
No, that's great. You're asking really good questions, and I'm glad you got rid of that index universal life policy. It's one of the worst, most expensive products money can buy. And as you probably learned, it combines two things that should never be combined, insurance and investing.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Who sold it to you? Who hates you that much that they would sell you that policy? An old college friend? Family. Oh, no. Of course, of course. Hey, too brute. Oh, that is awful. Man. How much were you paying for it?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
You guys were paying $700 a month for the pleasure.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
But what was the cash value? Like when you surrendered the policy, what do you end up getting back?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Pennies probably. It sounds like you haven't had it very long, hopefully.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That's how the insurance salespeople like it. Yes. Okay.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah. Have you got term life in place yet?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That's the one. Zander.com. They'll get you hooked up. John and I have our policies through Zander. You're going to be paying a fraction of the price. And with the money you're saving, the difference in premium, you can go get out of debt and be free and one day use that money to invest. This is The Ramsey Show.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I'm George Camel here with Dr. John Deloney. The Ramsey Show question of the day is brought to you by YRefi. With YRefi, you can take control of your defaulted private student loans with a plan that works with your monthly budget. Visit YRefi.com slash Ramsey to learn more. That's the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yeah, that is wild. Chaos. So the envelope system is great for your bills that are more variable and in your control. So things like groceries where you're like, I don't want to overspend. I can cash this out. But, you know, these days I do more digital style. So I have my every dollar budget, which I don't know.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
There was no – it says when our budget was cash-based, but you're not mentioning anything about your budget now. So here's what – I'll tell you what my wife and I do. Maybe this will help simplify it for you. We have one joint checking account.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
me too that's where everything that's all of our spending money for the month every bill gets paid and we have one high yield savings account me too that's where we have the emergency fund and if you want to have another savings account for a short-term goal like vacation fund you can set up another savings account for that auto transfer some money there i would not have five checking accounts moving money around like some kind of weird shell game
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And so how do you do the envelope system in that way? Well, use cash where you can and where you can't, check the budget. And so before you make the purchase, go, how much do we actually have left according to transactions that really happened in our every dollar budget?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And if you have every dollar premium, this is easy because we track, you know, you track the transactions, but the bank statement will show up right there of what that transaction was.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So the solution is track your transactions daily. Just once, you know, before you go to bed, pull up the phone and see what transactions showed up from every dollar and track it to the right category. And you'll know, hey, we have a little money left. And with every dollar, there's a cool paycheck planning tool. So you can basically digitally fund your grocery bill.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Let's say you have, let's do easy math, $500 a month for groceries. So every dollar can fund $125 per week in that line item so you know I have $125 for groceries this week. When the next week happens, it's going to fund another $125 in your budget so that you know how much you have left to spend that week. So that's a way that's been really helpful to me to set up my budget.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I have my sinking funds in the budget. I mark them as sinking funds so I know I'm saving up for that long-term purchase, whether it's insurance, a vacation, whatever it is. So every dollar, I think, is the key to your problems and where you can use cash and utilize the envelope system method more physically.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
That's the way to do it because you're going to feel more pain and more friction with those purchases. And so, Matthew, I hope you see this. If you do, reach out to me and I'll hook you up with every dollar on me and see if that helps with your situation. But I love the intentionality. Just took it a little overboard. Yeah.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And I do think the paycheck planning tool will help him because it sounds like he's trying to make sure that the bills are covered and that we don't run out of money. And so another factor that could help is having more buffer in the account. And the ultimate goal, if you can get to where all of your monthly bills are in the account, let's say your monthly bills are $5,000.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
On March 1st, if you can have $5,000 sitting in that checking account, that really helps. And then whatever amount is over that, come next month, you can sweep the rest into savings and leave that $5,000 for next month. That's the simplest, most freeing way. I know that takes a while for people to get to, but having a buffer will definitely help you. Great question.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Brittany joins us up next in Wisconsin. What's going on, Brittany?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I don't know that we can fully answer it in a five-minute call, but the will will allow you to name a guardian for your children, but a court will still have to approve that guardian based on the children's best interest. And so there could be more to it there. Where you want to look into something, you definitely need a will, but you might want something beyond that.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And again, the will will direct where your assets go, but it won't control how and when they're distributed. So if you're looking for something a lot more nuanced, then you could look into a trust later on where you set that up and you can lay out exactly what happens and when it happens versus a will just saying, here's who gets what. Here's who will take care of the kids.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And so I think a will is a great start. And you can talk to an estate attorney and go, hey, here's my situation. Does this require a trust? But mama bears, that's all I have right now. I just have a simple will through mama bear legal forms. I have a mirrored will. So my wife's will, we just swap all of the names. And that's as simple as it gets.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And most people just need a basic will, but I don't want to assume based, I don't know all the intricacies of your inheritance and custody. It sounds complicated. Yeah.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And so I think a simple will is all you need based on what you've told us so far. And Mama Bear will walk you through all of that. And if you feel like, man, I need some more, I need to get another opinion, you can look into a trust and work with an attorney at that level. But it sounds like you're on the right track. I'm glad you're looking into this. How old are you guys?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
because who knows what's going to happen. For couples, it's the option you want on the website. So go check it out. For anyone listening, if you don't have a will, let this be your wake-up call. Go get a will. 100% chance you die. Go get a will. MamaBearLegalForms.com is the place to go. It's the ones that we trust and recommend and use ourselves. This is The Ramsey Show.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax. Welcome back to The Ramsey Show. I'm George Campbell here with Dr. John Deloney.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Hey, if you're a business owner or you know someone who is or you want to start a business, listen, running a business is hard. Some days the challenges pile up, the fear creeps in, it can be isolating, it can feel overwhelming, and that's why Dave Ramsey wrote a new book. It rarely happens, so this is a big moment.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
It's called Build a Business You Love, where he unpacks how he took a business from a card table in his living room...
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
to a 250 million dollar business it's the proven system this is the baby steps for business as close as we're going to get to it and it's going to walk you through the five stages of business the six drivers that move you through the stages and it's going to just kind of be a light bulb moment for a lot of people out there who are going man i feel stuck it shouldn't be this difficult how do i break through this book will show you how pre-order now
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
$29.99. You'll get over $350 in bonus items, including the Entree Leadership Hiring Playbook instantly, early access to the e-book, and the enhanced audio book read by Dave Ramsey himself. Pre-order today, ramsaysolutions.com. Or if you're watching on YouTube or podcast, click the link in the description. All right, let's go out to Gail in Louisville, Kentucky up next. What's going on, Gail?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Don't cry or cry. I don't even give you a bad answer yet. It's fine. Is it happy tears?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
If you got a problem, we got a problem. We got a problem.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
And right now, he's just doing his thing, you're doing yours, and you said you communicated about money. You can look at reality all day long, but no one is actually agreeing to change it. Yeah, you've got to do the next right thing.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Thanks for the call, Gail. That puts this hour of The Ramsey Show in the books. Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Yep, you heard me right, for free. Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Welcome back to The Ramsey Show. I'm George Campbell here with Dr. John Deloney. Lexi is up next in New York City. How can we help, Lexi?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
What was the degree and did you finish?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Oh, geez. And are you working in that field?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So is it a Parent Plus loan or what? Like, is she liable or are you?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
Okay. Yeah. And you're living in New York City? Yes. How are you surviving making $50,000 with $230,000 in loans in New York City?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
I think you need to move to a lower cost of living area. What's keeping you in New York City?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
But what are they doing? I mean, just to see them and hang out with them?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
So are they helping take care of you? Are you working full-time?
The Ramsey Show
Don’t Let Your Present Reality Define Your Future
If that's the case, then I would move. If you can make $54,000 in Idaho, you're going to have a better shot at paying off these student loans in your lifetime. But New York City is not the place.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game-changer.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Break the Cycle of Financial Self-Sabotage
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
Stop Overthinking and Start Taking Action
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Stop Overthinking and Start Taking Action
And that's why we recommend Delete Me. They help with that.
The Ramsey Show
Stop Overthinking and Start Taking Action
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find. So much. But Delete Me will delete your data, hence the name. It's gone. They'll wipe it out for you so you can sleep easy.
The Ramsey Show
Stop Overthinking and Start Taking Action
Get this. So far, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites and saved me 77 hours of time. It's incredible.
The Ramsey Show
Stop Overthinking and Start Taking Action
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteeme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Stop Overthinking and Start Taking Action
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you've got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Stop Overthinking and Start Taking Action
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Is there a discount for paying cash?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
But you just told me you have $50,000 in savings and a whole year is $50,000. So you could cash flow the entire next year. And that's without saving an extra penny.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
You're saying, I feel like, I feel like. Let's put it on paper and go, we have 50 grand in the bank. We need 50 more grand one year from now. Here's what that looks like. We need a grand a week. We each need to come up with 500 bucks a week. Here's what it's going to take to get there. What would you do? What would your hack be? I'd go get that side job. Right.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And have her get some skin in the game, too. Also working. Yeah. So that we're not missing each other. I mean, we're both busy.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I'd stick to the salad. Those breadsticks will do a number on you.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Well, you got to kind of do a financial audit of your life. Income, what are my expenses? And the best way to do that is through a budget. And our team created an amazing app that's free to you. Go download it. It's called EveryDollar, where you can plan your spending, track your expenses, save for what matters most, all in an easy to use app.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And if you've got a spouse, they can be logged in full accountability, transparency. And that's what it's going to take. If you've got money goals in 2025, I don't care what they are. The budget is the crux. of controlling your money goals. So go download it for free in the App Store or Google Play or click the link in the description if you're listening on YouTube or podcast.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
How much money is on the line here?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Okay. And how long have you been fighting this? How many hours have you spent?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
This was my gut, was that Erin is worth more than the time she's spending and the brain calories she's burning for this. I would be done with it. You said you have the cash to pay off one. We'll fight it on the back end, and they'll write you a check if you want to continue fighting it. And I hope they do resolve it, and they'll write you a check for the difference that you were owed.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
But I would be done with it. I'd pay off both loans if you can today. Attack it with everything you got.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Are you in control of when the payments are happening?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Can you go in manually and apply money to the principal on one of them?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I'd like to get the CEO on the line. I mean, these two loan companies are inept. This is on purpose. They're malicious at worst. They're inept at best. I say malicious. You're going to spend more in attorney fees trying to fight this than you should be owed in interest. So I just don't think it's worth the fight. I would aggressively pay these down.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I wouldn't even wait until you have all the money in full. I would just start putting all the money you can on the principal every single month until it's gone.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Well, the faster you pay the principal down, the less interest you're going to pay. And so if you just let it sit and they're charging interest, it's going to be worse.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
The other piece of this, Aaron, that I would personally do, I would be researching all over the internet in Reddit threads. I just looked them up. This is not just happening to you. It's happening to a lot of other people. I would see, are there people who are getting resolution? What is being done? Who can I contact? And there's power in numbers and power in other people's experiences.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So I would be doing a lot of homework to figure out how to get to the bottom of this. But at the same time, I don't want it just consuming every fiber of your being for the next six months.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
But I am Mr. Customer Service. I am Mr. I'd like to speak to the manager. So I get it.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Today's question comes from Lucas in Oregon. I was in the medical field for five years. I left that job to help my dad with his company and take care of my mom who was sick. My mom ended up passing away and I've stayed at my dad's company for three years. Recently, my former boss called and made me a great offer to come back. What do I do?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I'm currently making 60K with my father, but his company isn't stable and we're trying our best to get it profitable again. If I went back to my former position, I'd be making 72,000. I just bought a house and need stable income, but how do I leave my dad? I've really helped his company.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Well, one way, the easiest, fastest way is to get rid of the mechanism that you are using to swipe. Is this a credit card that you're using?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
The red flags with dad's company. Cause Lucas says, Hey, I've been there for three years and I've really helped his company. And yet we're trying our best to get it profitable again. That's scary. That might mean that this business has some serious flaws that you can't fix. Yeah. If it's been three years. That's right.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And so if it's unstable, you're putting your own family in jeopardy by staying here and you're leaving on the table a 20% pay raise with a more stable company. So it's not to say this is a forever move. Maybe he gets it profitable again and five years from now you step back in or one day you take it over. Who knows? Might be doing him a favor. But yeah, in this season.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
he needs to get someone who can help this business or he needs to figure it out. And I don't think you're the secret sauce. There might be a savior complex going, I'm the one who needs to save this. And with mom passing, that adds a whole other element of trying to stick together with the family. But I think, like you said, Ken, it's going to lead to resentment.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
When will the wages be garnished and how much per month or per paycheck?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Okay. And will you be able to still accomplish your budget with 80% to 90% of your take-home pay?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Okay. So it's either I pay off the debt faster now, knowing that it'll slow down later when the wages are garnished. Right. Okay. Yeah. I mean, you're not in a situation where you're going to owe six grand all at once, which puts you in jeopardy if you don't have the money. So I'm okay with using this money to expedite your goals, knowing that I'm going to need to ratchet down my budget later on.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Okay, so just really the car is your consumer debt.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And this will get it down to $18,000, and then how quickly can you pay it off at that point?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Well, it's so much more fun, Simon, when you're debt-free and this money can go toward building your future instead of paying for the past.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So I love that you're thinking like this at 22 instead of, how do I upgrade my life now that I'm in my big boy job? Instead, you're going, hey, I want to make sure I make the most of this and don't blow it. And so that's where the budget is going to come in handy. And so you're going to list out your income. Do you know what your income will be?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Let's say if you cut up the card and you only had the cash, which was only enough to cover your bills, you know what you would do? You would just cover your bills.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Well, you'll include that in April's budget.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And when that happens, you can apply it to your next goal. That might be for you getting your emergency fund in place. Do you have three to six months of expenses saved up right now?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Let's go. Okay, and then are you investing right now in the company retirement plan?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I would ratchet that up to 15%. You make amazing money with no debt. So you're going to have no problem finding more margin to throw toward maybe a down payment for a savings account there. But that's going to be your key. I would have a focus goal. And for you, that might be that down payment on a house. Would you agree that's the next goal once you're investing?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
That'll come later. Right now, I want you to find a primary residence as you get older, and it's going to take a lot of money, especially in the Boston area. So I would sock it away, hang on the line. I'm going to send you every dollar premium, our budgeting app, for free so that you can get started and make a plan for this.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
You use the cash to eat and cover your bills. I don't have enough to eat, and then I'm spending all my money on fast food and takeout. There's a big difference.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
They're going to wait until they get married. Like together?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Okay, so we'll call it. And are you wanting to immediately, you know, try to have a family at that point?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
My take is that if this is, I mean, this is a very unique situation. So I'm not going to say this is blanket advice for anyone who called in. But for Kelly, I would say let's pause the baby steps and let's both stack up as much cash as we can. Yep.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
make sacrifices needed, make minimum payments on the debts until we're married, we have the money to do the surgery and the reversal, and then we'll push play on the baby steps. All right. That's your take, huh? That's my take. I mean, this is, you know, starting a family that kind of supersedes the baby steps.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
If this was, let's say, you know, IVF or something like that, Dave would say, hey, let's pause the steps and let's save up to pay for this in cash. Yeah. The goal, the A1 is not going to more debt. A2 is pay off existing debt.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So what if we aggressively said we're going to save up the $10,000 and then pay off all of our debt before we're even married?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Well, now there's a total goal of, you know, obviously it's not combined because you're not married, but we're looking at $75,000 paid off in, let's call it seven or eight months.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So collectively, can we be throwing $10,000 a month at these debts? That might look, you know, you're throwing $4,000, he's throwing $6,000, whatever. But the goal is, can we be debt-free with money in the bank to pay for this? And you've got to pay for a wedding, right? Is this a small courthouse situation, or is this lavish?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I'm tweaking my advice, though. I'm going to rescind it and go, let's attack this debt, and then we're going to be able to save up for the surgery within a month at that point, once we're married.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Yeah, we're not talking about waiting two years. We're talking about waiting a month or two.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
The reason I like putting the debt first is it puts fuel on this debt-free journey because now you have a much deeper why. And when you have that deeper why, you're willing to take on that second job. You're willing to do the extra shift. because you want to get to that surgery and get to having that family.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I thought things would kind of just start trending nicely. We're going to see rates start to continue dipping slowly, but it's been a little bit of, whoop, it's back up, whoop. All right, it's down a little bit, whoop. So I think we're going to see more of the same in 2025. I think over time, we're going to see a dip, but I think in the meantime, it'll be a little bit of a rocky road.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Love to hear it. And what's the question?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
How often is she asking and how much?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
He's the best part-time job out there. I get to sit at home and I ask him for money and he sends the check. Do you see what's happening here? You're not helping her, you're enabling her. And while I'm with you, it's great to let's respect, you know, honor our mother and father. It doesn't mean we enable them and continue to let them, you know, live lives that are of misbehavior.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So the truth is you can't. I wish we could change people because I know you love your mom and it's a very honorable thing to want to do. But I would not fund her retirement and go, oh, mom, don't worry about it. We got you. We'll sacrifice our own financial future since you didn't prepare at all. And if you're going to give her money, it's got to be a gift, which it has been so far.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
But there's no good future here. What if she lives to be 99 for the next 30 years? You're just funding her misbehavior.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And we've got to look at the long-term future, not just how do we help her in the next year. And so we're going to have to let her experience some pain so that she actually wants to make some changes while she still has her health. Is she healthy?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
That would be the only reason I need to say, okay, if you're not comfortable with this, we're not doing it.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
She's going to have to rely on the government for the rest of her life and make peace with her decisions.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
She needs to work as long as she's physically able to create as much income as possible, save as much as she can of that income, get an emergency fund in place, invest as much as she can. Because compound interest, you know, she could live a better life than if she does nothing.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
She's not going to have a wild retirement, but we need to paint the picture of, hey, mom, here's what the next 10, 20 years looks like if you continue down this path.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I think it'll be pretty expensive for her. She can look into it, but it might be out of the budget.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Oof. It might be, hey, mom, be with God and the government. Medicare and Medicaid is going to have to take care of you.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Okay. What helps me is having a goal for money instead of just it existing. And so what I want you to do is start to reframe that money and go, nope, that's not take out money and shopping money. This is get out of debt money. And I'm going to allocate that money beyond once my bills are paid, we're going to prioritize our budget. So your budget's great, but it's just a plan.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
If you don't follow the plan, the plan's useless. I've created workout plans that I never follow. I never actually worked out. On paper, it would work if I did it. I'd have a six pack right now, but I don't. And the same thing applies to your money. So once you start laying out your budget going, okay, I have to cover my rent, my insurance. I need to put food on the table.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Yeah, that was my question is how great is your life in Salt Lake and what would it be like where you're going to move to? Would you be miserable in this new area? Is cost of living any different? Family, you know, as you weigh those pieces, because here's the thing, like there's going to be a nice, you're going to find your new dream home wherever you move to eventually.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
It may be a year from now when you rent for a year and you go, wow, that was a fun adventure. So I don't want to make a long-term decision just based on, well, I like the home we're in. So where would you be moving? Right.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Beyond that, any extra money is going to go toward debt. And once I'm out of debt, you can start to loosen the reins a little bit.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Happy wife, happy life. You said, I love my home. Your wife says, I hate this home.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
You said, I like the home we're in. You like the price point of the house you're in.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Yes. George, if you're making more money and moving to a lower cost of living area, you're going to get more house. So you could get a better house for the same price for the one you're living in.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
If you move to Kentucky, for example.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
It's amazing. There's this website. You type in a zip code, it'll show you homes. Yes.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
It always sounds like a good idea in theory until you have to deal with the reality of it. I love Dave's philosophy on this. He goes, if you lived in Kentucky, would you go searching for a rental property for a townhome in Salt Lake City? The answer is no. So therefore, let's get rid of it. We're holding on to it for the wrong reasons. And you need that money to then roll into your next house.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Listen, if you take the offer and you're going to make the move and they're not covering any moving expenses, then we'll pause the baby steps, stack up cash until we make the move and we settle in. Then we'll hit play again. And making, at that point, $150K, you're going to knock out your debt faster. and you'll likely have a home eventually.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Maybe you rent for a little while and just put that money from the profits and savings, and you'll get a home a year from now once you've settled in, figure out the neighborhoods, schools, all that good stuff.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Do it. You guys have been so smart. If you get off the phone and say, hey, babe, we're moving. I'm taking the offer. Would she be stoked?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Over a decade, I went from broke to millionaire, and I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by, a life with more margin, more options, and more peace.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
If you want to check out the book, go to ramsaysolutions.com to get your copy of Breaking Free from Broke. That's ramsaysolutions.com.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So there's no one in mind. You were just saving up?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And so the vehicle is technically under the business, but it is – Dan, you signed the papers, not the imaginary business guy.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
You're going to make, what, $16,000 in profit that you could then use to pay cash for a used truck? I could, yep. That's what I'd be doing. Ding, ding, ding. Listen, if we're on a first date and you're telling me about your $50,000 gum truck, that's a red flag for me. You know what I mean?
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Then I go, he's not charging me for his truck payment as part of this. I see a guy with a beat-up truck and go, he's going to charge a fair price. I see a guy with a $50,000 truck and go, I'm getting taken to the cleaners.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So sell the truck, use the proceeds to buy a used truck. You can use some of your savings if you need a $17,000 truck, if you really need it. And then whatever money's left over becomes your emergency fund, and let's start stacking money on top of that to get to three to six months of expenses.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Then we can start investing, and any money beyond that, we can begin saving up for a ring in a separate account. But truthfully, I wouldn't even start saving until I meet this person.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Yeah, clearing that $700 payment, it's not going to take you long to save up another $10,000 for a ring. Yeah.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
You got it, Dan? We're talking a year and a half at that point. Dan. You probably should be dating this person for a little while before making that kind of commitment. Yeah.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Oh, there he is, folks. There's George. I thought it was going to be all rainbows and gumdrops.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Mortgage against her parents' house. $29,000. They want to move. We need to loan in our name.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
Yeah, I would refinance. That's probably your best option for the best rates and terms on that thing is just to refinance it. Because the HELOC will have a variable rate in a lot of cases, and it's going to be higher than what you'd get on a traditional mortgage rate. And the amount shouldn't be a problem to get that amount. Small amount when it comes to student loans.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I don't know how we do this. You know what? I'm going to send you a copy of my book, Breaking Free from Broke. Read that all the way through. Read the Margin is Breathing Room chapter. Read the Spending is Self-Control chapter. That one was written for Charlene. It's got your name on it. So hang on the line. Kelly's going to pick up. We'll get your address and get you that book.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And personal loan, again, not going to have quite the terms of a mortgage. So I'd contact our good friends at Churchill Mortgage and get a refinance done on this.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
You give me a lot to chew on today, Ken. Yeah. So make it stop. You can do this. You have the ability to keep doing this.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
He could be like College Hunk getting rid of gunk. I don't like where you're taking this.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
And I hope 2025 is the year you build the discipline to say no. Today's the day, Charlene.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So we're talking Friday or Sunday? I'm going to go Friday. Okay. So Friday, end of business, no more Happy New Year.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I think you have to reciprocate, otherwise you're a weirdo. Yeah. I'm not going to offer it up past week one. So you're in agreement with me? Do you agree with week one, we should all stop? Unless it's an acquaintance I haven't seen in a while and it's still within the two-week window. I'm going to give it two weeks for someone you haven't seen. Maybe it's a phone call, an email.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I will say this. I just think it makes everybody's life easier. It doesn't add any value to my life. It doesn't bring me any joy.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
That was smooth. See? You fooled me. But now you're asking about the holidays.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
I'll screenshot it, print them out, and assort them all in an envelope.
The Ramsey Show
Your Income Is Your Greatest Wealth Building Tool
So you currently have enough to get through one of the years in savings. So we're really concerned about the final year. Yes. When is the money due? Is it due exactly a year from now?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you're going to list your paychecks that are coming up, right? You'll kind of have a ballpark of what those are. And then beneath that, you're going to list all of your expenses. And to make this easy, you can look at your bank statement from the last month to show you, hey, here's what our light bill normally is. Here's what our mortgage is. Here's our insurance bills, all the things.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And then what you're going to do is judiciously cut every single thing that you do not need for survival. Do you understand what I'm saying? Yes. So if it's not food, utility, shelter, transportation, insurance, it goes out the window, which means we're not eating out. We're going to cut subscriptions.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
We're going to cut everything out of our life that we don't need for survival because right now we are in survival mode. And I want to get you out of that. And at the bottom of that budget, you're going to list your minimum debt payments, and that's going to give you a really clear view of where you're at. You can list the balance and the minimum payment.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And then you're going to follow what we call the debt snowball method, where you systematically knock out the smallest debt first while making minimum payments on the rest. And that allows you to do something you haven't been able to do in a long time, which is just focus. Focus on one thing at a time. Do you guys have any savings right now?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you're down to just paycheck to paycheck on the checking account, nothing in savings? Nothing in savings. Okay. So your step one is baby step one, which is the $1,000 starter emergency fund. And that's going to happen in the next paycheck or two, right? You guys will have $1,000 flow through your hands. Yes. Okay.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
What you're going to do is set aside the $1,000 before you start attacking this debt snowball. And what you're going to do is ignore the interest rates. You'll know what they are, but you're going to ignore those and just focus on the smallest balance. Can you tell me what the smallest balance is? $1,000. Perfect. So that's your next goal.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So now you free up $29 to apply to the next debt. And you see how the snowball starts to roll and gain momentum?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
That is the key. That's how millions have done it. That's how I did it. And I'm telling you, if you just trust the process and trust the plan, you guys will be out of this debt. I'm guessing, let's see, making 120K, you owe 50. You could probably get out of this thing within a year. Okay. But you know what that means, right?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Basic napkin math says we got to put like four grand a month towards this thing. Yes. And you're bringing in probably eight grand a month. So you see the game here? It's to find as much margin as we can by spending less and making more.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And so every month, come hell or high water, we're going to throw four grand at this debt because we want to be done with this within a year and not be a married couple 10 years down the line still in crippling debt. So hang on the line.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
We're going to send you every dollar premium to help you guys through this and also Financial Peace University so we can walk with you, give you the financial literacy and the tool to apply it with that budget. We're rooting for you, man. I like that you pulled an old phrase out.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I think there's water and fire involved.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
When you said you bought the book of business, did you write them a check? How did that go down?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you swooped in and said, hey, I'll take over and I'll give you a job. And that was the agreed upon deal. Yes. Okay. I'll tell you how we view this at Ramsey, and we never look at someone's personal finances to figure out how much we're going to pay them. The only reason we do a budget in the interview process is to make sure that what we pay them is enough for them to live.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And so that gives them an out to say, hey, listen, I'd love to take this job, but I can't afford to. We don't want people going to debt because they took on a job. So we don't do it to say, well, they need 10,000 to live. Let's pay them 10,000 a month. I think that's a different situation. So I would not base it on how much debt he has.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I would base it on the value that they are bringing to the organization and what the market rate is. Because what you don't want is for them to get underpaid to where they go, well, I can go elsewhere and make more, but I'm in this contract and stuck in this purgatory with handcuffs on.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Because that's not going to create a great employment situation for them, which is only going to hurt you in the end. So give me a ballpark of what you think this role would get paid. What would you pay someone else to run a branch if you hired from the outside?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And you're telling me that was a poor choice based on how this business was run.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Yeah, is it going to be on him to say, I can't take this job? Because it sounds like he has to take it based on the agreed upon contract.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Whether he has $500,000 in debt or nothing in debt, it doesn't reflect what you pay him.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Because then it's going to feel like you're trying to pull a fast one on him based on, and even if it's high or low, I want to treat him like I would any other person who is applying for this job. Give him that dignity and kind of remove all of the history and context and go, this is what I can offer you.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And if he becomes resentful or entitled, that's a good sign that he's not the guy for this job. Yep. And it's going to suck to have to go back to the drawing board and hire someone from the outside to run this thing. But that's the healthiest thing for the business.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And because I like you, Joe, I'm going to send you the Entree Leadership Guide to Hiring that's going to help you make the most of this hire and everyone after that. So hang on the line. Christian will pick up. We'll make sure to get that guide over to you, my friend.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Today's question comes from Lindsey in Maine. Last year, I bought plane tickets at a cost of $3,000 for me and my three children to go on a trip. Unfortunately, it had to be canceled and the only thing we couldn't get a refund on was the airfare, which had to be used within a year. Fast forward one year and I'm still working to pay off my debt.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Do I go ahead and take a loss on these tickets or try to plan a cheap vacation somewhere, adding more debt to my budget? What a conundrum. So the airfare didn't go to waste, but she has to use it within a year, but she's on her debt payoff journey still. So she's sort of like, hey, there's a sunk cost here.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Do I take advantage of the flights because I still have $3,000 I can use for flights and do it cheap? Or I just don't like the way it was phrased at the end, adding more debt to my budget. My budgets are for cash flow planning, not planning to go into more debt.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
But if I knew I had $3,000 in credit, what would I personally do? That's why I think this is interesting. I'm going to try to give some grace here, some grace and mercy, which is something I rarely do. Cause I'm the get out of debt guy at all costs. Do it. But I'm also Mr. Frugal, and I go, there's a sunk cost here, and it hurts my soul to just lose $3,000.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
When I can create a memory, the stupid tax hath been paid.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I don't know where they could go while limiting how much they're spending. Now, because my thing is, you've got to eat anyways, whether at home. So can you go on vacation and go to the grocery store and have some bologna sandwiches for the week? Great. Can we do all the free activities in that area? Great. The only issue is going to be lodging. That's right.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So that brings me to, could we visit family, stay with family, and make a trip around that to limit the costs? See... I knew you could do it, George.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
That's my final answer. Because the true cost of vacation is going to be the travel is one of the highest costs. And then you've got transportation and food and lodging. And lodging can really eat up a big portion of the budget. So if you remove the lodging, we can eat cheap and have cheap transportation, have a family member pick us up.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So I don't know Lindsey's situation, but that's the only way I would feel good about doing that while on the debt-free journey.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
They don't need to go to Disneyland and drop another two grand while they're on the debt-free journey. So I'm not advocating for that. But I think there is a middle ground here.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. What's this other $7,000? Investments? The TFSA?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. I would focus on building an emergency fund because you haven't quite built the foundation to build wealth yet. Because what's going to happen is there could be one or two emergencies that knock this savings out, and now you're back going into debt to cover it.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And so I would add up what your total expenses are for one month on average, multiply that between three and six, depending on the stability of your situation, and then begin investing. And what you're saying is, if I'm getting this right, I'm trying to make sure our American listeners know the equivalence. The TFSA is essentially like the Roth IRA in America.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
You use after-tax dollars, it grows tax-free, but it is an investment account. It's not a savings account. Yeah. Okay. And then the RSP is more like a traditional 401k or traditional IRA.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you're looking for a non-retirement account so that you can invest and have your money grow at a higher rate than a high yield savings account, which I don't know what the equivalent is in Canada. I imagine the rates aren't as great as the US. Do you know what the rates are for a savings account?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Oh, that's amazing. That's great. And you're saying you want to grow it beyond 5%? Yeah. How soon are these goals going to happen? You're talking about a house down payment?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. So you're 30 years old right now. You're saying there's a long time horizon for this goal. Can I invest it rather than save it? Yeah, I like that plan. I'll tell you my parameter. If the goal is longer than five years, I would say let's invest that money. If it's less than five years, I'm more inclined to put it in savings to keep it liquid. Because we've seen, at least in the U.S.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
stock market, that over a five-year period of time, generally we're going to see growth. We're going to see ups and downs. But if you just look at any five-year period, generally you're going to see it go up and to the right. And so I like this plan of you putting this money to work, but I would first get the emergency fund in place and then begin investing in a non-retirement account.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So this would be like a brokerage account. I assume it's going to be the same in Canada that you can open up one of these where it's just a taxable brokerage account. There aren't really any tax advantages and you can just stack money away there, invest it into the market. I would choose like a mutual fund or an index fund to do this.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Instead of a single stock, I imagine you have similar things in your retirement accounts. And that's going to allow that money to grow, hopefully, at a higher rate over the next 10 years. Okay. I hope that helps you. I'm proud of you.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Well, the TFSA, what's happening is you're using after-tax dollars. So you're not getting a tax advantage this year, but the tax advantage is that money won't be taxed again. Okay. And so I'm a big fan of that because in retirement, it just causes less confusion. And if you have a million dollars sitting in that TFSA, that's like a million dollars of take-home pay.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
That the government doesn't get to touch again. And so you're kind of betting that, hey, tax rates will likely go up over the long haul. And you're also in the U.S. There's different stipulations like required minimum distributions don't apply to those tax free accounts like they do with the traditional because the government wants a piece of the pie.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And because you already gave it to them, they don't get it again. So a lot of advantages there. I would just stick to the TFSA, if I were you, for investing. And that's 15% is what I'd recommend. And then anything beyond that, put into that non-retirement account for the house down payment. Okay. That'll give you some parameters to go.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And that's pretty nerdy, Ken, but that's kind of our baby step 3B slash 4 is I'm saving for the down payment. I want to invest. You can invest anywhere from 0% to 15% in baby step 3B, but she's saying 10 years. I do not want her pausing investing for 10 years.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Who knows what homes in Canada will cost 10 years from now.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Can we play out a worst-case scenario, because that's 99% of the calls we get on this show? Yeah, let's do it. But before we do that, George, I just want to— I was so excited.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Nice. George dashes dreams. I'm not here. I'm just I want to show you. Yeah, I got worried when you were saying, hey, we're going to move in together. Are you guys going to buy a house?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay, and then what about the payoff? Because my concern, and we've seen this happen, is you help girlfriend pay off her loans, a breakup happens, and now you just have a sunk cost of helping this person pay off $50,000 worth of their debt with no financial relationship.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So with roommates, you'd go, all right, we're going to split it 50-50. Okay. And she pays half the housing expenses and everything else she needs to be putting toward the debt.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I don't know how gun-ho she is about getting rid of the debt, so she may be less excited about this plan of living like she's broke after finishing her program and making this amazing income and then still living like, man, I'm still eating ramen over here. How intense is she about getting out of debt? Yeah.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. And do you know the total amount? It's a couple hundred thousand. Woo! Hello. What was her program? What degree is this? It's a medical degree. Okay. Is this like a nurse practitioner type thing, or is it on the administrative side? Physician assistant, very similar. Okay, PA. All right.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. I've done all I can do, Jake. Jake gave us the boundary. To me, Jake, it's not like a moral thing. I'm not here to make judgment calls about your life. I'm just telling you that financially, you're going to be so much better off by combining your financial lives, working toward a goal together, working toward a vision together.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And right now, it feels like we're just kind of looking to play house and have a good time. And you can do all of that and be married. So if you're committing to live with someone, committing to help someone with their debt payoff journey, whether it's support or financial, I would just go, hey, we're going to pay this thing off a whole lot faster if we work together.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
We're going to build wealth a whole lot faster if we work together. And if you know she's the one, I don't know the reason for a five-year delay. Hey, George, back off.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Because if I'm girlfriend, I'm going, hold on, I got hundreds of thousands of student loans. You want me to pay half of them? You can cover all the bills just fine on your own. I want to focus on my debt payoff. Can you take on the brunt of the bills? Boom, red flag, resentment. That's kind of how I see this playing out because that's how it happens in real life.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And she makes more money than you, pal. Or she's going to. Should she be paying more of the bills? Should it be based on income?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
All right. Fair enough. Well, thank you guys for the help. Best of luck. Yeah. He's in Vegas. Just go down to one of those little Elvis venues. Seriously.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Just the one thing that actually legally means we're together. We'll put that aside. God bless, Jake.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I love those. Let's see if we can get him back. Maybe the guys can get on the line with him, see if his line can get... The pipes are clogged, apparently, on the phone. Is that right? I think. I don't know. I don't know.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I realize I like pain and suffering, and so every few years, why not?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
But what caused you to go, I have a different understanding of this product now. Why do you think it is a bad product?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you can't do this anymore, then it feels like this is your hour. I mean, why not just leave and not do whole life anymore?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Be done. Here's what you're good at, Zachary. You're not good at selling whole life. You're good at serving people.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And so you can use that skill to go sell something else that you do believe in that might be insurance. There's a lot of types of insurance that we do recommend that you can feel good about, and there's types that we don't.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And so I would go find something that you feel good about selling in the financial space, in insurance, or maybe there's something else out there for you entirely, and this was just a fun thing you did for a little while to make ends meet.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
You and the crew have been at Entree Leadership Summit.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
You're saying is your wife working? You have income and savings that can support you guys if you quit insurance cold turkey today?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Is he paying market rent? What's your total expenses versus what he's paying?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Yeah, so good man. Appreciate the call. Yeah, I love the honesty there. That takes a lot of self-awareness and soul-searching to go, man, I'm making great money, and it's eating away at my soul.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
You're selling your soul at that point, not just whole life.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. That's for another time, but at least tells me that you do have some money laying around. Let's say worst case, you could sell that property and use that for retirement income or use the rental income as retirement income. So all is not lost here. I don't want you to give up hope, but you do need to get investing.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And when you say you have $200 to $300 extra, is that after all expenses are paid, healthcare, are you investing 15% of his income at that point, and there's still $300 left over?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
It's wise to be diversified and not rely totally on rental income or the sale of this property to fund the rest of your life. And I would pay off the credit card debt today. Why are you hanging on to the credit card debt?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. So your only other financial goals would be saving for college and paying off the house and the baby steps? Mm-hmm.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Tap, tap, tap. No, I like this plan, Laura. I'm not worried. I just want to make sure that you guys have enough margin to create sinking funds to save for vacation, create a sinking fund to save up to upgrade the cars eventually, to –
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
have enough to throw a little bit at college savings, to have more on top of that to throw at the mortgage, to be able to give and spend the way you guys want and not just be right up to it every month. Because when you said it's tight, I feel like that brings its own stress.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
But I also know that staying at home is such a big decision and it's such a family values decision that it sort of trumps the just math numbers. And that's where I go – If you guys both agree this is the right move, do it and then figure out a plan to achieve those further goals. And that might mean he busts his butt and gets some raises.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. I would encourage you to pay it off and then even cut them up. Take it a step further because you don't need lenders. You have Alex. You have Bank of Alex at your disposal. $60,000 saved. You have an income still. I would utilize that. And I feel like you have lost all of your confidence. You've lost your mojo. So part of this journey is rediscovering this new chapter for Alex.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
It might mean that you have to continue this side hustle for the next three years until we get to a better place. But if you guys are willing to make those sacrifices necessary, you have a green light for me. Yeah.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
All right. Fun. When is this happening, you said? Is it a little ways out?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay, just a few months away. Yeah. Congratulations.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Awesome. Nice. Way to go. I think that's a very wise move. And I'll tell you, Laura, my wife decided to stay at home after a nine-year career at Ramsey. She was thriving, crushing it, and it was the right decision for her, as hard as it was. And so I think, like Ken said, you're not going to regret this. And it is definitely a big move for your family. It is.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you said you're fully vested. When will you have access to it?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Great. So that will kind of bolster your retirement. And as long as he's investing that 15%, you guys are still young, right?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. But you're not quite at 15% yet?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you'll need to increase that to 15% because it's 15% of household income, which then might change your budget. So I'd go back to that budget and see what it would be like to take 15% out of each paycheck before it hits... versus his current $500.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I still think you're going to make it happen, and I think the power of you guys making this move will change the direction of your family in the best way, and the money will just show up because you guys are willing to work for what's important to you.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And you keep saying, I'm too old, I'm too old. Dave Ramsey's offended. He's just a few years older than you, and the man's just getting started. And so I want to encourage you, you still have a lot of time left. If you're in good health, you could work another 10 years and really build up a sizable nest egg and make a real impact with your career. and help a lot of people along the way.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Man, that really stinks. And, you know, the changes like this happen all the time, but the crazy fluctuations in the market is just really bad timing to miss out as the market makes a comeback and you're sitting on the sidelines unable to do anything about it.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And so I don't know that there's anything you can do to get that money back. I mean, essentially, it was out of your control and you're going to just have to build that back up. But you can ask HR for a detailed transfer report, you know, and work with the record keeper to go, hey, what exactly happened? I want to make sure that my investments are still invested where they were.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
It's in the same funds. I have the same amount of shares. But you're telling me that essentially they had to cash out this transfer temporarily for that week. And when they cashed it back in to buy the same amount of shares, you bought less shares because of the price or what?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So it's not a loss in a traditional sense. It's more of a missed gain. Correct. And that unfortunately is just part of the risk of any kind of 401k provider transition. And so you can talk to your employer. I doubt they're going to do anything, especially as a mom and pop kind of small company.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
They're not a giant corporation where they're going to go, we're going to cover any misgains that happen because that's on us for changing providers. You guys had nothing to do with that decision. But I don't want you to spend too much time reeling over this because you guys are doing so well that it's such a small part of your world at this point.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you're a net worth millionaire, Alex. Yes. You're not doing as bad as you think. I'd keep my chin up, go find another job, go help some people and start investing as much as you can.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
That's unfortunately what I thought the answer would be. I doubt they're going to be like, well, let's just write you a check for $18,000, Aaron, for your missed gains. We're so sorry. I wish it worked like that, but it's just one of those snafus, and the timing could not have been worse. But it's a good reminder. to not pull your money out of the market. Because the stats are pretty wild, Ken.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
If you missed the best 10 days of the market because you were spooked, you thought, hey, it's going to go crashing. Well, you're going to really miss out on gains on the other side when the comeback does inevitably happen. But man, it's pretty rare that this kind of stuff happens.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
It's not every day that employers are just switching 401k providers, especially going a whole week with that money, not sitting in any investment account. But it's just part of the reality. of an employer retirement plan. You don't have all the control. That's right.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Hi, I was wondering if I should sell my home.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So I am over the 25%. I'm currently at 42%. I have a debt of $34,919. Total monthly income is $6,360. Mortgage is $2,660. And including utilities, it would be $2,990. Okay.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay, we can remove utilities from that. I'll clarify the parameter. It might help your numbers. I'm not sure yet. So the 25% parameter is, again, just a parameter. So if it's 27%, it's not like, go sell your house today. The goal is just to have enough money left over to fund your other goals, like investing 15% of your household income.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
putting away some money for college, paying off the home early, going on vacation, upgrading the cars, yada, yada. So the after-tax 25%, that is before any other deductions like your health care premiums, your 401k contributions. So are you factoring that in right now?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Only the health insurance, which is about $220 a month.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. So if you subtract the $220 from that, that will help your 25%. And are you doing any investing right now, or do you have this debt to pay off?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
No. No investing. I have the debt to pay off.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. And what kind of debt was that? Did I miss it?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. Is that combined or is that one debt?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
That was the $34,000 number you gave us?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. All right. So if we take out the health insurance, you're likely maybe slightly under 40. Still not a great position. So what I would tell you is this. Selling your home is a very expensive transaction. And so I would not encourage you to do that unless there was no hope in sight that you were going to get your income up and your expenses down. So what are you doing for work?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Is this a sole income for the household? Is it just you?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. And what does the upward mobility look like in your careers? Because if we get your income up, that changes these numbers drastically.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Yeah, I would say in about just this year, I should be getting about a 7% raise. My husband, on the other hand, is probably going to lose his work permit soon, but we have high hopes that He'll be able to get it back again in about two years just because of timing with USCIS and all of that stuff.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So what does that mean? Is he going to go without income for two years? It's possible. Then you definitely can't keep this house. What happens if he loses his income today and it's just on you? That mortgage becomes 70% of your take-home pay, right? Yeah.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Yeah. The only thing I can do, because he brings in $2,400 a month, is I can rent out rooms that I have. I don't have any kids yet.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Correct. I would really think about this long and hard. And if it's a surefire thing, he's going to lose his income. There's just no way we can keep living like this. So even if your rent is the same, there's still a lot less risk and less expenses that go along with being a renter versus a homeowner.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you might need to delay that dream a little while longer until we get some stable income, like 10 grand a month to afford a $2,500 payment. That's the math. Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you've got to jump over there to continue watching. You can download it for free.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Just go to your app store, type in Ramsey Network. It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck. But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
I love it. It's like trying to untangle fishing line for you. That's a reference I don't understand, but I imagine it's difficult. That's what I know. I get it. I get the vibe. My guess is you're better at this than that. Yes. Thank you. I'll stick to lines of credit. Okay. So, Daniel, how long of a period of time has this been happening?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Is this years or is this a sudden life change that caused you to go into all this debt? Yeah.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
So you couldn't afford the house when you got into it, and then there was, what, repairs, renovations? What happened?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Oh, my gosh. Hey, let's stop answering the door for strangers, Daniel. Can you make a promise? Just imagine it's stranger danger.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Oh, so there's an accomplice to the crime.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. Are you feeling the brunt of this? How is she feeling about all these lines of credit and drowning in the payments?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
We don't really, that should have been day one. Yeah. Let's get one joint checking account that all income goes into and all expenses flow out of. That's the simplest way. Cause right now you've overcomplicated your life. It's overwhelming and we can help with the, with the credit side. Have you pulled your credit report to understand everything that's out there?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay, so the credit report will show you every single line of credit, what is owed, who holds it. So that's going to be your homework. And go to this website, annualcreditreport.com, and you can pull your credit report from the bureaus. There's three of them. Okay, annualcreditreport.com? Yes, and never pay for this.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
It's free to do, and you can pull your report from all three bureaus, Experian, TransUnion, and Equifax. You'll see it right there on the site. So request the free reports. Once you get those, it'll give you a real clear picture of what is owed. And so it's going to show you the creditor name, the balance, the APR, the minimum monthly payment.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And if you can't find any of this out on the credit report, contact – the creditor, to find out, hey, when is the due date? What is the minimum monthly payment? Make sure that everything lines up, the last four digits of the account. So you've got some administrative work to do, and then the real work begins of going, okay, we've got to clean this mess up. That's the bigger problem, right? Yes.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
What's the total debt amount, as far as you know? Excluding the mortgage.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay, so that makes it a little easier. You can ballpark it. Is it $10,000? Is it $100,000?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And that is between the lines of credit, the things you guys went into debt for for the house, anything else? Are there cars? Are there student loans?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. So you have $50,000 in debt. What is your household income?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. And so you're on track to make $60,000 as a waiter this year?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. What were you doing before making $60,000 or $70,000?
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
Okay. Well, here's the key. I want you to get your income back up so that we can get out of this debt faster. Because you're telling me right now you guys make six figures as a couple. Just about, yeah.
The Ramsey Show
Sacrifice Now To Secure Your Financial Future
And as far as the plan to get rid of this debt, you and your wife are going to sit down tonight and you're going to make your first budget. And we're going to gift it to you. It's called EveryDollar. It's an app that you both can log into, have total transparency into what's going on with their finances. You're going to list your take-home pay for the month.
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
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Debt Isn't The Problem - Your Mindset Is
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The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So you're making sacrifices, right?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
That's true love. If a man is willing to sell his truck for you, he might be the one.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
What kind of debt is your one 60? What does that make up?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
That's the rest of it. Okay. So you sell the car. Can you get $38,000 for it? Will you be able to break even or make profit?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
But you'll need a car to still get around, right?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So you upped it to $250,000. Is that sustainable? Do you want to continue doing that?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
For free tools and resources to help you reach your home goals, go to ramseysolutions.com slash real estate or click the link in the show notes.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Got it. How much are you working? How many hours per week on average?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay. I'm wondering, could we find you a job that's maybe 15 to 20 hours but pays as much, if not more? That is a little more consistent. Yeah. Would that solve all of your problems?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay, so paid for a car. And you're cash flowing college right now? How are you paying for that tuition?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Do they know the situation that grandpa's college money ran out?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And they go, we don't give a rip, take out as many student loans as you need, bud. You're a grown man.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And you have all summer to work too, to try to cashflow that?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Do you have roommates right now?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And have you applied for all the scholarships and grants? Is that part of your part-time work?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Yeah, I mean, it's going to be a struggle when you have a lot of expenses coming out every single month to cover your normal life plus school. And so, you know, it's going to take a full-time job just to cover this, which is going to make it really difficult.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So you're going to need to find something that pays more, but you can work less and still cover all of your bills and create a little savings cushion to cash flow because your next payment is going to be in the fall. Are you paid up? Yes.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
What's the end goal with the finance degree? I'd like to become a financial advisor. Okay, here's the good news. I'm going through a certified financial planning course right now completely online, and it is not nearly what it costs for even one semester at Arkansas. So I'm telling you that to say there are other paths to the thing you want to do.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And my friend Ken Coleman says it this way, is it the only way or is it the best way? And right now you haven't explored all of those options. And so I believe it's called Boston Institute of Finance. I think that's the one. They've got an online course you can take for a few thousand bucks total. We'll get you through this whole thing.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And so that might mean you don't need to spend another two years. You can go through this course in a year, get your foot in the door as a financial advisor and start getting some clients and get your experience hours.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
That's the goal. Take debt off the table, get creative, do your homework, and you will be shocked at how much easier it is to just do it. Go to school debt-free as a finance major.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
It's your cash flowing everything. There's no worry about the future and retirement and kids college. And you've got some extra money and you want to do the selective surgery for it.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
That's the guy I want to hire.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You feel like you failed, but you didn't. You just chose a better path.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Oh, I like this. All right. This is one that if you're my age, maybe your parents or grandparents have fallen into.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
It's a big one. You see commercials in between, I don't know, Snuggies and timeshares for this thing on late night TV from a washed up actor. So here's the definition here. A reverse mortgage is kind of what it sounds like. You're converting your home equity into money for you. So it lets homeowners that are 62 or older borrow against their home equity.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So instead of making payments, the bank will send you money either in monthly payments as a lump sum or through a line of credit, similar to a HELOC. So here's the deal. With the loan repayment side, there's no payments while you still live there, which is why people are like, oh my gosh, that sounds wonderful.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
But the loan plus interest has to be paid back when you move, sell, or you hit the old dusty trail and pass away.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
But then if I'm that person, you go, well, someone else's problem. Yeah, that's the people you love. It's going to be their problem. So here's the deal. As you borrow, your home's equity dwindles down. So let's say you start with a paid for home. It could end up where half of that is gone and you now owe $250,000 on a $500,000 home.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So you're eating up your biggest asset and you're leaving less for your future and your family. And by the way, they're super expensive.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
They're one of the worst financial products on the market because of high upfront costs, origination fees, closing costs, mortgage insurance, and then the interest keeps piling up, which by the way, if you're getting this as a monthly payment or a line of credit, the interest is going to be variable.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Which means the lender's passing on the risk of variable interest rates to you.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
People fall for this. It's immediate cash. I can get money during retirement because I didn't save. There's no monthly payments. I get a break from mortgage payment. That's great. And then flexible use. I can spend it on whatever I want, medical bills, travel. Here's the cons. Here's where it gets real. Super high cost, like I mentioned, loaded with fees.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Then you're losing your home's equity bit by bit.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You have nothing to leave to your kids and they have to deal with this mess. And then there's foreclosure risk.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Yeah. You miss property taxes, insurance payments, and you could lose the house. These are for broke people and they think it's some shortcut that's going to let them live their best retirement life and it ends up just making things worse.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So here's better alternatives if you're thinking about a reverse mortgage or someone that's in one. Downsize. Sell the house. Buy a smaller one. Pocket the difference if you really need money. Investments or savings. Use retirement accounts for income instead of one of these terrible products. And then lastly, rent out part of your home.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You can make it like a sitcom situation out of this. You know, just have someone living in there in a spare bedroom, giving you 500 bucks a month. That'll replace the payment without the risk. And that'll help you out. So reverse mortgages seem like a quick fix, but they have long-term risks that could wreck your financial future. So look at other options. Stay debt-free.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Make a commitment to do that and keep your home working for you, not the bank.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
For the good of the group and knowing this is a family-friendly show, can you entail what this $35,000 includes?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So in this case... You're putting just fuel on the fire of misbehavior by just throwing money at this. So what I would do is define what it means to help take care of sister. Does that mean we enable her for the rest of her life and fund her in whatever she wants to do? Or does it mean there's strings attached?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Do we help her get on her own feet and cause her to be independent and have her go through rehab and put a certain dollar amount every month and increase it over time as she's able to stay sober? I think we can structure this in a way where it actually helps her instead of just makes the problem worse.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
um it would be um a tummy tuck okay and and a lift okay good got it good here's the thing i think guys do more to their forerunners and spend more on that so i got no problem with the selective surgery for all the guys but i can't believe she spent all that listen bro let's talk about that under light led kit you needed to have live like no one else so later you can live like no one else that's what it's about
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
It almost feels like she needs to hit her own rock bottom and be willing to change before we throw any money at this problem.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
It's just going to disappear into the ether.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And then you're going to be more resentful. And so I don't think that honors your father's wishes either.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You didn't know you were paying for it?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You didn't know you were paying for it? No. What does it cost every month or every paycheck?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And what do you mean by tax? Are you talking about the premium for the life insurance? I don't understand what you mean by the taxes are going up.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay, so they're paying for it, not you.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Essentially, the IRS sees this as income from your employer because they're covering this expense for you.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
But it's on you to pay the taxes. Okay, I understand that.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And it's going up, and it's now $485 a year.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Do you know what the face value of the policy is?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Is it $100,000 or is it $1 million?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay, so nobody relies on your income. If you were, God forbid, you were to pass away today, nobody's going, oh my goodness, what am I going to do?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Well, it's too late now. You're not going to get reimbursed for the years you paid for it. So I think we need to let go of that resentment. I can tell you're up in arms about this. I'd be frustrated too. And part of it is we weren't paying attention about what was happening with our paycheck.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Well, you guys have done really well. You're doing it by the book. You guys are debt-free with the emergency fund. You're cash-flowing everything in your life. You're on the verge of being a Baby Steps millionaire. And so this might be a shock to a lot of people listening. I can't believe they said they could. Listen. Do it. We never said don't spend money.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And so at least, you know, going forward, I'm going to be looking at exactly what's taken out of my paycheck. If something seems off, I'm going to go to HR. And so you need to look into your own policy, look at the contract and look at the waiver and go, what do I need to do to make this go away? You are so right. And be the squeaky wheel. I can tell.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Cindy is the squeaky wheel, and the squeaky wheel is going to get that grease.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay, here's what you do. Keep a record of every single piece of communication, who you spoke to, what time, what they said, what document they said you needed, and get a next step. Regardless of who you talk to, say, okay, what is the next step?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You got to figure this out for the first time.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You need 10 to 12 times your annual income.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You know, I'm a frugal guy, but once you hit that different place financially, they make a great income. It's a small part of their world, and they're super young.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Absolutely. So don't just rely on your workplace because guess what? You leave that job, you lose that measly insurance. You need insurance on your own, separate of that. Jump on to Zander.com and get a quote. It's super easy and it's way more affordable than you even think.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Today's question comes from Isaac in Maryland. Should I purchase term life insurance even if my employer allows me to purchase voluntary life insurance up to $500,000? Would a combination of voluntary and term life insurance be wise? I'm 41, so if I'm going to get term life insurance, I would like to do it now for 20 years instead of waiting. We did. I know it. And, you know, you can do it.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You said you want it for 20 years. You can do a 20 year term policy on that and do a combination. You may not need the employer one on top of that. So you may just want to go 10 to 12 times your salary on your own and not pay for the employer one unless the employer one is just such an incredibly cheap deal. It's like five bucks a month or something.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
At least half a million dollars.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Because you think about, let's say, $50,000 salary times 10. You're looking at half a million on the short side, especially now with how much child care costs.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
I mean, you've got to hire Mary Poppins to do this thing.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
daycare alone um you talk about all the things they're running and doing and chauffeuring around and cooking and cleaning and taking care of all the household pieces real monetary you need multiple people to fill that role so you need to have at least half a million on a stay-at-home spouse so so good all right we've got aisha in new haven connecticut what's going on aisha
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
They get a fast pass to the front of the line.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Could he do contract work for someone else full-time and make more? No, he's self-employed. I know. I'm saying, could he make more working less for someone else versus on his own?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Yeah, what you're saying is I can only throw $1,000 a month at the debt total.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You guys are paycheck to paycheck. And so throwing a little bit of some pennies into retirement is not going to solve this problem. What will help you retire with dignity one day is at least being debt-free and you having a lot more timeline to go back to work. You're going to need to do that eventually unless he gets his income way up.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
I could knock out your debt and you could rent for a while.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
I don't think it's a choice he has. He's going to have to work until his body says no.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
But what ends up in your bank account? Is $4,754 every month?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay. Now, I see here that you don't have any debt. You've got about $5,000 in savings? Roughly. Okay. And I see if you can, I'm looking at the every dollar budget, you are 73 bucks over budget every single month based on all of the expenses you laid out. So you are definitely living paycheck to paycheck. In fact, you're in the red a little bit. Does that sound right? Yeah. Yeah.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
It's pretty rough. Pretty right. Okay. So let's help you out here. What is your next goal? Looks like your savings is low because if you're in baby step three, we need to fully fund the emergency fund. Correct, yeah. And if I see this right, you've got $200 going into savings, but you're also, you skipped to Baby Step 4 and you're investing $248 a month. Is that true?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
If I told you you could be a multimillionaire at 21 if you just follow the Baby Steps, would you believe me?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay. So what if we pause your investing to get you some financial foundation? Because that'll free up $248 that can now go toward that emergency fund. Because at this pace, it's going to take you two years to get a fully funded emergency fund. That's too long. Right. So that's some money right there we can free up.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So what I'm going to do is I'm going to move that to zero in investing and add it to your savings so that you now have, what's that, $448 going to savings. Tracking? Okay. Now we still have to find some more room. We're still $73 over budget. So, Jade, look through the list here of the expenses. I assume your income can't change. You can't do anything overtime. You can't get side jobs.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
How much flexibility do we have on the income side?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Is it a month away or a year away? Uh, probably less than three months away. Okay.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So we'll just for this sake's budget, we're not going to include that, but that could be a game changer going forward for your next goal.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Yeah, I got two questions. Number one, way to go. You're 18 and you're making $14,000 a month legally? I mean... Right? Is that true? Yes, sir. Number two, who hurt you? Where did this idea come from that I got to have this all done by 26 or else? Where did this idea come from?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Per vehicle. So it's 400 a month. That's what's in the budget. And there's not much we can do there. Are you driving a lot or is it more your wife?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Can we get rid of the truck? Uh, yes we could, but I'd rather not.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
All right. So we can't really move the income. We can't move the rent. But I see a bunch of bills here that can go. Who's watching all this cable?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Well, you got $47 in subscriptions, too. So you got $88 going out in cable and subscriptions.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Yes, we do. Are the phones kind of being financed through the plan?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay. Who's the carrier? Because you are overpaying for two phones. It is T-Mobile. All right. You're paying $65 a pop. I would switch to a budget-friendly carrier like Telo or Mint or Boost and reduce that down to... You could get that down to $50 easily. Right. Which would save you a good, what, $80? Yeah. Just by doing that this month. 80 bucks a month freed up just by doing that.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Now, if I cut your phone bill down to 50, right? And I cut, let's say we can cut cable and we just keep one of the subscriptions and we cut a few of the subscriptions. We get it down to 30 bucks for subscriptions. Now, instead of being 70 something bucks in the hole, you're 63 bucks in the black. Just by doing those few things without changing your rent or your income.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So I feel better about this already. And on top of that, have you reshopped your insurance lately, your renter's insurance, your auto insurance?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
There's not a whole lot else here, Jade. I mean, groceries, you're feeding four people. Yeah. That's 800 bucks in today's world.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You work for yourself, so that's going to be right in the mirror, my friend, if you're your own boss. But I like the attitude. I just want to make sure the motive is a healthy one because I get a lot of calls and questions from people who are in your shoes. They don't make the money you make, but they go, I need a million dollars by 26. And I go, why?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Oh my goodness. Well, number one, I make it fun. And so I'm the proxy for the audience. Last time, just so you guys know, I got punched by Dave and he threw a chocolate chip cookie at me.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So I know it sounds like nerdy and boring, but we really bring it to life.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
That's right. I remember that. I miss me with that. But really, we answer your questions. So you could submit the questions live via email, and I'm taking them live. Yeah. We're sorting them and going, hey, this one's really going to help a lot of people out there. And so I'm getting a lot of these questions in my DMs. Hey, I don't even know where to get started.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Or hey, I'm in Baby Step 4, but is there more? Mm-hmm. Or, hey, I'm in Baby Step 7. What can I do beyond the Baby Steps? We go really deep, more than we ever have on this show, and it's a really good time. You're going to walk away with a lot of value for just less than $200 to get five hours of coaching.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You have seven days for the standard ticket of $109.99. You have seven days to access the recording. And so if you want to go back, listen to it again, take notes. If you missed it on the night it was live, don't worry. You have access to it.
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What Are You Willing To Give Up for Financial Freedom?
RamseySolutions.com slash events.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You go, well, I just, I feel like I'll never be wealthy. And so there's this element of just chasing and this element of I don't want to get burnt out. So I'd rather you sink your teeth into something that you love to do and continue to work. But the way you phrased it, you said, I just want to be able to let go of this. So here's the deal. 144 grand a year, that's 12 grand a month invested.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
What would make them not forgive it? It sounds like there's a stipulation here.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay. So they basically bought you a house as a kind of a gift instead of funding college. They went, hey, if you want to get into real estate, you're doing well. We'll just go ahead and still give you that money in a different way.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay. And you would rent out one half and live in the other?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Okay. How much money do you have in savings right now?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Hey, if you're old enough to buy a house, you're old enough to move out and live in a house, right? Yeah, no, that's right. Who's living in the duplex now?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So you're going to kick out a tenant to live in one of them?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Eight years of that at a 10% return. You'd have 1.6 million sitting in a taxable brokerage account. So that's one strategy. That's without any other rental income or anything. That's just if it was spitting out 10% on average. I understand that's a crazy thing to say.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Here's what solved this for me, Logan. Let me unlock this for you. You need to label your money. Right now it's just labeled savings. It needs to be labeled emergency fund high yield savings, vacation fund high yield savings, car upgrade high yield savings. And that way there's no guilt when it comes to what this money is for and should be spent on. You've got it labeled.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So an emergency fund for you for six months right now doesn't even really make sense because you don't have a lot of expenses. But let's say it's $25,000. That leaves 15 grand of money you can assign to whatever task you want. I would say, all right, we're going to take this four grand vacation.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
The other nine grand we're going to put as a car upgrade fund or a home maintenance sinking fund for the duplex, whatever you want. But I would label them and put them in separate accounts to help solve this in the future.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Short answer, enjoy the vacation. You're doing very well for your age. You've done a great job. Stay out of debt. And I would move out as soon as you can because I think you have a maturity beyond a lot of older callers that I talk to. Yeah. And there's kind of the comfort crisis vibe.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
You know, Michael Easter's book of if I'm in mommy and daddy's house and I'm living rent-free and I'm making money for my tenants, what real benefit is there to ever move out?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
He is the renter and the landlord. It's going to be an awkward phone call when the HVAC goes out. Hello, hello.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
So that's one strategy. Okay, $1.6 million. If I could take out $100,000 a year, that would probably last me a long time. I don't know that you're going to retire off that forever, but that'll buy you some thinking time to figure out what you want to do for the rest of your life.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Just know the goalpost is always going to move, my friend. So stop chasing. This is The Ramsey Show.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Awesome. Well, thanks for joining us. Glad you're a new listener. Yes and yes. So yes, you're going to wait until you have all of your debt paid off. You have a fully funded emergency fund before you begin saving up for the down payment. The answer is simple. You want to free up as much money as possible to get out of debt as quickly as possible.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And so trying to do seven things at once means you're not going to accomplish any of it. You're going to stay in debt. You're never going to make progress on the down payment. So just aggressively attack the debt and keep renting while you're at it. How much do you have left?
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
Well, you know, when you mentioned, Sam, that he can afford the truck, by definition, if he couldn't pay for it in cash, he couldn't afford it. So what you're saying is he can afford the payment. That's fair. Right? And what I found to be true is that everyone can afford the payment until they can't and until it steals from their paycheck, it steals from their future.
The Ramsey Show
What Are You Willing To Give Up for Financial Freedom?
And so if he really cares about this future dream of land and marriage, I would go, you know what, the truck is, I'm going to have some delayed gratification and buy the truck when I can afford it in cash and probably buy one that's a lot cheaper right now. Because we got her debt to clean up, and I'm willing to make some sacrifices to get us to a better place financially.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Let's see if your line's cleaned up. Rachel, are you still with us?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay. So that's your baby step one. You've got that covered. And you're just solo, right? You're not married?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Oh no. Every travel nurse that calls the show is making like $250,000.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
In the meantime, take as many shifts as you can.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay. You don't want trade-in value. You want like a private party value. You can check on Kelley Blue Book for that. That's going to be much higher. And that might get you closer to where you're not underwater on this thing.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And the longer they've been in collections, the more willing they will be to negotiate and settle. Yeah. But first, cover your four walls, food, utilities, your housing, your transportation. You pay those before you pay anybody else. If there's money left over, we can throw some payments their way. I'm going to set you up with a financial coach on us, Rachel, to walk you through all of this.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Hey, if you're enjoying the show, do us a quick favor. Hit the subscribe or follow button wherever you're listening or watching. Leave us a kind review. Share it with a friend. All of that helps us reach more people with this message. We appreciate you guys. Ben is up next in Cleveland, Ohio. Ben, welcome to The Ramsey Show.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Yeah. But you're going to have to do that at some point.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
The rest of your savings leave a thousand bucks in there.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Is the financial advisor incentivized to keep your money with him instead of having it in the equity of your home?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by number one bestselling author Rachel Cruz, who's also my co-host on Smart Money Happy Hour, another show on Ramsey Network, and we're taking your calls at 888-825-5225. Amanda's going to kick us off in Tampa, Florida.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I don't think they're a bad person. I don't think it's malicious. It's just the nature of their job.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
We've said fear is a terrible financial advisor.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So, Ben, what would the mortgage payment be? Give me just a ballpark.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Here's the good news. I just popped it in this investment calculator. $3,500 a month from $25 to $65, you'd have $22 million in there.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Exactly. So there's a piece of this where you have to tackle it with the emotion, the pain point she's experiencing. Then you can use the logic and math to go, it's going to be okay. Here's the real facts. We're rooting for you guys. This is The Ramsey Show.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Welcome back to The Ramsey Show. 888-825-5225 is the number to call if you want to join the conversation. And let's see, Rachel, I think we have a question of the day here from YRefi. If you've got defaulted student loans that don't let you gain any momentum, we get it. No judgment here. But also, nobody's coming to bail you out. So take charge today at YRefi.com slash Ramsey.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
They offer refinancing to a low fixed rate loan built just for you. That's the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
We're using the wrong tool for the job. I think that's this is one of those where it feels like a smart idea and then it becomes a slippery slope where you just stay in debt your whole life thinking that you're winning the game. So the 0% interest credit card, you have a big expense. Here's what happens. You end up going into debt to cover this big expense that you couldn't save up for.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
You stay in debt. You can't pay it off in the terms that were laid out of you need to pay this off within six months before interest kicks in. And then you call the Ramsey show and you've got payments all over your life going, well, we got the 0% card and it all started there. Yeah. So the solution here is an emergency fund, not another credit card.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
We have enough saved to pay with cash. She doesn't want to use it. She thinks the emergency fund should only be used in case of a job loss. That's not the case.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
But if you could sell exactly what you owe, if you check Kelley Blue Book and you can get private party value, $34,000, I would do that. Get as much as you can. Get top dollar for it so that you're not having to dip into savings.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And then for the future, set up a sinking fund for maintenance and repairs, knowing, hey, you know what, the chimney's pretty old, probably going to need some repairs in the next few years. Let's go ahead and put a few hundred bucks away in a savings account just because we know what's going to happen. But for now, use the cash. Don't open a 0% card. You're not doing yourself any favors.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
You're just playing games with snakes. You're going to get bit eventually. So I don't know how you can convince her. That's up to you. You decided to marry her. You figure it out. But it's going to take a little bit of persuasion because right now she's thinking this is my security blanket. I don't want to touch the emergency fund. It's there to protect us while putting yourself at risk with this.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Don't do it. Just stay away. Your life's going to be better. You just pay for your life with cash. Only have a debit card. Don't even have the credit card open just in case. Just close it. Shut the door. Keep out the devil. That's what, remember that song back in the day?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Country song? I don't know. I grew up Arabic Baptist. We sang that song a lot. I got you.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I wouldn't call it a hymn. It's like a Sunday school song. Yeah, a Sunday school song, Rachel. Wow. Fine. Just leaving me in the dust.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
They're all about the spiritual warfare. Oh, my gosh.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Let's go to Julia in Sacramento. How can we help, Julia?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And then use nine of the ten to knock down your credit card debt, and then you're going to be debt-free in a few months. What's your household income?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Well, you're in retirement age. So the idea of refusing to plan, you're here, you're in it.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay, that's fine. I'm not trying to get him on the phone. You were saying he said he has $0. That was a current test.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
That would give me one reason to plan for retirement.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Here's the thing. Even if you love your job, at some point your body's going to say, I can't do this anymore.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
That's how we're built as humans. We're not meant to last forever. So as much as he wants to work forever, what happens if there's a health issue at 70? And now this $130,000 income is gone and there's nothing to live off of. And we got to take care of these girls.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And is this two of you? Is there another person involved here?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Yeah, you might need to lower your lifestyle, move to a lower-cost living area, and get the income up. It might be all of the above. But I want him working because he wants to, not because he has to. And right now, he has to. This is The Ramsey Show.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Live from the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by Rachel Cruz this hour, and we're taking your calls at 888-825-5225. Jamie is going to kick us off in Louisville, Kentucky. What's going on, Jamie?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
What a great question for Rachel Cruz. Nobody loves fun money more than Rachel.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I feel like here's my take and you can react. On baby step two and three. My take is if you're in baby steps one, two, or three, as little as possible to survive.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
What's just going to keep you just like, okay. I'm going to make it another day to fight. And then once you're in Baby Step 4, then I can ratchet that up to a reasonable amount and make sure I'm on track for other financial goals.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay, so a little over $4,000 coming in. Is he doing any investing right now?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Are there other contracting gigs he could do? Does he work for a builder? No.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Well, the fact there's only $300 of margin tells me you guys are running real tight. Because at this point, it's going to take you years to get this emergency fund in place. That's not okay with me. If I was your coach, I'd say we need to do some things with our income and expenses. So are your expenses $3,600 a month, $3,900 a month? What are they?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay. But you're saying he's bringing in over $4,000 a month, so there should be $1,200 laying around.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay. I would be aiming to try to save at least $1,000 a month for this emergency fund so that you guys can be done before the year's over. Okay.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
or maybe by early 2026. Because beyond that, it's just too long. Baby step three is already a slog. It's not fun like paying off debt where you see momentum and progress. You're just stacking up, trying to build some foundation before you can start building for the future. So I would work on that.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I just feel like contractors are in high demand. You can't find enough of them that do quality work and show up on time and charge a reasonable rate. And so he should be able to find stuff outside of the new build world to keep him plenty busy to get this income up because he should be making $5K a month on his own. Yeah. Without your salary.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I'm shocked there's any mattress retailers still around. So I think if he has skills in sales and people, he can probably find a better side job.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
They know they know about your story and what would be a trigger point.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
But one thing I would do is freeze your credits so you have no option to go into debt even if you wanted to. No, I don't. And you can do that for free. You can unplug all the card information from every site that you use. All of that stuff, adding more friction in is going to help you just create more guardrails, more boundaries so that you don't slip back into debt.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And you know what? I'm going to send you Breaking Free from Broke. Read the Spending is Self-Controlled chapter. I hope it just helps you heal from this and create some good habits moving forward. Thanks for the call. This is The Ramsey Show.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Welcome back to The Ramsey Show. Hey, our EveryDollar team has multiple free trainings for you this month. So join them live to learn how to break the paycheck to paycheck cycle in 90 days. You're going to get a step-by-step walkthrough of the EveryDollar budgeting app, plus get your biggest budgeting questions answered live in the Q&A. Over 160,000 people have already joined.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Spots are limited, so go sign up for free, everydollar.com slash webinar. Robin is up next in Orlando, Florida. How can we help, Robin?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And you're not going into debt for these trips?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
We only don't know how many more years we have with grandma. Or is it just that this is a tradition? We always go see them for these holidays.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Ray, listen, I pay handymen really good money. I'm talking they can charge now anywhere from 50 to 100 bucks an hour.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Why can you only put $2,000 a month towards your debt? Now I'm mad.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Do you hear that? It's going to take you five or six years at this rate.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I try to. Average debt payoff for someone following the steps with gazelle intensity is 18 to 24 months. Now, you guys have a lot of consumer debt, so that's just the average. You guys might lean to two, two and a half years, three years. But that still means you need to be putting seven to ten grand per month consistently towards this debt to knock it out in two to three years.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And I want that to be like come hell or high water, we are putting seven to ten grand a month. Do you understand?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay. Okay. But do you see what I'm saying? I want you to have a fire, and right now I feel like you guys are fairly comfortable. The way you're talking and the lifestyle, I want you to cut this down to nothing. You can still do the trip. The trip is not what's causing this. I think there's a lot of other leaks happening as well, and that's where this budget will reveal it to you very quickly.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Hey, we made $20,000 this month. Where did it all go?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay, what's the trajectory? Is this thing going to be making money in the next two months?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I don't know what part of town you grew up in, but that's a lot of debt.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
You're so lucky Rachel Cruz is here to be good cop. Robin, I'm just telling you right now, call me back when you're serious and you actually want to get out of this mess, not when you want to tell me you have a great interest rate on your debt. I mean, you guys make a quarter million dollars a year. Do you understand how insane this is? Yes.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And so I believe in Ray. I think he needs a little pep in his step. And now's the time to really put your foot on the gas, clean up the debt, get a fully funded emergency fund. Then we have the luxury to choose what kind of jobs we take. But right now we need money coming in.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
In the lobby of Ramsey Solutions on the debt-free stage, we have Jacques and Jennifer here to do a debt-free scream. Welcome, guys.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Summer of shock. Was there like a big carrot you were dangling of like, this is the big thing I want to do? Or was it like a habits? What are your hobbies? What are the things that you were looking forward to doing once the house was paid off?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Did you guys decide, hey, we can knock this out in five years or less? Like, was there a sort of a, all right, this is doable in the foreseeable future?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Ramen's pretty cheap. Maybe not an upgrade health-wise, but at least excitement-wise.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Confidently weird. No insecurity here. Oh, my gosh. And now they're going to be going, can you guys tell me how you did that exactly?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Well, they want a magic trick. When you're telling them they're wanting some complicated, cool strategy. Instead, you're just like, yeah, just pay extra on the principle.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
What do you tell people the key is if there was one thing that you need to become debt-free?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So just live on the lesson you make. Absolutely. Don't go into debt to buy stuff.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I'm sure they were very helpful along the way, keeping you guys motivated, accountable, where they were like, hey, Mom. It was hard sometimes for them. We're not going through the drive-thru, Mom. We've got to pay this house off.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Have they been practicing the debt-free screen? I think so, yeah.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
out what ears told me they were we've got a parting gift for you guys we have two one-year subscriptions to every dollar premium so you can use those or pass them along to someone else who you want to encourage on the journey and let's get to it it's jock and jennifer from cincinnati ohio with izzy and avery 203 000 paid off mortgage and everything complete weirdos in 52 months making 160 all the way up to 250 count it down let's hear a debt-free scream
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I have a really embarrassing story I'll share, Rachel. This happened this week. Yes, yes. That the lights and plugs in our master bedroom just would not work anymore. And I tried everything. Did you flip the breaker? I flipped the breaker. Good for you, George. I'm proud of you. I was Googling things. I was texting. So finally, I had an electrician come out, and I said, what's your rate?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Oh, we got a dance. We got a celebratory debt-free dance.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I don't know, something about the kids that gets me every time, Rachel, when they join in.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Once you get the weight off you, no one's going, hey, I'd love to get that backpack full of bricks in it. Bring that back over.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Intentionality, focus, it's what it takes. Discipline, live on the lesson you make. You heard it here. It's so simple and yet very few people actually do it, but they did it. We're so proud of you guys. This is The Ramsey Show.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Welcome back to The Ramsey Show. You know, a lot of what we teach, Rachel, is about getting your income up. We say your greatest wealth-building tool is your income. And a lot of people go, okay, well, that's nice, but how do I just go make more without asking my boss for a raise and making it awkward?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Well, there's this thing called side hustles, and there's a gig economy out there now where you can just download an app and get out there and start making money tonight. And so what I did was create a side hustle quiz with our team that can help people figure out, based on your time,
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I always ask them the rate ahead of time. Okay. They said 125 an hour. They show up to the house, these two guys.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
and your target of what you're trying to do, how much money you're trying to make, and your talent, we can actually serve up some side hustle options for you to make it easier.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Thank you. Yeah, Tiger Beat, but with a master's degree. That's what the side hustle quiz is. All right, let's, I have your results on the screen. So walk us through this, Rachel.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Well, what is your, we have like personality archetypes. So what is yours called?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Ooh, professional. Nope. Is that you? Arcee? Oh.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Maybe. Now I don't know, James. I guess they're accurate, right? Yeah.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Is it the... Five minutes later, they go, all right, we fixed it. What? I said, what'd you do? They said, we just flipped the breaker. I said, I flipped the breaker. They said, yeah, you got to do it harder. I was like, how hard can you flip a breaker switch? This is insane. I don't know. So you didn't turn it off all the way. I flipped that thing dadgum 17 times back and forth.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Follow along if you're watching on YouTube or the Raging Network app or Spotify. You can see this. So you got some options. What are your in-person side hustle options as the professional?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So this is using your skills. That's why we call it the professional.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
No, I didn't. What I got was the limited edition.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Well, it's because I'm busy, Rachel. I don't have a lot of time throughout the week.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
As the dad of a toddler and one on the way, it's just a lot, you know?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So I said, I don't have a lot of time. What can I do based on my skills? And here's what it spit out. In-person side hustles, indoor and outdoor home maintenance and repair. Stop it. You know me. Stop it. That's what I do best.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Honestly, if it was home organizing, I could crush with my OCD.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I think it's just something you can look into. These are just options.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
A great one that showed up was photography. That was my past life in the media world. Film, photo. I used to do wedding videography. And so that's a good one.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
That's right. And then at home side hustles, freelancing, which is something I actually did as a side hustle for a long time, you know, building websites, taking the skills I have, branding, whatever it may be, tutoring, and then transcribing, which I'm a great typist, as you know.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So I could sign up for a website where I can transcribe videos and just type out what they're saying. Love it. So there you go. Just some options. And if you guys want to take this at home, it's completely free. Jump on to ramseysolutions.com slash side hustle. Take the quiz. We'll also link it in the description and show notes wherever you're listening. But here's the goal.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Find out the things that you can do to make extra money and then add up what you could make per week, what that does per month, what that does per year. And this might be for a season while you get out of debt or get the emergency fund in place. I'm not advocating for you to have a side hustle for your whole life.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
But for a season, do what it takes to get to a place financially where you're stable. You have some foundation so you can build wealth for the future.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Yeah, I mean, I know of Friends. I haven't seen every episode.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
If you guys ever wanted to know what it's like being inside the mind of Rachel Cruz, that sums it up right there. Me saying one word and her completely going somewhere else in her mind for the next three minutes.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So professional. All right. Brian is up next in Annapolis, Maryland. What's going on, Brian? How can we help today?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
They had, I don't know, Excalibur's magic sword. I don't know what happened, Rachel, but anyways.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Yeah, go to ramseysolutions.com slash side hustle, and it'll take you right there. Okay, thank you so much. I appreciate that. People are going to think that this was a planned call for you to talk about this. I promise it wasn't. Do you have a real financial question for us? Yes, I'm so sorry.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I just want to make sure we're running out of time.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay, so her bills, she has a single. Just total. What is the total for a month? Is it less than $3,100? Yes, it is. Okay. How much is left over? Yes, it is. 700. So essentially she has 700 bucks a month to invest. From her income. Yeah. That's 12,000 sitting there. I would just park all of that in a high yield savings account. High yield savings account.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
These guys are making $1,000 an hour at this rate. They spent five minutes at my house. Yeah, then they're going to go to the next George Camel. Let's go flip some more breakers. We're going to become Baby Steps millionaires off of idiots like this. This is The Ramsey Show.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
She doesn't need to be investing with that money. She needs that money to protect her in case of emergencies.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Okay, we're going to say no on that one. But I would just stack that cash into high-yield savings, and even that $700 a month, just keep adding it to the high-yield savings. I don't think I'd worry about investing for the next 30 years right now. Let's just try to survive and get a nice cushion. This is The Ramsey Show.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Hey, what are you still doing here? You know the rest of the show's happening on the Ramsey Network app, right? So you gotta jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Welcome back to The Ramsey Show. Tonight, this is April the 21st. John Deloney and Dave Ramsey are kicking off the Money and Relationships Tour. Is this the first night?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
We've been talking about this forever, and it's finally happening. So if you're in Louisville, they're happening tonight, April 21st. Go check it out. Durham is happening this Wednesday, April 23rd. Atlanta this Friday, April 25th. And here's what they're doing. They're going to be doing some improv, talking about money and relationships, helping you break patterns that have left you stuck.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
breaking the cycle and you get to choose the content before the event begins and then they'll be riffing on it all night long unfiltered and it's going to be a great time so check it out louisville durham atlanta that's this week and then they'll be coming to phoenix fort worth and kansas city the first and second week of may kansas city sold out for fort worth is not far behind so get your tickets today to see dave and john live ramsey solutions.com slash tour or click the link in the show notes and description jessica is up next in milwaukee what's going on jessica
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Through one of the apps, like an Uber Eats or DoorDash, one of those?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Great question. The easiest way to do this, to just kind of... Muscle memory is just force yourself to put a third of whatever you make into a savings account, and that way you'll have the money set aside for taxes.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So if you made, let's say, $100, you're going to take $33 and just transfer it to savings. And then what you'll do on top of that to make it even easier and avoid stress and avoid a big tax bill is make quarterly estimated payments on the IRS website. That's what I used to do when I would do side hustles.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And basically you're just estimating what you're going to owe in taxes and paying the IRS ahead of time so that when the end of the year comes, you've already paid most of your taxes, if not all.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
You'd still do quarterly payments because you're not being taxed on that 1099 income versus your full-time employment. They're taking taxes out already. They're withholding.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So that's the big difference with 1099, folks, is no one's paying the taxes for you. No one's withholding for you. You've got to do it all yourself, and that's where this kind of savings account, quarterly estimated payments plan comes into place.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Thank you so much for the call. Way to go. Doing whatever it takes. I know. I shared on Smart Money Happy Hour my Instacart side hustle.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I think I did seven trips and it felt like a thousand. Just so much. Will this ever end? So God bless all of you out there side hustling. Tip your people well. If you're out there using these apps.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I went to some real wealthy neighborhoods around this part of town, Rachel. $3 tip.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I had gallons of waters I'm delivering to the door. Three trips back and forth from the trunk.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And the trips, they don't pay you much in these apps. They'll tell you ahead of time, hey, you're going to get $6 for this trip plus tips.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Yeah. An hour of my time for $9? Yep. Get out of here. Get out of here. All right. Next up, we've got Rachel in Milwaukee. Rachel, meet Rachel.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
Hey, you're breaking up on us. Can we hear you?
The Ramsey Show
You Can’t Borrow Your Way to Freedom
I'm so sorry. We're having a hard time hearing you. We'll see if we can clean up your line and get you back on, Rachel. But looking at these numbers, bringing home $5,000 a month, I don't know that you'll even be able to make your payments on these debts.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
And the only one that you could really clean up fast is getting rid of the car loan if you're not underwater on it and you can use the proceeds to get something else. But that only cleans up $6,000 out of $250.
The Ramsey Show
You Can’t Borrow Your Way to Freedom
So it may not even be worth it. The medical debt, I'm wondering if they'd be willing to settle. You'd probably need to get on some sort of payment plan.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
What she does with that is her business now. That money's gone. I'm just wondering, do you have a way to get in touch with this person if they cut off all communication?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I'm guessing it's too late to go, hey, I need to get out of this. Would you refinance the loan into your name?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And I'm guessing this credit was so bad. They work with these shady companies like Exeter.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And then... I'm guessing the interest on this thing is like, what, 12%, 15%?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
We're running out of time, Gene, but I'm going to send you a copy of my book, Breaking Free from Broke. And in the book, I talk about this one line that will change everything for you. It's not all your fault, but it's your responsibility. So like John said, we have to let go of the anger and move forward and go... Jean has a $100,000 mess to clean up. In your own life, right? In your own life.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And so you're going to have to get your income up. That might mean a second full-time job once you get off the first full-time job, but you can get out of this. It's going to take a while, and it's going to take stop borrowing money, and obviously you're done getting scammed. So sorry you're going through this, man. This is The Ramsey Show.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
This is The Ramsey Show. I'm George Camel, joined by bestselling author Dr. John Deloney. We're taking your calls at 888-825-5225. You call us and we'll help you take the right next step for your life, your money, your emotional health, mental health, relationships, whatever is going on. Tanner's up next in Manhattan, Kansas. What's going on, Tanner?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
What's it made up of? How much is in there?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
All right. So you told me your stated goal was I want to be able to own a home and retire one day.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So you couldn't even do it immediately. You'd still have to wait. Yeah. Correct.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
What will your household income be once you guys are married?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay. That's going to take a sizable nest egg and a pretty solid savings rate. So how much are you able to save right now? You're saying you got almost no bills. So out of that $2,864, how much is left over?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay. Sounds like your parents might be trustees on this thing where they can control it. That sounds right. Okay. Do you have any savings?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And with your newfound income, I would begin paying it off in the meantime. And if you're able to get access to it to knock this out faster, that's great. But there's another piece of this that I want to make sure you get, and that's I want you to be able to have your own investing savings muscle and not rely on this trust fund. And it's not because the trust fund's bad.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I just want you to have the muscles where you know, if I needed to put 5,000 of my own money away every month from my income, you could do that. And that's going to be a really good habit for both of you to build as you build wealth together.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by Dr. John Deloney this hour. The phone number to call is 888-825-5225.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
company for 1k and then afterwards i meet that 15 do i go to my trust and max out roth or beyond the 15 you'd go into baby steps five and six which would be safer kids college i'm assuming you guys don't have kids and then baby six is attacking a mortgage do you guys have a house or will you
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay, good. So if I was going to financially coach you guys as premarital counseling, I'm going to go, let's get gung-ho on this debt. Let's take all of our savings, future income. If we can dip into the trust fund, let's knock out this debt fast. Let's get a fully funded emergency fund, begin investing 15%. Beyond that, I would begin saving up a down payment for a house. Okay.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And if you need a car in the meantime, let's set up a sinking fund. Is this like an emergency situation or is this a year from now we need a car?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
That's a rite of passage for every Texan.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, the conversation might be grandma and grandpa go, yeah, we'd love for you to use this as a down payment on a house and get your financial future going and knock out her debt and get you guys some, you know, the right financial steps.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
That'd be an interesting call to get grandma on the line. That's right. Say what's going on here. No, absolutely. Use it forever. He wants. We just wanted to leave a legacy. And, you know, as long as you're not mismanaging the money. That's right. Which John and I would say paying off debt is not mismanagement of the money. But I could see a family going, no, this is for us to build wealth with.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
This was actually for you. Not to pay for someone's past mistakes and debts. That's right. That's right. That's not who this family is. You just never know. Yeah, that part gives me just some pause. You got to take a Tums just thinking about some of those conversations. But the idea of a trust fund, I mean, that's legacy. As much as people make fun of, oh, you're a trust fund baby.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay, that's in a savings account? Mm-hmm. And no debt whatsoever?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And I'm like, go create that same privilege for your family if you're so upset and jealous that someone would have money left over instead of leaving their children with a pile of financial mess to clean up.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
But it's not a sit back, relax in a hammock for the rest of your life situation. So I think there's a lot of wisdom there, Tanner. And you're asking some great questions, especially at 23. At 23, John, I was a knucklehead, still making a lot of mistakes. And clearly, this is what happens. It's not just the money side.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
It's the character, the financial literacy that was built by his parents, his parents' parents. And the Bible is very clear. Leave an inheritance to your children's children. Mm-hmm. I believe that's not just about money. I mean, that's, you know, inheritance of a lot of things, character.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Thanks for the call, Tanner. This is The Ramsey Show.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Ramsey Show question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans. Defaulted means when the borrower can't make the required payments. So if that describes you and your private student loan, contact YRefi. They can offer a low fixed rate loan built for you. Go to YRefi.com slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Awesome. Welcome to the party. Well, we have a pretty controversial stance around here, and that is debt robs you from your future, even if it's temporary, even if I'm paying it off tomorrow. And so John and I do not own a single credit card. We just use our debit cards. We use our own money. And what you're facing here, Andrea, is an income problem.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
The laws there are. Yeah. You may want to contact an attorney to see if there's a way out of this. Yeah. Versus, you know, co-signing on a loan. Yeah. But generally, if it was only his name on the debt, the spouse wouldn't be liable for it.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I feel like there's more going on here.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
That's the only way to get rid of student loans in most cases. To be dead. That's right. That's dark stuff. Yeah. Oh my goodness. I'm so sorry for your loss, Kathy. Yeah. And if you have the money and you don't want to burn the brain calories on this, pay it off. That's right.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
That's the only thing I can think of is if it was a joint account with the bank and somehow they took out the loan under that same account. Right.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I'd also pull his credit report and make sure there's no other outstanding debt sitting out there, too.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
All right, let's go to the phones. Kayla is up next in Eau Claire, Wisconsin. What's going on? How can we help Kayla?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
We've got to get your income up because that's going to create more margin for you to save for that home. And so you're in what we would call baby steps four, five, and six if you're debt-free with an emergency fund, which you just told me you have $45,000 liquid?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, you're asking really good questions. And you're right. This is one of those tough things where if there's no way he's going to get life insurance, we're going to have to look into probably a more expensive option with a worse payout. And so that's something like a guaranteed issue policy. And then like you mentioned, mortgage life insurance, which would just cover the mortgage balance.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And so those are two I would look into. Have you contacted our friends at Zander about this? Or where'd you go through for life insurance?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I might reach back out and just get their take on what might make the most sense for you guys between the guaranteed life, mortgage life. And then beyond that, if I was you in your shoes, I'd go, how do we become self-insured as quickly as possible? How do we make sure that if something did happen and we needed to replace that income, that we would be okay? That might mean a bigger emergency fund.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Great. And so we'll call that your emergency fund plus some down payment fund because you don't need $45,000, I imagine, to cover your expenses for three to six months. No. Okay. So your A1 goal, if it is buying a home, is to put money away for a down payment. But before we do that, we should be investing 15% of our income into retirement. So how much are you investing right now?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
That might mean we pay off the house faster and get the smaller house, like you mentioned, so that we have less liabilities and we can reduce our expenses. Because if you can keep your expenses low and learn to live off your income alone, that's going to reduce the risk in your life.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
You can always invest on your own through a Roth IRA as well. Yeah. And that can be a hedge for you.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, you do that for 10 or 20 years, you'll be self-insured in no time. And generally when we say get term life, it's for a 15 to 20 year term because by the time it's over, you've self-insured. You get the house paid off because you did a 15 year mortgage. You've been investing for 15 or 20 years and that nest egg is several hundred thousand dollars. And so you're doing all the right things.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
John and I want to applaud you. We're here to just cheerlead you on and say, keep at it.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
That puts this hour of the Ramsey Show in the books. Thank you to my co-host, Dr. John Deloney, all the folks in the booth keeping the show afloat, and you, America, will be back before you know it.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by Dr. John Deloney. Open phones at 888-825-5225. You call us and we will do our best to give you advice that only John could give. Or George. They say the advice is worth what you paid for it.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Amber's going to kick us off in Cedar Rapids, Iowa. What's going on, Amber? How can we help?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Well, you can't save your way to wealth. We have to invest this money. Because right now, you're not even beating the rate of inflation if that money is just sitting in a checking account. Yes. If you invested, the stock market, the U.S. stock market last year, Andrea, in 2024, returned 24%. So you put $100,000 in that account. Now it has $124,000.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Could you get a traditional mortgage with another bank?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Let your credit crash. We'll settle. You give us the payments.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yes. Yeah, the best option is to go to a completely different lender, stop doing business with this bank, get a traditional mortgage that covers all of this.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
My bigger question is, can you guys actually afford to live in this home?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So if you took on a new mortgage, could you refinance and just do one new mortgage that encapsulates all of your debt?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, I would keep the credit card separate and deal with those on their own. And debt snowball those, settle on your own. But with this HELOC, could you absorb the HELOC? Yeah, that seems like a horrible idea to add all of that onto our house. Agreed. And I don't know if the bank would even let you. Yeah. Because they need that tied to their collateral, not tied to your personal debts.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Do you see the difference invested in the stock market? And we're not saying a single stock. You're going to do mutual funds within that retirement account that will grow at a steady pace, probably 10% to 12% over the next 10 years. And that will at least help give you some cushion. I don't know that we're going to have a dream retirement at this stage of the game.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
What's the balloon payment on the HELOC?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
To get out of this. And so if you refinanced your current home and added $60,000 to the mortgage, that would get you out of it?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
No, we're not doing any business with them.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Do you guys have any other debt, car loans, student loans?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Amber, you know all of this needs to go, right? All of it.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And as you're listening, if you could do us a tiny huge favor, let us know what you think about the show, what you don't like, what you want to hear more about. And the way to do that is with our annual listener survey. It's now live. You can text the word survey to 33789 or go to ramsaysolutions.com slash survey. We'll also drop a link in the description wherever you're listening.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
The van gets sold tomorrow. The camper gets sold tomorrow. We use all of that to clean up our debts. And we stop playing with this. Stop. You guys have debt all over the place. You're hiding debt in the couch cushions at this point.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
You need the difference in cash or go to a local credit union and get the difference. There's no other way out of that.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
We might have to do what John Deloney says and choose our reality and grieve what could have been and create a new picture of what's next. Why don't you want to live with your son?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Open phones at 888-825-5225. Leslie's up next in Grand Rapids, Michigan. Hey, hold on.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
It didn't seem like a big deal at the time. It never does. And that extra credit card didn't seem like it would be the thing that sinks us. And here they are in a giant mess. That's right. Making over $100,000, which we can all agree is a great income. Right. But not when it's propped up artificially with thousands and payments every month.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Proverbs 22.7, the borrower is slave to the lender. That's right. It was true back in ancient times, and it's very true today. Yeah.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
All right, Leslie. Hey, Leslie. What's going on? How can we help?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
No way. I hope you weren't listening to the last five minutes of the show. Oh, geez.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay. Tell us why you're the exception. Oh, incredible. Now, tell us more about this business.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And you're like, why would I want to go back into hundreds of thousands of dollars of debt?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So revenue sharing, a gradual buy-in, some sweat equity, something like that, like you're talking about, is we're not going to do debt, but I'll give you this much revenue over this many years in order to essentially pay this off.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
It's not how he feels about the business. It's what is it actually worth?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah, I'm questioning if this is the place for you long term, whether you own it or not. Right. Because of the strained relationship. It hasn't been going well so far. Owing dad $400,000 or a million dollars is only going to make it worse.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start? Well, as your nerdy friend who does the research for you, I found the solution. They're called Delete Me.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And here's the reason they come in the clutch. The internet is packed with data brokers, which are these shady companies whose sole purpose is to collect your personal info and sell it for a profit. Enter Delete Me. Delete Me swoops in, finds your info on these sites, and removes it on your behalf. They even send you a report with all the details.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And so far, for me personally, they have reviewed 27,000 listings, removed my info from 240 data brokers, and saved me 66 hours in the process. I trust Delete Me to help protect my family, and I trust them to help you too. You're going to get fewer spam texts, fewer phishing emails, and fewer creepy robocalls. And Delete Me also makes a great gift for other people in your life that you care about.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Individual plans start at just $9 a month, so take an easy step to protect yourself and your loved ones today. And as a Ramsey fan, you'll get an extra 20% off any of their plans at joindeleteme.com slash Ramsey. That's joindeleteme.com slash Ramsey.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. The phone number to call is 888-825-5225. Well, John, it's tax season, and that means a lot of people get a little sweat on their brow. There you go. Oh, my gosh. This again. Every year we have to do this. I know.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
At least Christmas, there's some joy. You know, unless you're a CPA, and even a CPA is probably going, oh, gosh, get me through this, please. So here's the deal. We want to make it easy on you. We know taxes are confusing. And so we have a hub for you at RamseySolutions.com slash tax, where you can find our no-nonsense tax software called Ramsey Smart Tax.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
You can find highly qualified tax pros that are Ramsey-trusted. Okay. across the country in your area. And we have some great tax resources. I personally use them every year. I go to the site and I download the tax prep checklist. I read over the beginner's guide to taxes as a little refresher to go, all right, I'm ready for this. Puts a little pep in my step. So go check it out.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
RamseySolutions.com slash tax is the place to go. Cindy's joining us up next in Miami. What's going on, Cindy?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I would never get rid of property insurance, if that's what you're talking about. You're saying, hey, we'll take on the risk of having to rebuild this million dollar home?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Dave Ramsey has hundreds of millions in real estate. He insures every property. Even though he doesn't, he could afford it, but he says the risk isn't worth it on my part. I would rather pay this premium to have it covered for me and they shoulder the risk. And I think the same is true for you. So there's a simple solution and I'll hand it to John, but just set up a sinking fund.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And even if it goes up to $10,000 and you want to live in Miami, call it the Miami tax. It's like having a high HOA fee because you live on a beachfront condo. That's the tax you pay. So we're going to put away $833 a month into the savings account so that when it comes time to pay the property taxes, the money's there.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
What would it look like to make $60,000 or $70,000 at your age with your experience in that field? What does the latter look like?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Right. That was part of John creating that world. He was running towards something versus just away from the thing that could be. And that's what I would tell you is when we talk about baby steps one through three, it is gazelle intensity. Once you're in four, five, six, it's intentionality. And that's a tough move to make when all you know is go, go, go, Dave said.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
What would your supervisor be doing in the medical records field? Is there another job out there where you could not just settle for whatever job you could get, but go, how do I grow in this field so that I can actually put more away for retirement and save up for that house?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And so I would set an intentional goal with your husband of, hey, what if we could do this in 40 years? Could we do that? It's 40 grand a year. All right. Yeah. Let's commit to that. Spit shake. Two years. Be bananas, right? Two years if you want. Can we do 80 grand? Yeah, we could do that. Whatever that is for you guys. But like John said, do it for the right reasons.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So I love paying off the house regardless of the interest rate because it's going to set you guys up for freedom. You can invest that payment. but I would keep your property insurance forever, no matter what, and just make a sinking fund and do it and say, well, we did our good deed for the day. We paid our property taxes. Hopefully it went to something good. We paid our insurance. It covered us.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I can sleep better at night knowing my house is gonna be okay.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Welcome back to The Ramsey Show. I'm George Camel, joined by Dr. John Deloney. Open phones at 888-825-5225. Noelle joins us up next in Dallas, Texas. How can we help, Noelle?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Ooh, wow. Okay, what's the heart behind it? Yes, you're wrong. Is there more context here, or is that it?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So he's going with or without you to see his mom.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Would an entry medical coder make $40,000?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay. So the current trajectory, when is all of this debt going to be paid off, all $71,000 with your household income?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay. And if you skip this extra week of work that would have amounted to $500, it would slow it down to 17.7 months? Yes.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I just want to make sure we, like, that's really what we're talking about.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
So that's what I would be doing if the trajectory is higher with your certification. even if it's not the exact role you want. I would just try to get on A ladders. And the truth is, Andrea, you might be working into your 70s to make this dream happen. Yeah. Are you okay with that?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I can hear it through the phone, man. You've been trying to justify it by going, well, we're in debt. I could make more money. It'll speed it up. And we just proved with math that it's 0.3 months of, you know, it's really not about that. But I do think relationships are not convenient. Family is not convenient. Health crises are not convenient. And that's a part of life on the baby steps.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And so we would tell you, hey, if this is really important to your family, you might need to just pause and take the trip and let it slow it down by a few weeks. And we'll make it up on the back end. But right now, I think you might need to be there for your husband.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
I just crunched the numbers for you. You know, you got 69 grand in that retirement account. You keep investing, let's say, a thousand bucks a month. If you can do that to 72, you'll have over half a million in that nest egg. And on the way, get yourself a reasonable mortgage, and that way you're not stuck paying whatever market rent is for the next 12 years.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
If it's hard for her husband to share this, that, hey, here's really where I want you to go.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Absolutely. Good word. John is in Oklahoma City up next. What's going on, John?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Yeah. I mean, if you need to, like, you know, repair it, drive it until it can't be driven anymore, but also know it might not have two years left in it. And so I would set up a sinking fund that'll probably slow down your baby steps, but at least it won't be this, oh my gosh, I got to go finance a $30,000 car. I had no idea it was going to explode.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And if you sign up today, you'll be entered to win a $500 gift card. And it means the world to hear what you think. And it definitely affects the content that we do here for the rest of the year.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
You know, just set aside, you know, 400 bucks a month so that a year from now you get five grand. That'll get you another beater to get you through.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Drive like no one else so later you can drive like no one else, John. You're doing it right, man. Hey, the rest of the Ramsey Show is in the Ramsey Network app. That's where we're going to keep the party going. So download it for free using the link in the show notes or just search Ramsey Network in the App Store. If you're on radio, stay tuned. Everyone else, don't miss what's next.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
We'll see you in the Ramsey Network app.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Thanks for the call, Andrea. This is The Ramsey Show.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Doesn't affect that, but thank you, John. You can put a good word. John Deloney deserves a raise. I was trying. He's doing so good.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Welcome back to The Ramsey Show. Open phones at 888-825-5225. Happy Martin Luther King Jr. Day. Thank you, George. And it's Inauguration Day, John. A lot going on. Very busy day. And no matter how you're feeling today, we've said this a million times. What happens in your house is way more important than what happens in the White House.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
No president or administration has more control over the success of your life or your money than you do. And we're going to prove it to you this Thursday at our free live stream. We're calling it Take Control of Your Money. Dave Ramsey and Jade Warshaw will walk you through practical ways you can create more margin, build more wealth, and get ahead with money this year.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And I'll be there along with Rachel Cruz taking your money questions live. And here's your first step. Go to ramsaysolutions.com slash live stream to sign up. You'll be automatically entered to win $4,000 cash. And once you're signed up, create a free EveryDollar account to get a bonus entry in the giveaway.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
And this is super important because we'll be using EveryDollar throughout the live stream to show you immediate ways to take control of your money. So you can have your own budget live, doing all the things we're telling you to do to show you how it can affect your wallet, your budget, your household. Then share the event with your friends and family. Again, it's totally free. It's virtual.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Join us from anywhere. You'll get a bonus entry for everyone who signs up. And it happens this Thursday, 7 p.m. Central. Go to ramseysolutions.com slash live stream. Gene is joining us in Fort Lauderdale. What's going on, Gene? How can we help?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Let's try to help someone, John. How about that? Andrea's in Phoenix up next. What's going on, Andrea?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Did you send the money? Just give us the details. Okay, I sent her money online.
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Okay. So what are you on the hook for now? You sent money via what for the surgery? How did you send it?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
We're not trying to beat up on you. I'm trying to get to the bottom of this to see what kind of hole you're in and how we can get you out of it. So do you owe $35,000 in debt?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
All right. So, Gene, what is your total debt load, all in?
The Ramsey Show
It’s Never Too Late to Start Building Wealth
Is it half a million dollars, or is it $100,000? Give me just a ballpark.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Slow and Steady Wins the Race Every Time
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Slow and Steady Wins the Race Every Time
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Slow and Steady Wins the Race Every Time
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Slow and Steady Wins the Race Every Time
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
Slow and Steady Wins the Race Every Time
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Don’t Wait for Someone Else To Fix Your Life
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Hey, long-time Ramsey fan here. I had a quick question. I've been married. I'm 59. I was married for 29 years, divorced for three years. And in our first marriage, you know, everything is a we thing, whether it's kids, finances, it's an hour, a we thing. Okay, now as you... move into looking maybe at a second marriage, what happens to kids and assets? Does it stay the same as a initial marriage?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Everything is a we are thing. You know, you hear about prenups, you hear about, you know, or does everything just stay the same? Well, it's just like a first marriage, but it's a second one. It's a we are thing, whether it's kids or assets or whatever.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Well, I have five, but I only have one that is under 18.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
And there are a difference in assets. She has mentioned prenups. I'm not a favor of them. I feel like any line you draw.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Probably $3 million, $2.5 million. What's yours? Probably $700,000. Okay.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Well, the problem with that is I'm a small business owner, and my income is only going to go up if she retires. Hers will do nothing but end. So then you end up in a prenup situation where— No, no, the $3 million income does not end. Pardon?
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, right, but if my income goes up to – my net worth goes up to five or ten in the next ten years. Do you see what I mean? Everything that she had was earned pre-marriage. Everything I – assets mine would actually be post-marriage. Okay.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Okay. It's not like a right or a wrong or – yeah.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Well, I know that's not me. I mean, I'm afraid that's the other person, but that's never me because that's not how I am.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, I'm not worried about that. Yeah, you did.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
Yeah, I understand, and I did, but I'm probably more concerned about it not causing a dividing line.
The Ramsey Show
You Can Move From Family Drama to Financial Peace
No, that's the thing I don't want. I don't want to end up in a roommate situation where I pay this, you pay that.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And it was all of a sudden out of the blue? Or was this a long time coming? Because based on the debt numbers, I'm like, yeah, I could see how this could not be a fun time.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
You accumulated this million dollars of debt in four years? Moved into this 1,800-year-old house.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Hang on the line. We're going to send you a link to our divorce checklist on how to prepare for divorce. So sorry you're going through this, Mike.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Our question of the day is brought to you by YRefi. If you've got defaulted private student loans and no one else will work with you, try YRefi. They'll help you explore refinancing options with a low fixed rate and a payment plan based on your ability to pay. Go to YRefi.com slash Ramsey to learn more. That's the letter Y, R-E-F-Y.com slash Ramsey. May not be available in all states.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
If you have 94 line items in the budget, it might get overwhelming. Yeah, that's right. Especially for the spouse who's not the nerve.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by my good friend and Ramsey personality, Jade Warshaw. We're taking your calls at 888-825-5225. That's the only way to get on this show. I mean, I guess you could email in, but good luck. The pile is high.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That's diabolical. Yeah, I did that too. Because I was frustrated trying to parse things out and go, what is that? Well, part of it was for the home. Part of it was over here. So I just went, you know what? Amazon.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Well, the good news is this is secure debt. So there's properties attached to this that you could sell?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That's truth. Now, my bigger question is, sorry, Jade, my squirrel brain went, how many bed frames are these people buying? Or this is a major issue. Six kids. Do I make a line item just for bed frames? Okay, you buy a bed frame once every few decades, I feel like. So I would just create a sinking fund and go, you know, furniture or...
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
bed frame yeah it's a one-time purchase just put it in there in that month's budget you can delete it from the next month's budget but as far as dish soap and all that you can't split it up into household essentials maybe yeah for like paper towels and dish soap and all that stuff you could lump it into groceries if you're buying it all from the same store if it makes it easier for you but there's a line we have to go this isn't really fitting in this category let's split it out and you'll notice those patterns as you keep budgeting
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah, and every dollar does let you parse things out. So if you had a $100 grocery bill, but half of it was for household essentials, half was food, you can actually split that up in every dollar. And so if you guys want to learn more about that, we have free budgeting trainings ongoing this month that our team hosts. You'll learn step-by-step how to make and stick to a budget using every dollar.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Plus, you can get your biggest budgeting questions answered in a live Q&A. So spots are limited. Go sign up for free at everydollar.com slash webinar. Well done, George. Thank you. Thank you. Shannon is in Durham, North Carolina up next. How can we help, Shannon?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So you're underwater on each of these properties? Yes. Oh, my gosh. How is that possible? How did the mortgage companies let this happen? Private lenders. So was this some sketchy back-end deals that he used this money for something nefarious? I'm confused.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
What's your household income? $90,000. Okay. Well, I'll give you this. You can put it in Baby Step 6, but not for the reason you're wanting to. Generally, what we would say is if the HELOC is over half your annual income, it can be tackled during Baby Step 6. If it's less than half your income, put it in Baby Step 2 where it fits in the debt snowball. So that's the simplest answer.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
When are you going to be done? When are you like, hey, I don't want to take on another penny in debt?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I'm starting to think this home wasn't as much of a blessing as you let it on to be.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
It's a full-time job to keep up with this house and renovate it.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Why weren't you guys able to cash flow all of these things?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Well, it sounds like you're prioritizing the emergency fund over your debt payoff right now, right? How much debt do you have left outside of the HELOC? None. Oh, good.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So the braces, the breaks, you cash flowed all of that?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I'd get this HELOC out of your life and don't put a penny more on it and no more excuses. You make $90,000. Your quote-unquote mortgage is $450,000. You can cash flow everything in your life. You got this. This is The Ramsey Show.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Blake is up next in Lincoln, Nebraska. What's going on, Blake?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Guaranteed issue life policy, which will only give you probably 25 or 50k max.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah, I mean, the goal is for you to become self-insured, and so that's just more important for you now because you can't even get life insurance. So the faster you get through the baby steps, the better. The faster you get a paid-for home, the better. The faster you build up that nest egg, the better, so that if something were to happen to you, your future wife would be okay. Mm-hmm.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
your kids would be okay. And so I would not be investing more than the 15%. I would keep following the baby steps, but I would have a little more intensity through them than the average person because of your situation to get to baby step seven faster so that you can then stack up, max out retirement, use a taxable brokerage account and stack up even more money in there.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And that kind of becomes your own life insurance plan in a sense.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah, I'm hoping the best for you, man. I hope this is something you'll never actually need to use as you build it and wishing you the best for your health and your future. But I love that you're thinking about this stuff of how to make sure that your family is protected. A lot of people don't think about it until it's too late.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And so, y'all, if you're healthy and you can get life insurance, especially if you're young, get it today. Our friends at Zander can help you out. That's the company I have my term life policy through. And here's what you aim for, 10 to 12 times your annual income. And if you have a spouse, 10 to 12 times their annual income. If they're a stay-at-home spouse, they definitely need a policy.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah, like four to six times. So aim for at least a half-million-dollar policy. And it's very affordable, especially if you're young. And even if you're older, it's still going to be a great buy comparatively to whole life insurance, which is a total ripoff. So stick to a level term policy, 10 to 12 times your annual income.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Have you pulled your credit report to see if any other debts were taken out in your name or accounts?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
You thank God that you didn't have to use it. So the point is not that you want to use it. The point is that it's there to protect you in case something happens. So you're transferring the risk to the insurance company because you can't handle that.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Well, I'll be self-insured then. So that's my personal goal is that the nest egg is enough.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Just these private lender mortgages, which I assume have terrible terms.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Whitney, I think, she'll be fine. If you let it go, she won't care. She'll be happier when it's gone because she feels like maybe there's less of a chance of me dying if I don't have term life. I don't know.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
She doesn't like to think about it whatsoever. That's funny. But I don't want too much. You know what I mean? Yeah, that's true. Because then you're sleeping with one eye open. You're like, dang, he's worth more dead than alive. Dang. I don't like that. I don't like that feeling. That's interesting. But it's one of the things that comes out of my bank account.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I pay it yearly to get the discount because it's me, obviously. I know. And when it comes out, I don't go, oh, man, the payment came out. I go, thank God.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I'm covered for another year. My family's going to be okay. It's just another way you tell your family you love them. Yes. In the nerdiest way possible.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And it really, I mean, it's a few hundred bucks a year. Yeah. Compared to whole life, which we've taken these calls and they go, well, Jade, I've been paying $600 a month into this whole life policy. My cousin sold me and it's got a cash value portion that builds. And I'm going, never mix your insurance with investments.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
interesting never ever ever if they're trying to sell you on how that it can do both it does both poorly is what happens that's right so term life for insurance invest on your own through your retirement accounts and you'll be far far better off and xander's the folks we trust and it's not hard to get it like we were on it so let's just keep talking about it um
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
They have the no medical exam policies now. They have those? I believe under a million for a lot of policies or a million or under. Yep. No medical exam needed.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I think I did mine at work. It was great. Oh, wow. Yeah, they'll come to the office. That's nice.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I make money in my sleep. I think your Dave can't get mad at that. I'm like, sorry, Dave, get my term life policy. What can you do?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I think I flexed my abs a little bit when they were taking blood just to see if that helped it, you know?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I need that A plus rate. I need to save a couple of dollars here. I'm willing to get in shape if it means a discount.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
How upside down are you on these? Are you hundreds of thousands? Give us an example of one of the properties. What's it worth?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by bestselling author Jade Warshaw this hour. The number to call is 888-825-5225. Call us up, and we'll do our best to help you out with your life and your money. Amy's going to kick us off in Fort Worth, Texas.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Sure. What's going on in your world?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That's a dollar a day. If you could have just kept that away.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
My word. Yeah, that feels illegal to even issue a mortgage at that point. Yeah, I would. I mean, if I was in your shoes, obviously you need to work with an attorney. We're just two people on a show. But here's what I at least would do if I was in your shoes. I would let the mortgage lenders know in writing that, number one, these loans were made without your consent.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So you also just like live at the hospital at this point, just rent a room?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
You should get a sign made just for you guys. I think that's nice of them, reserved spot for Amy.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
This is health expenses in the budget. Because the emergency room for you guys is no longer an emergency. It's just a budget line item that's going to happen a few times this month.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So the best you can do to get ahead of it, prepare for it, create a sinking fund where you just go, all right, we're going to put $500 a month away in this account so that we just constantly have at least $500 a month to spend on this stuff. And do you guys have good health insurance? Is it through one of your employers?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That's amazing. So that tells me there's more going on here because you're hitting the out-of-pocket max. It's not just the medical stuff that stopped you guys. What else has been going on in your life? Has there been spending?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
But you guys are making, are you guys making six, seven grand a month? What's the take-home pay here?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I'm just wondering. I just feel like there's some other money leaks happening here because $7,500 a month take home is a great income. So where else is that disappearing to other than emergencies? Do you guys have a big mortgage?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And it was based on an abuse of the power of attorney authority and that you want to dispute the validity of the debt. And then you can ask for give me copies of the loan application, the signature pages, the notarized power of attorney that was used. I would make them give you everything they have.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
There we go. Plus feeding people and keeping the lights on, plus the emergencies.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
What are the cars worth that you do have? Right.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And you report. Have you reported this like done a police report? I haven't done a police report yet. No.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Hang on the line. I feel for you, Amy. We're going to send you every dollar premium to help you guys budget every single dollar coming in. And hopefully we can get you through this plan.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
If you're enjoying the show or if you ever have, please subscribe, leave a review, share it with a friend. You guys are the best marketing tool we have, and we appreciate all of you spreading the word, telling your family, your friends, saying, hey, if you want to get better with your money, you want a better life, check out this show. It means the world. Thank you guys for doing that.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Ashley is up next in Atlanta, Georgia. How can we help, Ashley?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah, because you're saying, hey, I want to go into debt for a toy, essentially. This beach house is for you guys as a vacation property.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
The investment property you have, that has a mortgage on it as well?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
What's the beach house going to cost?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Okay. And how much do you guys have saved right now that you could use toward this?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And what's your household income? Two.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Amazing. And how much of that could you save each year? If you were like, hey, we're going to do this cash. Here's how much we can set aside.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Okay, so let's say $100,000 a year.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So at this rate, it would take you nine years of just straight saving to get there. Now, if you invested the money, let's say, hey, in five years, we're going to do this. We're going to invest the money into the market, let it grow for us. You could probably do it in six or seven. Okay. And how old are you two?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I thought you were going to go, well, we're nearing retirement. You work your butts off. And what I don't want you to do is take out an $800,000, $900,000 mortgage for a toy that maybe cash flows, maybe is a headache, maybe you get to use it. I don't know. But it's still a toy at the end of the day. It's a luxury entertainment piece. And if you called in, Dave Ramsey was sitting in the seat.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
He'd be – Maybe less kind. I don't know. But he would say you got to pay cash for it.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
What's your net worth as a couple?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah. This beach house is a great dream, but it's a lot of your world to buy a million dollar beach house. That's about your entire net worth.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So I think we've done a great job. I think we're getting a little bit ahead of ourselves. And I think you're going to get there faster than you think if you guys decide to take debt off the table and cash flow this whole thing. And also, you can still have a sweet beach rental that you just rent for a week or two whenever you want to go. You could. You guys have the disposable income to do that.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Why not do that to scratch the itch until you can do it the right way?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Then you add $8,000 a month to that. At a 10% rate of return on average over those four years, you would have $1.1 million five years from now in that one account. Yeah. In five years? Five years. So this is not like a, well, when I'm 60, we'll have this dream. I'm saying you could do this faster. You guys have an incredible income. You don't need the rental income.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Whatever you guys are doing full time, that's what's working for you. The rental is just gravy on top. And so I like that idea. If you're real gung ho about this and you want to speed it up, you can sell the rental. And even if you didn't, it's probably only a few years beyond that to get, you know, one or two years to do it without selling the rental.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And you would need to pay cash for that, which would take up a lot of your capital. Right. Right. So I think to simplify, I don't know that you're trying to be real estate moguls. I might just go, I'm going to park this in an S&P 500 index fund and let it ride for five years and just keep adding to it. That's personally what I would do if this was our goal, is to have a paid-for beach house.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I was hoping you were going to say that. Beautiful area. Great. Can I ask what part? Is it like Santa Rosa? Yeah.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Nice. I love the dream. But guess what? You guys could spend two weeks there and drop five grand and have a great time.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
It's like great minds think alike. I love your husband, by the way. I think he's he's thinking through this and you guys are thinking through this the right way. I can tell your excitement has gotten ahead of the reality of your finances. But the good news is this is not a pipe dream. This is not a 20 years from now.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Sorry we didn't give you the answer you want. Were you hoping, Ashley, we were just going to be like, go ahead, put 20% down. Your husband's being a fuddy-duddy.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
He was like, no, you call them, let them be the bad guy instead of me. Is that what happened? Yeah.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Jade is apparently taking bribes. You can Venmo Jade to get your question to the front of the line. We kid, but it's not a terrible idea. Amanda's going to kick us off in Calgary. What's going on, Amanda? How can we help today? Hi. Hi, guys. How are you doing today? Doing great.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
There's a lot of things you can do. There's not much you should do. And so you can go in. You guys will be okay at the end of the day. This is not going to tank your financial world if you did it. But it's going to give you a lot more peace, less regret to do it slower in cash. And you're not worried about trying to cover the spread. And what if you don't want to rent her?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
What if you realize, you know what? I don't want people messing with my stuff.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Personally, I'm too OCD to have people going through my stuff, sitting on my couch, sleeping on my bed.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I don't want to have to be vetting people's feet before they stay in my place.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
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The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
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The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Get this. So far, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites and saved me 77 hours of time. It's incredible.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
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The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Welcome back to The Ramsey Show. It's that time of the show where we get to celebrate someone's debt-free journey. And this special someone today is Jenna. How's it going?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Awesome. Thanks for coming all the way to do your debt-free scream. How much did you pay off?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Let's go. And what was the range of income during that time?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That is rock and roll. A herdsman? Is that the official title?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Good. Good. That's how we like it. It's not herdswoman. That's not a... Yeah, a herdswoman. A herdswoman. I just wanted to make sure. I didn't know. I'm not privy to the lingo in that world. That's a boss job. That's cool. I love it. Okay. What was the 30K in debt?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
This is crazy. Okay, can I ask how old you are? Because you seem very young to have accomplished all of this.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
You're just old enough to drink and you already paid off your house?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Congratulations. What's the house worth?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Have you been working since you were like seven? How did you accomplish all of this?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
She's a herdswoman. You're not scared to work. Yeah, if you're out there. And Sioux Falls. Wow. Milk and cows. I don't know what else they do to cows. Branding them. Do you do that too? No. Okay, that's good. That part would scare me. Oh my goodness. So tell us a story. Seven months ago, you had a $30,000 mortgage, which tells me you put down a whole lot on this home when you bought it.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
You had 80K in the bank and you went, all right, I'm going to buy this house. A very reasonable house.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
On your own, you did all this. That's incredible. Okay. So seven months ago, what clicked? What got you on this sort of Ramsey plan of like, I'm going to get rid of this mortgage?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Did that partially cause you to grow up fast?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Who's making all these egg profits then? That's what I want to know.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That makes me feel better at least when I go to pay for eggs.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Well, I mean, most people's cars are worth more than your mortgage was. That's impressive. Yeah. And you still paid it off at an astounding rate. I mean, you were putting over four grand a month on average toward this, making 48 to 58. How did you do that? Did you sell anything? Or is this all like you were living off of $700 a month and throwing the rest at the mortgage?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I would be bragging in the streets. She's like, yeah.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I held the door open for someone, and I'm still like, I did a good deed today. Wow. You're incredible, Jenna. This is amazing. What was the hardest part of this journey for you?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Are you going to loosen up now? Are you going to finally upgrade some things, upgrade the car, enjoy life more? Are you still going to keep at it?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I need people in my life to force me to loosen up, like Jade and Ken.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I'm hanging on tight. I got skinny jeans for that reason. Harder for money to fall out. So what's the next thing you're going to do now that you're in Baby Step 7 with a paid-for house? At 21.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Can you paint us the picture of your dream car that you're thinking of?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Do you need a truck for the farm, or are you going to get a modest sedan? What are we thinking?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
What a good person. She's car shopping with her niece and nephew in mind.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
It's hard out there. Yeah, I mean, a town of 600 people, can you throw yourself a parade in the town? How does this work?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Thank you for joining us. We do have a parting gift for you. Two every dollar premium subscriptions, good for a year. You can use those. You can pass them on to maybe some of the people who said you were weird because they're going to be asking you for advice now. You're now a financial coach for the entire area. The entire county is now going to be like, what is she doing?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Because we got to step up our game. I'm guessing the more rural you get, the less likely they are to go into debt to impress people.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Oh, so they're all in crippling debt.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
But not necessarily to impress. It's just like, Hey, you want the farm equipment? We're going to have to, you know, go into debt for it and we got to have a nice truck to do it. We're gonna have to go into debt for that.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And you somehow have avoided all of that.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah, well, that money trauma growing up shaped you to see your parents go through that bankruptcy. And now you're using it for good to change your own family tree because you're going to put yourself in such a place where bankruptcy is never going to be on the table.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Because you don't owe anyone anything.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That's beautiful. Do you have dreams or aspirations of kind of like owning your own piece of land and farm one day?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Instead of working for someone else?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
By the time you're 23, you have accomplished that. All right. What now? We are so proud of you. Thank you. All right, let's get to the fun part. We've got Jenna from Sioux Falls, South Dakota. $30,000 paid off. That's her mortgage. Did it in seven months, making $48,000 to $58,000 as a herdsman or herdswoman. A herdslady. Count it down, Jenna. Let's hear that debt-free scream.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
She's impressive. Do you remember us at 21? We were knuckleheads. I'm still a knucklehead, but...
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I'm scared to see her at 41. She might own the entire town.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
God bless. What an inspiration. Good for her. It's possible. You got to make some sacrifices. You got to have some skin in the game, but you can do this stuff. You can become debt free and join us on the stage. We will celebrate you all day long until the cows come home.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
When you're tackling debt or building wealth, you can often forget about one important step to reaching those goals, which is insurance. Having the right coverage, whether not enough, too much, can impact how long it takes to get there. And skipping on insurance might seem like, I'm saving money. But when life happens, it's easy to fall back into debt without a safety net.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So the right insurance acts as a shield around your loved ones, around your wealth if disaster strikes. And in some cases, it can even save you money if you're paying for too much insurance or for bogus insurance like... cell phone insurance or alien abduction insurance. You know, there's all kinds of crazy ones out there. So how do you know if you have the right coverage? We make it easy.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
You can take our coverage checkup. It's a free online resource that creates a personalized insurance action plan that's unique to you and your situation. It makes an overly confusing topic easy to understand and gives you clear next steps. So go check it out.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Go to RamseySolutions.com slash checkup to take the coverage checkup or click the link in the description if you're listening on YouTube or podcast.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
That's a real one. You see the one where the atheists to the Christians will say, hey, we'll take care of your dogs if the rapture happens. If you pay us a fee.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Not the way we think of them. Are there living organisms? That's plausible. Okay. But I'm out on the alien, like the green, you know. Yeah, I got you. Are they smarter than us? I don't know. Who's to say? Who's to say? What if it's like a raccoon? You know what I mean? Like, they're not that intelligent. I'm done. That's all I have to say about that. All right. Wesley is in Edmonton, Alberta.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
What's going on, Wesley? How can we help today?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So both of you are working full-time in other jobs right now?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Okay. Is she at home with kids, or what's she doing?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I think there's a great compromise. I think both paths have validity to them. But I think we need to hear each other instead of just trying to get our point across the line and win the argument. I think both of you are probably guilty of this, right? She's gone, well, you don't understand. You don't know how the Internet works.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And you're going, well, I've done this stuff for years and you don't understand. So that's not going to get us anywhere. I think it's wise for you to go first with humility and say, hey. I feel like I've really screwed the pooch on this one. Can we just reset? Can we create a vision for what this business is going to be together where you have as much input as I do?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I think she would be like, oh my gosh, who is this guy?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Yeah, well, it sounds like she's also on her own journey to finding some purpose. I mean, she wants something to sink her teeth into, and every time she does, you're kind of swatting her away going, hey, this is my territory. I know how to do this. And so I think you need to let her, because you also don't have a lot of time.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I mean, I don't know how you're working 10 to 12 hours and doing this on top of that.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I hope you can work with your attorney to work this out. Even if they foreclose on it and they waive your deficiency, that at least might get you out with all of this damage and years of cleaning the mess up. That's a best case scenario. Worst case, it's going to be years of hard work. I'm so sorry you're going through this. Oh, wow, wow.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And I think she doesn't want to see you burn out either, taking it all on your shoulders. Is there a vision to grow this thing? It sounds like she wants to scale it and you're like, well, no, I know how to do it right. I don't want to delegate. I don't want to hire a team.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And you know exactly how to push each other's buttons and you're tempted to push them all the time. Yeah. So I think we, let's define the vision. Let's define the roles. Let's get on a whiteboard for a weekend and pretend like this is a real business and go, how are we going to dream this thing up? And maybe you go, I'm founder and CEO. You are the COO and CMO.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
So if it's marketing, that's her job.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
And I think making clear lines of who owns what is going to really help. And I want to send you Dave Ramsey's new book, Build a Business You Love. I think it's going to help you guys map that vision out and help you grow this thing to the place you want it to go. So hang on the line. We'll send that all the way across the border if we can make it through customs. We'll see.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Welcome back to the show. 888-825-5225 is the number to call. Hey, are you staying on track with the Baby Steps? We created a quick quiz so you can check your progress and get a personalized plan just for you. Simply head to the show notes, click on the link titled Are You On Track With The Baby Steps, and complete the quiz. Mike is up next in Philadelphia. What's going on, Mike?
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
I don't think either of you are going to be able to keep this house, though.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Because they're going to have to refinance, or one of you is going to have to buy each other out with a cash-out refi, unless you have the money, and it sounds like you guys don't have any money.
The Ramsey Show
You Can’t Win with Money if You Keep Borrowing It
Is there any hope for this marriage? Is there a chance that this can be resurrected? You guys go through some intensive marriage counseling and try to make this work?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
It's a personal attack that you say for your kid's college while they can't or won't. And that's the part you need to drop and go, all right, that's not on me. You sound like a real nice guy, not a braggadocious type. So I don't know, maybe I'm wrong, but that's the hard part is for you to just swallow that pill and go, no, that's on them.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That's a poison they're choosing to drink and I want no part in it.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You've lived intentionally for a long time. That's rare.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
It just is. So I love John's idea of who do you admire? When you guys go home and you're talking to your wife, who are the people like, man, they seem really, we should get lunch.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And then be weird and send the text, make the phone call. And then you're going to develop new relationships over time. And it's still going to be weird and awkward. And it's always going to be weird. And go anyway. Thanks so much for the call. Great conversation, Brandon. More of your calls coming up. 888-825-5225. This is The Ramsey Show.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Because you knew day one, all right, I got a business, I make money, I got to pay the piper. What caused you to go, I'm going to bury my head in the sand? Did it just become too much after year one or two, or what?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Open phones at 888-825-5225. Jennifer's up next in Boston, Massachusetts. What's going on, Jennifer?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So when was your last tax return that you filed? What year?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm Ramsey personality, George Campbell, joined by my good friend, Dr. John Deloney, and we are here for you. We want to help you take the right next step with your life, your money, your relationships, whatever's going on. So give us a call at 888-825-5225.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Okay. That's barely enough to cover the mortgage.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Yeah. So selling the house might be the move. I want it to be a last-ditch effort when you've exhausted all other options because I assume to rent in your area to get a house that will fit your kids is going to be more than $2,200. Absolutely. I don't know what part of Boston you're in, but that's where I'm from, and it ain't cheap.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Yeah, and we're going to hook you up with Financial Peace University and EveryDollarJennifer. That's going to give you the information you need, the motivation, the budgeting tool, so that this week you can look at what are my bills, what is the income, and can I get through this without going into debt. This is survival mode, and we hope that one day soon you'll be thriving. Thanks for the call.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. You know, every day we take calls on The Ramsey Show, but we don't always know what happens after we hang up. Did they take our advice? I know a lot of you are wondering, and so we wanted to stop you from wondering. So we have a new show called 90 Day Money Makeover that lets us find out what happens next.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And the good news is the first episode is now available on YouTube. And in episode one, we follow single mom Heather who's drowning in debt and stress following her divorce. Not only that, but she's trying to keep up with the family farm, including horses, chickens, and more. And it consumes almost all of her time and money.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So the question is, is she willing to sell 30 chickens a calf, maybe even the horse?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You got to check this out. So Heather, she's got to consider major lifestyle changes. Jade's out there walking alongside her through these decisions and sacrifices that she never imagined making. So if you want to see just how far she's willing to go to change her life and her finances for good, go check out 90 Day Money Makeover.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
It's now available on YouTube, on our YouTube channel, or click the link in the show notes. It'll take you right there. Very exciting. It's an awesome concept. We never get to interface with the people.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Are they really going to do all this? Is it going to change their life?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And the production quality. Our team did this all in-house and it is next level. So go check it out. 90 Day Money Makeover. All right. Phoebe's up next in San Diego. How can we help, Phoebe?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
There's the Phoebe rule. The Phoebe rule. In statute 50... No. Correct.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Let's try to address these. Welcome to our club. Yeah, let's walk through. A lot going on here. So combining income, it doesn't sound like you're paying yourself a salary right now. Like, how are you eating? How are you paying for other bills outside of rent?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
What would be a reasonable salary to pay yourself out of this business? Every month, let's say, you know, here's your take-home pay for the month. What would you transfer over to your personal checking?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
No, give me a number. Is it $5,000 a month?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
paying you and then we can make a plan to get out of debt get an emergency fund save for a down payment otherwise it's just i don't know let's see how much we can pull out of the business this month so we need to have something a little more stable and then as you actually get married and combine finances now becomes okay what is his stable income what's his irregular income what can we plan on and then where is that money gonna go
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And that's where the baby steps come in. So your next question was, how do we get on the same page? Because he's clearly in a different world right now when it comes to finances, and that's where Financial Peace University is one of the best tools, and I will gift it to you guys as premarital counseling if you think he'll go through it with you.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Because I think he's a great guy. I think he just doesn't know. He's a base player. You don't know what you don't know. Yeah, he didn't have financial literacy. Yeah, what does he play, by the way? I think that's important.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And we need to figure out if this is a hobby because 40 grand in San Diego, we're not talking real estate mogul buying investment property. We're talking like, maybe I get to eat this week. And so we need to look at what does a career look like?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So your last question, is it a waste of money to rent? No. Renting is buying patience. It shows wisdom and maturity. And until you guys are out of debt with a fully funded emergency fund and then a down payment where you can actually afford the mortgage, we're talking 25% of take-home pay, I would not buy property locally and I definitely would not buy it outside of the state.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
If you guys want to move outside of San Diego and you start a facial business out there for lower cost of living, go for it.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So thanks for the call, Phoebe. We appreciate it. Hang on the line. Kelly's going to pick up. We'll get you Financial Peace University. Wishing you guys the best. That puts this hour of The Ramsey Show in the books. Live from the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
I'm George Campbell, joined by the host of The Dr. John Deloney Show, Dr. John Deloney. We're here to help, taking your calls at 888-825-5225. If you want to talk life, money, mental health, relationships, you name it, we are here for you. Ted is going to kick us off in San Francisco. What's going on, Ted?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That's a lot of your income going toward a mortgage. I would never do that.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So what does it take to get to that 25% parameter with the mortgage? Would that mean pausing investing and waiting two years and stacking up cash?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And you're in a condo now with how many bedrooms?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Okay. Well, for the first six months, the baby's going to be in your room probably, right? Yeah. So we're probably going to be here for maybe up to a year.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
We're talking like 2026 for a home purchase would be ideal?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Okay. So if you paused investing, how much extra money could you stack up? If you guys just got real focused on a budget, cut the lifestyle down, how much could you save that 450 take home?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So, Chad, the first thing, like John was talking about, we need to assess the damage. So you need to get all the financial records you can, figure out what amounts are owed, income, payroll, taxes, federal, state, local, you name it. Get all the documents you can get, expense records, prior tax filings. Once you have all that, you need to contact a really good CPA.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So you would add another $180,000 over the next year if you didn't make any changes.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Okay. So let's call it 200 plus your 400 saved. That's 600. Let's say you save up another 200 over the next year. Now we're talking 800 grand as a down payment for the next house. Would that get you closer to that 25% mark?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
No, don't be that guy. Don't get greedy on us, Ted. So now you want to hang on to the condo, use it as a rental, while adding stress to your life as a long-distance landlord. That's what happens.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Is that deflating? Do we just bum you out? Well, it's controversial in the financial world, especially Silicon Valley. Like, bro, that would be a great investment property. It's 2.5%. You're basically robbing the bank here. Like, why would you? And we're going, your life is more than just a set of numbers. You got a family you're trying to take care of.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You got a life to live and I don't want you spending it worrying about a property that's hundreds of miles away. Okay. And all we're telling you is what we would do in our own house. And it's what I have done. We sold our house. We didn't hang on to it. We could have. We said we're going to sell it because we want peace. We want to get to total debt freedom faster.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And if you go to ramseysolutions.com slash tax, we have a network of these pros that can help walk you through this. But you're going to need a pro. This is not a DIY situation.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And now we don't have a payment in the world. And so when my wife wanted to stay at home with our baby, it wasn't even a financial conversation. It was just an emotional one of you're leaving your career. And so that's what I would love for you guys to have. Freedom, flexibility.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
I think high yield savings would have equal, if not better rates right now. So I don't think it's worth switching to the money market or even putting it in a CD because you're talking about a year timeline. That's just too short to be messing with things that lock up your money or invest your money. So a money market acts like a savings account.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
There's not many more benefits other than sometimes you get to write checks out of it or you get a debit card attached to it. So I would just leave it with a high yield savings account.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Well, they'll be able to direct you and say, hey, this is attorney level. I think so. It may not be.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
For free tools and resources to help you reach your home goals, go to ramseysolutions.com slash real estate or click the link in the show notes. Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Hey, it's New Year. If you're ready to get your finances in order once and for all in 2025, you've got to join us.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
January 23rd, we're doing a free live stream called Take Control of Your Money. It's hosted by Dave Ramsey and Jade Warshaw. You're going to learn how to stop living paycheck to paycheck. free up more breathing room with your finances so you can pay off debt fast, finally get ahead. Plus, Rachel Cruz and I will join at the tail end for a Q&A where you can ask your money questions live.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And when you sign up for the free live stream, you'll be entered to win our cash giveaway, and five people will win $4,000 each. So sign up for the free live stream by going to ramseysolutions.com slash live stream or click the link in the description if you're listening on podcast or YouTube. Need I remind you, it is free. You've got nothing to lose. ramseysolutions.com slash live stream.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Casey is in Green Bay up next. What's going on, Casey?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And the goal is you want to be proactive, calling the IRS, explaining the situation. That can actually reduce your penalties. And likely what they're going to say is, well, how much can you pay now? Because that's going to help you reduce penalties in the future. And then what does this payment plan look like? Yeah.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
We're talking a few years down the line.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Okay. So in the grand scheme of life, let's call it a wash, but it's where you guys want to go. You're closer to family. Is the cost of living the same?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Would you guys immediately live on the property?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
When you're saying we're going from making $160,000 to $60,000 and we want to buy property and renovate and, and, and, I'm like, now I can't breathe a little bit. Yeah. So I think we can't have the cake and eat it, too. So what can we do to take this job? I'm all for this. It sounds like it's where he wants to be longer term. You're closer to family. Eventually, the pay will get up there.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
He sounds like he's a hardworking man. He's willing to take on a side job if he needs to in the meantime on top of the training. The question is, can you financially stay home, get your income down to $60,000, and still make ends meet? I don't know.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And so you're going to have to pay the piper here, but the goal is to now minimize more damage being created. And so that's where being really proactive, explaining the whole situation, getting with a good CPA, and then figuring out a game plan. And the next few years of your life are going to look drastically different.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Good. And you have a fully funded emergency fund?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Awesome. Okay. The good news is you guys are in a great spot, that this move won't be as stressful. I do like the idea of pausing to make the move until after training. What does that mean for him traveling?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
But you wouldn't see him for six months or what?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Oh, so you're talking about just quitting your job for six months?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Would it make sense then to just do child care for six months?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You know what I mean? If you're making $86,000, I doubt it's, I think your take-home pay is still going to be much higher than what your daycare would cost you.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You know, if you're bringing home $6,000 a month and daycare costs $3,000, you're still in the black here. So I would crunch those numbers. I'd sit down with your husband. I would do a fake every dollar budget and go, okay, here's what life looks like if we drop your income. Here's another budget. Here's what it looks like if we go down to just you in training.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And then here's what our budget looks like later on. That'll give you some peace and facts instead of just here's how I'm feeling about it.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You're going to have to learn to live on 30%, 40% of your income because the rest of it is going to pay for the past.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That's the hardest part is the sacrifice your lifestyle is about to take. But it's not as hard as going to jail for tax evasion. Exactly.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And you guys would be selling your current home and buying a property over there? Correct. Or are you going to do the structure on the family property? Because what does this family property cost?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Okay, good. I'm trying to make sure your mortgage doesn't triple when you make this move and it's all of a sudden, whoo. The other piece of this to be thinking about is do you guys need to rent while you renovate the structure?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Thanks for the call. It's an exciting life move. It's a lot of change at once. And John, there's so much more when you look at just, can we do this financially? There's so much more under the surface when you talk about family and relationships and career and moving the kids. It just sort of takes your breath away to think about a change that big.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. We've got to kick off the year with a little pep on our step. And to do that, we have a very special couple on the debt-free stage. Steve and Katie are with us. How are you guys doing? Great. Where are you guys from? Peoria, Illinois. Wonderful. And all the way here to do a debt-free scream. How much did you pay off?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
How long did that take? Eight months. Okay. There's a story here.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That's beautiful. We love to see that. You're clearly very good at sales. Okay. So let's talk about this. What type of debt was the 214? It was our home. Whoa! We're looking at weird people, John. This is wild. You guys aren't old enough to have a paid-for home. Well, thank you. Oh, my goodness. Okay, so we got to go back a long eight months ago.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You guys had this mortgage sitting around, and you decided, let's knock this out. What happened? What got you on this journey?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Chad is going to kick us off in Orlando, Florida. What's going on, Chad?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Wow. And you got four girls. Yes. How old is the youngest? Nine. So how did the nine-year-old react? Did they have the biggest reaction of, okay, how does this affect me? Or was there none of that? They were like, all right, sounds cool. I'm in. Well, we promised him a vacation at the end of it.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
There we go. We all had some incentive here. Wow. So what is the principle and interest that you've now freed up every single month for the rest of your life? Are we talking a few thousand bucks?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Oh, my goodness. For the rest of your life. Yeah. That's some good living given like no one else. That just comes on, right? Yes. Wow. That's an exciting phase. As your first heads off to college, you guys are living a little easier now. You got a spare bedroom and you got some spare money in the budget.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Did friends and family know about this? Are they weirded out? Did it feel like a personal attack that you guys have been so successful at this? Was it awkward to talk about?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That's true friendship right there. Because we took a call earlier, and they were like, hey, I feel awkward because we're in this phase of life, and you guys have surrounded yourself with people who actually want to see you win, who want to cheer you on and support you.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Woo! And how much do you guys have in your nest eggs? $500,000.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Wow. Baby steps millionaires just like that. And I'm not putting your ages out there. I assume she's still in her 20s. You look like you're at 40 max. Am I close? 45. There we go. And here you are no mortgage payment, the rest of your life ahead of you just all margin to live and give like no one else. So you're taking them on vacation.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You're going to give more anything else you're doing to celebrate or kind of upgrade life and have a good time.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And can I ask, did you guys have a low interest rate on this thing? We did.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You could have invested in Bitcoin or something. But now it's zero percent.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Let's get them up. What are their names and ages?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Beautiful. Beautiful family. We've got a couple of Every Dollar One Year subscriptions to give you guys that you can use. You can pass it on to kickstart someone else's Baby Step Millionaire journey. You guys ready for it?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
All right, here we go. We've got Steve and Katie, Adeline, Vivian, Sophia, Eleanor. $214,000 paid off, house and everything in eight months, making $331,000 to $391,000. Count it down, guys. Let's hear a debt-free scream. To God we give the glory.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
It's that simple and it's that hard, John. The simple part is just choosing. Hey, what if we didn't? What would that be like? The hard part is then going, all right, every month we got to be disciplined. We got to be focused. We got to be intentional because there's a lot riding on this.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And more is caught than taught. Those girls will never forget that. They're going to be living and giving like no one else, too. So proud of you guys. This is The Ramsey Show.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Welcome back to the Ramsey show. I'm George Campbell joined by Dr. John Deloney. Derek's up next in Norfolk, Virginia. What's going on, Derek?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
I don't know that they're apples to apples, so I'm wary on trying to compare them. I'm guessing the policy through your work doesn't have a big face value. What's the policy worth?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Do you see why it's not apples to apples? You're talking triple the amount of face value.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
So I know there's some sticker shock when you see 120 versus 10, but the thing to remember is that 480, I'm guessing, you know, what's your household income or your income?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Awesome. And so our philosophy on this is that you want 10 to 12 times your annual income in term life. And so that 1.25, you're right on track there. I think that's the right amount for you. If you wanted to scale it back to a million, you'd probably be fine there. And the goal here is to become self-insured when this policy runs out. So 20 years from now, your life looks very different.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You've been investing for 20 years. You've got the house paid off long before then. So your family would be okay if something happened to you once the policy expires. But in the meantime, if, God forbid, something happened and you've got a stay-at-home mom with no income now, that's scary, isn't it?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And so that's why I will pay the $120 for the peace of mind all day long. We spend $120 on stupider stuff in America.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That's right. Yeah. But it's definitely worth trying to follow the appeal and try to get a better rate. But at the end of the day right now, I'd get something in place.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
That's right. Hey, when this segment ends, folks, if you're watching on YouTube, you're listening on podcast, the show as you know it will be over. But if you want to catch the next hour, jump over to the Ramsey Network app. It's the only place to get full episodes of the show. You can download the Ramsey Network app for free.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
We've got a link in the show notes or just search Ramsey Network app in your app store. If you're on radio, stay tuned. The show will continue. Today's question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans and builds a custom loan based on your ability to pay.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You'll have a payment you can afford with a low fixed interest rate that you couldn't get anywhere else to help you stick to your budget and work that debt snowball. So go check them out. YRefi.com slash Ramsey. That's the letter Y. R-E-F-Y.com slash Ramsey may not be available in all states.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And then instead of an exclamation, let's put a question mark and dig into, hey, what's going on here? Like I'm seeing these purchases. Here's the theme I'm seeing. Tell me if I'm wrong. What's going on? What can I do to help create some guardrails so that we can actually stick to the budget?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
And is this a dollar or is it a hundred each time? That also makes a difference. But getting to the root of it, then we can go, okay, here's what we're doing next as far as the budget goes.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Hey, that puts this hour of The Ramsey Show in the books. If you want to catch the next one, if you're on YouTube or podcast, jump over to the Ramsey Network app to continue the party. This has been The Ramsey Show.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Yeah, a lot of this is the emotional just buildup of seven years of burying this and burying this. And now we got to do some excavating.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. If you're listening to this show, I'm going to assume you like it. This is not a hate watch or listen for you. And we want to know your favorite. Well, for some people. That's why John listens.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
But we do, John. We want to know what your favorite parts of the show are, what you like. even what you don't like. We want to hear more about whatever it is we want to hear. So, survey is now live. The Ramsey Show Annual Listener Survey. And there's two ways to participate if you want to help us out. Text the word SURVEY to 33789. That's 33789. Text the word SURVEY.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Or just go to ramseysolutions.com slash survey. survey. And if you're listening on podcast or YouTube, just click the link in the show notes and description, and you will be sent there. And here's a little bonus for you. If you sign up today, you'll be entered to win a $500 gift card if you complete the survey. And this really helps us out.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
This shapes the content that we bring you guys, and it means a lot. So go check it out. All right, let's go to Brandon in Gulfport, Mississippi up next. Welcome to The Ramsey Show.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
Do you have any money currently? You got money saved?
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
You're asking the wrong guy, John. I'm asking the wrong guy. John won't even be friends with me.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
No, but I've been thinking about this, Brandon, because I'm in a similar phase. I'm just very gung-ho on the baby steps, have been for a long time. And what I found is over time, there's a natural shedding of old relationships that just don't serve you. And it's not a selfish thing.
The Ramsey Show
Your Life Is More Than Just a Set of Numbers
If they've got to add value to my life, you just find that I communicate with them less, they talk to me less, and I'm learning to have new relationships. And so part of what you're experiencing is this idea that your friends have poisoned the well by choosing to believe that the way you live your life is a judgment against them.
The Ramsey Show
You Can Make Progress Even When It Feels Impossible
Ruth, how can we help you today?
The Ramsey Show
You Can Make Progress Even When It Feels Impossible
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
You Can Make Progress Even When It Feels Impossible
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
You Can Make Progress Even When It Feels Impossible
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
You Can Make Progress Even When It Feels Impossible
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
You Can Make Progress Even When It Feels Impossible
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Stop Letting Excuses Steal Your Wealth
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax.
The Ramsey Show
There’s No Fast Track to Financial Freedom
If you went down to 15%, how long would it take to save up the $190 needed?
The Ramsey Show
There’s No Fast Track to Financial Freedom
I'm 46. Okay. So we're not going to touch retirement. Can you promise me that? We're going to use savings outside of that. So the question becomes, how do we make more in order to make this dream happen faster?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Can you just go rent a place until it's done? And hey, once a year, you guys go a few times a year, go rent a place up around there?
The Ramsey Show
There’s No Fast Track to Financial Freedom
I would just split the difference and go, we're going to rent a place. We're going to move at the speed of cash. This is a toy. We're not going to go into debt for it. And truthfully, you got a 15-year-old a few years from now, they're going to be like, Dad, I don't want to go. I want to hang out with my friends this weekend. That's what's going to happen.
The Ramsey Show
There’s No Fast Track to Financial Freedom
So I don't want you to put this whole dream on the kids. Just say it's for you, and maybe the family gets to enjoy it too.
The Ramsey Show
There’s No Fast Track to Financial Freedom
So on paper, if you did what the paper said on what you spent, you'd have two grand. But you're saying it's disappearing. It's being spent.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Like if you go to your bank account statement, it will tell you, right? If you go to your bank account statement and you add up all the things that weren't the necessary expenses, it would easily tell you what's going on, right?
The Ramsey Show
There’s No Fast Track to Financial Freedom
So what would you say are the top three things this money is disappearing to? Eating out.
The Ramsey Show
There’s No Fast Track to Financial Freedom
97% of day traders who persisted for more than 300 days lost money. So you are, you're not at the 300 day market. And truthfully, I have no ill will. I hope you keep making money, but the key that I would go is like, if this was Vegas, we'd all be around you going, dude, cash in the chips and walk away. All right.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Do you have any other vices? Are you like a dip? Something that you're spending? Vapes? I don't know.
The Ramsey Show
There’s No Fast Track to Financial Freedom
You ate your vegetables. All right, you can get some dessert.
The Ramsey Show
There’s No Fast Track to Financial Freedom
So you're making about $65,000? Yeah, give or take.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Man, you got a lot tied up in wheels and motors going down in value to be making $65,000. Have you ever thought about selling these two items and getting something cheaper?
The Ramsey Show
There’s No Fast Track to Financial Freedom
You literally, it's like you just won the lottery and now you're playing with other people's money, which does lower your risk. You're not putting your own money. But my bigger question is what are you doing with this $300,000 you've made in the last six months?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Can you get a cheaper truck to do this with? I don't think it's a $34,000 truck causing this.
The Ramsey Show
There’s No Fast Track to Financial Freedom
I mean, if you had a $15,000 truck that was running great, could you do the same work and get paid the same?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Okay. That tells me the truck was for you. And yes, you do use it for work, but you can also get a cheaper truck, get out of this debt, free up more margin. And I imagine you don't have a lot of time to be on the boat when you're working and a full-time student.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Are they making the $1,300 payments for you every month?
The Ramsey Show
There’s No Fast Track to Financial Freedom
You can be kind and respectful. That's right. Do you have any money in savings, Hayden?
The Ramsey Show
There’s No Fast Track to Financial Freedom
problem with my arm and surgery so i got a a settlement a settlement coming in soon okay and that'll be in your name you said your parents have it for you uh no it'll be in my name okay man that'll set you up for sure yeah
The Ramsey Show
There’s No Fast Track to Financial Freedom
That's an emergency fund plus some moving out money plus some down payment money. That sets you up, man.
The Ramsey Show
There’s No Fast Track to Financial Freedom
I would have like a house before you put all of your money in depreciating asset to impress your friends. And trust me, they would be impressed. What's less impressive is invisible wealth where you're like, well, it's in the equity of my very reasonable home.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Here's the truth. They're leveraging debt to do leverage real estate, and that's fine. It makes sense for almost nobody to do a whole life policy, especially as an investment tool. And think about this. Why would a whole life insurance salesman be pitching this as an investment tool to get you to buy their insurance?
The Ramsey Show
There’s No Fast Track to Financial Freedom
It's the only people who actually say it's a good product is the people who sell it, which should be a giant red flag.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And then, you know, your business buddies, they see these TikToks and they're going, oh my gosh, this is...
The Ramsey Show
There’s No Fast Track to Financial Freedom
they gave it a fancy name infinite bank it sounds cool i will admit very intriguing name book all it means that yes and there's a book it's like yes i've heard of the book where they go well if you just read the book how to be your own banker and the concept is you're going to borrow against the policy the truth is you're taking a policy alone from the insurance company your cash value policy is collateral right so it's no different than taking out a HELOC against your house to go do real estate
The Ramsey Show
There’s No Fast Track to Financial Freedom
But it's the same concept. It's going to have often variable interest rates. Sometimes the idea that you've got to have an interest rate low enough to even make the investment worth it, and you're adding a lot of risk and complexity to your life, all the while paying huge commissions for a low return product. And so here's what I would say. What is your goal? What are you trying to do?
The Ramsey Show
There’s No Fast Track to Financial Freedom
And let's figure out a better way to get there.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Are you looking to scale the business essentially and you're looking to debt to do it?
The Ramsey Show
There’s No Fast Track to Financial Freedom
People take out what caused their wealth though. They're using it knowing there's risk involved. They're ever a risk tolerance and they're going, I'm willing to take this gamble.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Yeah. I think Dave Ramsey should write a new book called Be Your Own Bank because Dave is actually his own bank. And he's done it debt-free. And it wasn't a, I'm trying to do it debt-free. He just drew a line in the sand and said, I'm done. I'm going to build a business debt-free. I'm going to build a real estate empire completely debt-free. I'm going to move at the speed of cash.
The Ramsey Show
There’s No Fast Track to Financial Freedom
He could have moved a lot faster had he used debt, but he had tasted the fruit of that tree and it did not taste good going through bankruptcy back in the 80s. And so I would caution you against it. You can do what you want. I'm wishing you the best either way. But you said you're a person of faith. I can't get this out of my head, Jay. The borrower is slave to the lender.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Wealth gained hastily will dwindle. Whoever gathers little by little will increase it. So I'm playing the tortoise on this one as a believer. And Darren, I hope you do the same.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Especially if I got a family now, it's like that adds a whole other piece to it. And so you can build generational wealth a whole lot of ways for your kids. I'm not doing it with a whole life policy.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Children recognize this. If a child works to make $10 to go spend at Chuck E. Cheese versus Mama Jade giving $10 to the kid and said, have fun, that kid's blowing that $10 in five minutes.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Coming back for more. When you had to earn that $10, you're like, ooh, is skee-ball worth another dollar? I don't want to cash this in quite yet. You feel it because you've earned it.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Gosh, I wish every American adult could have your six-year-old's wisdom. Because here's the thing, you turn 18 and they go, ah, just put it on the card. I know, you don't even think about it. Let's infinite bank our way out of this. It's a different game when you go, debt is not an option. And it leads you to be more thoughtful with way more peace.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Excited to be here. Thanks for having me, Jade. Now you have a lot of options. Thanks for choosing me.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Okay. Hmm. That's interesting. And from what I've read, we're not sure about the legal underpinning of this, if he can actually do this. So my fear is, kind of what happened with student loan forgiveness, is the student loan companies went, hey, Jade, here's a $20,000 check as a refund, and we're going to reinstate your student loan balance. Good luck with the government forgiving it.
The Ramsey Show
There’s No Fast Track to Financial Freedom
So my fear is they say this, you leave, and then they don't actually make the payments. So do you have any... I may be wrong in this. Do you have any other information that would help, you know, solidify this decision?
The Ramsey Show
There’s No Fast Track to Financial Freedom
That's exactly my fear. Assurances from the government is enough to send.
The Ramsey Show
There’s No Fast Track to Financial Freedom
So I think there is a lot of risk here. But if you're willing to handle that risk and go, listen, I'm going to land back on my feet. Worst case, I'll go find something else to do. We're OK financially. We're debt free. If you're in that position and you go about this like, hey, it's a new adventure.
The Ramsey Show
There’s No Fast Track to Financial Freedom
We're going to find something ASAP to replace the income and not just wait until September 30th to make a decision. Then I would be OK with it.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And generally what we find is people leave the government public sector, they end up doing better in the private sector, especially if you're going to start on your own or go work for a firm somewhere. I think in your line of work, you're not going to have trouble finding it. And so that also gives me peace.
The Ramsey Show
There’s No Fast Track to Financial Freedom
I don't want to make this sound like carte blanche advice for anyone with a government job to do this. But in Morgan's situation... I mean, it sounds like you guys have thought through all of the different angles of this to go, we can make this happen and it's going to benefit us.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And it just felt like this fork in the road. Hey, if we're going to change up our life, the world's already in flux and chaos. Might as well.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And we're so glad you did explore Jade because you're here next to me on The Ramsey Show.
The Ramsey Show
There’s No Fast Track to Financial Freedom
It feels good. I don't want to give you the response back, but it feels good to hear it. Let me say that.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Have you plugged that into an investment calculator to see what half a million left alone? If you don't add anything to it for the next 20 years, from 45 to 65, what that'll amount to? I'll do it. Jade's going to crunch the numbers. Let me talk to you while she's doing that. I want to talk about this mortgage. It sounds to me like maybe you bid off more house than you could chew.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Is this mortgage payment a big chunk of your take home pay?
The Ramsey Show
There’s No Fast Track to Financial Freedom
We recommend 25%. You're a little above that, but nothing's on fire. Why not just chip away at it every single month with as much as you can throw? So if you're investing 15% of your income to retirement, how much extra could you throw at the mortgage?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Only a few hundred bucks is the margin you have on 11 grand?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Okay, are you helping them cash flow college? Yeah. Okay, when will that end, the season of trying to get the kids through college?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Okay, and have you been investing money into a 529, or is this just straight savings and cash flowing payments from each paycheck?
The Ramsey Show
There’s No Fast Track to Financial Freedom
I mean, it's reasonable. The thing that the parameter we look at is you don't want more than half of your income tied up in things with wheels and motors. And the truth is, we don't know how sustainable this income is. And so what I would caution you against is losing out on opportunity cost of, hey, 28,000 in a car that's going to be worth 20 a year from now.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Yeah, I think you've got good intentions and heart behind it. You're not trying to do something frivolous or stupid, but nothing is worth giving the government an extra 35% of my retirement and unplugging all of that growth. just to have a paid for house. And trust me, I want you to have a paid for house, but I would find other ways to do it with future income, savings, anything else you can do.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And you're going to make more money over time. The kids will get through college. And so you'll be in a season where you can throw a few grand out of your 11K take-home pay toward the mortgage and get this thing knocked out. So what I would do is sit down, you have a wife, I would sit down with her and go, hey, we want to pay this thing off.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Let's have a six year, seven year, eight year plan to get rid of this mortgage. Here's what that looks like. And year one might be slim because the kids are going through college. Year four, maybe we're putting away 50 grand a year at the mortgage. Maybe more. So I use our mortgage payoff calculator and start crunching the numbers.
The Ramsey Show
There’s No Fast Track to Financial Freedom
That's the tool I would rather you use to figure this out versus looking to the 401k or any other retirement plan. And as a reminder for anyone out there, if you withdraw funds in most cases before 59 and a half from these retirement accounts, the IRA, the 401k, you will be dinged with a 10% early withdrawal penalty on top of the full income taxes, maybe state income tax as well.
The Ramsey Show
There’s No Fast Track to Financial Freedom
So I, you know, just crunching the numbers. What's the opportunity cost? You could lose half your money from this retirement account. You pull out $200, you pay $100. I would say that was a bad trade. Yeah, that's not good. That's not good.
The Ramsey Show
There’s No Fast Track to Financial Freedom
May not be wise when I could put that into XYZ, an investment, a future home down payment fund, whatever it may be. So there's nothing wrong with getting a car. I think you're doing it in a reasonable way. You don't sound like a guy who's about to blow up his life to go flex on Instagram. I just know as an 18-year-old, that would be my temptation.
The Ramsey Show
There’s No Fast Track to Financial Freedom
You broke up on us when you were telling us. What did you fall in love with?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Wow. Quite the legacy. That's impressive. Yeah. Yeah. I'm with Jade on this. You take your 35 savings. Let's knock out the student loan and the car loan today. That leaves you with 14 grand. Sell off a big portion of this inheritance and be aware of the tax implications of that. I would check into that with a tax pro.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And whatever you can throw at the condo, I would throw at it to get to as completely debt free as possible. Because then what's going to happen, Chris, you're going to have a mortgage payment freed up that you could then invest.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And so either way, you can crunch the numbers and do the math all day. I think the freedom and peace that will come with not having a mortgage payment at your age, dude, you're going to be so unbelievably wealthy if you just use your income to throw into investments then on and therefore.
The Ramsey Show
There’s No Fast Track to Financial Freedom
The ultimate flex in today's world, I think, is having no mortgage payment and telling your friend, oh, you got a 2% mortgage interest rate. How about 0% with no payment? That's what I'm signing up for.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start? Well, as your nerdy friend who does the research for you, I found the solution. They're called Delete Me.
The Ramsey Show
There’s No Fast Track to Financial Freedom
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The Ramsey Show
There’s No Fast Track to Financial Freedom
And so far, for me personally, they have reviewed 27,000 listings, removed my info from 240 data brokers, and saved me 66 hours in the process. I trust Delete Me to help protect my family, and I trust them to help you too. You're going to get fewer spam texts, fewer phishing emails, and fewer creepy robocalls. And Delete Me also makes a great gift for other people in your life that you care about.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Individual plans start at just $9 a month, so take an easy step to protect yourself and your loved ones today. And as a Ramsey fan, you'll get an extra 20% off any of their plans at joindeleteme.com slash Ramsey. That's joindeleteme.com slash Ramsey.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Today's question comes from Amy in South Carolina. We saw a financial advisor recently who recommended putting part of my husband's 401k into an annuity. He recommended this so we do not lose money and my husband would be able to draw up to 8% during a seven-year period. I know, I know. All right. Okay, number one, fire your financial advisor yesterday.
The Ramsey Show
There’s No Fast Track to Financial Freedom
This person is an insurance salesman, not a wealth strategist who exists to help you understand what you're investing in.
The Ramsey Show
There’s No Fast Track to Financial Freedom
So let's talk about the different pieces of this. So an annuity is a contract with an insurance company with a promise of a stream of income. And so who do they prey on for this? People who are scared. Annuities prey on fears of market risks under the guise of protecting your nest egg. But it's less like a bank vault and it's more like a prison that you're paying to be in.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Annuities are very expensive, complicated products. There's fixed annuity, variable annuity, indexed annuities. And I've talked with Dave about this offline and he said, hey, the only one that we would be okay with in very unique circumstances is variable annuities.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And that's only for the ultra wealthy who are trying to diversify their risk. But for this situation, this person is saying, I'm not making money from you investing in your 401k, but I can make money if I use some of that money for an annuity and I can get a commission off of that.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Yeah. One last question. What do you want to do with your life? Let's fast forward five years from now. Let's say day trading does not exist anymore. SEC makes it illegal. You know, what are you going to do?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Terrible rates of return. You can do way better investing on your own. And that's where you need education on stock markets and mutual funds and index funds. Because here's the deal. If you make 8% on an annuity, you think, I'm crushing it. The S&P 500, the overall US stock market, did 24% last year.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And you're going to go, why is my portfolio not making that much? Well, it's because you have crappy investments in there.
The Ramsey Show
There’s No Fast Track to Financial Freedom
It could be negative 24% this year for all we know.
The Ramsey Show
There’s No Fast Track to Financial Freedom
What's in here? We don't know if there's hopefully there's term life insurance. I have a feeling there isn't because she's saying his health is failing. He's afraid that, you know, he won't leave me with much. This is where term life could be a game changer on top of getting self-insured, which means from, you know.
The Ramsey Show
There’s No Fast Track to Financial Freedom
In your 20s, 30s, 40s, 50s, you're following the baby steps, getting rid of debt, investing for the future, getting the house paid off to when you're 65, you should have a sizable nest egg there. I don't know their situation, where they're at, but no, the financial advisor is screwing you over here. I would fire them.
The Ramsey Show
There’s No Fast Track to Financial Freedom
I would jump on ramsaysolutions.com, click on trusted pros, find someone you can trust who's not going to sell you crappy products that you don't need.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Yeah, it's very sus. And here's how you know it's sus. These are the same people that always send you those flyers in the mail that's like, we have a free dinner for you at this steakhouse. And all you need to do is sit through a little presentation at the end. These are pitching annuities. So if you've got one of those in the mail, it's not unlike timeshare presentations.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Where it's like, hey, I get it. We get a free steak dinner. We'll listen to the pitch while we eat. And all of a sudden they dupe 12 people out of fear into buying into these annuities.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Yeah, you can do better. All right. One cocktail. Come on.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Hey, do you come from a Middle Eastern family?
The Ramsey Show
There’s No Fast Track to Financial Freedom
I feel that as a Middle Eastern guy. Every one of my family is a doctor but me at this point, or at least in the medical world.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Hey, that might be the reason this money was put into your lap. Not to blow on cool stuff, but to fund med school completely debt free. You know how much of a unicorn that would make you when you graduate?
The Ramsey Show
There’s No Fast Track to Financial Freedom
Are you saying there's collectors coming after you guys?
The Ramsey Show
There’s No Fast Track to Financial Freedom
I would look into a homestead exemption, and I would talk to an attorney in your area who knows your state laws because it differs wildly, and I'm not here to give you legal advice on that. But we are wishing you the best, Wade. It's a lot. And I don't want your father-in-law taking advantage of you. It's given me some red flags. I would proceed with caution.
The Ramsey Show
There’s No Fast Track to Financial Freedom
When all your buddies are bragging about like, oh, I just took on another 50 grand in debt. I'm at 400 grand. Like this is the these are the conversations my family now has. You know what I mean? Yeah. And so I'd love to see you set yourself up for a debt free future. And that's great. Let's let's hold on and see what the future holds.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And if it is med school, we've got it funded and mom and dad don't have to co-sign student loans to make this happen.
The Ramsey Show
There’s No Fast Track to Financial Freedom
It's really tight if you're getting... Yeah, you need to get out of school and work because your family needs you to. And this is regardless of the baby situation. I'm going, hey, this is an emergency situation.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Just give me a total monthly number. What is a total? Are you spending $4,000 a month in expenses?
The Ramsey Show
There’s No Fast Track to Financial Freedom
And you're getting just gifted money now, but what is the actual money you guys are bringing in? A few hundred bucks?
The Ramsey Show
There’s No Fast Track to Financial Freedom
And you said you guys do not have health insurance currently?
The Ramsey Show
There’s No Fast Track to Financial Freedom
I want to know what firm is hiring 17-year-olds to do this bidding on their behalf. That sounds very sketchy. It's just a whole thing sketchy. And I believe Amir. I just think it's wild. We've taken many calls on the show, Jade. People losing $30,000, $150,000, even $300,000 by day trading. So don't look at Amir and go, I'm going to be the next Amir.
The Ramsey Show
There’s No Fast Track to Financial Freedom
his portion is 15, bringing the total to 35, which means you guys are underwater every month by about 800 bucks.
The Ramsey Show
There’s No Fast Track to Financial Freedom
I needed some fire under his butt. I know he's been through a lot. He's been treated unfairly. But right now it's like, I got to provide for my family.
The Ramsey Show
There’s No Fast Track to Financial Freedom
I got a baby on the way. It's time to just do whatever it takes. And he needs to find long-term employment ASAP with benefits if you're going to stay home. And so staying home, it's a math equation. I wish I could just say, well, if you want to stay home, just stay.
The Ramsey Show
There’s No Fast Track to Financial Freedom
I wish it were different. Hang on the line. We're going to send you every dollar premium. That's our budgeting app that you can use for everyone else. Go check it out in the app store. It's going to help you get a plan for every single one of those dollars coming in.
The Ramsey Show
There’s No Fast Track to Financial Freedom
No, you're likely to be the next person to call in broke.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Nothing. Oh, there we go. What's going on, man?
The Ramsey Show
There’s No Fast Track to Financial Freedom
How did you get this offer? I'm just curious. I mean, it sounds like a pretty sweet deal to offer someone with zero sales experience.
The Ramsey Show
There’s No Fast Track to Financial Freedom
Have you looked into all the implications of taking a career outside of the States? I don't know. So I'm just asking, have you done the due diligence?
The Ramsey Show
There’s No Fast Track to Financial Freedom
We're just trying to poke holes to hit every angle.
The Ramsey Show
There’s No Fast Track to Financial Freedom
See ya. Matthew's going to Dubai. I feel like I'm on Wheel of Fortune. We're going to send you. No, it sounds like I don't see any red flags here. If you've done your due diligence on the company, this seems legit. You want to make this move. You're young. Now's the time you can make this move without it affecting a bunch of other people like your family.
The Ramsey Show
There’s No Fast Track to Financial Freedom
And so if you were, you know, 38 with six kids, they'd be like, hey, let's pause before we do this move. But for Matthew, it seems like one of those things, it's a fun adventure. And if it doesn't pan out, he gets to say, hey, remember that time I lived in Dubai and got to experience that? It's pretty awesome. Best case it works out, he's partner at the firm three years from now.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Good. Okay. And just live like a college student and bank all of it, right?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Caden, you went through our class.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah. You never heard me ever tell somebody to borrow money, have you? No, sir. Probably not going to start today, brother.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I want you to save like a maniac, and I want you to go to a medical school that you can afford. And I've got a feeling you're going to be almost ready to pay cash for it if you watch what you're doing. Now, the problem with medical school is people get so excited when they get accepted, and sometimes they get accepted to a place they can't afford.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And very few times do you go to your doctor and go, wait a minute, doc, before we do the exam, where'd you go to school? No one asks. All they ask is, do you have that MD? If there's a frame on the wall, I go, all right, I'm good. I'm assuming to start with that you have a clue. An MD.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It's a big difference out there. Huge spectrum. It's mind-blowing what some of these places charge. It's like all college, for that matter. And what some of them don't charge. This is The Ramsey Show.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
George Campbell, Ramsey personality, number one bestselling author, is my co-host today. Open phones at 888-825-5225. Lauren is in St. Paul. Hi, Lauren. Welcome to The Ramsey Show.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Better than I deserve. What's up?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, cashing the whole life in is a no-brainer, assuming you have enough life insurance to take care of you. What's your health's net worth?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
If he dies with no life insurance, are you okay?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I mean, financially. Financially.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Okay, all right. So you're okay to eat. You don't need life insurance. So dropping the whole life is a no-brainer, okay?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Now, long-term care insurance, what you want to do there is you want to shop it among several different companies. And basically try to get the best deal, in other words. And so I don't know what's your financial advisor. If they're selling only for one company, that's a problem. Do they sell only for one company?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You get three years of coverage, and that will cover 90-some-odd percent of the cases. Very few people live three years once they get to a nursing home statistically. It's 2.8 years.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
okay on average okay now what normally happens is mom and dad go along like you guys have you got a good nest egg here and 75 of you ladies outlive their husbands i don't know exactly what's going on there but we'll talk about that later so um and so papa papa goes into a nursing home burns up three or four hundred thousand dollars
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Cause it's a hundred, a hundred and something thousand dollars a year. And if he's there three years, it's 300 grand of your 600 and then dies and leaves mama with the nest egg having been scrambled. And fried. So I think you guys are a real candidate for nursing home insurance. The three years of coverage that you probably can buy, and it's fairly reasonable if you shop around.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And, you know, you want to, you know, look for a feature that has in-home care as well because it's sometimes cheaper and oftentimes a better quality of life to have in-home care. And so, yeah, I think you're getting good advice.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, and how much are you getting out of the whole life policies?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, what's your cash value you're going to get when you close them?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I don't hear anything that your financial advisor is saying that's like shooting rockets off wrong. It's all correct. The only thing you need to do is get down in the details and understand it and get comfortable with it. Uh, you're going to use some of that 50 grand offset your first year of costs to move that in maybe some of the second year.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And, um, you know, then you've got to decide how far out you want to stretch this. Now you are 64. If you don't touch the 600 by the time you're 71, you will drop the long-term cause you'll have a million two to a million five.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So, George, it suddenly occurred to me. I've told people all these years, don't buy long-term care insurance until you're 60. And I really haven't talked a lot about if you build substantial wealth that you self-insure. Until I just woke up and went, dadgum, I'm 64. So what happens if Sharon or I are in a situation where we're incapacitated? Well, I get, you know, we've got money.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And so I don't mean that in a bragging way, but you know what I'm going to do? Get like a bed that lets up and down and hire somebody to live there and take care of one of us. Dave's not leaving the house. It's a lot, you know, you think I'm, no. You don't want to play bingo? You can do that at home. Yeah, online or something.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But yeah, no, I mean, it's just that I can hire a dadgum medical butler and not think anything about it, you know, full time. Put them in the house, take care of us or her or me or whoever it is. And the other one, just equip this, create the same exact environment, but better in your own home because you got the money to do it. You're self-insured. And I just determined that's what we'll do.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So we're not a candidate for a nursing home. under any circumstances i can think of i mean i guess there'd be some extreme thing maybe but um uh i mean i at this moment in time financially we don't need to do that
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
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. author of the number one best-selling book, Breaking Free from Broke. He is my co-host today, and we're here to help you guys. Also, check him out on YouTube. That show's going to Zoom Zoom.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
With the average stay, which means that some people don't make it that long and some make it longer, right? And so, you know, you've got early onset and good health. You could be there 10 years.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Average is 2.8. Yeah. So good. Christina is in San Francisco. Hi, Christina. How are you?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Better than I deserve. What's up?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You bid off more than you can chew, honey.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You need to sell it and buy something you can afford. There's no point in keeping it. Honey, if you can't do it without a cosigner, you don't need to be doing it. You're going to get yourself and your dad in a pinch, okay? I wouldn't do that.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And go buy something you can afford. You can't afford to build on it, huh? That's what you told me. And I don't want you to do that. I appreciate you serving your country. And I don't want you to get handcuffed to a bad deal. And I don't want your dad handcuffed to a bad deal. Let's don't do this. George Camel Ramsey personality is my co-host today.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
The Ramsey question of the day is brought to you by WhyRefi. We trust WhyRefi because they help people who have defaulted private student loans to refinance with low fixed interest rate that they couldn't get anywhere else. Chris had a student loan, and he cut his payment by over 40% with YRefi. Go to YRefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, if you're in baby step seven, meaning and your house is paid off, we don't use the 15% rule. We say max out all available retirement accounts. Everything you can put in a 401k, everything you can put in the Roth. If your company has a Roth 401k instead of a traditional 401k, I would shift to that too. That would be my plan.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Um, but I'm with you, George, if your home is not paid off, then you need to be working and pay off your home and leave this at 15%. You're fine. You're in good shape, dude. I mean, when you are 57, you're going to have a million too. If you don't add anything to it. When you are 64, you're going to have 2.4 if you don't add anything to it.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So if you're invested in good mutual funds, it sounds like you are. It sounds like you're doing the right things here all the way around. But no, I don't think you need to move to individual mutual funds. The only reason you would move some to that is if you were going to quit work before 59 1⁄2. I don't see that happening here.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I didn't hear anything in this email that made me think that was going to occur. If that's the case, you would need to do what we call bridge investing, which is have some money that's not in a retirement account that you can get to before 59 1⁄2 to have something to eat with. That's always a nice plan, too. So that eating thing is good. So, yeah, I mean, that's it.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And, George, that's the second time in this hour we've used that. So here's a little quick lesson, boys and girls. There's a thing called a math anomaly called the rule of 72s. And if you take an interest rate or a growth rate on your mutual fund, divide it into the number 72, it will tell you how long it takes a lump sum to double. Okay.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And so if you're making 10% on your mutual funds, average into 72 is 7.2 years to double. And so that's what I just did. I'm assuming he's going to be making at least that if he's 50 at 57, he would have not 600, but 1.2 at 64, seven more years, he would have 2.4 and we could go all the way to 71 and have him sitting there at almost $5 million.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, and that's about what it'll do.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And that's the averages. I mean, you know, and so we don't know what's going to happen from here exactly, but that's... You know, that's a good thing to kind of coach yourself along and go, I think I'm going to be okay. The key is to be investing. Raj is in San Francisco. Hey, Raj, what's up?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
The numbers are fairly equal. You're not telling me. It's not a 50% pay cut. Yeah, it's not like $150 versus $100. It's $102 versus $104 versus a little bit of difference in cost of living one way or the other, a little bit of taxes one way or the other. So the question comes down to where does Darlene want to live and where does Darlene want to work?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, you figure out what your talents and passions were that drew you into this in the first place. So I'm guessing you're like me. You're a bit of a math nerd. You're quick with details. Your mind grasps decision-making flow charts on things like taxes. And so, you know, that tells me you need to move towards accounting.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, and or finance of all kinds. And so your mind naturally goes there. And you know what? I'm with you. I don't see this as a high probability in the near future. Uh, there could be a trend in that direction. It could take a while. Uh, the chances on, you know, three days after he is sworn in that you don't have a job or zero. So you're okay. We don't have to worry about this today.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Um, uh, but what it does do, it's interesting for you personally, is it kind of gives you that wake up call to go, Hey, maybe I want to do something with my life. That's more than just taxes. Maybe I want to broaden my horizons.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, it might be true. It'll just take a different form. And so the but again, the the talents that you have, the way your mind works easily for you and hard for others, it takes you towards detail and towards finance and accounting. And so, you know, you might sit for your CPA, dude.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You might go ahead and this is just a thing that says, hey, time for me to take the next step in my career, regardless of Trump, regardless of what they do. We're not going to sit and wait around the White House to fix or destroy our lives, either one. We're just going to go with our lives. What's the right thing to do? And so maybe this is just God giving you a little nudge.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So you need to get some education, some skills, and maybe expand the horizons a bit. I would. I think it'd be good for your practice anyway, because right now you've got a very seasonal thing. that you work like a maniac and then you're off the rest of the year, basically. I mean, 90% down. And so it's not like September's big in the tax prep business, you know.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So, you know, we do a little work around this time of year in the tax prep business because people are getting ready for year-end stuff, especially small business people. Those kinds of things are some moves you can make right now. You need to check with your tax pro right now, baby.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But by and large, you know, you got this sprint in the first quarter, takes you down to April 15 or so, and may spill over into May with some late filings and stuff. But after that, you're just kind of out. So I'd be looking for something to supplement anyway.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, we've got tax ELPs, people that we endorse to do taxes, endorse local providers, thousands of them all across America, and we are not advising them to prepare for their business to end.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, again, I have no idea any more than anybody else what the new president's going to do, but it's going to be a bit. It's going to be a bit. Things move slower than that. I don't think you're going to get a call one day and go, whoop, there's no income tax. Although on a personal note, it wouldn't piss me off at all if there was just suddenly no income tax. I'd be going, oh, wow.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You mean all the things, the money that I make helping people, I get to keep the money that I made? That's right, and it's not triple taxed. Instead of sending it to you people?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And then when you die, they tax you again.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, it's just, yeah. I have thought about it. Am I turning into a boomer? You are. Is it happening? You've been sitting next to one for too long. It's rubbed off. The spirit of rage is leaving my body and moving into yours.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It's different. No, my neighbor yelled at me to get off his lawn. There you go. It's a bold move. Yeah, bold move. He was sort of kidding. Maybe. This is the Ramsey Show. Live from the headquarters of Ramsey Solutions, it's the Ramsey Show, where we help people build wealth, do work that they love, and create actual amazing relationships.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
George Campbell, Ramsey personality, number one best-selling author of the book Breaking Free from Broke, on sale on Cyber Monday right now at RamseySolutions.com. He's my co-host. Open phones at 888-825-5225. Ann is in Phoenix. Hi, Ann. Welcome to The Ramsey Show.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Does she want to be working overtime? What do you want to do?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Um, Well, I think your husband is 100% right.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And what are you, a Navy SEAL? You don't think you need to do this? I mean, no, you need to take care of yourself, girl.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
to me it's the insurance's problem like that we have he's military i think it's your problem you're sick yeah okay i think you fight with them i would argue with them up and down and i would i would go all you know i'd go all in right now and be tearing their freaking heads off but but at the end of the day we've been doing that for about two weeks yeah well don't stop yeah don't stop just keep keep doing it up until the day of but yeah you need to go and take care of yourself
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Sounds like your husband's worried about you.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Oh, because you've overcome impulsive shopping. Well, listen, an ultrasound when you're having a baby is not impulse.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Now, I would do this. I will tell you that if you will shop around the wonderful town of Phoenix, you will find that you can probably get that ultrasound done for $250.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
There's lots of places to do ultrasounds. And their price range, again, if you say no insurance, cash when I walk in, what's your best deal? Like, I want a coupon. Like, you're a shopper. Okay? Okay. You're going to find that we find this all the time.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I've actually advertised for a few ultrasound places over the years in certain cities, and not one in Phoenix and not lately, so I don't know the name of it. But I remember this concept. They came to us and go, oh, the reason everybody charges $500 or $600 is because insurance will pay it. But if you walk in there with cash, you can get it for $200.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And that's what that company told us that does ultrasounds. And they advertised that for a while to try to steal business from the insurance ultrasound people or whatever. But, yeah, shop around, get a better deal. But take care of yourself, kiddo.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Husband's right. You're worth it. By the way, give him a good hug. He's a good man.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Showing up on the scene, taking care of his wife. Salute.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
See, I have a concept and George has an actual technical hack.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
George has always got a technical hack for my good concept. I've got about 400 apps on my phone.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I didn't even know that. That's so cool. Way to go, George.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Billy. We've talked to them. What's it named after? Bill Clinton?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Okay. So you can pick up side hustles, too, if you wanted to.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
yes can you imagine walking in and seeing me george how tall were you at 14 about the same height over the desk i maxed out at five and a half that was it you were the receptionist i had to lean up doctor's office i sat on a pillow 14 that's right things i learned while i'm on the air in front of millions of people about george that was my first real job dave 12 bucks an hour
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You could pay big money back then.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, I mean, they were seriously overpaying you.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
This is how George ends up with a book called Breaking Free from Broke. He knows about Billy, and he knows about... I can't mow a lawn to save my life, but I know a CPT code. 14-year-old George learns the hack for the medical system. Wow.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I'm saying if you're going to do overtime, overtime is called side hustle. It's the same thing. So if you were up there and you picked up a side gig doing some tutoring, so to speak, then you could offset the overtime difference. So it really does come down to quality of life. Because the numbers you're giving me aren't like, whoa!
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I did not see that coming today. George answering.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So, I mean, seriously, folks, and babies are one of the things that we've discovered this with the most. And this was all the way back from the early days doing the show before health care was what it is now, good or bad, whatever you want to call it. But in those days, sometimes people did not have labor and delivery coverage on their health system.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
their health plan and what we learned was if you go to the hospital to have a baby it's one of the few times that people want to go to the hospital it's a good thing to go to the hospital most other times you're at the hospital it's a bad thing right and so uh labor and delivery is like good pr for hospitals so if for some reason you find yourself not covered go to the hospital in the first trimester
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
and say, I'm going to choose a hospital based on the deal that you give me for labor and delivery. And I'm going to pay cash and I will pay 50% of it up front before we get here. And the other 50% on the day we arrive. So you will not be trying to collect and it's cash on the barrel head and you will see a 50 to a 70% reduction. And that's what, that's what we normally see from hospitals.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Again, because they really like babies to come to their place because it's the time that people come to the hospital. Everyone involved, the visitors are smiling. The participant is smiling. Everybody, right? And so... Families all visiting there. Yeah, it's a good thing. So, you know, keep in mind that this is business they want, in other words. And so... And, you know, you're a cash buyer.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You don't have insurance. This is how it's going to be. They don't have to chase you for the money. They got the money up front.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Serious discount. That works in a lot of stuff out there, ladies and gentlemen. But, yes, if you are pregnant and you're having trouble with your pregnancy, that is by definition an emergency. If you need to use some of your emergency fund, that's what it's for. This is The Ramsey Show. George Campbell Ramsey personality is my co-host today. Open phones at 888-825-5225.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
DJ is with us in Austin, Texas. Hi, DJ. How are you?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You know, there's not a real thing that breaks the camel's back here. So, no straw here.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Okay. Well, the hard thing is not the actual compounding because a million dollars invested in mutual funds does the exact same that $10 million does, does the exact same that $100 million does. It's the exact same compounding. A million dollars invested in good real estate does the exact same thing $100 million does in good real estate. So the compounding is not the problem.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
The problem is a stinking taxation and estate planning. And, you know, and maintaining your sanity as you manage more and more assets in terms of not letting it drive you bonkers because the more stuff you own, the more repairmen you have to know kind of thing. And so maintaining, actually getting peace from it rather than anxiety from it. You know what I'm saying? Yes, sir.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So the spiritual aspect of it is... is more challenging. The tax and estate planning is more challenging. And because, as you said, more people taking shots at it and really risk management becomes a thing because, you know, all of a sudden somebody wants to just sue you because they got a hangnail and they think it's easy money. So you got to have risk management.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So those are things that come that I've noticed have come into play. Um, and I think you just manage those things as if they're individual sciences. Uh, that's what I've done. I've said, okay, risk management, here's what we're going to do. We're going to study that.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I'm going to learn about, you know, how to, how to split up the pie into small enough pieces that it doesn't have a big target on it. And it doesn't, it's not as attractive to everyone to sue. I'm also going to not settle with anyone. I'm going to destroy them if they come after me and try to get easy money.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Um, I'm going to make an example out of them and their jack leg ambulance chasing attorney. And I've done that. Um, I'm going to, I mean, I just set some policies in place, um, and said, okay, here's what we're going to do. And obviously we buy insurance and obviously I don't own anything anymore. Everything's in some kind of a trust or an LLC or a C corp or S corp, one of the two.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, you're a very analytical person. And I am too. But I want you to just say, okay, God, which of these two things gives me peace? Right. What causes you to exhale? And as Deloney says, your shoulders drop. Is it staying or is it going? And that's the answer to my question, if I'm you. What do you think, George?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And, uh, then estate planning, I've spent, you know, a couple of hundred grand over the last 20 years on estate planning, maybe more. uh, to save 20 or 30 million in estate taxes. Um, and so, um, and then the same thing on income tax, which is just an ongoing thing.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So, I mean, all I've done is I've just had to get better at those things as the size has gotten better, but the compounding is really not any trouble with the money making money. It's kind of bizarre.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So it's one of the things that comes with the, you know, I'm a Christian, a person of faith, and so I believe I'm not the owner. I'm managing it for God. And so if God asks me to manage something larger and more sophisticated, then I have to grow my skills.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
including the size of my backbone to handle whatever anxiety or stress comes with, and the fight, if I need to fight, including just growing my brain about some of these subjects that I didn't know before and that kind of thing. It's part of becoming a manager. If you're going to manage one restaurant, it's different than managing 500 restaurants.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
it's a different skill set you know and so even if you're a manager and you don't not the owner you're working for someone else which is how i view it also by the way dj i'll just throw out again my faith journey with that has really really kept me from uh most of the time from being stressed out about this stuff because i just go uh god you got a problem you You have a problem. I'm the manager.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
What do you want to do with your thing over here? They got this situation, you know, and in prayer, I just say, okay, Lord, what do you want to do with your deal here? And sometimes he says, you want to fix that for me, God? Because I don't know what I'm supposed to do here. And it's your thing. So what do you want to call the owner and go with the heat and air is out.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
The renter called and said the heat and air is out, you know. Call the owner. And so I call the owner sometimes, and I remember it. I'm not God. I don't have to have all the answers. I'm not perfect. I'm going to just do the best I can do with the next right step. And that's released me from a large percentage of the stress that a lot of people feel in those situations where your wealth has come.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You feel like you could just screw it up overnight. Yeah. I'm not going to screw it up overnight because I'm not going to make one single thing that blows the whole thing up. I'm not doing anything that's that reactionary.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
or that um risk i'm not that i'm too risk averse to do that but um yeah it's just it's interesting so good stuff all right jennifer is in portland maine hi jennifer how are you i'm doing great thank you so much for taking my call dave i've been following you for about
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, I don't... Well, this woman has a track record that's abysmal. It's like every time something gets cleaned up, she messes it up again.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I don't want to be a part of that.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
right she i mean okay so you pay off the heloc and then the jeep gets repoed and they sue her and so she goes and takes out another heloc to pay the lawsuit that's what that's what's coming yeah i don't i hate to say it but i don't think she's smart enough to realize she could even do that she's smart enough to get the heloc the first time
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Did he do the Jeep? No. Did he run up the credit cards? No. I wouldn't do this, Jennifer. Jennifer.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You're throwing good money after bad. I would coach her. I would love her. I would be cheering for her. I would write zero checks.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I doubt there will be. I wouldn't have any expectation there. No. No. I think she needs to. I would scare the P. Wadden out of her. George Campbell, Ramsey Personality, is my co-host. It is that time of year. In a few weeks, we're going to be doing your all's favorite show here on The Ramsey Show, The Giving Show.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
where we hear from people who have received gifts that were life-changing or given gifts that were life-changing. And for three hours, we talk about that to inspire you to live like no one else so later you can live and give like no one else. So we need to hear from you if you want to be part of that show and share your story of giving or receiving. That'll make our eyes leak and inspire people.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I love it. Go to ramsaysolutions.com slash askpodcast. Put giving in the subject line. Leave us a little bit about your story. Team will get with you and set you up to be part of that program. It's going to be on December the 18th, so you need to get your submissions in now. We do want to hear your story. Please go to ramseysolutions.com slash ask. Put giving in the subject line.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Brady is in Houston. Hi, Brady. How are you?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
There's no grass that's green up there this time of year on either place.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
What do you make now that you're a small business?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, you're going to be okay. And nothing's set in stone. And by the way, if you don't like it, you can change it. But yeah, I think that's a good idea.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Her German family is in Brennan, Texas.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I'm asking why in the heck you're staying in Brennan. Her sister is why you're staying in Brennan? It's not exactly her mom and you've got the grandkids you're running off with.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
There's not a $90,000 job for me here.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
If you are in agreement that I need to get a different job, you are saying we need to move closer to Houston. So instead of being 10 minutes from your sister, you're going to be 45 minutes from your sister, and I'm going to have a 30-minute commute. You're going to move between the two.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You know, it is real smart to look at cost of living because everyone automatically assumes, and she's very wise to have done the research she's done, they automatically assume if you're going to a different area that it's going to be a lot more, it's going to be a lot less. And sometimes it is, but main factor in that, as she recognizes, is usually real estate.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But if you can't communicate that kind of basic stuff, you've got other issues like marriage issues.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
No, she's not. That's why you called me.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
That's not the point. I didn't say she was unfaithful. You called and said she's unwilling to move, but we're in agreement that I need a new job. That's exactly what you said right here. I heard you. Right. Yeah, okay.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, I mean, and again, I'm not saying move to freaking New York City. You're moving closer to Houston where you have a 30-minute commute instead of an hour and a half. And then when she sees her sister on the weekend, for God's sakes, you drive an hour over there. I mean, you know, this is not... He wants to be a rocket scientist, so here we go. I'm kidding. I'm kidding.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It just flies through my head. Houston, we have a problem. I almost said it, but no. We have a problem. No, I mean, that's, you know, you are in the hotbed if you want to be in the space world. My God, you're in Houston. There's nowhere else other than Cape Canaveral that you can do better. But you're going to not commute an hour and a half so she can be near her sister. That's asinine.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I think we're going to FaceTime for a while. Yeah. It'll be okay. Whatever. I mean, again, I'm not suggesting you completely disconnect, that you never see them again or whatever, but if you actually add up the number of hours that you spend with them during the week versus the number of hours you spend at work during the week, these two things are not compatible. So it's illogical. It's silly.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And we're both in agreement that me working all the time as a carpenter my passion job, I think he said, is not working out. So, okay, good. So get you an engineer job up towards Houston, move your butt up there. And then, you know, for God's sakes, hire her a driver and send her down to her, you know, to the sister if you have to, whatever you got to do. It's not really not, this is not hard.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It's not hard. So you can't have this both ways. You can't say, oh, you need to make more money. We live in a dinky town that doesn't have a whole list of mechanical engineers. Now, if there's mechanical engineering, you can do remote in the oil field. You might be able to do some remote work there. I don't know how that works.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Then maybe you can land that and I'll just shut up and you just stay there. But you need to go find some actual jobs and make her turn them down. Not theory.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
From 60 to 90. It's serious. That's what he's looking at. So, yeah, that's it. All right. Open phones at 888-825-5225. There's a reason, folks, from an economics perspective. One of the classes I took way back in college when the dinosaurs roamed the earth and I was getting my real estate degree, urban economics. And urban economics are different than rural economics.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Usually that's the main difference. I mean, the difference in... you know, Los Angeles or San Francisco and, you know, small town USA is, you know, gas prices, little bread and eggs, little housing, a lot. That's the one. Yeah, that's the one that throws you and it just changes everything.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
There is more opportunity in a metropolitan area with a larger population. There is also the downside of a higher expense for real estate typically, and there's a downside of there's a dadgum many people. And not all of them are fun. And so, you know, you move to the city if you're going to move into some careers.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And, you know, if you're going to move out towards the country, you're going to get cheaper real estate, a more rural setting. I love that personally. But you're going to have a commute in if you're going to be involved in the economics of the opportunities that are available. That's what he's finding. So you've got to pull all the different levers and find what works for you.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You've got a 5,000-person town. I don't know how big that town is he's in. I'm making this up. But, I mean, if you've got a 5,000-person town, it's different than a town of what was freaking Houston, 12 million or something. I mean, you know, it's huge. Of course, it takes seven hours to drive across the whole thing. But, yeah. Yeah, Brenham's got 17,000 people. Okay.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, there we go. Look at you with your quickness on the Google. This is the Ramsey Show. The best way to build wealth is on purpose. Reporters often ask me, Dave, what's the number one mistake Americans make with their money? As if they think I'm going to say a single thing. Don't they ask you that? Oh, yeah. That's like a classic. That's like a magic thing. That's like a journalism question.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
They got that in first year journalism school.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Like the, what's the best advice you've ever gotten? Yeah.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
What's the best advice you give? What's the number one thing that people, well, I finally developed a really good answer. You know what the number one mistake Americans make with their money? They don't freaking pay attention. They just drive with their eyes closed and wonder why they hit the dadgum ditch.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You know, I'm just going to spend everything I make and I'll get to retirement and go, I sure hope the government, which is well known for its ability to handle money, will take care of me. That's dumb. I'll just buy now, pay later, and swipe my life away and hope for the best. Just karna, karna, keep karna.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Keep karna, karna, karna, then karma. And affirm. I want to be affirmed. I want to be affirmed with karma. Karna. Then karma comes. Karna, karma. Oh, credit karma, karma. Oh, you're killing me here. I was buying a t-shirt.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
with a smart aleck saying on it can you imagine that they offered me payments on the t-shirt george i can't this is the problem okay so let me tell you how you how you build wealth you pay attention you're intentional you make your money behave instead of wondering where it went that's called one of the things you do is you do a budget
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
You sit down, you go, okay, I manage freaking $100,000 a year and I have no idea. That's dumb. If you work for somebody and that was your job, you get fired for being incompetent. If you're in the government, you get promoted. Well, we're not talking about that. You're just getting me mad now. Don't do that. Sorry. We're talking about real people, not government people. These are not bureaucrats.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
These are humans. And we just don't pay attention. Pay attention. Write it down. Agree on it with your spouse. Give every dollar an assignment before the month begins and then crack the freaking whip on those dollars and make them dance a jig so you end up with something out of it. I mean, get the chair out and the whip. You remember the old cartoon, The Lion Tamer? There's money.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It's going to eat your butt if you do not take care of it. You know why other people have more? You know why the rich get richer and the poor get poorer? Because rich people keep doing rich people stuff. You know what rich people stuff is? They pay freaking attention. They learn about investments. They invest. They do a budget.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
They agree on spending with their spouse, and it keeps working, and they keep doing it over and over and over and over and over again. And, you know, you can't say, thank God it's Friday. Oh, God, it's Monday, and end up anything but broke. Spend everything on the weekend. That's just short-sighted lack of vision. You need a written budget.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
This is why we named EveryDollar the world's best budgeting app, EveryDollar, because you give EveryDollar an assignment. You make EveryDollar freaking behave. You can download EveryDollar for free in the App Store or Google Play or click the link in the description if you're on podcast or YouTube.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
By the way, those of you listening to the show right this second, this is the last segment in this hour before we move to another segment. That last segment, the third segment of the show that's coming up in a few minutes, is only available on the Ramsey Network app. And it's completely free.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But if you haven't downloaded the Ramsey Network app yet, you need to so you can get the third element of the show, third segment of the show every day, video and audio. And you can search it by call, subject, and you can send us an email and all kinds of stuff. So download the Ramsey Network app for free in the App Store. Download the EveryDollar app for free in the App Store.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, I was noticing an article this morning, a million people have left New York and California.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
up as if you were at uh applebee's or something and you just order the sampler platter got all the apps don't tease got all the apps i'm just saying i'm sure i'm sure somewhere robert kennedy just passed out okay abigail in tallahassee florida hey abigail what's up hey um i was just needing some help trying to get my husband to be on board with the the debt snowball um
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, you do. He told you. You know him better than we do. What do you think is behind this? He didn't just say, I want to be broke. I'm going to block you. He didn't say that. What did he say? Why didn't he want to do it?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Okay, then basically he's saying, yes, we have a problem, but I have a different solution than you.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
In the last 12 months. And it just has continued. Yeah, it's continued. And they're landing in income tax-free states.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
That's different than he's blocking you.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Okay. All right. Well, so here's the thing. How long ago did you start listening to our stuff?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
That's what I thought. Okay. So here's what happens. You came running in all excited with a brand new thing with your hair on fire, and he went, oh, God, she fell for a scam. She's joined a cult. Didn't he? That's why you laughed. I got you.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Phone number here is 888-825-5225. Darlene is in Philadelphia. Hi, Darlene. How are you?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I appreciate your enthusiasm, but you ruined it. Yeah. So what you need to do is go in and say, hey, listen. I owe you an apology because you do, by the way. You had information that he didn't have and you tried to cram it down his throat. And you didn't mean to. You were just excited, enthusiastic. You found some hope for the first time. And I don't blame you. I'm happy you got excited.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I'm glad we were able to do that for you. I also want to do it for him, okay? And so let's start with, I'm sorry I went at this wrong. I really need you. I know you love me, and I know you care about our future, and I really need you to listen to what I've been learning and listen to this stuff and then tell me what's wrong with it.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Texas and Florida are the two primaries, and Tennessee falls in there too. But they land in income tax-free states, and they land in states that were open during the draconian shutdowns. And so freedom issues. Financial and political. I mean, a million people have been displaced. Wow. A million. And left those two states and went somewhere else. So, yeah, that does enter into it.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
and then turn on a YouTube debt-free scream and turn on this segment of the podcast, which will be posted today, and that kind of stuff. And then, you know, because what he is prescribing, there's no data that says, there's zero research that says what he's suggesting works. As a matter of fact, there's a lot of research that says what he's suggesting won't work.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But he is at least wanting to try something.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It needs to be together, and we need to be together. And I need you as my man to hear me, and I need us to get aligned on where we're going because this is scaring me to death where we are.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And separating everything makes me feel like a divorce. I know I don't want a divorce.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And just start talking about this stuff and asking questions and draw him in. And because, you know, you just he went up to a water fountain to get a drink. You turned on a fire hose. Because you were excited and I'm glad you're excited. I don't misunderstand that. That happens a lot, though. And then if you're not careful, you keep at it and you'll turn my name into a cuss word.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Oh, yeah, that cult leader over there, that bald guy, yeah. And that's what happens. It happens all the time, which is kind of weird because very few cult leaders are actually bald. But most of them have really nice hair.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But anyway, so what we'll do, let me give you every dollar, and I'm going to give you Financial Peace University for free as our gift. And then say, hey, let's open these up and watch one of these videos together. And then you tell me if this is right or not. You tell me what's wrong with what they're saying. Because I got some hope out of this and I got really excited. This is you talking.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Because hope is powerful, girl. It's wonderful. And so I'm so happy you got that. But he's not a bad guy, and he really doesn't want a divorce. You just swooped in there pretty heavy on him.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
So I think if you back off a little, let's approach it calmly. Don't take a machine gun into a fishing tournament, right? That's the idea here, right? Don't spray and pray. That's not what we're doing. So we're actually going to use a little bit of finesse here. Finesse. You're the wife. You know what finesse means. Husbands don't know what that means. It's usually the husband. So you can do this.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It turns out you can't tax the rich. They leave. They will just, peace out. I'm gone. They leave. They have options. So much for your theory on that. I'm done. Load up the U-Haul. Oh, wait. I'm rich. I'll let someone else load up the U-Haul.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, and also you need to even, somebody said, Dave, you have a pickup. Do you have those friends that ask you to help move? And I said, no, they wouldn't be friends. No one's ever texted you? I'm not moving anybody. Saying, Dave, can I borrow the truck? You want me to help you move? Do you mean you want me to pay your mover? You want me to help you move? Is that what you mean?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
I'm not doing either one. If you need a GoFundMe to move, you've got other issues.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Or my 64-year-old back. Either one. You can't have either one of them. This is The Ramsey Show. Well, I think they call this Cyber Monday. which I'm learning about because my wife was really excited about it.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Wow. Apparently that happened. So there we go. I love a good deal. So Cyber Monday, one-day sale. Prices as low at Ramsey is $4.99. Our best-selling hardcover books, assessments like the Total Money Makeover, Building a Non-Anxious Life, the Get Clear Assessment, all on sale just for $10? Really? A $10 sale? Pretty wild. Cyber Monday's real. Audio books, just $4.99. Dadgum, this is a great sale.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, we're honored to have you. How can we help?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
First time ever, Georgia's book, Breaking Free from Broke, only $12? That's a big deal, Dave. We launched this in January. This is like a real sale. It's been $22, and right now it's the cheapest it's ever been, $12. This is like real. I'm impressed. So, I mean, you go from a negative net worth to a millionaire in less than 10 years, you should talk about how to do it in here.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
For $12, that's good information. Man, amazing. All right, RamseySolutions.com slash store. You can actually buy gifts for people that have meaning, not last year's ugly tie. Come on, people. Yeah, listening on YouTube or podcast, click the link, or you can go to RamseySolutions.com backslash store. Jared is with us in Oklahoma City. Hi, Jared. Welcome to the Ramsey Show.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Good for you. What do you do for a living?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Good for you. How much have you got saved?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Jared is no fun, but he has money.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Jared's going to be a homeowner in his early 20s. That's fun. Way to go, Jared.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Good. And you have an emergency fund in addition to this down payment?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
No, we'll take some of the money and make it the emergency fund, and then we'll save up the down payment. You don't move into a house without an emergency fund because houses are an emergency looking for a place to happen.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, like crap breaks. Like as soon as you move in, it's like Murphy's Law. A repairman at my house today, and it's brand new.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Well, I mean, it's just part life. It's just like stuff. The more stuff you have, the more repairmen you have to know.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Which means you're now looking at March.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Oh, yeah. I think Rachel did that. Rachel was in DECA, yeah.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
tragically so i was first in the school way to go jared way to go so man you are doing so good the only thing i would coach you on is to do that what we talked about let's have the down payment plus the emergency fund which puts us into march and then when you are getting ready to buy do not buy a project something you have to work on all the time
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Okay. And do not buy and buy something that's easy to resale, which means it's kind of boring. It's not like some kind of weird. Do what?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
But when you're spending the money, don't buy something that you look at it and go, oh, I got a good deal because this is weird. Because when you get ready to sell it, somebody's going to get a good deal because it's weird. And you're going to sell it when you get married because you will find out you bought the wrong house when you find her. So that's okay.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Go ahead and buy the house, but buy something that you can resell and make money on fairly easily. And you'll, you know, you'll be sitting there at 27 with a big grin on your face. Haven't made a bank on this $150,000 house is now 300.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And it was a nice place, but in terms of it wasn't like super special or unique.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
It wasn't weird. It was just like, okay, boom. That's one.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
And yeah. And during the time you owned it, it went up how much?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Yeah, that's what we bought it at three. And so you're talking almost 100 percent. I just did that. So 150 to 300, just like when he's 27 in three years. That's amazing.
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
15-year fixed because a paid-off home mortgage is one of the keys to being a baby steps millionaire. Caden is in Greenville, South Carolina. Hey, Caden, what's up?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Better than I deserve. How can I help?
The Ramsey Show
Debt Is Never the Problem, It’s Always the Symptom
Um, I mean, how much are you making? You said a good situation. What'd you land in?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah. It's not quitting on home ownership. It's just getting your head above water to do it with a little more peace on the next go around because this just feels like, I mean, you can give it six months and see if you can get your income way up, like Rachel said, before you sell.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It's not like an on-fire sell today, but it just feels like if there's no end in sight where this is going to get easier and you're going to continue to go into debt, then I think the writing's on the wall that it's wise to sell.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And again, it's not a fundamental, you've got to do 20. It's just that when it's 50%, life is hard. When it's 25%, you always have margin. Yeah, I mean, if it was $1,000 right now, right?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Is there a growth plan for you to make five, six, seven grand a month in your current role?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Is it time to look for another company?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, renting is not a waste of money if it's going to buy you peace. That's right. Priceless.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
no on the bankruptcy so i'll just i'll just say that yeah first and foremost we're not there we're not even close so there's some some good news for you i think mom wants you to get a clean slate and she's kind of wanting you to just shortcut this and and be free from the pain but there's better options here and so let's talk about the car instead of a voluntary you know repo could you sell it and come up with the mount you're underwater on
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
keeps you broke I mean when you are living beyond your means and trying to in a way kind of keep up with what everyone else is doing will constantly lead you back to this idea of spending money that you don't need to spend and sometimes you're spending money you don't even have to keep up this lifestyle and you talk about comparisons a lot so this segment hopefully will help you fight those comparisons and FOMO you feel amongst your friends so here's some signs some things that your friends may be doing people out there on Instagram that may show they're faking their upper class status
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Number one, flashy designer logos. This is a big one. Most luxury items like a cashmere sweater never have logos all over them. We've talked about stealth wealth. Yes.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Hey, some of these beers now are crazy expensive. But yes, the wine does. That one feels like a ripoff to me personally. You know this, my stance. I do know this. I will not order wine at a restaurant. But if someone else buys a bottle, hey, I'm happy to share.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Glasses of wine and cocktails can go for $20 a pop versus a beer or even better, just a water. What happened to just drinking water with a meal? Why do we get to add more calories to the mix?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It's exhausting. And then you've got the crypto bros who are very loud right now because crypto is worth $14 billion, you know, for the moment. And so all these people talking loudly about money is usually a red flag to me. Maybe they don't actually have a lot.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And that's and then the kicker, they're like, and by the way, it was totally free with their credit card points. Sign up for my course if you want to. I'm like, oh, my gosh, get out of here.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Get out of town. Here's another one. Leasing luxury cars.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
If you're a dude and you've ever posed in front of any vehicle, it's a hard no for me. Your dad didn't hug you enough and I'm sorry. That's just the truth. But this is a status symbol that's usually draining their wallet. We just took a call earlier. It is. Guy's got a $1,200 car payment.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
A lot of young bros who are doing well for themselves.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Where are the guys who are leasing like the Honda Civic, you know? They're not there. Does that exist?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, no, and this, you know, obviously the watches leans more the dudes, but the women, the flashy nails, the loud hair and makeup, we could tone it down, you know?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I'm all for accessorizing. Here's my thing with this. There's a limit.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Well, you follow a lot of like the influencer moms and some of them are very sweet and authentic and being themselves. And then some fall into the category of this is a lot.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
You're trying to portray a certain life.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Like they wake up and they have full makeup. Who's believing this?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And if you're doing it with debt, it is a facade. It is a house of cards. You're artificially propping this up. So here's my, you can tweet this if you're listening out there, whatever it is called, whatever platform you're on, whatever free speech platform you choose. Here it is, Rachel. You ready for this? Can't wait. If you live fake rich, you'll become real broke.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
How do you owe $50,000 and the car is worth less than half of that?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Eventually you will be calling the show and life was great. And now something happened and you're going, I'm in a real pickle because of my financial decisions. And so we just don't want that for you.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
That's right. Normalize the 10-year-old used minivan.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Have your kids been vandalizing this vehicle? I feel like that's a personal problem. I don't think that's on Honda. You know what I mean? We can't blame the good people at Honda for that.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I'm blaming Chuck Cruz. He's been working out too much, just ripping pieces of this van apart.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Less stressful. You know what? I hit my garage the other day. Big old scrape on my car. You know what I said? Yeah. It's 12 years old. It's fine. Who am I trying to impress? Rachel Cruz? She's not impressed.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So yeah, there's a big old scrape on my car.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It helps to just get off of there. I realize I stopped caring what other people think when I'm not looking for reasons to be angry and upset and jealous and envious. Just get off and live your life.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I'm the most humble guy you know.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And you said, sure, 25% sounds good. That's reasonable. Let's go. I need this $50,000 car.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Did you have all this money sitting around and you just weren't willing to part with it? Well...
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Wow. That's a big step. You're really, you drank the Kool-Aid.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, so what's the total debt? Is it just the $9,000, or is there more where this came from?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
You're just like, whatever, you do you, I'm going to manage my money and not go into debt and hit my goals, and you're not dragging me down.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So you'll probably, what's your, uh, you, do you file single or married filing jointly at this point?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And what was your income last year?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. So it'll likely fall into like a 15% capital gains tax on those stocks since you've owned them for longer than a year. It's going to be long-term capital gains tax and it'll likely be 15%. I would talk to your tax pro about what that number actually would turn into because you'll need to have that, you know, be able to pay the taxes on that come tax time.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
But I would definitely sell these stocks, pay off that 9,000 and then fully fund your emergency fund.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah. I mean, that's one way to do it. Before tax time, you can fund last year's Roth IRA and HSA and all that stuff. So that would be a good thing to do. And then make sure you have your fully funded emergency fund set up before that. And if you have enough, you can fund the rest in that IRA. But the bigger glaring issue here is this marriage, Lee. It's like the elephant in the room.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So because, you know, you're going to split your assets and everything. Yes. I also want to think about your the quality of your life. And not just about the dollar signs, but I'm just, I just feel for you. I mean, has it been 30 years of this?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I appreciate that. I'll take the accolades. You don't need to mention my name.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Has he actually talked to a tax pro to see if this loan repayment counts as income?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Is there anything in the contract that you signed with him that would prohibit you from just paying it off?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Did he not make money off of this? Did he not benefit from this whole thing?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
He can wipe his tears with $100 bills.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I don't have a lot of empathy for the friend.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And be thankful a friend paid me back, which is very rare in today's world. And the other thing Dustin is that when he loaned you this money, the relationship already changed. It turned into a business partnership transaction and it moved away from friendship. And so this is what happens with friendship.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So the truth is, if you pay it off and he decides to not be your friend, was he really your friend?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
There's a piece of it, though. I know what you're saying.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I would never burn a friendship over them paying me back.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Different vibe on this show, but still fun.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, man. Yeah. Because the problem is you need to come up with the difference. Even if you do a voluntary repossession, they're going to sell it at auction for way less than it's even worth. And you're still going to owe the difference.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Listen to your wife, Dustin. Her vote counts 1,000 times more than any of my friends. And I love my friends.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So it doesn't really it doesn't solve all of your problems to even do the voluntary repo. That's why we're trying to find another solution where you come up with the difference. I'd rather you be 25 grand in debt driving a beater than 47 grand in debt.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Over a decade, I went from broke to millionaire, and I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by, a life with more margin, more options, and more peace.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
If you want to check out the book, go to ramsaysolutions.com to get your copy of Breaking Free from Broke. That's ramsaysolutions.com.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
How much more debt do you have? What's the total amount and break it down for us?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, my goodness. Well, we can sell the cars. What do the cars have to do with the remodel?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I'm confused. You said you had $210,000 in other debt and only $28,000 of that is cars. You're saying the rest of that is credit card debt?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And what were you doing for work where you guys were making about $200,000?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, and what are you doing now?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
But then you need to, is there some kind of online education you need to get that will cost money? Or can you just do the certification test?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And how quickly do you think you could get a job making six figures as a software developer?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. If I was in your shoes, Mike, a right fit would be a luxury and a privilege. Right now I'm going, who is willing to pay me $100,000 to write some code? And I'm going to do that so I can survive. Because right now I don't see a way out of this with your monthly payments and your income. You guys are going to continually go into debt.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Are you guys able to stay current on payments right now?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yeah, I mean, you guys are on the edge of running out and going back into more debt. And so can you go do three side jobs this week?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It doesn't have to be software. It could be Instacart shipped, Uber, Handyman, whatever skills you have, go do it to bring in something while you look for that work.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. Well, today we start Mike's handyman business and you're going to charge 50, 60, 70 bucks an hour and put it on your neighborhood Facebook group and hand out some flyers and go, I'm doing good work and I show up on time and get referrals, word of mouth and get this business going and do as much of it as you can until you get that next software developer job. Okay.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
That's what I would be doing if I had your skill set.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Do they know about any of this? I'm sorry? Do they know about your financial situation at all?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay. It might be good to sit down with them and have a hard conversation and say, listen, the next year or two, it's going to look different for our family. We used to go do stuff and eat out and do all these sports, and right now we've got to really tighten up and get out of this financial mess. Here's what that's going to look like.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, $47,000. Oh, I wrote the $43,000.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So, I mean, ideally, we'd say, hey, go to your local credit union, get a... a loan for the difference, maybe 25 grand and spend three of that on a beater car. But I don't know that they'd even grant you that loan at this point.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Okay, picture this. You sit down to do your taxes, but instead of stressing out, you're actually ahead of the game and filing with an affordable software that makes your computer shoot confetti when you're done. Okay, not that last part. But Ramsey Smart Tax does make filing easy and doesn't make your bank account cry.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Ramsey Smart Tax is a 100% accurate software that's honest about its pricing and is backed by a company who's been in the business for over 50 years. So go to ramseysolutions.com slash smart tax to take advantage of early bird pricing and stress-free filing. That's ramseysolutions.com slash smart tax.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Today's question comes from Matthew in Idaho. My wife and I are millionaires after years of working through the baby steps. In the beginning, it was exciting. The baby steps happened fast and our children learned to have Christmas on a budget.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
But once we got to the point where we had an emergency fund, the house was paid off and we were building wealth, everything just started to seem very routine and boring. How do we keep the excitement going in our financial lives? If there was ever a Rachel Cruz question, this would be it. You were made for this question.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
You are so good about keeping your financial life exciting. Because you're the spender. You're like, I've got some ideas. And they're like, he's like me. He's like, well, I like a financial goal. We saved the thing. We invested the thing. But now what? Goals. Now you have to actually figure out who you are.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Sure. That's the least harmful of the options is to go to a credit union and see if you can get the difference in a loan and maybe a little bit more in order to get a beater car, get rid of this payment, and then you'll be climbing your way out of this. And then hopefully in the meantime, we can get your income back up to six figures.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
No, you nailed it. I think there's usually a flat tire situation when you're really good at saving and investing. And then the giving side usually is a little lackluster. And you have a hard time just spending for fun because it feels frivolous after everything you've been through.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Is this George? This is me. I'm working on my flat tire, Rachel, trying to spend more, enjoy life a little more. But I relate to Matthew's situation because the baby steps are so great because it gives you a very exact process. If you do this thing, you'll hit this goal. And then you get to baby step seven and it's a choose your own adventure of live and give like no one else.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Because clearly you're skilled enough and you're willing to do the work.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And so that's where he has to figure that out for himself. And maybe that is we need to find some hobbies. Maybe I'm going to try golfing or I want to get back into this thing that I used to love as a child. I really need to pick back up piano lessons.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Whatever the thing is for you and your family and go, hey, this is something we never thought we would do. Or back in the day, we were like, nope, we can't do that. What can you say yes to now that was a no five years ago?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And you got you and Winston just did your annual dream date recently.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Beautifully said, Rachel. Gosh, no notes, no notes.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Do you have your... They did not give... We are missing our social question. Oh, no. I got one. I'm just kidding. You got one? Oh, perfect. All right, here we go. You ready for this one? Shoot. Zach from TikTok asks, how much is enough or normal to spend on an engagement ring? I want Rachel's opinion on this so badly. I don't think I've ever talked to you about this.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
generally we'd say one month salary is like a top limit.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
But three months out there, I think like Zales and, you know.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Every kiss begins with K came up with, it should be 17 months of your salary.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
De Beers or whatever? De Beers, that's it.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
because nowadays like what people are spending it's to be in weddings to go to all the stuff i mean it is well and then the comparisons can i just be honest it's the women on women comparisons of oh let me see the ring oh that's that's cute you know what i mean like the guys don't care no man has ever cared no it's just like we don't want the woman to be upset that's
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Are they going to know it's from the lab and not a blood dime? Oh, yeah. What do you think about? Yeah, I could give a rat's toot about where like if that's what you're basing this marriage on. What was it? Did they work hard for the diamond or did a laboratory? Don't care. Get a moissanite. It's about the beauty of the ring. And does it match her personality?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
My wife's ring was not that expensive.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It's not a blood diamond. I'm not even sure it's a real diamond, Rachel. I don't even like you saying that. It was just a beautiful ring. That's what they call them. I don't know what else to call them. Lab grown versus nature found?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Producer Kelly, she's showing her ring going real. That's the word you're looking for.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I got my appointment. Do you have your appointment? There you go.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh, that's nice that he at least invites you. He does. You're on the calendar invite.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
No survivor benefits. So he lost that too.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
If you can get out of that. And then now the second half, at least it's bearable and you can climb out of that pretty quickly, even making what you make. It's a solvable problem. But I do think income is the biggest part. And then your lifestyle is going to have to get cut down to nothing for probably the next 18 months. Yeah. And so this is no eating out.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
He's on a scavenger hunt while grieving.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
This is, hey, the roommate wants to, sorry, I can't hang out. I'm working three jobs. It's not going to be a fun journey. But the good news is you're young enough that you have a lot of time to make up for this. And so all hope is not lost. You don't need to go file for bankruptcy.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Sell her car. Yeah. And get rid of that loan. In the meantime, that's a short term thing that could relieve some pressure here. And then with the credit card debt only in her name.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
If they're only in her name, he may not be liable for them. It just depends on how things are set up and will the estate pay it out of her assets and there's his name on that. And so that's, I can't tell you for sure.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
They're not going to go after like the mortgage or her retirement accounts. But if she has any other assets that can be used to pay this down, they will use that. But I would not be in a rush to pay off this credit card debt. And I would not let the creditors pressure him and lie to him and say, no, you need to pay this today. Do send a copy of the death certificate to the credit card companies.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Once you get those, get a bunch of copies, probably 10 copies minimum to send to all the creditors involved.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Yep. There it is. Annualcreditreport.com. You can pull from all three bureaus and get a real picture of here's the reality of where we're at. And now we know the next steps. And he's lucky to have you to help and clean up the pieces. And if we can help in any other way, let us know. But this is just one of those. Reminders to everyone else listening, get a will in place today.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
It's not going to cause you to die any sooner, but it will cause your family to just grieve your loss instead of also lead you on a scavenger hunt and guess. And have the government decide what happens to your stuff.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Well said, Morgan. I know. Thank you. Thank you so much. It's not easy to go on radio like this and share.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Everyone listening, including us, we're thinking of them and praying for them and wishing them the best.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Or would you say, I know, I just don't know how quickly he's going to save up 25.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
I got to find my joy somewhere. And the comment section is so entertaining to me.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Where's Dave? Question mark, question mark, question mark, question mark. One question mark would suffice. So can you clear the air?
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And, you know, I didn't think about that.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
Oh. So what do you make and what's the mortgage? Yeah.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
So if you sold it after fees, you would net probably $110,000 or so, maybe $120,000 if you're lucky? Yeah, kind of.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
And then you could then pay off your $37,000 in debt, leaving you with another $60,000 plus to then begin a new down payment while you rent.
The Ramsey Show
If You Live Fake Rich, You Will Become Real Broke!
At that pace, it's going to take you another 40 months to get rid of the debt you took on, on top of covering your mortgage, which is already consuming a lot of your take-home pay. So I can feel the stress of all of that
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Um, that's with your minimum debt payments, all of your expenses. That's what it should be.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, outside of the truck, I added it up. I mean, if you sell the truck, you'll have $80,000 in consumer debt based on what you told us. Yes. And so you had said 80 at the top, but you got 80 plus the $26,000 truck loan. That puts you at six figures in debt. And I'm trying to help you.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And I'm telling you, with a calculator, it's coming up at $80,000, and that's without your car loan. So I just want you to have a real picture of what your finances are at, and that's why I'm so desperate to get you to get rid of this truck and downgrade to, number one, free you of $26,000 today before your truck goes underwater. Almost every call, people are underwater on their truck.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So when you said this truck is worth $57,000 and you owe $26,000, I was doing backflips because it gave me some hope that you can get out of this faster than you think. And if you do that and then do the debt snowball, every extra dollar outside of food, utilities, shelter, transportation, insurance goes toward that $80,000 you have remaining. Smallest to largest balance.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I think you can get out of this. You make great money. You're a smart guy who works hard.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What was the reason for you to uproot them and take this pay cut? It was clearly a big enough reason that you guys decided to do this.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay, and now you're realizing we can't sustain this financially. With our lifestyle, our bills, and our much lower income, this is stressful for us, even though we're closer to family.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So that's an upcoming expense. That's not debt, right?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
$200. Dollars. Dollars of minimum payment or that's the total?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Oh, no, Shawna, don't step foot in the convenience store, a gas station. Stay far away.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Nursing assistant. Nursing assistant.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
How long have you been paying on these student loans?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Are you single? Yes. Okay. Well, there's some simple steps you can take that are tactical to help you, but it's going to take sacrifice. It's going to take making more, spending less, all of that. So here's the thing. With the collections, you've got to talk to these people. We can't bury our head in the sand. And even if you call them and say, listen, I can't pay you.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I make $10 an hour, and I got a lot of bills and a lot of people who want to get paid. And so I need to keep the lights on. So your one priority is food, utilities, shelter, transportation. We call that the four walls. Nothing else gets paid before those get paid. I don't care who the debt is to, what the collectors are saying.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You got to keep the lights on, keep the mortgage paid so that you don't get foreclosed on and eat something too. And so beyond that, you got to make your insurance payments. We need to keep all of that to protect us. And then we can start tackling the debt. But clearly there's not much to tackle it with because you have no money left after making minimum payments, right?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'd call everyone you owe debt to and say, listen, I want to pay you, but I don't have any money. I make $10 an hour. I'm six figures in debt. I'll pay you when I can and what I can. But right now, I'm flat broke. Okay.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Is there a path for you to make more in the nursing assistant world? Like it's a CNA where you could be making $40,000 a year?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I would do some homework and research and talk to people who are in these fields, in these positions, and ask them the path and what it's going to cost and what it's going to take and how long.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
But beyond the agency, as a certified nursing assistant, you should be able to make $30,000 to $40,000 versus $22,000. And with your experience, I'd imagine this wouldn't be a huge leap. And so I would just at least start to do some homework. I know life has got you down, but this is the time.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
The next 10 years, we need to be really getting focused, get the income up, get rid of this debt and have no mortgage payment.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'm going to throw even one more thing just because I feel for Shonda. I'm going to gift you a free coaching session with a trained Ramsey financial coach who can walk through all of this with you, help you with the collection side, navigate this wild journey, help you make a plan with the debt snowball.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
um just because we can't do that in a radio call and i really want shonda to have hope because i know a lot of older caller there's older people out there listening who are in their 50s rachel and they're going well i'm in her shoes there's no hope for me and it takes it's harder to do as you get older it's just harder the habits deeper habits that are you have to break the mistakes have been compounding for years the debt's been sitting around for years is in collections so hang on the line we'll get you connected and give you a free session with a trained ramsey financial coach yeah
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
who can help. So that's a big part of the problem is feeling hope and getting a game plan.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'm George Campbell, joined by Rachel Cruz. This is The Ramsey Show, and if you enjoy this show, you should check out Smart Money Happy Hour, co-hosted by myself and Rachel Cruz. We have a blast, and if you need to send someone the show that's not too heavy, too intense, Smart Money Happy Hour is a breath of fresh air.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
There's lots of laughs, and we sneakily teach you money things while having a good time.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You don't even know. It's like a what? Our writer Savannah said she was at the nail salon and some Gen Z girls were like, hey, you know that Dave guy? She's like, yeah. She's like, well, his daughter has a really cool podcast. I love it. We're talking about Smart Money Happy Hour at the nail salon.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
All right. Gabriela is up next in McAllen, Texas. Gabriela, what's going on?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What do you mean left it to you? Whose name is on the loan?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So you're a great, I guess, poster child of what can happen when you sign on to debt and buy things with people you're not married to. And I'm so sorry. I mean, on top of the hurt from this long-term relationship being over.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What's left on the RV loan and what is it worth?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, that's been the theme on the show for the last week or month is everyone is underwater on vehicles and things with wheels because it was really expensive and they had good intentions and then the market turned and now everyone's underwater. So there's only two ways to go about this. Number one is you need to come up with the $18,000 in cash in order to sell it and pay off the loan.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Or number two, you go get a personal loan for the difference of that 18,000 to get out from under this. Do you have any money?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
yes it's under my name so technically i owe it but and are they paying are they paying on it or you're yes and no oh gosh is this family is it a friend that you like said hey it is it's family it's a family member oh gosh i think you need to stop being generous with money you don't have gabriella that's what's been happening it's a theme in your life you sound like such a sweet wonderful person and now how much do you make a year
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. So you guys don't have any finances combined? No. Are you legally married or just cohabitating?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Not if I can help it. You're going to be out there busting your tail over time, doing Uber Eats and DoorDash and Instacart, whatever it takes. You're climbing out of this thing. And I think you're not scared of work, which is great. And we got to start with the smallest debt here, which it sounds like is this bedroom set.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I think you just pay it off, and if they ever pay you any more for it, great. You can apply that to the next one.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Especially if it's zero interest. All of it.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We're done with payments. We're done with debt. You make too much, you're too successful, and you're too smart to ever do this stuff again, regardless of the interest rate. Does that track, Gabriela? Are you with us on this?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We are Team Gabriela. And so we want you to win. And that's going to mean you have, you know, if you count up all your debt and if you want to get out of the lease, you can look at the early buyout amount and see if that's going to be worth it for you to do now. Otherwise, you turn the car in and then you need to go get another car. But don't just get another lease.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It's the most expensive way to get a vehicle and dealerships love it because they make the most money off of these leases.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
No more leasing. Buy your next car with cash, which is going to be tough.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. And bank accounts are separate. Do you guys Venmo each other for the mortgage? How does this work?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You're saying to have the RV repossessed?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay, and she's not feeling the stress of this financially? Just you?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
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 amazing relationships. I'm George Campbell, joined by my co-host, Rachel Cruz. She's also the co-host of another show we do together called Smart Money Happy Hour. The number to call is 888-825-5225. You jump in. We'll talk about your life, your money.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, it sounds like you went along with this to appease her to be closer to family, knowing full well you guys were going to be in the hole financially. And I don't know if you didn't make that clear or if she just was blind to it, as you said, and just going, I don't care. We're making this move. We'll figure it out. Pretty much.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, I don't know who your God is, but you need to come to Jesus' conversation where you go, listen, you're clearly not doing well financially. I'm not doing well financially. This family's not doing well financially. And life is too short to live with this kind of stress. So if we're going to stay here, we have to make it work. And here's what that's going to take.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
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The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
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The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And that's when we lay out the finances together, get on a budget together, and figure out what the hole is and how we're getting out of it. And that might mean you need to find a higher paying job. She needs to work more hours. We need to combine bank accounts. That might be some of the next steps you take.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
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The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax. I'm George Campbell, joined by Rachel Cruz this hour. Open phones at 888-825-5225.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Call us and we'll help you take the right next step for your life and your money. Jennifer's in New Orleans up next. What is going on, Jennifer?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I mean, that's the noble thing to do. I don't think it helps your marriage at all or with this common law situation you have going on. So you're going to grow further apart while keeping the kids fed. And so I'd rather keep the kids fed.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah, well, a lot of this stems from how she grew up with money and what her parents believe about money. Right. And so this is a money values conversation that your son will eventually need to grapple with as they head toward maybe a marriage.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And until they're married, he doesn't really get a vote in her life. He may have influence, but he doesn't have a financial vote as to what she does or doesn't do. The worrisome part was how flippant she was about it.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'll just pay off my $300,000 over 20 years. I think we need to give her a dose of reality. And I think you're right. Sitting them down and saying, hey, would you guys watch this documentary called Borrowed Future?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Well, if she's over the house a lot.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I mean, I'd probably pop on Barred Future because I am that dad.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It would feel like overstepping boundaries. Do you feel like that? If you brought this up, it would be overstepping your boundaries?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Or can you sell the car and make other sacrifices to cover your four walls for now?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
No, I just think it's one of those things you cross the bridge when you get there. And if she ends up in a bunch of debt and they do end up getting married and she's aligned on the values of wanting to get out aggressively, then they'll be okay. Their life's not over. You can still have a great marriage. But it is going to add a wrench in whatever their plans are.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
yeah well keep us posted call us back in a few years yeah okay so tell me this let's split the tables a little bit George okay let's say Mia comes home oh my goodness we need a different okay let's go first of all America Mia is my eight month old daughter just for context
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'm trying to put myself in a place where there's a contentious argument about gluten.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I mean, I think as an adult, I'd have an adult conversation with the other adult and come to a compromise.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I mean, yeah. And it's not a fiance. It's just a girlfriend.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I feel like future mother in laws give unsolicited advice all the time. It's just a part of being a potential future mother in law.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Wouldn't you get fired? And if I don't show up to work enough, Dave says, all right, we're going to find someone else who can actually do this job.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yes, because the damage hasn't been done yet. So we're going like, we can prevent a lot of this. Is there another way? Right, right. I don't know. Did the girlfriend's parents save for college at all? Did she just on a whim decide I want to be an orthodontist one year before going off to college?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We're like, will she eat gluten one day? I don't know. We don't have it in the house. Where will she get it?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It's like she's not drinking in our house. I'll tell you that much.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Hey, more of your wonderful calls coming up. Always a great conversation. 888-825-5225. This is The Ramsey Show.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. What were you doing before when you were making six figures?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Welcome back to The Ramsey Show. I'm George Campbell, joined by bestselling author Rachel Cruz, and we're taking your calls at 888-825-5225. You call in, and we'll help you take the right next step with your money and your life. Mike is in D.C. up next. Mike, how are you doing today?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And that industry obviously doesn't exist where you're at. No. Is there an equivalent or is there a better construction job up the ladder that you can aim toward?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What are you contributing right now to retirement?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
What percentage of your income is that?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. Okay. 600 bucks a month. Well, I'll tell you this much. That's not going to give you a great retirement anyways. And so our plan is to pause contributions to retirement so that when you get back to investing, you're investing 15% consistently without fail. For the next decade or two until you get your house paid off and then you can invest even more.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And so that's the purpose of us telling people to pause the 401k is twofold. Number one, it actually frees up the 600 bucks a month that can now go toward the credit card, right? Right. And number two, it lights a fire under your butt to get out of debt faster because you desperately want to get back to investing, don't you? Yes. And the problem right now is you're a little bit comfortable.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Like, yeah, you want to get out of debt, but you also want to invest and nothing's on fire. And I like the fire that is created when you pause the investing. It tells your own body, this is serious. We need to get out of this debt ASAP because I want to build wealth and stop paying for the past. What is the debt of the interest rate on these credit cards?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. So how quickly can you pay off if you pause investing, you've got the extra $600 back, you've got $6,000 left on the credit card, you're making $81,000. How quickly can you pay this off if you do all of that?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Let's call it six months. Okay. How would you like to be debt-free in six months? Do you have any money in savings?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Okay. So you got $4,500 in liquid cash right now.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And if you pause investing, now you have an extra $600. This thing's done in like two or three months, dude.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
By the end of the year, you'll be investing 15%.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You'll have almost tripled your investing. Do you see the excitement that we have as to why this plan works?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Booyah. Another one bites the dust, Rachel. We did it. Mike's on the path. All right. Let's see if we can help Jordan out in Boise up next. Jordan, what's happening?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I debunked it, Rachel. I'm literally on realtor.com right now.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
There's at least 30 houses that are beautiful. Three bedroom, single family homes under $400,000.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Today's question comes from Alexis in Tennessee. We recently received credit cards in the mail from my son and daughter who are both under the age of 12. When I showed them to my husband, he responded that he had taken them out in our children's names to help them establish a credit score before they became adults.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We have followed your principles for years, so I was shocked that he did this without talking to me about it. How should I handle this situation? This feels like there's a tinge of financial infidelity here. Behind her back opened up credit cards and the kids names.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It's a trend because of these TikTok videos where they go, hey, parents, here's a life hack for you. Add your kids as authorized users and they can take your credit score when they're 18 and have great credit so they can go get some more debt.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yeah, there's we have an article here related to this. Parents are gaming their kids credit scores. And it's around the same idea of stories of people who had their parents add them as authorized users. There's some horror stories in there. There's some explanation. But it says many are taking advantage of these tools. A 2019 poll commissioned by. Credit cards dot com. That's perfect.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Eight percent of roughly 1500 American parents surveyed said that at least one of their minor children had a credit card, presumably through authorized usership because kids under 18 can't get their own card. And TransUnion data showed that nearly 700,000 22 to 24 year olds had authorized user accounts.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So and here's the thing. I don't think these are terrible people. They're just well-meaning parents who have fallen for the system who go, well, this is the path. They got to have the credit score because otherwise, how are they going to rent an apartment and how are they going to travel? And they can't book airlines with that. And I'm going, have you ever tried a different route?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You don't need to do all this gyration to live your financial life.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
It is absolutely bonkers. And I cover this in my book, Breaking Free from Broke. I have a whole chapter on credit scores, a whole chapter on credit cards, and I unpack how to live life outside of the system. And it's not as complicated or as difficult as people would have you believe.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
In fact, it's way more peaceful. It's way more simple. I don't have 16 cards to manage to try to get the rotating cash back rewards. I have a debit card and I use it and it has my money on it. And when that money's gone, it is gone.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So here's a, here's a wild concept. What if as a parent, you taught your kids how to manage money instead of managing debt? That's all the credit score is, is how well you've managed debt. Yeah. Doesn't reflect how much money you have in the bank. Doesn't reflect your income. It just reflects your relationship with the lender. And so that's how I'm aiming with my kid.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
We'll help you take the right next step, and we'll try to make it entertaining, too, because, you know, life's too short.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'm going, they're going to look at people with credit scores and credit cards going, why are they doing all that work, Dad? And I'm like, I don't know, America, it's crazy. Lost our minds.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And don't say you follow our principles for years while you still clearly have credit cards. You don't get to pick and choose. This isn't a buffet.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So the math doesn't matter that much because you've just knocked out all the debts but the last credit card. Yeah. In this scenario.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And knock the next debt down to probably around six grand.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You'd have almost six grand to throw at the 10K debt. So you'd be down to about $4,000 left. So the 18% interest, the way you're going to attack this thing, it's not going to amount to much.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You throw $1,000 a month at this thing, it's gone in four months.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And using that refund for good instead of a vacation because you deserved it.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
The world is heavy, and we're out here just making light of it all and showing you a path forward, some hope. So Jeremy's going to kick us off across the border in Ottawa, Canada. What's going on, Jeremy?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Welcome back to The Ramsey Show. I'm George Camel, joined by Rachel Cruz. If you want to check out some other shows that we produce, you can check out the George Camel YouTube channel and, of course, The Rachel Cruz Show on YouTube and podcast. And it's all on the Ramsey Network app if you want to check that out as well. All right, let's go to Noel in El Paso, Texas. Noel, did I get that right?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
You did. Okay, wonderful. How are you doing? I'm doing all right. Taking it one day at a time, best as I can. How can we help today? What's going on?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Sorry to hear that. Well, lay this out for us. How much do you make and how much debt do you have?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
That's right, my friend. How can we help?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Yes. Good. And you owe $26,000. Correct. I like where this is going. Do you see where this is going?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
Explain to me why you need this truck when you're on the verge of bankruptcy.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I just checked Google. They make $20,000 trucks.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
And you're telling me there's no $25,000 truck that can tow that amount?
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
I'm okay with that. You're on the verge of bankruptcy. You just told us. You got here because you were unwilling to have delayed gratification, sacrifices weren't made, and you made some poor financial decisions. And this is the one on the list that you can undo if you're willing to drive a 15-year-old truck for a season so that you can avoid bankruptcy.
The Ramsey Show
Face Debt Head-On Before It Destroys Your Family
So you would have an extra $600 a month to go toward your debt.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Well, everybody tells us we're young. How old are you? um you're 23 so the high school sweetheart situation and you're like all right we kind of have our bearings we're we're out of school at this point working full-time yes we're both working full-time okay and you want to propose in the next 6 to 12 months yes i was thinking within the next next year okay what's your question scott
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Who's everybody? Everybody's broke.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I don't know who everybody, I mean, it's rare.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I've never met a 23-year-old who's about to get married who's like, yeah, we're ready to buy a house, buy a ring, get the wedding, and do it all in cash. Here's what most people do. They go, we'll finance it, and we'll start our marriage off in crippling debt and hope for the best. Yeah. That's normal.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And so I want you to be weird, Scott, and that means, hey, maybe a newlywed couple can just rent for a year or two or three, get their bearings underneath them, and get a good down payment under their feet before going, well, we're married, got to have a nice house, got to have a nice car.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
So I would focus on one thing at a time. Next up is the ring. We're going to do a reasonable ring, one month salary max. I don't care how wonderful she is. It's not about the ring she deserves. It's about the one you can afford. Next, let's make sure we can cash flow this wedding between family and ourselves. Next, let's talk about the honeymoon.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
All right, I'm going to pay for a reasonable honeymoon. Next, we can talk about emergency funds and down payments and all that good stuff. So hang on the line. I'm going to send you Financial Peace University. This is the roadmap for any newlywed couple. If you guys get aligned on this, it will bode very well for the success of your future marriage.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
One thing at a time. That's it. Very simple. So we're such in a rush at 23. Yeah. Wow. Got a lot of life ahead of him. As can Scott. He's much older. So much older.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
a rehearsal this morning and man, the stuff we have planned for how to choose exact mutual funds in your plan so that you can invest with confidence.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
We're getting a lot of questions about this and we're going to just lay it all out in a way where you leave so much more confident about your whole investing plan. We're going to take it all and just make it simple. There's so much noise out there and we're just going to go, here's the 17 things you need to know and nothing else. And so it's going to be a really good time. Looking forward to it.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Tickets $199. That's a good deal for five hours worth of coaching from Dave Ramsey himself. And we're taking your questions as well. So you can email those in if you get your tickets, ramseysolutions.com slash events, or click the link in the show notes if you're on podcast or YouTube. Don't miss it. We're not doing this again this year. That's right.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I saw you took a sourdough class. I feel like now you're an expert.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Well, it's much like investing. Well, I signed up for the sourdough class. But you got to do it the right way and you got to have patience. That's right.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay, okay. So you're in baby step three. $5,000 feels too tight for me for a fully funded emergency fund, so I would take those few extra $100 and start stashing it on top of your $5,000 until you have closer to $10,000 or $15,000, depending on what your monthly expenses are. The bigger question is, sorry if I missed this, is your entire schooling cash flowed from here on out?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay, that's great news. So there's no fear we're going to have to come out of pocket for school.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Then you're in a really good spot. You're cash flowing school. You're going to be going from making, you're going to double your income by December of 2026, which gives me a great joy. And then you'll be moving on to investing once you have that fully funded emergency fund, which will likely happen before you finish school.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And so I think we want to get you investing, but you got to get that fully funded emergency fund because right now it could take one or two emergencies to wipe out that entire savings account. Sure. Do you know your monthly expenses off the top of your head?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Is the agreement that this is until you get through school or longer than that?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I keep it simple. Just stack it up, because as soon as you graduate, there's probably going to be more expenses coming your way as you start out on your own, your own adult life. Yeah.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Of course. Who could get rid of a horse? I can't imagine.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Without a doubt. Can you negotiate a relocation bonus to cover those expenses?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Well, a lot of people just, you got to know where you are to know where you're going. And it'll give you a really clear next step to take in the Ramsey plan with tools, resources, articles, you name it. And so this is a great way to just jump in, send this link to a friend who isn't aware of us. And I got to say, Ken, I really appreciated the Joey Tribbiani. How you doing? Yeah.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
At the very beginning. See what I did? Yeah, you really sold it.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Go find out. Click the link in the show notes.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, it's a little more aggressive and probably has more expletives, but you know. Give me a PG version of how you doing Bostonian. What's up, my guy? Okay. Something like that.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, that's more fun.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Rob, you are rearranging the chairs on the Titanic, my friend. This is not going to be the solution you're looking for. And I know you can crunch the numbers and see how much you're paying in interest, and that should make you angry. But here's the deal.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay. Well, just let me free you of all of this. There's no hypocrites here. There's no Ramsey Bible that you've sinned against. Prenups are a very nuanced thing. And usually what we say is unless there's a massive gap in net worth and yours, it truly is not like a, oh my gosh, you're bringing millions and millions in. You have a family business. There's massive generational wealth here.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
We're talking about someone who prepared for retirement and someone who's just getting started. And it sounds like he's on the same page. You're on the same plan now. So you're on the edge of like, is this even necessary? But I understand with your backstory that you're just going, hey, I just can't be left out in a lurch, you know, unable to retire if something were to happen.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
So I think you both need to go to counseling and deal with the underlying trust and communication issues. But there's no hypocrites here. You did nothing wrong, quote unquote. So let me release you of that, that no one's going to, quote, win the argument.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
No, it's just most people don't need one. And the guy goes, well, I'll make $40,000 and she makes $20,000. No, dude, you don't need a prenup. We're talking about protecting your stuff from the crazy family around you, not from each other.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
The people that actually get out of debt, they don't just move around their debts and get new debts to cover the old debts and pay off the big debt. They just do the debt snowball and get so frustrated and so angry that they're willing to work as much as it takes to get rid of the next debt and get rid of the next debt, freeing up the next payment.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And you're going to lose all of that momentum trying to tackle this giant mountain of the biggest debts with the biggest interest rate. So the question is, what are you willing to do and sacrifice to use your savings and future income to get out of this? Are there stuff we can sell on this $250K? Are there cars involved?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
But I appreciate that. No, I mean, it's well coiffed. I guess in the YouTube world, they can't grow facial hair. So I'll take that. Is that right?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And you got a good 5 o'clock shadow happening.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
That's the kind of friendship we have, folks.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Oh, my goodness. Why would they take this on? Why couldn't you just go through the hospital to pay them and be in debt to the hospital where you could actually negotiate?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Well, you've got no time to play video games. You're going to have four jobs for the next three years.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
No, no, listen.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Now, you kept saying, I'm going to start the debt snowball. Where is your wife in all of this?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Your dad decided to take on that credit card debt in his own name. That's on him. And so he cannot guilt you or manipulate you into doing anything. So have a written agreement of how we're going to pay this back, and it's going to have nothing to do with your living arrangements. He's holding you in a prison.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Is she a willing participant in this process?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Then he needs a new job. And that's going to be a new chapter for you guys. I wish we could call him right now.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Or is she like, hey, knock yourself out trying to get rid of this debt. I'm going to go over here buying stuff.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
are going to leave and cleave. We've got plans tonight. We're going to Home Depot, we're buying some boxes, and we're packing. And by the way, we're not asking permission. Are you willing to lead, sir?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Probably personal injury would be on like the park benches, buses, you know. Real Better Call Saul vibe.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I think we would. And that's the vibe we put off. That's right.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, her last marriage was not crushed because of her second job. It was crushed because of a lot of other reasons and a lack of unity. And what this shows me is that you are actually creating unity because both of you have skin in the game and you're walking through this together.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And with three kids, is your wife working outside the home or is she home with the kiddos? She's at home. She works from home. Okay.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, there's not enough pluses on this new one to take it. Which way were you leaning?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Construction business is an expensive business to get into. That's right. You need a lot of cash.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Pensions over time have way underperformed the market. And so I know it sounds alluring because it's like, well, it's guaranteed income, but you can do better investing on your own in any company retirement plan. So I would not make the decision just for the pension alone. That's a fine byproduct if they have it, but I would not make your decision based on that.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And then financially, are you guys in a good spot? Do you have any debt? Do you have an emergency fund?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And how much do you have in savings? For our personal savings or the... All liquid cash you have access to, including the emergency fund.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay. We've got some work to do here. If you're going to follow the Ramsey plan, we've got to knock out this car loan before we're working on that emergency fund. But you also told me you have a third baby on the way? Yes, sir. So let's pause and stack up cash. But as soon as baby and mommy are home healthy, let's push play and dump that savings into the car if you do decide to keep it.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
You may decide to sell it, but your income supports having a $30,000 car, but not a $30,000 car loan. That's a lot.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
People think it's like a Willy Wonka golden ticket.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I have a whole chapter on student loans, and I quote your very, is it the only way? Is it the best way? Because it's a trap so many kids fall into because they think, well, this is the only path. If I don't go to college, I'm going to be destitute in my little town and never make anything for myself.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And the truth is, I see more people who took on crippling student loan debt for a degree they didn't care about, that had no real marketplace value, they had no passion in, and now they're left picking up the pieces, working a job because they have to, to make the payment. This is the insanity. This is the loop.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
That's why people are going to the trades. They're starting small businesses because they're going, I don't want to be like that guy. $150,000 in student loan debt, nothing to show for it. That's crazy. Do you floss regularly, George? Three times a day. Do you? Yeah, probably too much. I want to learn more about that. Very offensive. My dentist asked, do you floss?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously. How are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average EveryDollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Today's question comes from Kyle in Colorado. I'm 30 years old and earn around $200,000 per year. I owe $255,000 on my house and $50,000 on my vehicle. I max out my 401k every year with a current balance of $150,000. I also have a Robinhood account with roughly $15,000 in it and invest $500 there every month. Cash on hand is around $20,000.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I'm wondering if it's better to invest in the stock market or pay off my truck and home before considering any other investments outside of my 401k and monthly contributions to Robinhood. Well, he's almost there. Yeah, at least he's questioning his decisions. That's a good start to wonder if you're even doing it the right way. So here's the truth, Kyle. You can do what you want.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
You have an amazing salary. You can out-earn your stupidity for a long time and afford that payment for as long as you want, my friend. But if I'm in your shoes, I'm following the Ramsey plan. I'm going to get rid of that vehicle ASAP. It's not too much for your income. So if you want to keep it and pay it off aggressively, my guess is your Robinhood account of $15,000 is not retirement.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
So you could cash that out along with your $20,000 on hand, and that'll get your loan down to about $15,000. And making $200,000, that thing's done within, what, 90 days or less. Your vehicle loan is gone. Now, regarding the house, would I put extra on the house? I would beyond 15% of your income. And so if you're talking about $200,000, that means $30,000 a year going into retirement accounts.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
That means you could max out a Roth 401k. You could do a backdoor Roth IRA, and that would get you to that $30k. And then you can move on from there to paying off the house with any extra money beyond that, which you should have plenty of when you free up that $50,000 vehicle loan payment. Goodness, that's got to be probably an $800, $900 payment right there, if not more. Yep.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
So that'll free you up to start throwing that on the mortgage and get you on track for the baby steps.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, he's probably taking home $13,000, $14,000 a month. And so if you just get on a real bare-bones budget, you could knock that vehicle out in probably two months if you got serious. I love that. I like this plan.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Now, what they've done is gross to put that on you. You are not the solution to their financial mess. And they're just in a real pickle and looking at their pile of debts going, well, if the kids didn't cause all of this harm to us, we would be in a very different place. The truth is they have been reckless for a long time with their money.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
They didn't have a conversation about what was going to happen with college and student loans. They decided to take on all of the debt in their name. only with this Parent PLUS loan with crazy high interest. And now they want to pin it on you when they're in a bind. I'm not buying it. And I'm guessing the relationship with your parents has not been great for a long time.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
It's been transactional and very well. Look at what we did for you. And this is what you have to do for us. And I'm also guessing there is a lot more debt laying around here than just these Parent PLUS loans.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, bankruptcy does not discharge student loans.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I just want to know what the monthly... $400 a month you're paying towards that. These are for iPhones? For that one is, yeah. I think we can sell some iPhones. We can rock some iPhone 8s. Right?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Exactly. Do you know anything about their financial picture?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
That's usually when you go to blame everyone else is when you're backed into a corner like this. And so the best thing you can do is be kind, be firm, be respectful, set the boundary and let them know, hey, listen, I'm not in a position to pay this back. We never had this conversation. There's nothing in writing saying that we were going to be obligated to pay this debt.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
You guys decided this is how we're going to help and quote pay for school. And therefore, it's your responsibility. And if you're in a position to help, if you're going, hey, we got the money sitting in savings and we want to morally do this, that's fine. But you have no legal responsibility to pay this back.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And I wouldn't let them guilt trip you into saying, well, if mom and dad are going to be homeless unless you foot the bill, I'm not buying that either.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Well, I want to release you from the selfishness. Let's find option C, where it's not save for a fictitious family. I don't know what we're saving for, or save for me to buy a nice car. What's going on financially with you? Do you have a bunch of money laying around?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And you got an emergency fund?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
You said $2,200. Yeah. Yeah, it's more than two payments. That's a whole lot of money to me.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay, but I like money to have a goal, and that is way beyond a six-month emergency fund for you. And so what would be your next goal? Are you saying, hey, I don't really have one? I have a paid-for house. Are you investing 15% or more of your income at this point?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay, you sound like you are the eternal saver, and so it might be time to upgrade some things in your life reasonably. We're paying cash. We're not going to have this be a large portion of our world. But if you want to buy a few nice toys, go for it. Yeah, but he's in such a position that I'm not worried about him having money for a future family. Yeah, you're fine.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
It's a line item in the budget. A family doesn't show up and you go, I need $100,000. It's just a line item. That's true. For a ring and then for a wedding. You'll have the savings ready to go, my friend. I'd get out there. I'd get out of the house and start meeting some people and maybe find a nice lady.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Well, you've called the right show and the wrong show. You're not going to like what I tell you to do, and you probably won't do it. I would tell you to stop day trading immediately and focus on long-term wealth building through your normal day job income. Do you have a normal day job?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
So you're making about $85,000 a year if you're doing that 40 hours a week. You said you're doing 48 hours a week, so it's probably a little more than that? Correct, yeah. Okay. And what makes you go, I need more? Clearly you're enjoying doing this, and you haven't been burned by it yet.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay. Let me tell you that.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay. So here's the stat, and you fell perfectly into it. 97% of day traders who persisted for more than 300 days lost money. And many people go borrow money to make trades, going into debt to leverage, right? And we've taken some gut-wrenching calls on the Ramsey Show from people who have lost 30 grand, 150 grand, even $300,000 by day trading. And it breaks my heart. And here's the problem.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
It's easy to feel like you're the exception when you're winning. Correct. Correct. And it's easy to go, well, it's always going to be. I'm good at this. It's just gambling at the end of the day. And if you do your research, it's just researched gambling, which still has a lot of risk. And I'm with Dave Ramsey on this. I just hate losing money.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And so the easiest way to avoid that is to not gamble it. And so what I do is I invest into retirement plans. If I want to invest outside of that, I would invest into an index fund and a taxable brokerage account and call it a day. And so I would focus on... Yeah, because I don't... Here's the problem. You're spending hours and hours a week staring at these screens trying to time the market.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And instead, the better thing to do is instead of timing the market, is just have time in the market through compound growth and a long-term strategy. This is the tortoise beats the hare. You've heard that?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, and I don't think it's worth the mental calories. I don't think it's worth the stress, the anxiety, the risk. Our plan is all about peace. You've heard it, financial peace. And so can I tell you how many times I've thought about my investments over the last six months? Zero. I go, oh, market's down. All right, I'm going to go get a coffee.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I just don't care because I'm investing for the long term. And if you're investing for a shorter term purchase, like real estate, just park it in an index fund, let it ride. That's what Dave does. And when he finds a good piece of property, he'll cash out enough to buy the property. But I would never encourage anyone to do single stocks or even a single crypto coin.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And day trading falls squarely in that with even more. Because now it's a whole career you can make out of it of saying I'm a day trader. And so, man, you're too smart to do this stuff.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, behavior is what got us here, not interest rates, not math. And so I know the interest rate is the easiest thing to get mad at instead of looking in the mirror and being mad at Rob. And, man, you are dealt some cards that nobody should be dealt with. But here we are on the other side, and the only way out is through it. And that's the debt snowball method. So hang on the line.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Just see if anyone starts filming me saying, I saw George at a crypto bar. Yeah.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Yeah, so essentially you want to gift your children money to help set them up for success and wealth down the road. And there's a lot of ways to do that. How old are the children?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Wonderful. And they're all working full time, gainfully employed?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
That's great. Well, I like the idea of sort of a match because that encourages them to actually do the behavior instead of you doing it for them. But there's a lot of ways to do this. If it's not wealth, it might be, hey, we wanted to gift you some down payment money and it has to go toward the house. And so there's a lot of ways you could do that. I love the idea of just contributing to that.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I don't know, if you just wrote them a check for $3,000, would you trust that they'd actually go invest that into an IRA? That's the question.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Okay. I would demand proof because I'm that guy. I'd be like, all right, here's the deal. I'm going to give this to you. I need proof in one week that you've actually deposited this money or else I rescind it. So it's okay to give with strings attached. Because they're going to benefit from it. And here's what you should do. Sit down with an investment calculator.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Show them what this money will turn into when they retire to 63. And they're going to go, oh, my gosh, Mom, you didn't give me $3,000. You just gave me $150,000. That's good. That'll get them investing.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I'm going to send you guys my book, Breaking Free from Broke, along with Financial Peace University. You and your wife sit down, watch all the lessons, listen to the audio book, read the book, get fired up, get five jobs. And if your marriage isn't better at the end of this thing, then we've done our jobs wrong. Because I'm telling you, that's the kind of unity that the debt snowball creates.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And I've been crunching the numbers, Sean, and based on just some quick research, entry-level PA in your area probably make a 90 grand, which is what you said you'd make just getting off the road. Now, long-term, you could make closer to 110, 130, but this is not a significant jump to go 125 grand into debt or to even cash flow. Well, he's actually going to go backwards from where he is now.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Exactly. So I would, to Ken's point, be very patient about this and just stack up cash and live like you're a broke college student right now. Because if you can put away, you know, 40 grand a year, in two years, this thing's cash flowed. And then two years from that, you're a PA.
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
That's true. And I also saw in-state costs. For example, University of Utah, in-state costs should be closer to like $82,000 for this program. So where was the $125,000? Was that a specific university you were wanting to go to?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
Have you checked all around? Have you went to the most affordable options and went, will you take my credits? Can I get into this program? I feel like there's some more homework to be done. Yeah, I've checked quite...
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
And you couldn't clap out of them?
The Ramsey Show
You Have to Know Where You Are Financially to Know Where You're Going
I just want to say, if we can save $40,000 just by doing some homework and research, I'd rather do that than just say yes to the first one that takes me and use student loan debt to do it.
The Ramsey Show
How A Bigger Paycheck Could Lead To Bigger Problems
Because you're just going to run in a circle.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
What's that debt that's outside of the snowball you want to start on?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Is that your only debt outside of the student loans?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
George, what about you? Well, I want to zoom out a little bit and go, what is your total debt amount right now?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
But that part's not under warranty?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And what is your income?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Not including child support.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I love that. You're going to free up a lot of money cleaning up those student loans too. Those payments will also get free.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Oh, wow. How much money do you have?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Okay, so are you worth multiple millions of dollars?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, ask any Gen Z millennial who's struggling to wonder if they'll ever afford a home. And they went, I don't want to steal your joy. Oh, come on. I think they'd all say, no, I'll take the house. I'll be very joyful.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
The question is, how are they doing financially? Right. Because if they're already struggling, broke, and they can't take care of this home, it could be a burden instead of a blessing. That's true. There's a lot more we need to dig into to understand. Are they responsible financially already? What is the cause? What's causing them to not be able to afford a home right now?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And is this home going to cause some level of entitlement? There's a lot to dig into, but it starts with a conversation with them.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Or if there's a lot of misbehavior and they're just going into credit card debt. Yeah. Just buy stuff they can't afford. I wouldn't just throw a home at that.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah. But I've thought about this exact question. Would I want to buy my daughter? My daughter's not even two yet. I'm like, would I want to save up? Because who knows what a home's going to cost when she's 25? Is it going to be a million dollars? That's true.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And so I kind of want to be ready, but I also want to make sure she has some skin in the game and that this doesn't turn into an entitled brat who goes, well, daddy said he's going to buy me a house, so I don't need to try in life. That's always the fear as a parent.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So I think it really depends on the person. But if the kids are working hard, they have a great work ethic. They're debt free. They have an emergency fund and they're just plugging away at this down payment. And it's tough because of where they live. Then, yeah, I think it's a really awesome thing to do. It's kind of leave the legacy while you're alive. Yeah.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Instead of when you're in the grave and you throw a bunch of money.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Exactly. So I like that mentality of sort of leaving the inheritance while you're still around to watch them enjoy it and help them grow.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So what was the bankruptcy clearing?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I'm guessing that's more than that. So anything above six months, I would take that as a lump sum and throw it at the mortgage because the less principal you pay, or the more you throw at the principal, the less interest you'll pay the following month, which will save you money in the long run. So I would not wait for interest rates to do anything.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I would just be plugging away at that mortgage every single month like you're doing consistently and knock that thing out and try to even beat your goal. Do it in 10 years or less. So we found the average millionaire does in our study, 10.2 years.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
It's the data. 10.2 is too random to make up. That's just what the data said from 10,000 millionaires, and it wasn't necessarily their first home. That's right.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Could have been their second home. They rolled equity into it. But 10.2 years, they got that mortgage knocked out. They didn't hang on to it for interest deduction or anything crazy like that.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Heard that one before, Jade. Don't get me started.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
All right, let's do this. What is our topic today for Talk Nerdy to Me?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Wouldn't you like to know? Well, Jay knows, but for the benefit of the group, a lot of people go, okay, I know Dave talks about that a lot, the good growth stock mutual funds, right? That's a classic Dave line, but what is actually going on there? So let's talk about this. Mutual funds are investment vehicles that pool money from multiple investors, a.k.a. you, And me. And Jade. And me.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
To purchase a diversified portfolio of stocks, bonds, or other securities. So how do they work? So you're buying shares of a collective portfolio.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I'm pushing my glasses up for you.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
All right. So shares are tiny pieces of a company, tiny pieces of ownership. So mutual fund, let's say there's 90 to 200 companies within this one fund. And so when you buy a piece of the fund, you're really buying a piece of these 200 companies. Amazing. Got that?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So investors, we all benefit from this diversification because we all know, oh my gosh, Elon burped and Tesla stock went down 40%. Right. Well, we don't have to worry about that when there's 199 other stocks from other companies to balance it out.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Exactly. So the benefits here, instant diversification. You have lower costs because trading single stocks can get expensive. Mutual funds make it really affordable to invest in a range of stocks without all these transaction fees because you're not doing these little nickel and diming transactions.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And with an actively managed mutual fund, which is a lot of time what we're talking about on the show, there's a team of investment experts that have come together to decide which stock should go in here. And they're actively going, hey, should this one move out? Should this one move in? And what are they trying to do when they do that?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Well, they're trying to get the best return for us, the investors. Yes. So that's the goal. So when you hear about a few types of mutual funds, for example, good growth stock funds. So what that means is these are equities. They're stocks. These are not bonds. They're meant to grow. So we say good growth stock. These are companies that we expect to see some growth from. That's right.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
When you hear the word index fund. Well, that's really just a type of mutual fund. And what people are generally referring to is a passively managed mutual fund. So nobody's deciding what's in the fund. It's just taking the top 500 companies. So an S&P 500 index fund is just going to take the top 500 companies and buy those stocks.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
NASDAQ, Dow Jones, Dow Jones, ticker symbols up. So they're just different, you know, pools of companies. Some are tech focused. Some are other health care focused. And then you've got bond funds and these are really fixed income. These are for people who don't like the volatility of the market. They just want something stable. So these invest in corporate or government bonds.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
There's regular interest income, lower volatility. So some people like that.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, I'm trying to put it on the bottom shelf so that in five minutes we can all go, great, we learned it, we can move on. And then lastly, a money market fund. So you hear about that? It's almost like a high-yield savings account.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Where it's just sort of sitting short-term debt instruments, but it's high liquidity, meaning you can take that money out and you're not going to worry that it's going to go up and down. It's just going to sort of sit there making a little bit of interest like a savings account.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah. So as the company stock share value goes up, we make money. And sometimes that's paid out in a dividend. So think of that like profit sharing. The company made some profit. They're going to reward the shareholders for holding on to these stocks for the long term by giving them a little bit of money. Love that. Or it can be reinvested. And so that's what we do in our retirement accounts.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
We're not getting dividends off of that. We're just reinvesting the growth. That's right. And that's what creates this amazing compound growth. And the other way is capital gains. So when you sell it for a higher price, if I buy Apple stock at $100 and five years later, it's $150. Well, I made 50 bucks per share. That's great. That's another way to make money if I sell that.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And now you don't want to do that in a retirement account. But. Unless you're of age to retire. That's true. But if you're under 60, you want to just hang on. But if it's in a taxable brokerage account, meaning it's non-retirement, you would sell and you would have capital gains tax, either short term or long term, depending if you've held it for a year or longer.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So you'll hear Dave say growth and income, growth, aggressive growth, and international. Here's what you might see that listed as if you're looking at your 401k, for example. You might see it listed as large cap. That would be your growth and income. These are large, boring, stable companies like your Home Depots. They're out there. They're not going to be skyrocketing.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
They're not like innovating in crazy ways. Yeah.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
You need these as the foundation. Then you have the medium cap, which is going to be your growth funds. So these are medium to large companies. Then you have small cap. These would be considered your aggressive growth companies, like small tech startups. And those are going to be the wild child. It's going to go really high and really low.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And then finally, international. So you want to have this as a hedge. Think like BMW, LG, Samsung. These are international companies. And what we found, Jade, when the U.S. market just took a dip like it did recently, what happened? International funds...
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So it balanced out. And people have said, well, Dave, international funds have been underperforming the U.S. stock market for a long time. Should we switch that up? And we just saw a great example of why Dave keeps international as a quarter. So when you talk about investing in your retirement account, we recommend just a quarter in each, one-fourth, so 2%.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
25% in that large cap, 25% medium, 25% small, 25% international. And if you just choose those four funds in your 401k that have a long track record and have a solid return, you're going to be okay. It's as simple as that. That's right. You don't need to overcomplicate it.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I tried. And we do have, there's some great next steps you can take. And number one is connecting with a SmartVestor Pro. So these are financial advisors that can teach you all of this stuff in depth so that you understand what you're doing. They're not making decisions for you. The ball is in your court, but you need to know what's going on with your investments.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So you can reach out, connect with a SmartVestor Pro, ramsaysolutions.com slash SmartVestor, or click the link in the description if you're listening on YouTube or podcast.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I'm the Miss Rachel of mutual funds. You know, I try to just keep the cookies on the bottom shelf.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, that's for kids. Oh, I was going to say— You're beyond that phase. I'm in the Miss Rachel phase right now.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I got to think about that. That's like a little riddle here.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Would we ever recommend not paying off your home if you're retired? I mean, you need to have the money. So if you're retired and all you have is enough income to keep up, well, you don't have the extra money to throw at the mortgage. Right. But if you're able to knock it out and then still have the rest of your retirement... Now, we don't know...
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
It'd be great if we know when you were going to pass from this earth. That would really help us with our calculations. Also true. But we don't. So if you're able to pay it off and able to throw extra at the principal.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I've never heard Dave say, no, it's a terrible idea. Keep the mortgage around.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Oh, that's a tough one. What do you think, Jade? You went through a slog with Baby Step 2.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Well, it's almost like you run the marathon and at the end they go, okay, the 5K starts now.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Oh, man. I don't know. I think hardest is an interesting term. Yeah. Because baby step two, while it is really difficult, it's also kind of exhilarating.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah. You get angry at the debt, and it's kind of this us versus them.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
You see the progress. Yeah. But you're right. The baby step three part, where you're not quite building for the future, but you're done paying for the past, it's just this purgatory in the baby steps. Yeah. So for that, I'm going to go baby step three today. Don't hold me to it.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
My mind could change. Yeah.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
A lot of folks are saying 2. Oh, 2.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So are you current on your payments on the cars and the student loans?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
What's the car worth and what do you owe?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So eight private. Okay. And what do you make a year?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Number one, you're underwater on it. And number two, you're going to have to turn around and buy a $6,000 to $8,000 car. So it's not going to do you much good.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
But I wanted to call because... Well, if you owed like $30,000 and you're making $50,000 a year, that's way too much car. And we'd say, hey, sell it for that reason. And even if you have to take a little hit. But you got $14,000 total in debt. Or is there more?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Okay, and you make $50,000 a year. So you're going to be done with this thing in 12 months or less. Yep, that's the game plan.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, you're right on track, man. Knock it out and try to get your income up. Maybe get a side hustle, but the car is not the main problem, and it's not going to be the solution to sell it. So I would just keep on going with the debt snowball, knock out that credit card debt, and then really hunker down on that car loan, get rid of it, and never do it again.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And it's not probably not that big of a payment if he owes 11K on it. I don't know where it started, but it sounds like the car is a reasonable purchase outside of him using debt to cover it.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Why did you start this whole thing six years ago in the first place? What was going on in your life where you decided, I'm done?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I think you're stuck still in this fight or flight from all the trauma that you experienced and just paying off the debt you thought would solve everything. It solved something. It got rid of the money stress, but it didn't just magically give you this dream life either. And so I think there's a lot more to now explore.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Now that you got the money out of the way, now we can focus on career and relationships and all the other aspects that make life worth living. It's just when you're broke, it's hard to focus on those things.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And baby step two kept you so busy you didn't have to really deal with all of that. You sort of just probably numbed from it and went, I'm just going to work hard and get rid of this debt. So you know what to do, Blake. It's going to take a little bit of work to get there, but I'm rooting for you, man.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Just know it's going to get better from here.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, I didn't put two and two together.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
That would make sense. The Twister or something like that. I mean, it feels like now there's big events happening all the time, but that was a huge one.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
That's a real place. I've never heard of this. I just Googled it. But their tagline is where banking's funner. That's pretty funny. But no wonder what banks have the best interest. There's a lot of there's a bajillion banks. The one that I personally use is called Laurel Road for high yield savings. And the rates change all the time. So I don't rate Chase anymore.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, they've stayed very competitive. So Laurel Road is the one I personally use. Jade probably uses a different one.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, I wouldn't rate Chase. They're all going to be solid. What you want to make sure is FDIC insurance, no minimum balance required to open an account and no monthly maintenance fees.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average every dollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
With the repairs needed? That's as is? No, without.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So does that house have a mortgage on it?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So you could still come out of this thing and make a little bit after fees. Just a little bit.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
OK, that's the part that worries me is you haven't built the foundation to now support being a homeowner and the expenses that go along with that. And so not only do you not have an emergency fund, you still have debt. You also don't have a down payment. And so to buy this house for five hundred thousand dollars, you need to take out the full amount as a conventional loan. Right.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Would he be willing or does he need this money?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So what's your household income? Did you guys mention that?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
You've got a law on your plate. You've got five kids you're taking care of by yourself.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Home ownership. You need to make that decision from a place of strength. And right now we're in a place of weakness and desperation. And dad really needs this. And that's not the right time to make the biggest financial decision of your life.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So I would push pause, find another way, rent for a while, build your own foundation and buy a house when the time is right, whether it's his house or another one.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Whoa! All right, exciting.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Just nonchalantly dropped that in there.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
You don't want a teacher's salary. So single. So one income. Yes. Teacher's salary. Yeah. And you paid off your house.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
What was the did you have a specific goal in mind if I want to pay it off by this time or in this many years?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Of course, Jade's going to vote for the fun thing instead of the home repairs, upgrading the car.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
nest egg of god just shy of about two hundred thousand dollars as well amazing well on your way you're halfway to baby steps millionaire yeah it just doesn't seem real but yeah it's it's definitely coming incredible well you know teachers were the number three career out of our millionaire study and so you are living proof of well how do i don't understand our teachers well here's how you do it you just follow the principles stay out of debt and at 36 you're going to be a millionaire probably by the time my guess is early 40s you're going to hit that
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
The proof is in the pudding.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I'm sure his middle school students are now watching him as a YouTube sensation now going, that's our teacher.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
That's wild. Yeah. He's not even old enough for a midlife crisis yet.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I'd like to go to France.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I bet he'll never eat a Subway sandwich again, though.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Once you do the side hustle, you're like, oh, you see how the sausage is made. You go, all right, I'm done with that.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Oh, France is definitely the France and Italy, I think, are my top two right now.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Because I think I'm in my bougie phase. So I just want to eat really good. So I think as far as food goes, maybe Greece would be nice, too.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Well, you know, some people want to go for adventure. They want to, like, go hike. I'm like, no, no, no, no, no. I want to eat. Take me to the finest dining.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
A walk for you is a hike for me. We have different definitions. Jake goes on 10 mile walks.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
That's where it's at for me. When I say I want to experience culture, I really just mean I want to eat their amazing food.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Oh, we have a gift for Jonathan. We forgot to mention.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Two every dollar premium subscriptions. Good for a year. So you can use that. You can pass it on to someone who cheered you on. Maybe even a naysayer. Give it to the hater and say, hey, this is how I did it. If you want to know, the budget was the key. It's on me.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, I was shocked you took us there, Jade. That's what it says on the paper. I was legitimately surprised.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
You got a crystal ball we need to know about? How do you know it's going to keep dropping?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yes. The answer is I don't increase or decrease investing based on anything the market is doing. I'm accidentally dollar cost averaging, meaning I just invest 15 percent. Well, now I do more because I'm in baby step seven. But if you're in baby step four, five and six, invest 15 percent of every single paycheck, regardless of the market's up, the market's down. And so I don't time it.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I don't go, well, it's on sale. I'm going to buy more. I just keep buying exactly the amount I was. And you're going to naturally buy more because 15% of something on sale is going to be more shares.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I see. How much are you investing? What percentage?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah. Yeah. Because from, you know, let's say 2019 to 2022, we saw home prices skyrocket. So the fear is with that length of timeline, housing market could increase to where it's a moving goalpost. And you went, oh, my gosh, I saved up $250,000 and now that house is $300,000.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And so this sounds crazy to say I'm all for paying cash, but if it's going to take you that long, it might be wise to ratchet down to 15 percent with investing, throw everything else that you can toward a down payment.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And once you can buy the home that you want, where it's going to be 25 percent of that after tax monthly income, pull the trigger on a 15 year fixed rate and then aggressively pay it off. Mm hmm. OK, that essentially locks in a lower price for that home and allows you to have margin because 25 percent on a 15 year is about as conservative as you can get with a home.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And then you're still going to have a paid for cash home within six years.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah, you're doing a lot of good things. I would just make those light tweaks of just, hey, let's bring this down to 15%, freeing up a little bit of money toward that down payment so we can speed that up so that you're not looking at a six to 10 year journey to get into a home.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I'd get current, and I'd also see if you can get rid of that $43,000 loan. Oh, man, sell it. It's insane. Yeah, find the amount you're underwater and get rid of that thing, even if you take out a loan to cover the difference.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
How much of that could you put away? Because this baby's coming in three weeks, you said.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So like next, in three weeks time, how much more money can you set aside?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Okay. So plus you have how much in savings right now?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Okay, so that's $6,500. So that gets the repair done without going into debt.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
We're going to get it looked at and understand where the smoking is coming from. Is it a solvable problem? But I don't like the option A, go into debt for this, option B, go into debt for this. I think that's where we painted ourselves in a corner.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
The goal is to avoid debt and also stack up cash and make sure that you and baby are home safe before we do anything else and make any big financial decisions.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
In the worst-case, you could rent a car for a while, borrow a car for a few weeks just to get by, and I think those are good options versus going into debt for a car we can't afford.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
The train has left Justification Station.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free. And I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Today's question comes from Chelsea in New Hampshire. She says, My fear is that if I have an emergency, it's going to be difficult because there's no debit card attached to the account. Not having direct access kind of scares me. What should I do? Oh, it doesn't sound like you got much to cover an emergency at this point. I did the math, Jay.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
There's probably 800 bucks in this account if it's making two bucks in interest a month.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
And so I would be more concerned. Now you're in baby step two. So here's a thousand. She's saying I put 500 over here. I got 500 over here, but I need direct access. Here's what I found when it comes to emergencies. Very rarely is it I need cash within the next hour. If that's the case, you're probably getting scammed. It's probably some kind of Western Union transfer thing.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
They want you to buy some gift cards. Most emergencies I found there's time to transfer it out of the savings account to the checking account. And so you've got a little bit of time. You can take a day or two to get that that money in there. And so it's really not that big of a deal. I found I keep all of my money in high yield savings.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Like connected to your check. Yeah.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Yeah. The bigger problem is when you have the access is too easy and you go, oh, man, I just moved it from savings to checking and now it's gone.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So I like a little boundary line there, but you can also do wire transfers and things like that if you need it a little quicker. That's true. Good question, though, and I appreciate that.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
When I have needed the money faster than, you know, the two business days or whatever it is, I just do a wire transfer. I call them, do wire transfer. It's there within 24 hours.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
Oh, my goodness, that I really needed the emergency fund. Yeah, I can't remember. I only remember the ones when I was broke and didn't have it. But once you have the emergency fund, I started doing better maintenance. I would just cash flow it out of our checking, out of our budget and switch around some line items.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
I don't remember the last big what was like a five thousand dollar emergency. We tended to be like, you know, a plumbing guy, the electrician. Yeah. A few hundred bucks.
The Ramsey Show
Stop Messing Around & Follow the Plan That’s Proven To Work
So that half hasn't been paid yet?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah, I think you got to silo this a little bit into the different buckets of what's going on, because right now it feels jumbled up. And I understand that because you're going through a lot financially, you're going through a lot emotionally, you're going through a lot career wise, like there's a lot here. So there's the housing situation, like that's a line item of thought.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Then there's the fractured marriage. That's a line item of thought. Then there's the financial struggle. That's a line item of thought. And then there's making sure my 12-year-old daughter is okay, right? So there's all these different things that are going on. Are you speaking with anybody to help you sort through all this other than us? A professional?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
OK, I think I think you need that. I think you need somebody who's going to help you give you some actionable steps for everything. Money does touch all of these areas, but there's a lot deeper issues that are going on that I think you need to figure out what's the priority. Because it's going to be very hard to tackle all of these things at once.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So you need to figure out what is the top priority for me today to work on? And what's my goal? And at what point do I move on to the next thing? Getting off this call, George, I'd say the first thing is to start putting a clear end to this marriage. And that looks like filing for divorce so you can start building some closure there. Hey guys, what's up? It's Jade Warshaw.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And look, if there's anybody who knows about student loan debt, it's me. My husband and I had $280,000 of it, but we were able to dig ourselves out and you can too. If your student loan payment and interest rate are burying you, refinancing could be the solution. Now, Thank you. Thank you. You should only refinance if it makes sense in your situation.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So if you're looking for a low rate or a shorter term so that you can pay off these student loans fast, talk to my friends at Laurel Road about their competitive interest rates and how you could actually get a lower rate by signing up for auto pay. Listen. Nobody's coming to save you from your student loan debt. If you want it gone, you can't mess around.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And is one of those your husband?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Go to laurelroad.com slash Ramsey to find out more about student loan refinancing. Again, that's laurelroad.com slash Ramsey.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
jade wanted to sing jump on it so badly there i did felt it the last time i tried that though i got called out they're like jade this this song is no longer like politically correct oh wow i thought it was like an fcc violation they just were like we can't do this anymore no it's just think about it and then i thought every episode i was like yeah this song is a little sketchy wow okay good to know i'll stay away aj's in orlando up next what's going on aj
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Look at you trying to throw that guilt on us by saying it's a mother-in-law spree for my 82-year-old grandmother.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
What do you think it was all worth?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay. And this would be nicer than a shipping container. This is so that as she ages, if you need to care for her, she's on site. Is that why?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
You're in Orlando. No, you're in. Yeah. Okay. So is there, I'm just thinking through this. Here's where I'm thinking. A it's debt. You were never going to say to do that. B I'm wondering what this does to the value of your home, because a kit doesn't sound like a great thing. If I'm looking to buy somebody else's house.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Uh, and then the third thing I'm wondering is if the goal is to be able to take care of her, uh, what would it look like to just put her in an apartment that's near you?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So we're talking about almost $900,000.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
What about the other family members? So, okay, you guys are taking on this burden of taking care of a person who is a family member to many. Is there anybody else who's willing to kick in and say, hey, if you take grandma... That's, you know, you're paying a financial cost and a just lifestyle physical cost.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
You know, amongst the brothers and sisters, if it were my mom, there's four of us, we'd all be thinking, okay, what are we all chipping in to make sure mom's okay? So is that a conversation that you can have with siblings to figure out, like, what's the budget here to make sure somebody's here to take care of her and she's, you know, got a living situation that works? Yeah. Right.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
It's something that I'm very happy to do.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I mean, let's go back to the apartment thing, because I want to clarify. I'm not saying that's it forever, but it is it until you guys can save up the $50,000 or $60,000 and get this kit. What's wrong with that? I'm just trying to keep you free. That's my goal here. You guys worked really, really hard to get free. And I'm wondering, why does she have no money?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah, because you're going to be paying for everything from here on out.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
She's too generous to be a millionaire. That doesn't make sense. Hold on. Let's say this. Let's say this. If you're going to do the very generous thing that I think that you're wanting to do, which is say, hey, we want to take care of you. You've got this health issue. We want to make sure nothing happens to you. You've poured into us, like you said. Then I don't think it's unfair to say...
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
What can you contribute? Because the truth is, as we age, it is our job to make sure that somebody can take care of us with our own money. It's not supposed to be. The burden is not supposed to be passed to somebody else. Even if you don't feel that it's a burden, you going into debt is. And it's not a bad or wrong thing to say, Grandma, what can you contribute for your own care as you age?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Because we want to make sure we want to know what's there to take care of you. I would not go into debt for this, AJ. I think you want to go into debt for this. And I think you're thinking of all the reasons why you need to instead of why you don't.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So let me just make sure I understand this. The will said everything was supposed to be split three ways amongst the brothers. One brother said, forget that. I'm going to sell all of this myself.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
All right, today's question comes from Toby in Pennsylvania. They say, I'm seeing some mortgages advertised with only 1% down required. Is this a feasible way to get a house if we don't have enough for a 5% or 10% down payment? Ay, ay, ay.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah, it is. And... Think about it. You know, you want to make when you buy a house, you want to make money at the table immediately. Right. It's it makes you feel good. All of it's good. And any money that you're putting down, that is less that you're paying a month. Right. So let's not forget that.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And then where is that money? Like he so he sold the estate. He sold the property. Where is the money? Do you know? He's got it. And how long over what period of time did all of this happen?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I think sometimes people think that like the down payment is some sort of like consequence you have to pay. for like getting the house. It's like, you got to pay the down payment.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
That's not a win. Like that's not a prize that you get. So I think reframing it in our minds that 0% down or 1% down is not a prize. It's actually putting you in a negative position, not negative, but in a less favorable position when you buy this house. And so that's part of it. You know, we want to know that there's equity there, right? When we move in, that gives us peace of mind.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And the bigger part is, if you're not putting anything down, I want to know what this payment is getting ready to be. Because when we're putting money down, we're making that payment lower and lower and lower, which is it's a smaller and smaller percentage of our world and our monthly budget, which is what we're aiming for. So...
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
The question I would have for you is why do you want to put 0% down? Because if you're telling me you can't afford to put 5% to 10% down, you're also telling me you can't afford a home. Because what I find all the time, and this is the sad part, people will go in and buy a house for $300,000 or $400,000. They can't afford the payment.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And then when something like the AC breaks for $3,000 or $5,000, they can't afford it and they go into debt for it. So you got to make sure your mind is right. Home ownership is an expensive endeavor. And it's more than just the monthly payment. I mean, that is definitely the starting point. But this is something it's your biggest asset you're going to have.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And you want to make sure it's a blessing and not a burden. And if you go to that thing and say, hey, I can't afford 5%, I'm sorry to tell you, you just can't afford to buy yet.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And I hate to say it, George, but you make an excellent point, which is so true. A lot of times these deals are marketed to folks who truly can't afford it. And it's marketed as your way in or your window in, but really they... They're kind of like treating you like a sucker. It's like, this guy will fall for this. We can get them to go for this because they're so desperate, right?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Oh, gosh. And you're like, you're going to cause them.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
just beware just beware don't let anybody prey on you you're not desperate you're not behind you're running your race and when you it's you against you so when you hit that milestone of buying the house that was when you were supposed to cross that finish line just remember that yeah don't let a lender tell you when it's time to buy a house you decide sage is up next in san antonio texas what's going on sage
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
October of last year, 2024. Yes. Okay. So when that happened, did you guys go to him and say, oh, so you just sold everything like, okay, so you're going to divvy it up three ways. And then he said what?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And then my other truck, it's a... You said there's $2,000 in equity in that one.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So why can't you sell that one and drive the one that's got $7,000 to go?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Is he on it, or did you guys co-sign together? No.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So let's not go down. Let's not trace that rabbit too far. So the car is supposed to go to him. There's $2,000 in equity in it. He's been paying the note. Can you just get this out of your hair and just go?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay, but that's not your problem. You need to give him the ultimatum of, hey, this weekend, we either go and move this into your name, or I'm keeping it and I'm doing what I will with it. Like, that ends this weekend. That's what I'm doing.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And you said, what's this for? And he said, what?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Auto, loans, some hospital bills, and a little bit of credit card. Can you break it out for us by amount for each of those categories so we kind of see what we're dealing with?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And so then did you then go to whoever the lawyer was who first, you know, read the will and said, this is the executor. You went to him. And what did he say?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Mine still has 26,000 left and my husband's we just got and it has about 18,000. Okay, gotcha.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay, so what happened then? Because, you know, you've been in this mindset of – The person who just bought this car is now the person who's calling. So what happened that triggered you to go, wait a minute, this is not good?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah, because we're going to suggest some extreme changes, and he's got to be on board with that. Do you think he could get on board?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah. Cause you'd be taking back the gift. You just got him.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
The good news is here's the good news. Um, The cars together, they're not, you know, you could reach in and pay these off probably over time. The 750 and credit cards doesn't scare me. You should pay that off this month and cut those credit cards up and be done. You should feasibly be able to reach over and pay off the $2,000 of medical debt really fast. That's out of your life.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And now we've got three, you know, loans dealing with actually the personal loans, I think you could probably break those up in the snowball and knock those out relatively quickly. So there's some parts of the debt free journey that really are, this is the debt and I'm just locking in and I'm, there's no get out of jail free card that I can cash in.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So you guys then need to go to a judge and say, hey, the executor of the will is not carrying out the wishes of the will. And he is keeping all the money for himself when the will clearly states.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I've just got to work more, you know, pick up an extra job, sell some of the things I like and just hit it hard. Yeah. Yeah.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay, so that should leave $2,500 of margin, right? Yeah, and I don't know where that's going. It should leave. That's the key word is should. So we're going to give you every dollar before you get off the call. And I want you guys, this is date night this week. I want you, you've already kind of foreshadowed that you're going down this path. I want you to tell him, hey, I called in the show.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
They gave us this gift with the caveat that we would make it our next date night. And we're going to sit down and we're going to list everything that we're spending money on. I want you to have the bank statements from the month of May ready, right?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah. And so what's going to happen is you're going to do May's budget, even though we're already in May and you're going to see how much you're probably already over budget. Right. And then you're going to start June's budget together on the right path. So it's perfect because you'll be all ready to start afresh for June. And then from there on. Yeah. With the twenty five hundred. Yeah.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
You're knocking out the medical debt in June. You're probably going to find because you're going to cut back more. So you're going to be able to pay off the credit card in June as well. That feels really good, doesn't it? Yes, it does.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And Haley, another thing that I want you to talk about when you guys do this budget date night, because George is right. You got to stop with the credit cards. But my my thought is if you tell your husband this, what's his name? You don't have to tell us. It's Chase. OK, I was going to say we can call him Biff.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Let's say you got to tell Chase the deeper meaning of why you want to do this, because if it's just we got too much debt, we got to sell these trucks, we got to sell these vehicles. He's going to be like, what? What is happening?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah. So you've got to, and this might take some soul searching for you, Haley, to sit back and go, what do I really want? What is it that I'm trying to achieve? And why am I trying to achieve it? Is it peace? Is it stability? Is it, you know, some sort of...
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
identity that you're searching for because you did mention that when you started making money it made you feel like oh i'm here so there's something there that if you can articulate what it is for you first and then now you'll be able to articulate it for him and then that's probably something he's going to be able to connect with you on Right.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
He might not get on board with let's just cut up our credit cards because it's a smart thing to do. He might not get on board with that. But if you say for the first time in my life, when I made a little bit of money, I felt like I was here and I was seen. And I realized I don't want that to be for not. I want that to mean something.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And I have a chance to be here with a legacy, like talk to him and then he'll get it.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah, over five – I'm just trying to understand the five-year play here because – and I don't say this to sound any type of way, but if I know I have an inheritance from grandpa and grandpa died last year, I feel like I would have already known – forget five years – I would be wondering, okay, when are we selling the estate? When are we getting the money? So I want to know more about that.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I'm not trying to say anything negative.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay. So you're, you're right there. Um, Tell us what else, what other debt you have, because something else is eating your lunch here.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
That's it. Okay. Car payment. That's all. That's consumer debt. So how much is your car? How much is your car? What's the balance? The balance on the car is about $16,000 and my car payment is about $550 a month. Okay. And what's the car worth? Have you looked if you were to sell it today and get something cheaper? Do you know what you can get for it?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay, let's call that homework number one today. When you get off the call, we want you to go on kellybluebook.com and we want you to look for private sale if you were to sell it today on your own, what it would be worth. Because it could be, yeah, you sell that and you get 500 bucks back in your pocket.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
That'd be great if you can at least break even on it and then get something, you know, a little less nice in cash, right? What's left on the student loans?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Well, I think it's, it's aspirational, right? So if you say, if you look, if you do the homework tonight and you look up and you find, man, I owe 16,000 and you know, maybe the car is worth 14, right? Let's pretend that you're at a deficit and it's 2000. Now you can at least start to, you have the information to go, okay, What would it look like for me to save up two thousand?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And then what could I how quickly could I save another five thousand? And what's out there for five that right? You can start to use that as a jump off point for different ideas, because a lot of times when you're in your situation, it feels like you're painted into a corner. And the best thing you can give yourself right now are lots of options and ideas forward.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So right now, one option you have forward, like you said, is I could go live with my mom or I could rent the house. Right. You're already laying out ideas and I'm just giving you more. So I would say the idea of renting your house doesn't feel like the right move because what makes homeownership stressful is you're on the hook for everything. Right. Right.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And you said that earlier, you know, I, I fell on hard times. I couldn't pay for it. And now look, so if you're, if you're going to sell the house, if you're moving out of the house, sell it. I wouldn't move out and keep it. But is the, is the allure to move in with mom? Is it for childcare? Tell us more about that.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay, so you got the $16,000. Let's look at the size of the problem. You got the $16,000 on the car. How much were the student loans?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Here's the good thing. The good thing is, and I want to validate this. A, a lot of times people call in and the mortgage is the problem. For you, that's not the problem. So that's a green check. I want you to leave off the phone feeling really good about where your mortgage is. So I don't think that's where we look for the solution.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
The second thing, Sasha, is there is a seasonality to life that's very real, especially when it comes to the baby steps, not just when we're in debt, but at different points of time. When you have really little kids, that plays very majorly into what you're able to accomplish. Now add into the equation that you're a single mom and this it does it doesn't change what you're able to accomplish.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
It changes how fast you're able to accomplish it. So there's part of this that I want you to know, hey, as long as you're looking at this and saying, here's where I see the problem is, here's where I'm going to start to make adjustments in that area. But just knowing, hey, probably for the first year, this is going to be really tough and I might not have the time.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
to do some of the things I wish I could do and that's okay and in this time the main thing to do is say this hey number one I am not going into any debt like I've drawn a line in the sand I don't borrow money period that is your numero uno right now no matter come hell or high water you don't borrow money so if you can do that that's a win and then number two George if I were my number one goal would be I'm gonna have a thousand dollars saved by the way do you have any money saved
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Improvements with the house is on down the list. I think your number one goal, first homework, I find out what the car is worth. Second financial goal is how quickly can I save five thousand dollars? so that I can get out of this car. Because for you to get out of that car and have that $500 payment back, that is the breathing room you're looking for.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And you can start to make some progress towards kicking out the rest of the student loan.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And you will. You will. But don't let that be the thing that's making you feel like you're behind or like something's not right. You will get to that. It is truly step by step, baby step at a time.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay, okay. And what was your timeline for moving into the house? Because again, we're talking five years. What was the timeline in you all's mind for saying, here's when we're going to buy you out. Here's when that's going to take place.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Here's the reason I'm asking these questions. I'm trying to get inside of the brain of the son-in-law here. No kidding. The only thought, because you're the only caller on the line, right? So the only thought that I could... pull up in my brain is maybe this guy was thinking, hey, they said they're gonna buy me out. They haven't bought me out yet. Who knows what's on fire in his life?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I love this. I love this family council.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Maybe. Tell us more about the debt. How much is it and what are the rates? How many are there?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I was just about to say Laurel Road does do that. And so you can go over there, you can do a five minute consult. And I mean, they're looking at your specific situation. So I think that you 100% qualify to do that. Here's the trade off. And I want to be really clear about this. So...
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Sometimes when you do – if you were to do a consolidation, what I don't like about that is it groups it all together and you've got this one payment. And when we talk about doing the debt snowball, that almost feels insurmountable. But if it's something that they could go in and refinance, it sometimes does still lump it together. So just understand that going –
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
forward and figure out what makes sense for you what's better would you rather um have a couple of these that have a higher you know percentage or maybe it's some of them that you refinance because you're gonna have to work through this what's you what's you guys's um income uh it's about 450,000 okay so how much okay so it's the shovel to debt in ratio feels more normalized when you put it that way yeah how many loans is it right now if you broke it all out
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Maybe he thought, whatever, they're not gonna buy me out. I'm gonna force the sale of this by just selling it myself. I don't know. I'm just trying to think what could be going on here because this is a extent, like five years is a big timeline here. So I'm trying to figure out what could have gotten lost in translation. Either way, I think the first advice we gave stands, which is-
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So, yeah, I mean, I'll tell you, I'll tell you my thoughts on it. You know, my husband and I had 280,000 of student loans and the biggest one was 90,000. And the rate I would say probably about that time, the ratio that we were working with was similar to your guys's.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And it's just I'll tell you, it is daunting to look at a big old sum like that because a couple of them had been consolidated for a better rate. So I'll just let you know up front, like that's what you're facing when you do that.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And you have to ask yourself with the speed at which you're moving, are those percentage points worth it for that overwhelming feeling of saying, I'm not going to get those dopamine hits every time I pay off, you know, one of these guys, if that makes sense.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
You go in front of the probate judge and say, hey, here's what's going on.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Why are you even calling us? You didn't need to ask us this, Chris.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Well, I would have gone through the attorney who was dealing with the executor, but it sounds like you can't find him and he's not talking. So now, yeah, I'd be calling up that circuit court or whoever, whoever you've been in contact with and saying, what do I have to do to get in front of a judge? I'm not a lawyer, so I don't know. And I've never had to deal with this.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
You do have to consider one really important caveat to this whole thing, which is if you do this, you have to invite George and I over for a pool party.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Yeah, this is going to start the ball rolling.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Oh, it's good to be Chris today, man.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And if I may, let me I got I got to get on some folks real quick, if I may, because George, every once in a while, my my silly self goes and looks at some of the comments of the YouTube.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
That's my job. Every once in a while I do. And you guys, what George says is right. You guys get mad at people like Chris who call in and they're they've done something good. Don't don't. Don't be haters. Don't sip on that hater rating. Go in the comments talking about, oh, this guy's humble bragging. He didn't need to call the show. Don't do that. He's our hope.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
He's the one that we can look at and go, Chris did it. I can do it. Instead of being like that, you need to be asking questions. You need to be calling up Chris and saying, Chris, bro, how'd you do it at 37? You got a pool? How can I do it? That's the spirit you need to have. Not hating on Chris because he's doing well in life. Don't have that spirit. That's an ugly.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
My mom used to say, you're too pretty to be acting that ugly. Don't do that. Oh, I like that. Yeah.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
She never said I was too pretty. My mom told me that because, you know.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I've responded like two times and I immediately regret it.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
James, give me permission. I'm going to call somebody out right now. So I, again, was silly enough to go in the comments and somebody was like, man, Jade's guns are big, but her stomach is big too. I was like, why? Who raised you? Why would anybody say this? He was like, Jade legit has a gut. And in my mind, I was like, what's happening right now? So I'm just selling.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I say, what do I have to do to get in front of a judge? Because the executor of the will is not doing what the will says. And then go from there. I'm guessing, yeah, it's going to cost you a little bit.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I see what you guys are saying. And I almost responded. I almost responded. My milkshake brings all the boys to the yard. Oh my gosh. I didn't. I didn't write it. That would have shut down the comment section. I didn't write it. I said it instead on. I'm a little upset.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Mom. like he gave me a compliment then he gave me a backhanded compliment that's not right let me live what a time to be alive all right caleb save us from ourselves he's in knoxville what's going on man
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Let me tell you, I think it bothers you. Otherwise, you wouldn't have called in. And that's not me. That's just me thinking. If you didn't think there was a yin and a yang to this, you probably would have just done it and not thought anything about it. But because it is morals and values based, the fact that you called us lets me know that something for you. is not quite sitting 100.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So that's why I might pull back and go, if this is it for me, if it's a values thing or a morals thing, if I'm not feeling 100, I can't do it because it's that nagging thing that's like, ugh.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And I'll tell you one more, Caleb, and this is not like any shame or guilt, because you can walk around and do whatever you want from this, and God is not going to He's always gonna love you exactly like he does today. So there's that. But I can tell you when Sam and I were paying off debt, you're right.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
There is that temptation to be like, ah, you know, but actually Sam and I leaned into that and we started giving more. And let me tell you, that for us was the pop-off in a lot of ways. And it's not to say you give and God gives back money to you. I'm not saying that, but I am saying there is a principle of when you have your hands open, Things go out, but a lot of things come in.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And it just is something about the posture of your heart that God does honor in more ways than one and in many ways other than just money. So I think you know what to do here.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Wow. So you have a young daughter? How young is the daughter?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Okay, so married less than a year, wife takes off.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
So are you filing divorce? Because I wouldn't touch much of this until a divorce, because I'm guessing some of it's in her name, talking about the debt.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Good luck. I mean, he couldn't get the loan without you before. So that's scary. Chances of that happening might be slim unless something's changed for him recently. Yeah.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
I think the first step is if this marriage is over, like ended officially and figure out, is she going to, is this going to be a situation where you guys can sit down together and figure out how to just divide this right down the middle? Are you going to have to get lawyers involved? But I would not
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Well, you got to tell us more. Make your case for us here. Okay.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
start on this until you know how it's going to land, because I wouldn't want you to end up paying something you didn't need to pay or think that something wasn't going to go on you that does end up going on you, that sort of thing.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Are you sure that she left and somebody didn't, something foul play didn't go on? That sounds kind of odd. Yeah.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
That's not looking too good. What's your total debt?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
Well, I think that, you know, we hear this question a lot, which is, you know, I prioritize my family. Is it bad to work more? Is this a negative thing? But I do think that when we think about the priority of our family, there's kind of like subcategories underneath that. Like, what does that mean to prioritize and take care of my family?
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And part of that is I go to work and I make sure that I have –
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
financial stability so I can provide stability and peace in our life that's part of taking time and that's part of prioritizing your family you could say that also spending time with them follows falls into that priority right but it's not the only thing time is not the only way that we prioritize our family it is one of the many ways so I think if you can view it like that
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
It'll kind of free you up to realize, OK, the time I do spend with her, I'm going to make that very quality. But it's also so important for me to go out, make sure I have the stable job, make sure I'm working, paying off this debt, able to stay in whatever living situation you have, all of that sort of thing.
The Ramsey Show
Stop Obsessing Over Pennies While Ignoring the Plan
And see, that's proven my point. Like we got to get out of that because that there's no you know, that doesn't feel stable at all.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
It's so hard. And I know a lot of people, not this particular situation, but a lot of people are going through some version of this where they're trying to be a good, nice person. It's turned into this enabling. They have to have the hard boundary conversation and it's a close person in their life. How do you even begin that?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So good. Well, Tammy, thanks for the call. We're wishing the best for you. Hope this ends up with a good situation for you and your granddaughter. This is The Ramsey Show. We'll be right back.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Lovely. And are you investing right now?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
What have you been investing in for the past six years?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Okay. Are you working full-time?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Nice. That's amazing. Okay, and how much are you investing as a percentage of your gross household income?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Oh, my goodness. Okay. So you're going to be a multimillionaire regardless of this conversation that happens next. Can we agree on that?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Cool. How much do you make a year?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Um, 80 to 90. Oh my goodness, dude, you're crushing it. So you're, we're talking, you're investing like 18,000 a year. Yeah. And you've got a 401k through your employer?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Okay. So what happens after you max that out?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Okay, great. So let's talk about index funds versus mutual funds. And for the listener's sake, if they're like, what are these goober nerds talking about? Index funds are basically passively managed mutual funds. So still a giant group of stocks, but it's tracking an index, basically a set list of companies.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Whereas the mutual funds that are actively managed has an investment manager that is selecting the funds that make the list.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So index, there's no one running the show. It's just a set list.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
The S&P 500. There's 500 companies, the largest U.S. companies.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
It's the autonomous vehicle of the investing world.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Is that a good summary, Matt? Because you know about this stuff just as much as we do.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
There's an investment manager. There's people to pay because this is their job to run these.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
They do have fees. The perks of the index funds, as you know, diversification, which mutual funds have, low expense ratios, which index funds have, and predictability. And every investing rose has its thorn. For starters, your index funds won't beat the market because it represents the market. Does that make sense? So you'll settle for the average of the market. You can never beat it.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
The goal of the mutual fund is that that investment manager is picking, is hand selecting funds based on tons and tons of research that they're doing every day, day in and day out in order to attempt to beat it. So let's say the market does 10%. Well, the goal of the mutual fund is to do 12% or 14%. Now, as we know, they won't hit that goal every year. We don't have a crystal ball.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
No, that's actually factually incorrect. Morningstar did this article, and they said nearly 57% of mutual funds, these active U.S. equity funds, they beat the average index fund peer over the 12 months through June 2023. So that means six out of ten mutual funds beat the index.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Over a 12-month period. They looked at, here's what mutual funds did, here's what the peer index fund did. Six out of ten beat the index fund.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
You can look at decades, and it's going to change depending on the decade you look at. And the truth is there's going to be mutual funds that don't beat the index, and there's going to be years the index beats the mutual funds. And so the goal here is to slightly beat the copycat of the stock market, which is the index fund. And so the index funds also do have a fee.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
You'll see it listed as a 12B1 fee. And so that kind of makes up for the fact that the mutual fund fees there. So it's not exactly free. And here's the thing. We're not anti-index funds. There's a time and place. In fact, Dave Ramsey invests in index funds outside of retirement. You have that taxable brokerage account, right?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Dave would say index funds are the smart play there because of the low turnover. They're not moving things around as much, which makes the fees less. But in retirement, you're not having to pay those fees because you're not worried about turnover because this is a long-term play, and therefore he invests in mutual funds for his retirement accounts, index funds outside of retirement.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So there's a time and place for both.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Well, there's a lot of pieces of it, including rate of return, the expense ratio, what the fund is made up of, who the fund manager is, have they switched the investment team recently. If it's been doing great for 30 years and all of a sudden they switch the crew, well, that's something you want to look out for because things might change.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And we actually covered this in depth, Matt, in our Investing Essentials live stream. And it's not currently available, but just for you, I'm going to send you a link to watch that for free. How's that sound?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Sure. Over time, you know, things may change, but we're looking for is that longer term track record. And so we're not going to choose a fund that's been around for a year. We prefer the one that has a track record of 10 or 15 that's had the same team with the same record of success.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Matt, here's the deal. We can argue all day and I can tell you like this, but you can be a multimillionaire just from your index funds. You don't have to ever touch a mutual fund if you don't want or going to still be friends. You're doing great. The key is your savings rate. That's the key. That's what's holding people back from having money. It's not the discussion of index versus mutual.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
That's for another time. But for everyone else listening, just freaking invest. Be like Matt. At 21 years old, invest $18,000 a year. You're going to have money in retirement regardless of where you put it.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
What's getting you through every month if you're going underwater?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
What kind of debt is this? What is this debt, man? Can you break down the 160?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
This is The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. This hour, open phones at 888-825-5225. While you're listening or watching this show, do us a quick favor. Hit the subscribe button. Hit the follow button. Leave a review. Text a link to a friend. Let them know about the show or your favorite clip, a highlight, anything that can get the word out.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Because you guys truly are the best marketing tool we have to keep spreading hope worldwide. in a world filled with a lot of noise and distractions and hopelessness. And so we try to displace all of that with shows like this, and we appreciate all of your help getting the word out. Lester is up next in Dallas, Texas. How can we help you, Lester?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Was there like a spit shake on, hey, here's how much we're going to spend, here's what the budget says, stick to it?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
But are you guys only using debit cards or are there some credit cards still being used?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
The other side of this, Lester, when it comes to the tactical, is that you should be sitting down with her before the month begins going, hey, what's happening this month? A birthday should not be a surprise. We know when the birthdays are happening. Christmas happens on December 25th every year. I check my calendar, still happening.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And so you kind of know what's coming up and you adjust the budget accordingly. So if we need to add a gift line item in the budget, let's do that. If we need to add a miscellaneous sort of little catch-all of 50 bucks or 100 bucks, let's do that so it doesn't derail our plans.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And the other thing is we check the budget before we make the purchase. So if we go to the gift and we go, oh, gosh, I wish we're going to have to do a handmade gift. Let's make a little basket. Let's get some roses from the garden.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
George made me a basket once. John still has it.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So Lester, that's where we come up with a solution together and have the conversation. But there is a part of this that's on her as far as accountability going, you need to check the budget before you make the purchase. That's how I do it. That's how you do it. We can't just hope that we lined up with the budget perfectly. We use that as our guiding kind of North Star.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And I think when you do that, you start to add in these line items. It starts to be less and less of a surprise. You get to kind of align it a little more. And on top of that, What is your next goal? What is the thing you guys both agree to is the next thing that we're saving up for?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So even more in baby step two, there's even more intention, intentional sacrifice and intensity here where it's going. We can't afford to buy people gifts. We got to put our own mask on first. We're broke. And think about how many gifts we can buy people once we're debt-free with an emergency fund, we're preparing for our future, then we can look up for opportunities to give and be generous.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And so I think that's part of it is you need to have a plan together going, we're going to pay off $700 a month of debt, and here's how we're going to do it. versus we really need to save more, really got to get rid of this debt. We need to get more specific so we can actually hit the target.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So this little plan, this one year thing we're after, this is just part of reverse engineering the picture you painted her. So instead of we got to get on a budget, you got to spend less, it becomes, hey, remember, that's what we're aiming for. This is a little blip on that timeline of intentionality and sacrifice. Are you with me? Yeah. And I hope that helps.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Auto loan. You have another auto loan?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
We're going to gift you every dollar premium, Lester. What are you using right now for a budget when you guys sit down together?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Yeah, you show a spender an Excel sheet, they implode inside.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So we're going to gift you every dollar premium. It's much easier to look at, easier to use. You both log in. You both have accountability. So while she's out, she can actually check the budget versus Lester's spreadsheet at home. So hope that helps, Lester. We're wishing you the best as you attack this debt. That puts this hour of The Ramsey Show in the books.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Thank you to Dr. John Deloney, all the folks in the booth keeping the show afloat, and you, America. We'll be back before you know it.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Okay. So you got 51K on the car, nine credit cards that are 55K, and then the other, what is that, another 50 or 60 is in personal loans?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
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 amazing relationships. I'm Ramsey personality, George Campbell, joined by my best friend and best-selling author, Dr. John Deloney. He's in the house. He's ready to help. We both are.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So give us a call, and let's talk about your life and your money and help you take the right next step, regardless of what's going on in your life. Joseph kicks us off this hour in Los Angeles. Joseph, welcome to the show.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
We're doing well. How are you?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Okay. What, where did all this money go? What have you been spending on? So we're talking a hundred K and just spending.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
I fell asleep about three seconds into that, John.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
I was bored to death. No, I'm just kidding. That was a really good answer. And I have similar things to say, but I'll add to that and tell you this. I grew up in a very evangelical household. My mom can't wait for Jesus to come back, right? She sang the songs. She watched Left Behind. We were all in.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And so my thing is always like Jesus could come back tomorrow and that could waste all of the effort I made trying to save up this retirement account. But also, what if it's not tomorrow and I still have to feed my family? And I kind of feel the same way about the crypto. Like, yes, the dollar could get devalued. I don't think it's going to collapse.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
If that happened, we're not worried about crypto. Like John said, we're worried about feeding, you know, trading for gas and ammo at that point. And so to your point, I'm going to invest 15% into mutual funds in the stock market because for decades and decades and decades, I know there's a large chance of a 10% return.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
With crypto, I'm losing sleep because 24-7 that number is moving and the goalpost is moving and now it's down 50%, but now it's up 1,000%. And what if I had just gotten in and instead I just want to live with peace? I want to sleep well at night. I got to go to work in the morning. And so for that reason, it's fine to keep those friends around.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
They're probably good guys, well-meaning, who want to take care of their families too. But it's not a peaceful way to live. And so for that reason, it's fine to put fun money in Bitcoin, but I'm also not going to do it under the guise of my paranoia apocalyptic plan, that I'm going to be the one to survive it if I put money in crypto.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Yeah. And as much debt as we have, we have a lot of friends out there, John. And so they go, hey, that's my friend. You don't mess with them because they're protecting us. It's a mess.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
You get into geopolitics and economics, and Joseph, I'm not smart enough to answer that question on that end, but I just tell you what I do, what John does, and that's investing in our 401ks and IRAs, paying off our houses, and sleeping well at night, not looking at our investments 24-7.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Let's start there. Joseph, thank you for a great conversation, man. Hope it helped. Thank you.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
You too, man. This is The Ramsey Show. We'll be right back. 888-825-5225.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Listen, I know a lot of you would rather watch paint dry in slow motion than file your taxes. But thankfully, you don't have to dread filing when you've got Ramsey Smart Tax. It comes packed with everything you need to file online before the big deadline. That means all major federal forms and deductions are covered with no hidden fees.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Plus, with Ramsey Smart Tax, you can save up to 70% compared to other tax software out there. It's a no-brainer. Just go to ramseysolutions.com slash smart tax and see how simple tax filing can be. That's ramseysolutions.com slash smart tax. This is The Ramsey Show. I'm George Campbell, joined by Dr. John Bologna. We're taking your calls at 888-825-5225. Danielle joins us up next in Milwaukee.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Danielle, welcome to The Ramsey Show.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Absolutely. How can John and I help?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
That's a weird position to be in. And while you chose to be there, he had a part in putting you there. And you have a choice also to get out of this and to say, hey, Dad, listen, I can't cover your phone bill anymore. What would happen if that were the case? What would the conversation be like?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Would you call this relationship transactional at this point?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Well, it's not about his character, but I'm saying the relationship right now is I pay the bill. He doesn't really want to see me. He doesn't want much to do with me, but please keep paying my phone bill and thank you.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Yeah. Here's the spark notes. If a cell phone bill is propping up the relationship and this is one Jenga piece that knocks the whole thing down, there was never a relationship there. And that's the hardest, scariest part to face. Is that whatever was, I know he's a good guy, he was a great dad, but it's changed. The relationship's changed.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And I think that's the hardest part to grieve is the guy he was and the guy he is now.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
What is his portion of the cell phone bill? I'm just curious. What's the financial amount?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So if it was on him to cover 70 bucks from now on, do you think he could do it?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Yeah. I'm so sorry, Daniel. That is not a fun thing to deal with. The theme so far of the show, John, has been you cannot change people. No. No matter what you want to give them or cover for them, it's not going to make the relationship better and it's not going to solve their problems.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
More of your calls coming up. 888-825-5225. This is The Ramsey Show.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Welcome back to The Ramsey Show. I'm George Camel. My co-host today is Dr. John Deloney. Open phones at 888-825-5225. Our question of the day is brought to you by YRefi. If you're in default with private student loans, contact YRefi. Obviously, we don't encourage letting your loans get into default. We teach responsibility.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
But these amounts have some of you really struggling out there, and this is a path forward. Wi-Fi was created for people in your situation. So go to YRefi.com slash Ramsey. That's Y-R-E-F-Y.com slash Ramsey. May not be available in all states.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Honestly, we are hiring Scott. So we have a lot of sales roles open at RamseySolutions.com slash careers. But that's for another day. To your question. Truthfully, here's my take. John may have a completely different take. I feel like we need Scott in the car industry. We need people with integrity who are leading people to the right decision who aren't scumburgers.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And it's easy to generalize an entire industry as this is a...
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
gross industry but i think what scott's doing here is noble it's moral there's no issues with it if you are in the lending department and it eats away at your soul you need to get out of there but as a as the salesperson it's not your job to say hey here's the lending part here's the financing part they're going to go to another guy to deal with the financing you're there to say hey what is your budget
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Here's a car that is in your budget. And then if they have questions along the way, you can steer them to go, hey, this one might be better for you guys. I want you guys to walk away from here debt-free. There's nothing wrong with that as a salesperson. And, yeah, you might not get as many commissions as going, you should get the car that's way too expensive because it has this sweet feature.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
I think we need people with integrity steering people toward that.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So don't feel the personal responsibility of that person's decision to buy a car they can't afford.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
He's a problem solver. That's right. That's the skill set.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So if you can be a change agent here, Scott, and stay in it and make peace with it and not eat away at your soul, do it and keep helping people. But if you can't, like John's saying, then you've got to make the move out of here. And we both believe you have the skill set to move into any other industry and know that the other industry, they probably also sell stuff that someone can finance. Right.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
It's so much easier to stand out in an industry filled with scum.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Well, and especially in this industry, cars are amoral. Now, if this was a product that is inherently gross, if he's working for a payday or a title pawn, I'd say, all right, get out of there. That whole place is scummy.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
It's a car. It has utility. So this was the choose your own adventure, Scott. We're not going to tell you to do one thing or the other, but you need to follow your conscience and your values. And the fact that you wrote in maybe tells me it might be time for a different career shift. Who knows?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Or you come here, work for Ramsey. And thanks for reading the book, by the way. I didn't know I was that convincing, John. That's amazing.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Name one. I got Venmo. Oh, that's right.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And I said, John, I'm not your personal assistant. I'd be happy to do that for my hourly rate, which you can't afford. I can't afford. You can't afford that.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
But I would do it as a friend.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Let's take it one day at a time, John. Let's not get ahead of ourselves. Welcome, 21st century. Here I come. This is The Ramsey Show.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
george that would that would freak me out that would scare me to death yeah and people think it's a life sentence they think their their dna inherently has this in them where they go well i'm just gonna i'm a broke person john yeah you can change you can just snap your fingers and go i don't want to live like this i want to change my family tree i don't have to retire broke and so this quiz will help you start to take the next step figure out where you're really at if you and if you just look at man basic demographic data
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
It's about the same stat that are living paycheck to paycheck.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
By 2034, they're going to reduce the benefit by 27%. And it already wasn't that high. It's a slow car crash coming. You've got to be your own financial planner.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So what do you disagree on with your mother-in-law? What does she want your wife to do? Stay at home.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
So, James, I'm hearing your wife wants to stay home. If she could have it her way, she would stay home? Is that true?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And then she wants to stay home?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
I want you to reverse engineer y'all's dream that you decide together, and that might mean, okay, here's the math of it. We can't do this right now. Here's why. But if she says, hey, my dream is really I want to stay home, and you want to support that dream, then you go, let's do the budget. What's it going to take? Okay, I need to do this many more music lessons. We need to do this.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
We need to cut our lifestyle by this to get in a financial place in order to do this. So I think she's the wow, you're the how, and you're going, well, we have no way to actually accomplish this. But then there's also the part of you don't want this to happen right now. So this is really, like John said, this is between you and your wife. She wants to stay home. You don't want her to stay home.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Take the mother-in-law out of it.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And are you doing music lessons full-time? No, mother-in-law does music.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
What are you doing full-time?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Okay. So I think we also need to go, okay, if this is in the future, my wife staying home, we're going to be a one-income family, what changes do I need to make? What education do I need to get? What career moves do I need to make in order to sustain a good life for my family? And that's the part that I think scares you, is this involves you having to change too.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Yeah, there's no shortcuts here. We got to get your income up ASAP. I would not file bankruptcy. You can get out of this, but it's going to take three years of hustle throwing 50 grand at the debt. And that means getting that income up. And man, you're going to have to get creative. You might have to get a roommate or two. Keep living with the parents. Do what you got to do.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
But do not throw that chain around you just yet.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Open phones at 888-825-5225. Tammy's on the line from Tampa, Florida. Tammy, welcome to the show.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
That's called trolling, Tammy. Don't fall for it. So why can't you stop giving her money?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
What's a long time and how much?
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Total, four grand since September.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Is he legally supposed to be paying more than $25 a week? No, that's what the courts awarded him.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
It's not an ex-grandchild. It's still your grandchild.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
And it seems like there's a lack of trust on your part because you don't know what she's doing with this money, and you don't think it's going to the things you want it to go to.
The Ramsey Show
Stop Letting Other People's Problems Ruin Your Finances
Why did you jump to that conclusion? What makes you think you can't crawl out of this?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, there's kind of like a spectrum, almost a bell curve. If you think about it and you go right is if there's a ton of health issues in the family, the high deductible health plan could be good. Because you'll hit your out-of-pocket max and it's going to be 100% covered. And if there's very little health issues in the family, it could also be good.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, and there's a lot of belief there. People think there's some sort of like financial DNA that you're born with because of the environment and place and parents, but we're proving it with Sarah that you can break chains.
The Ramsey Show
Money Is a Tool To Create a Life You Love
You might be the first one in your family to become debt-free, to create a better life for your kid, for your kid to go to college debt-free, for you to have a home that you own free and clear, for you to become a millionaire. And it's something you get to choose and it's a daily choice.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And it's one of the hardest patterns to break because of all the shame and guilt from the past and your belief system is so tied up. And you talk about this and know yourself, know your money, the different money classrooms you grew up in. It really shapes you and you have to really try to break all of the bad stuff to get to the good stuff.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And if you're somewhere in between, you might want to go with a traditional plan. Now, I have chosen to go with a high deductible health plan. I love the low premium. You guys are in Baby Steps 456. You can take on a little more risk from the insurance company by having that higher deductible.
The Ramsey Show
Money Is a Tool To Create a Life You Love
You know, we can only cover so much on this show and we kind of go surface level. But in this event, it is, you know, two and a half hours each night taking your questions, deep diving on this and Dave unpacking his actual real estate portfolio, how he analyzes investments. And so it's something he's never talked about on the show here. And people loved it last year. So we're bringing it back.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And I love the fact that you get the health savings account with many of these high deductible health plans. And that's a really cool... Health savings tool, but also kind of a life hack retirement option as well, because you can invest inside of that and it's triple tax advantage. So I'm just a big fan of the high deductible health plan.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Could you get like a slimmer baby seat and solve all of this? i don't know if they make those but i guess i could oh they do i've done my baby c research my friend but anyways let's talk more about this what is that car gonna cost this she wants uh she's looking at a gmc yukon we would buy used not new um how big is your baby man what's that how big is your baby that you need a yukon
The Ramsey Show
Money Is a Tool To Create a Life You Love
But again, it's a very personal decision based on the health of your family.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So either way, we're not going to pay off the house with this lump sum. But you're saying should we take that $80,000 and put it toward the mortgage or toward the car?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Rachel said what I said, just in a nicer way. And America loves her.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Because it was kind of like, well, we might have one. Like, okay, well, might is different than she is pregnant. And so there is an actual timeline now of, all right, nine months from now, we would want a bigger car. So here's my, and this is coming from Mr. Frugality, who was like, I'm going to pay off the house before I upgrade my car. Now, we didn't have a kid then, so it's different.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Got it. And what would be the out-of-pocket max on his plan now for the whole family?
The Ramsey Show
Money Is a Tool To Create a Life You Love
But I'm going, hey, let's cash out the brokerage. We're going to pay some taxes on it. Let's buy her and set a budget, $50,000. We're going to get her a Yukon. Whatever's left, we're going to throw at the house. And then we're going to be gung-ho getting rid of this mortgage. Would that be a fair game plan?
The Ramsey Show
Money Is a Tool To Create a Life You Love
With your income, the house is paid off within a year or two, right?
The Ramsey Show
Money Is a Tool To Create a Life You Love
And you guys are Baby Steps millionaires, so I'm just curious. Are you going to buy new or slightly used?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Certified pre-owned. Lower mileage. Good move. Good move. Good man. Let someone else take that first hit on depreciation. Yeah, you guys are doing it by the book. I'm proud of you guys. There's no wrong answer here, but I would defer to the pregnant woman because I'm scared of them.
The Ramsey Show
Money Is a Tool To Create a Life You Love
You don't want to mess with them, man. I'm just saying.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And this is a very similar situation because my wife wanted the bougie mom SUV and it hurt my soul because I can do math. But life isn't math. She wanted the car. We saved up. We paid cash for it. And she loves it.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And it was her dream. I don't need to make everything my dream.
The Ramsey Show
Money Is a Tool To Create a Life You Love
A Yukon can hold two seven-pound babies. At least. Bare minimum.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, I think that'll give you some peace. And again, you can price it out. You can even talk to, you know, Healthcare Insurance Pro through RamseySolutions.com to help you kind of navigate some of this and you can crunch the numbers. I personally wouldn't burn too many brain calories over it.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Today's question comes from Alexis in Tennessee. We recently received credit cards in the mail from my son and daughter who are both under the age of 12. When I showed them to my husband, he responded that he had taken them out in our children's names to help them establish a credit score before they became adults.
The Ramsey Show
Money Is a Tool To Create a Life You Love
We have followed your principles for years, so I was shocked that he did this without talking to me about it. How should I handle this situation? This feels like there's a tinge of financial infidelity here. Behind her back, opened up credit cards in the kids' names.
The Ramsey Show
Money Is a Tool To Create a Life You Love
It's a trend because of these TikTok videos where they go, hey, parents, here's a life hack for you. Add your kids as authorized users and they can take your credit score when they're 18 and have great credit so they can go get some more debt.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, there's... We have an article here related to this. Parents are gaming their kids' credit scores, and it's around the same idea of stories of people who had their parents add them as authorized users... There's some horror stories in there. There's some explanation, but it says many are taking advantage of these tools.
The Ramsey Show
Money Is a Tool To Create a Life You Love
You can kind of look at what you guys have spent on healthcare in the past, what the premiums are, what the deductibles are, the out-of-pocket max. Those are really the main things you want to look at to decide. But the main thing is you got good coverage. You know what the in-network care is and you're not going outside of that. And do I have good care with the network S that I've chosen?
The Ramsey Show
Money Is a Tool To Create a Life You Love
A 2019 poll commissioned by creditcards.com, that's perfect, 8% of roughly 1,500 American parents surveyed said that at least one of their minor children had a credit card, presumably through authorized usership, because kids under 18 can't get their own card. And TransUnion data showed that nearly 700,000 22 to 24 year olds had authorized user accounts.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So and here's the thing. I don't think these are terrible people. They're just well-meaning parents who have fallen for the system who go, well, this is the path. They got to have the credit score because otherwise, how are they going to rent an apartment and how are they going to travel? And they can't book airlines with that. And I'm going, have you ever tried a different route?
The Ramsey Show
Money Is a Tool To Create a Life You Love
You don't need to do all this gyration to live your financial life.
The Ramsey Show
Money Is a Tool To Create a Life You Love
It is absolutely bonkers. And I cover this in my book, Breaking Free from Broke. I have a whole chapter on credit scores, a whole chapter on credit cards, and I unpack how to live life outside of the system. And it's not as complicated or as difficult as people would have you believe.
The Ramsey Show
Money Is a Tool To Create a Life You Love
In fact, it's way more peaceful. It's way more simple. I don't have 16 cards to manage to try to get the rotating cash back rewards. I have a debit card and I use it and it has my money on it. And when that money's gone, it is gone.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And so when it comes to the Ramsey plan, I go, what's the cheapest option I can pay for that still covers my family? Because really you want for the big catastrophic stuff.
The Ramsey Show
Money Is a Tool To Create a Life You Love
A little ankle biter stuff. I'm like, whatever.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Probably one or two times. But if you're getting, you know, tubes and surgeries, that's where you want to go. All right. I want to know this is my max out of pocket.
The Ramsey Show
Money Is a Tool To Create a Life You Love
That gives me some peace knowing that's in the emergency fund. That's a worst case scenario.
The Ramsey Show
Money Is a Tool To Create a Life You Love
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The Ramsey Show
Money Is a Tool To Create a Life You Love
So just tell your wife, Rachel said we could. And then when you get back from the trip, everyone gets a $1,000 shopping spree. Stop. Stop. Here we go. Stop.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I'm just saying. I feel like the kids would really like you for that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
You've raised some great kids. I'm just surprised they want to go on vacation with you guys at this stage of their life. That's the best part, that you raise kids who like you. Yeah.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And Jeff will be tracking it in his Excel spreadsheet.
The Ramsey Show
Money Is a Tool To Create a Life You Love
He's the dad who had the map quest printed out, ready to go for the trip. Like this is the dad I aspire to be.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And they make such a great income. I am not worried for a second about their retirement.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Based on what he said, they're already Baby Steps millionaires. They're very close to it in their early 40s.
The Ramsey Show
Money Is a Tool To Create a Life You Love
What is the 10% penalty amount to? What's the dollar amount?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Okay, and what would you pay to keep it going for the next year until you can cash it out without penalty?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Then, I mean, I'm doing the math on this going, all right, I could pony up $2,700 or just leave it for a year. That's not a long amount of time at this stage of the game. So it might just be worth waiting. Okay. Yeah, is it a variable?
The Ramsey Show
Money Is a Tool To Create a Life You Love
Would he be willing to go through Financial Peace University with you and go, hey, I understand. I grew up in a different context. I grew up learning about how to manage money. It may be something he just didn't have. And if he's willing to learn and willing to get on a plan, that's a green flag. But if he goes, nah, I'm good. I'm going to do my thing.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, they do not have good returns. And I'm sorry that you even fell into this trap. Annuities make sense for almost nobody. And the only one that would even be okay in the Ramsey world, if you really wanted to do it, is a variable annuity. But even then, you're better off investing.
The Ramsey Show
Money Is a Tool To Create a Life You Love
That would be a red flag to pause moving forward in this relationship.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Okay. So he makes great money, which tells me... In San Diego, though.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I was just wondering, is this on fire? Does he need to get rid of the car yesterday? Has he sort of had any sense of urgency when you talk to him? He has two cars.
The Ramsey Show
Money Is a Tool To Create a Life You Love
He has two car payments and one of like, it's just kind of toys for him.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I hope he's willing to change because Claire is worth it.
The Ramsey Show
Money Is a Tool To Create a Life You Love
These are used to prey upon people who are scared of the stock market, who want the stability, but they don't realize they're missing out. And there is actually more risk in missing out on the returns. And so I would just let it sit. You know, the, the damage is done. You're going to be okay. Do you have a good nest egg? Are you going to be able to retire when you want to?
The Ramsey Show
Money Is a Tool To Create a Life You Love
which they declined that and they insisted that this was their gift and they want to but are you telling me is your child the beneficiary on that account our child is the beneficiary okay okay got it because you said they opened it in their name and i went wait what are they putting themselves as the beneficiary but no your child is the beneficiary but they are the owner of the account and that's the part that gives you pause yeah so here's what i would do that's i wouldn't
The Ramsey Show
Money Is a Tool To Create a Life You Love
count on it i just want to accept it yeah you they anyone can open an account for anyone and so that's the thing is like you just go hey i'm gonna ignore it if there's money there and they choose to give it to your son wonderful but i would plan for your own child's college and act like this is gravy on top if it ever comes to fruition sure okay okay yeah ultimately yeah sorry you go ahead first
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, what happens if he goes to a college they don't like or gets a degree they disagree with? Now it's awkward. And they're not the parents. I wouldn't worry about it. You can have multiple 529s in a child's name. So I would open one up that you guys control and I would fund that. And if people want to gift money, have it funded in there.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And if they want to put money in this account and they want to give it to your kid one day, that's great. But again, I wouldn't count on it, but I also wouldn't be like, I would let go of the resentment over this. And unless you think there's malicious intent, it might just be them going, hey, we want control over this if we dump the money in.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah, if you continue to max out retirement accounts from, you know, you said you're 58 and a half for the next seven years or so, well, also your investments are going to double in that amount of time if it gets an average 10% rate of return. So you should be hopefully in good shape with the pension and everything you've got going on, but I wouldn't let my foot off the gas for sure.
The Ramsey Show
Money Is a Tool To Create a Life You Love
You can change the beneficiary at any time. So if your kid doesn't use it or they have whatever kids, they have grandkids, other nephews they want to change it to, that's their right as the owners of the account. And so it's nothing for you to decline. If they offer it and you don't want it... then that's on you.
The Ramsey Show
Money Is a Tool To Create a Life You Love
If it was my older brother, I'd be like, hey man, this just feels weird.
The Ramsey Show
Money Is a Tool To Create a Life You Love
yeah you guys are the best this was extremely helpful and gave a lot of clarity to a hopefully not complicated family situation yeah thank you so much guys yeah absolutely absolutely yeah that's that's an interesting one yeah I just I want to know what's underneath all of this or is there any kind of like sibling you know he's in a family business with his brother and so there might be more to this that we can probably need to unpack in a therapy session versus the Ramsey show but there might be more to this
The Ramsey Show
Money Is a Tool To Create a Life You Love
But best case, it wasn't malicious and they just go, well, we're funding it. So I feel like we should have a say. And that's OK to say, no, we're not. We're not comfortable with that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Yeah. If my brother opened an account for my daughter and said, well, you don't get a say and I get to control where this money gets used and how I'd be like, no, then we're we're good.
The Ramsey Show
Money Is a Tool To Create a Life You Love
We need the brother online to go, well, he's going to go to a liberal arts college. I'm not going to give you that.
The Ramsey Show
Money Is a Tool To Create a Life You Love
That's a little too Maury for me. Maury, Maury.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Go fund yourself. You like that? That's as edgy as I get on a family-friendly show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Go fund your own kids 529 and not worry about what everyone else is doing.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So these annuities, Rachel, they're being peddled more. Well, it's because of the advisors. Yeah.
The Ramsey Show
Money Is a Tool To Create a Life You Love
We're going to give you a resource to help with that. Before we leave the call, our phone screener is going to pick up and give you Ken Coleman's book, Find the Work You're Wired to Do. It comes with a Get Clear Career Assessment. I want you and your wife to take that because I just think you guys can do better. You need to do better for your family.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And that's going to mean finding a career you can sink your teeth into instead of just odd jobs. And let me also tell you this. Any job can be a ministry. And I know that you can work within the church system and that can be a real blessing, but man, there is so much ministry to be done outside of the church too.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And I want you to know that there is immense purpose regardless of where the Lord takes you. And I hope that it just encourages you to look beyond the scope of just, well, if I'm not a missionary, who am I? What am I going to do?
The Ramsey Show
Money Is a Tool To Create a Life You Love
You're making 20K a year right now, which is about 10 bucks an hour.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And they're so expensive. The amount of fees and commissions built into these.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Maybe your church community even asking around there.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Can you guys cut your expenses? It still feels like there's a lot. I mean, you still have thousands more in expenses every month, even beyond your rent.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I mean, it's why they push whole life in annuities instead of telling you, hey, just go invest in your 401k. They got to make their money. And so I don't like these quote unquote wealth strategists and advisors that are really just insurance salespeople. Me and George. Sorry, Rachel.
The Ramsey Show
Money Is a Tool To Create a Life You Love
Coming in hot with high deductible health care plans and annuities. It's a hot show.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And what was the court order? How much and for how long?
The Ramsey Show
Money Is a Tool To Create a Life You Love
You're not getting future payments. You just have this kind of savings sitting here, and you feel like, I don't want to touch this money because it feels weird.
The Ramsey Show
Money Is a Tool To Create a Life You Love
So in the filing cabinet of your brain, we need to refile this instead of child support money from an abusive, awful relationship. This is changing my family tree money to set up my child for a better life than the one I experienced.
The Ramsey Show
Money Is a Tool To Create a Life You Love
I would have a goal for this money instead of letting it just sit there. It's only going to make, you know, reopen the wound. So I would put it in a 529 plan for college. I would put it toward in a savings account for a car fund one day because that day is going to come and these things cost money. And this is it's part of the deal.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And, you know, there's a shared burden because that person was a parent and this is what the court ordered. And so it's hard to just say, release the guilt, Sarah, you're doing great. But that's the truth of it. It's that hard and it's that simple to just go, all right, it happened. That was the past. And I'm going to make a better future for my kid now. And it sounds like you guys are thriving.
The Ramsey Show
Money Is a Tool To Create a Life You Love
And this child is so lucky to have you two.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And so I just want to make sure if you talk to a tax pro, there may be a better strategy to sell portions of this off every year and use that toward the house payoff to get this done over the next three years, for example.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Instead of paying a larger tax bill with your tax brackets, you know, because you're basically paying taxes on $379,000 of gain.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So I would crunch the numbers with a tax pro and see what the best strategy is. But yes, as soon as you can get that house paid off and get out of a single stock, the better. And if you invest in a mutual fund in your 401k, Tesla is going to be in there. It's just going to diversify your risk because Elon could, you know, you know, Trump could go, ah, Elon's not a friend of mine anymore.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And Tesla stock takes a 10% dip in one day. We just don't know. Sure.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Hey, 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.
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Your Future Self Deserves Better Choices Today
So you'll have a payment you can afford with a low fixed interest rate you couldn't get anywhere else. Check them out at YRefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Well, the irony here is he's saying he already doesn't have ambition and he has no clue that there could be an inheritance. So adding one to the picture is not going to remove more ambition.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So I would see if I can repair the relationship. You can always change your will later. This is not like a forever thing. But what would I do at this point? If there's no connection to this person, they've cut me out. There's no reason to leave them in if you don't want to. That's your choice. If you want to leave a million dollars anyways, that's also your choice.
The Ramsey Show
Your Future Self Deserves Better Choices Today
But I would do my best to see what's behind that lack of ambition. Because like John said, there's likely trauma. There's just a lack of hope. And I think he does want to make something of himself. He just needs some support to get there.
The Ramsey Show
Your Future Self Deserves Better Choices Today
That might make you feel better, but it doesn't actually solve any of the problem.
The Ramsey Show
Your Future Self Deserves Better Choices Today
It's like, sorry. I was hoping you were going to say no. That would have been hilarious. Deloney's kids are listening. They just learned about Santa today. There we go. Zach is up next in Tulsa. What's going on, Zach?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Live from Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by the great Dr. John Deloney, and we're taking your calls at 888-825-5225. You call us up, and we will do our best to give you the right next step for your life, your relationships, your emotional mental health, and your money.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Great. So how fast can we pay off the $13,000?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. So by March, you're debt-free. Then how long until you have a fully funded emergency fund?
The Ramsey Show
Your Future Self Deserves Better Choices Today
wacky, but... You've been listening to the show for 17 years? And you decided Zach's plan is better than Dave's?
The Ramsey Show
Your Future Self Deserves Better Choices Today
So the question is, why do you feel like your method is more optimal?
The Ramsey Show
Your Future Self Deserves Better Choices Today
But you could be in like the four-figure mark if you knock it down from $13,000 down to $9,000.
The Ramsey Show
Your Future Self Deserves Better Choices Today
You'd be debt-free by late January or February instead of March, and then you'd have the emergency fund saved up probably six months after that, if not less, with no expenses. Then we can begin saving up 15%, and then any money beyond that goes to down payment, and then we'll see where we're at in two years. But investing 25 or 30% now, you're going to go, man, I really want a house.
The Ramsey Show
Your Future Self Deserves Better Choices Today
We have nothing down. So we're going to do it anyways on a 30-year loan with 1% doing FHA. This is the cycle that people get into when they want to shortcut it. And there's something beautiful about just relinquishing going, I'm not the smartest guy in the room. I'm going to follow a proven plan that worked for millions of others. One thing in front of the other. That's the way to do it.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Thanks for the call, Zach. This is The Ramsey Show.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. The phone number to call is 888-825-5225. If you're looking for a shortcut to get better with money, I wish I could tell you there was a magic trick you could do. But here's the best shortcut I found is making it easy to do the right things with your money. And that's why I love our EveryDollar budgeting app.
The Ramsey Show
Your Future Self Deserves Better Choices Today
You punch in your income, You list out your expenses, you track your transactions against that. Both, you know, if you've got a spouse, they can be signed into the same budgeting app. And so you have accountability, you have clarity with where your money's going.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And I'm telling you, no matter what your money goal is, whether it's paying off debt, saving up for whatever it is, the budget will be your best friend. So you can download EveryDollar for free in the App Store or Google Play, or click the link in the description if you're listening on YouTube or podcast. David is up next in Colorado Springs. What's going on, David? Hey, how are you guys doing?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Doing great. How can John and I help?
The Ramsey Show
Your Future Self Deserves Better Choices Today
How much do you have in your nest egg currently across your retirement accounts? Um, about probably about 180, 190,000.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And is there any other retirement income that you're planning on a pension or anything like that?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. So history will tell us in the rule of 72, that every 7.2 years, your money would double at a 10% rate of return. And so that 190, let's call it 200 would double to 400 in seven years. So you'll have 400 K in your nest egg. How much is left on your mortgage? About $130,000.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So over those seven years, can we also make a plan to get the mortgage knocked out, which will reduce your expenses by whatever your mortgage payment is? What's your payment every month?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Oh, good. You're already paying extra, and you're saying there's extra money coming in.
The Ramsey Show
Your Future Self Deserves Better Choices Today
I love it. So here's what I would do if I was in your shoes. I would put any extra money beyond the 15% toward the mortgage. And the answer is pretty simple. If you can reduce your expenses by $1,100 a month, you're going to be better off in retirement. You won't need as much in the nest egg to cover your expenses.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And the true part is you're going to knock that mortgage out probably quicker, and that will allow you to then invest up to the max with your catch-up contributions, just max everything out that you can once the mortgage is paid off. And that might mean I got to work an extra year or two longer than I wanted to.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Yeah. Well, the thing is, retirement is not an age. It's a financial number. So I wish I could just tell you, yeah, you should be good at 66. You might need to go, I'm not quite there yet based on the life I want to live, or we have to make some serious sacrifices in our lifestyle in order to stay at this level in retirement.
The Ramsey Show
Your Future Self Deserves Better Choices Today
then you don't need $1.5 million in that nest egg. You might be able to make two. But I would still crunch the numbers on this and go, all right, how much will we likely need, and is there going to be a gap, and what does that mean for our income? We might need to get our income up for the next seven years in order to hit this goal.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So there are things you can control in this, and I love that you're taking charge even though you're getting a later start than many. Way to go. Jackson is up next in St. Petersburg, Florida. Jackson, welcome to The Ramsey Show.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Did you not have enough coverage or did they lowball you for some reason?
The Ramsey Show
Your Future Self Deserves Better Choices Today
So what's the quote? Like, what's the gap here of, hey, the quote's actually $100,000 and insurance is covering $50,000?
The Ramsey Show
Your Future Self Deserves Better Choices Today
They didn't kick you off? No, they have not. Okay, good. And you're still living in this house?
The Ramsey Show
Your Future Self Deserves Better Choices Today
And what does this mortgage plus rent add up to every month?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Man, that's a lot of your take-home pay going to just try to cover this in the meantime. This could be a long journey. That's a tough one. I'd talk to everyone, real estate agents, attorneys, the mortgage company, and just fight, fight, fight, man. I'm so sorry you're going through this. That puts this hour of The Ramsey Show in the books.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Live from the Ramsey Network, it's The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm Ramsey personality, George Kamala, joined by my colleague and friend, Dr. John Deloney, host of The Dr. John Deloney Show. And we're taking your calls at 888-825-5225.
The Ramsey Show
Your Future Self Deserves Better Choices Today
If you've got a question about money, relationships, mental or emotional health, help us help you by calling in, and we'll do our best. Connor is in Anchorage, Alaska to kick us off. What's going on, Connor? Hey, how's it going? Good. How are you?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Yeah, right. And you've done it all very wisely.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Love it. Is this a solo gig or do you have a team?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. How much do you have in savings?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. So you're at the point where you're able to build wealth. You don't have any debt. You have an emergency fund that puts you in baby step four in the Ramsey plan, where you begin investing 15% of your income into retirement plans. So for you, 100K a year, we're going to call that $15,000, should be being put away every single year into retirement. Okay.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Now for you, you're self-employed, you have options. You can always open a Roth IRA. Do you have one of those?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. Well, it sounds like you just made it to this point where you're in a really good spot. You've got all the toys you need and you have the emergency fund. So I would begin doing what's called dollar cost averaging. So you take, you know, the $7,000 is what you can contribute to a Roth IRA this year. And so come January, we're going to put in one month of that.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And then February, one month of that. And so by December, you've put in all $7,000.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. So you can put 583 every month in there. It'll be maxed out by the end of the year. But remember, you should be investing 15,000. So you still need 8,000 more of retirement account, which means you might want to look into, depending on your situation, a SEP IRA or a solo 401k. Okay. Depending on how your business is set up. And I would be contacting a SmartVestor Pro.
The Ramsey Show
Your Future Self Deserves Better Choices Today
This is a person who can help you on your investing journey. If you jump on ramseysolutions.com and click on SmartVestor, they can walk you through the best options for your situation, for how your business is set up to get the right retirement accounts going for you.
The Ramsey Show
Your Future Self Deserves Better Choices Today
But man, you're crushing it. And if you, you know, as your income goes up, that 15% will also increase. Yeah. And then I'm guessing you have other goals. Do you want to be a homeowner?
The Ramsey Show
Your Future Self Deserves Better Choices Today
So beyond the 15%, let's say, you know, you hopefully you have money left over because you're doing such a great job budgeting and living on less than you make that you could then also set up another high yield savings account and just start shoveling any extra money into that account so that you'll look up and have a hundred grand ready for a down payment in a few years.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Don't. Ever. You're 18 and wealthier than most Americans. What makes you think you need a credit card?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Just delete social media and become a great- Freeze your credit accounts. Never touch the stuff. Because guess what? You've already learned that you know how to manage your money instead of managing debt, and credit scores are all about being good at managing debt. It's not something you need or are interested in.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So here's the process, and I'll send you a copy of my book, Breaking Free from Broke. And in the home ownership chapter, I walk people through the process of buying a house without a credit score. Actually, in the credit score chapter. That makes sense where it goes. And so it's a process called manual underwriting. You'll hear this as a no-score loan sometimes.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And what they do, just like the olden days before credit scores existed... They'll look at your actual financial picture and they'll go, okay, Connor has a very low debt to income ratio because he has no debt. He makes a great income. We see his tax return and we're going to grant him this mortgage based on real factors.
The Ramsey Show
Your Future Self Deserves Better Choices Today
The automated underwriting is just a computer saying, hey, he's got a great credit score. You can trust him to hopefully pay back this loan. And so it's a very similar process. It's just a little bit more manual. It doesn't take much more time. It's simple. You just need proof of, you know, are you paying rent every month on time?
The Ramsey Show
Your Future Self Deserves Better Choices Today
i am i am yes are you paying any utility bills or cell phone bills on time every month cell phone yeah insurance yep boom those are the types of things that would qualify you and our friends at churchill mortgage have been specializing in these types of no score loans for a long time it's why they've been great partners for us and john and i have both went through this process so we're here to tell you it's very much possible and hey um you're going to learn a hard lesson can i go ahead and just ruin it for you connor
The Ramsey Show
Your Future Self Deserves Better Choices Today
Congratulations. Hang on the line. We'll send you a copy of my book, Breaking Free from Broke. Hope it helps you build wealth in a much more peaceful way. This is The Ramsey Show.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. The phone number to call is 888-825-5225. John, listen, I was in the Ramsey Network app, as I tend to be in my free time.
The Ramsey Show
Your Future Self Deserves Better Choices Today
I noticed there's a new spot up top, and it's got your face on it. That's right. And it said, United States of Anxiety.
The Ramsey Show
Your Future Self Deserves Better Choices Today
It's totally free, so go download it. And a good reminder that... the next hour of the show will be exclusive to the Ramsey Network app. So we're putting a lot of cool things in there on top of new shows. The third hour of the Ramsey show is also in there. So go check it out. Go to your app store and search for Ramsey Network and get it today. All right. Rachel's up next in Wichita.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Every time someone steps over that boundary line, the story you're telling yourself is, well, of course, I'm not worth someone respecting a boundary. Yeah. I shouldn't have put that boundary up. That's on me. You've taken this on yourself.
The Ramsey Show
Your Future Self Deserves Better Choices Today
None of us can. And you reached out for help right now.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So I realize that it's OK to bring others in to help you through this and no one's going to judge you. And the ones that do get get them out of your life. Yeah. And so I love John's idea of make the the bad things difficult to do and make the good things easier to do. And we did this with our little toddler.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Are you determined to get out of debt and build wealth this new year? 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.
The Ramsey Show
Your Future Self Deserves Better Choices Today
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. 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.
The Ramsey Show
Your Future Self Deserves Better Choices Today
That's ramseysolutions.com slash checkup. Welcome back to the Ramsey show. I'm George Campbell joined by Dr. John Deloney. The number to call is 888-825-5225. We'd be happy to help you take the right next step for your life, your money, your relationships, whatever you got going on. Noah is up next in Jackson, Mississippi. Noah, welcome to the Ramsey show. Thank you so much, gentlemen. How are we?
The Ramsey Show
Your Future Self Deserves Better Choices Today
We're doing great. How can we help today?
The Ramsey Show
Your Future Self Deserves Better Choices Today
We took off all the ornaments on the bottom of the tree so that she couldn't reach them and smash them. And so for you, that means freezing your credit, cutting up the credit card, and putting some restrictions to make it harder to spend. Put friction in your life to where you can't spend money on that credit card because you don't have one anymore.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Is she also at home taking care of the kids and this is just like a few hours a week kind of thing or what?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Right. The part that's concerning is you've been making more and more every year with nothing to show for it, which tells me every single extra penny you earn is getting also spent. Yeah. And I don't, I don't think it's all like it's for the kids.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Like there's probably some spending we've been doing out of just survival mode to kind of, you know, have some retail therapy or just go, I just deserve X, Y, Z. So where is that spending happening?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Where would you say like, man, I'm really, this is where the money's going. If you told me straight up beyond the bills, this is where it's going.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Jessica is going to kick us off in Seattle. How can we help, Jessica?
The Ramsey Show
Your Future Self Deserves Better Choices Today
So dad's gone, and when dad's home, he buys our love, and life is okay.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Could you put $4,000 a month toward this debt right now with your income if you got on a real tight budget?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. As a listener of The Ramsey Show, many of you are wondering, am I on track financially? Am I on track to hit these baby steps to reach my financial goals? Well, our team created a really quick, easy, fun quiz to check your progress. And on the other side, you'll get a personalized plan built just for you.
The Ramsey Show
Your Future Self Deserves Better Choices Today
So if you want to check it out, go to the show notes and click on the link titled Are You On Track With The Baby Steps and complete the free quiz. And if you didn't know, the Ramsey Network app is the only place to get full episodes of The Ramsey Show. You can download it for free. We get the link in the show notes again. Or just search Ramsey Network app.
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Your Future Self Deserves Better Choices Today
in the App Store, and this will be the last segment of this show where you're listening right now if you're on YouTube or podcast. If you're on radio, stay tuned. The show will continue. Everyone else, you don't want to miss more calls, so go get the Ramsey Network app and finish the show like a decent human being, John. Be a good American.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Thank you. Robert is up next in Houston, Texas. What's going on, Robert? Dr. John's already a fan of you. Oh, fantastic. How are you doing today, gentlemen?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. And you're thinking, hey, do we just try to snowball this or refinance later on? When would you be refinancing?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Amazing. So what's your monthly mortgage payment right now? And what's the monthly take-home pay?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. Well, if it puts your family in financial jeopardy at some point, you may want to dial that back so you can take care of your own house first. But, I mean, nothing is on fire here. I don't see a world where, I mean, if you refinanced, what would the big deal be at this point? You'd get a slightly higher interest rate?
The Ramsey Show
Your Future Self Deserves Better Choices Today
That's annoying. So you're going to have to keep your lifestyle in check, keep living on less than you make, and maybe even downgrade a little bit from what you guys are doing. Yeah, you're going to get Camrys.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Let's start a sinking fund, and part of that is we're going to put $2,000 a month right now into the savings account every month. We're going to have $24,000 in a year so that when the car blows up, we've got $20,000 to go buy something used and reasonable. So I think you're trying to go all in on one thing.
The Ramsey Show
Your Future Self Deserves Better Choices Today
You're in this spot in Baby Steps 4 through 6 where we've got to balance a bunch of things, and that's where the sinking funds are beautiful because you just stack the money away every month. You're intentional about it. Nothing's ever a surprise. Whatever's left, we can throw at the mortgage.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And then debt snowball the rest. Whatever the smallest balance debt is, we're going to attack that first, make minimum payments on the rest.
The Ramsey Show
Your Future Self Deserves Better Choices Today
And you're also – you said you're only investing 9%, and the Baby Step 4, the 15%, is your income regardless of the match.
The Ramsey Show
Your Future Self Deserves Better Choices Today
If you complain that you've amassed too much wealth because of the extra 6% invested, you can call and yell at John and I. Yeah, I'll take that call. You can Venmo us the difference that you want to unload.
The Ramsey Show
Your Future Self Deserves Better Choices Today
People don't pay people $200,000 when they suck.
The Ramsey Show
Your Future Self Deserves Better Choices Today
That puts this hour of The Ramsey Show in the books. Go check out the Ramsey Network app to get even more calls coming up.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. The phone number to call is 888-825-5225. It's the only way to get on the air to talk to the great Dr. John. And George.
The Ramsey Show
Your Future Self Deserves Better Choices Today
You're right. I'm not even going to mention my YouTube channel.
The Ramsey Show
Your Future Self Deserves Better Choices Today
No, John needs the affirmation. I need this. He's very insecure.
The Ramsey Show
Your Future Self Deserves Better Choices Today
All right. We're going to try to help Joe in Detroit up next. Joe, how can we help you today?
The Ramsey Show
Your Future Self Deserves Better Choices Today
That's incredible. That's their money. Yeah. Not your money. They're forcing, but it's their company money. They're putting in 12.5% of your income.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Great question. I would focus on the Roth side of the 401k. And if you have great funds in there, if they have some decent options, it sounds like they do based on how they treat this retirement program. You could do all 15% in that Roth 401k of your own money.
The Ramsey Show
Your Future Self Deserves Better Choices Today
It'll be very similar to the Roth IRA. It probably has very similar funds. There's not going to be that much of a difference. The difference with the Roth IRA is you can invest in any fund in the world. On top of that, you can look at expense ratios, but I think it's a good deal to invest in that Roth 401k. And again, their side will be the traditional pre-tax side. That's okay.
The Ramsey Show
Your Future Self Deserves Better Choices Today
When you get to retirement, when you hit baby step seven, you could begin rolling some of that money over from the traditional side to the Roth side and pay the taxes on it.
The Ramsey Show
Your Future Self Deserves Better Choices Today
No, that's a retirement fund, not an emergency fund. Your emergency fund should be just in savings outside of that.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay, awesome. And do you have an emergency fund saved?
The Ramsey Show
Your Future Self Deserves Better Choices Today
Okay. Your goal should be three to six months of expenses in that high-yield savings account. Then beyond that, invest 15% of your own income, regardless of what the company's putting in.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Oh, man. The fact that you're talking about this stuff now and already investing, you're going to be just fine. The key is just invest consistently. Never stop. From 24 to 64, the next 40 years of growth, it'll blow your mind. Go punch it into our investment calculator and have a Merry Christmas.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Yeah. They're very similar. And for everyone listening in going, what the heck, the pre-tax and the traditional Roth is just the tax treatment. So the pre-tax means you're going to get the tax deduction now. But you're going to have to pay taxes on it later when you take it out in retirement. With the Roth account, it's going to be after tax. So you don't get the tax deduction come tax time.
The Ramsey Show
Your Future Self Deserves Better Choices Today
But when you withdraw that money in retirement, it grows tax free and you can withdraw it tax free. So I love that. You can control the controllables because I don't know what taxes are going to be when I retire, you know, 30 years from now. So I like knowing that it's tax-free. If there's $2 million in that account, that's like $2 million of take-home pay in retirement. So I like that plan.
The Ramsey Show
Your Future Self Deserves Better Choices Today
Let's go to Alice up next in Sacramento. Welcome to the Ramsey Show, Alice.
The Ramsey Show
Your Future Self Deserves Better Choices Today
I did not put in a dime more. Upwards of $380,000. Wow. That is wild. So...
The Ramsey Show
Your Future Self Deserves Better Choices Today
Well, what's your household income this year?
The Ramsey Show
Your Future Self Deserves Better Choices Today
So my immediate gut reaction was, oh my gosh, sell it and pay off the house today. What I want you to think about and talk to a tax pro about are the tax implications. Because you're going to have to pay the capital gains on this, which will be a significant tax bill.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Yeah. No, Amanda, how does that hit you?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I love that. I love it. But 15% is that benchmark. And it's not a wet finger in the air. We found, Dave's been doing this for 30 plus years. If you're investing less than that, there's a risk that you might not have enough in retirement.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
If you're investing way more than that and the house isn't paid off and the college isn't funded, your kid's going to go into crippling student loan debt and you're going to have a mortgage for the next 30 years. So there's a balance to it.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And we found that if you invest 15% of your income, for most people, until the house is paid off, you're going to have at least a million, probably multi-millions in that one nest egg. And so it's a beautiful picture, especially for a young family like that. That's a great way to go. But you're right, John. This is a tough part of the baby steps.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Once you get out of one through three, because we found baby step one, 30 days. Boom. Baby step two, get out of debt, 18 to 24 months. Baby step three, get the emergency fund, six to 12 months. That's great. You can knock all this out in two and a half years. Then baby steps four, five, six.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
But at least you're thinking about the future instead of paying for the past.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
It's a different problem to have a better problem to have. Yes.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Absolutely. And that's where the budget comes into play. You've got to get control. Once you get good at that budget, after about 90 days, you get it dialed in. You start to breathe a little easier because there's less unknowns floating around your head. This is the Ramsey show.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Welcome back to the Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. The phone number to call is 888-825-5225. Haley is down the street in Nashville. What's going on, Haley?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
She was artificially propped up with you and your ex paying the mortgage. Yeah, she shouldn't be on it. Right.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And probably other jobs in between your sessions.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by Ramsey personality, Dr. John Deloney. We're taking your calls at 888-825-5225. We'll do our best to give you the right next step for your life, your money, your mental health, your relationships, whatever is going on.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
How much further do you have to finish this program?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Good. And what will you be making at this new job? Do you know?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So after all this school, you're going to make the same? Is that what you're telling me, or am I hearing it wrong?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Yeah. You owe $100,000. $135,000 making 50 grand is going to take you a decade to pay off if you're lucky. Can't do that. And that's not a plan. I want to see you debt free in a few years, not 10 or 12. So that means, like John said, getting that income way up and also not going further into debt. So here's the advice that you may be shocked to hear. I would not begin paying off your debt.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Your goal should be to stop the bleeding and to not go into any more debt. So have you already paid all the way through this program, or do you still owe more?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Well, you owe $135,000. Are you going to go take out more student loans to finish this program?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So you're done? We're done taking out debt?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Are you using debt in any other area of your life? Do you have a credit card?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay. And you don't have any other debt outside of the student loans? No car payment?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay. And what's the monthly payment?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
All right. So when you're ready to pay off the debt, when you're through this program and you haven't taken on any more debt and you've got this down, then we can begin paying it off. And you're going to do this in order of smallest to largest balance, ignoring the interest rate. And I'm guessing all these student loans, you probably have like 11 or 12 student loans if you broke them all out.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, so don't do any consolidation here. Focus on attacking the smallest debt, whatever's next. If the next debt is $1,000, let's attack that with all the extra margin we can get with our newfound income from working extra. That's how you're going to pay this thing off, but again, it's going to take a whole lot more income.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Hang on the line, Haley. We're going to send you Financial Peace University. Watch all nine lessons. It's going to put a pep in your step and give you the financial literacy you need to actually get through this. This is The Ramsey Show.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So whose name is on the deed and whose name is on the mortgage?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Open phones at 888-825-5225. John, we'd be remiss not to talk about these fires in California and how they actually impact everyone. So we wanted to hit some practical things, some financial pieces to think about, and even people who don't live there. It could affect you, too.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
They've got to protect their collateral.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Yeah, so like you mentioned, these increased claims from natural disasters that depletes funds, which leads to higher rates, even in low-risk states like Maine and Vermont, and that broadens the financial burden beyond California.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So there's a lot of factors that have compounded this, like you mentioned, regulatory constraints that prevent insurers from raising rates to cover their increasing costs. There's already rising costs from inflation, reinsurance, natural disasters, and then the insurer's inability to remain profitable under current conditions. Remember, they're a business. They need to make money.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
You know, this is not in defense of the insurance companies, but... If they get bankrupted by having to cover all these claims, they can no longer do business.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And it's got a lot of people looking at their own insurance and wondering what does this cover?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
This is a good time to check into that. So there's standard coverage limitations. So typical homeowners insurance covers events like fires and theft, but often excludes major natural disasters, these acts of God. And then there's supplemental policy.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So depending on your location and risk factors, you might need additional insurance like flood or earthquake coverage to ensure comprehensive protection. That's a big deal in California, earthquake coverage.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Exactly. And without the adequate catastrophe insurance, you could face substantial out-of-pocket expenses for repairs or rebuilding after a disaster, as many Californians are dealing with now. They didn't have the right coverage, they didn't have the right policies, and they're left to foot the bills.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
It's wild. So here's the tactical recommendations. Number one, like we said, review your current policy. Understand what is and isn't covered under your existing homeowner's insurance. And call the hotline and check in with the customer service and go, can you explain to me what this actually means? And then number two, assess your risk.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Consider the likelihood of various natural disasters in your area and determine the necessity of additional coverage.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I would get out of this. It has not been a blessing so far. It's not going to be a blessing a year from now. And by the way, why did you file for divorce?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Think about this. The mortgage doesn't go away just because your house did.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
You still owe the bank that money. Right. And you've got to find a new place to live. Exactly. So very, very scary. The third thing you can do if you're in a good financial spot, you're out of baby step two and three, you got no debt, you have the emergency fund, you can raise your deductible. And that will help lower your premiums.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
You're willing to take on a little more risk from the insurance company and they reward you with a lower premium because you're going to have to pay a little bit more before their part kicks in. Another one, take advantage of discounts. So some insurance providers have discounts on policies with teenagers if they have good grades or a safe driving record.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
You can qualify for discounts by installing certain safety features like burglar alarms or if you combine your policies. And that's the next one, is bundling these policies can save you up to 25%, which is huge. And then, of course, this is the big one, compare quotes, shop around with an independent insurance broker.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I know you love your buddy from college who works at the name brand place, but he's a captive independent broker. He's a captive agent, so he can only sell state farms insurance. And so I like to shop around from the top companies. I use an independent broker to do that.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And if you guys want to learn more about this, you want a Ramsey trusted insurance pro that can tailor the coverage to your specific needs, we've got a site for you to go to, ramsaysolutions.com slash insurance, and they'll help you figure out if you have the right coverage for your situation and only giving you what you need and making sure that you get the best price.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I guess there's some silver lining here that maybe this situation is causing people to get the right coverage so that they're protected. That's the point of insurance is to protect. As you build wealth and you're playing offense, you've got to also think about the defense. What are you doing to protect the wealth that you're building? Because all it takes is one emergency like this.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Or if you don't have health insurance and you have a health crisis, they can bankrupt you. That's right. You've got to make sure you have the right insurance in place across several areas. And there's a lot of trash products in the insurance world that you also don't need to And our Ramsey trusted insurance pros won't steer you to those products.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
They're only going to give you the stuff that Dave would talk about on air that everyone needs.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
If you have anyone in your life that relies on your income, that means kids, a spouse, you need term life insurance. 10 to 12 times your income.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Another reminder, and this is something you've railed on, John, is know your neighbor. Know your neighbor. Be friends with your neighbor. If something goes down, can you go over there, knock on the door, and they're like, oh, absolutely. And we're so disconnected in today's world that you're lucky to see your neighbor, let alone know them, talk to them, have their number.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And that's been a beautiful thing that's come out of this is just the level of community and people coming out in droves. People have lost their homes or helping other people who have lost their homes. And so that is, you know, in the darkest times, we also see the most beautiful parts of humanity.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Generosity is a great way to feel connected to these things that feel out of our control.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I love it. Good stuff, John. Thank you to the booth folks keeping the show afloat.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
That's what I call them. That's as good as I can say. There you go. Nicest thing I can say about those guys. And we'll be back before you know it. This has been The Ramsey Show. From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I'm George Camel, joined by the host of The Dr. John Deloney Show, Dr. John Deloney himself. The number to call is 888-825-5225. If you want to join the conversation and get your question answered, that's the way to do it. April's going to kick us off in Gettysburg. What's going on, April?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I feel like you guys have been burning too many brain calories on this. Yeah, way too many. You take the check, you dispute it on the credit report, and we move on with our life, and we never do business with this bank again.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Did you talk to the bank about that?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Can he even afford this? If he assumes the mortgage and it's just on him, he's just going to rent it out to a stranger off the street at market rent or what? What's his plan?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
He actually changed his address with the bank. Yeah, I don't think he did.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Not with USPS, but did he change it with the bank?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I know. I don't think this is worth fighting with him over.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
None of this is malicious or personal. It was just someone who was inept.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Good. And also, I don't let money just sit around. I want my money to have a goal and a purpose. And so if it's not your checking for bills, put it in a high-yield savings account. Okay. Have you done that yet?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way. Over a decade, I went from broke to millionaire.
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Are You Ready To Go Scorched Earth on Your Debt?
and I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by, a life with more margin, more options, and more peace.
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Are You Ready To Go Scorched Earth on Your Debt?
If you want to check out the book, go to ramsaysolutions.com to get your copy of Breaking Free from Broke. That's ramsaysolutions.com. Welcome back to the Ramsey Show. I'm George Camel here with Dr. John Deloney. What up? 888-825-5225. Don't be shy. Give us a call and we'll talk about your life and your money. The call is toll free. Who needs tolls these days?
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Are You Ready To Go Scorched Earth on Your Debt?
When's the last time you made a non-toll free call?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I think we should go back to paying for texts and calls, especially calls. Make those more expensive. No, especially texts. You call me, let's get off the phone as soon as possible.
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Are You Ready To Go Scorched Earth on Your Debt?
Stop, I'm done with it. LOL. All right, here we go. The Ramsey Show question of the day is brought to you by YREFI. Student loan debt is a swamp thousands of people find it hard to escape from, so don't be another statistic in the student loan swamp. For distressed private student loans, there's YREFI.
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Are You Ready To Go Scorched Earth on Your Debt?
It's like, oh, but you had that when you were just a baby. It was Gerber. You'd hold your life insurance policy and play with it.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
But my dad took it out for me and I want to honor his. No, stop. You're a grown adult. You're not a Gerber baby anymore. They're worth about 50K. If that's the cash value.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Opt out. You know, surrender the policy, take whatever cash value has built up, and then use that money for literally anything else. Invest it, pay off your debt, filter it through the baby steps, but I would not continue to pay this monthly premium for a subpar product. You can do way better on your own, and instead, take that money, and if you don't have a term life insurance policy...
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Start that. So get term life in place and then cancel the whole life policy. And that term life policy will be way cheaper with better coverage than your whole life policy.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Well, you lose the death benefit, you know, the face value of the policy. So let's say the face value of the policy was $100,000, but the policy is worth 50K right now, cash value. That was built up over those 28 years. So the face value doesn't change, but the cash value will build up over time.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And it can deteriorate because sometimes, you know, all the commissions and fees you have to pay can then eat into it. So they're going to take your cash value to pay the premiums. If you can't pay.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So there's no way out of this thing. Just surrender it and realize that it was a very kind mistake. It was a well-intended mistake for your parents to take this policy out. And reminder, life insurance is not for babies. It's meant to replace your income to protect the people you love. So a baby doesn't need life insurance unless your baby is a prodigy actor that is the breadwinner for the family.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Sure, you can get life insurance for your baby, but anyone else, not for you.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Absolutely. And if anyone out there is interested in term life insurance, the people that I trust, the people that John trusts, they provide it for our families. Go to Zander.com and get term life in place 10 to 12 times your annual income. You can do a 15, 20, 25 year policy depending on your stage of life. But the goal is to be self-insured after that policy lapses.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So 20 years from now, we're set. We've been following this Ramsey plan, investing, getting the house paid off. So we have our own nest egg that replaces this insurance policy. But get it in place today. It's very affordable and a great product. And Zander will shop the top companies for you.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Absolutely. Good word. All right, let's go out to Sam in Charleston. What's going on, Sam? Hey, good afternoon, gentlemen. How are you all today? Doing great. How are you?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Well, it's not going to be a penalty. It would be a conversion. And so you're going to have to pay taxes on that $500,000 in order to convert it to Roth. And so that would be, the only time you would do that is once you're in Baby Step 7 with a paid-for house. Are you at that spot yet? No, sir. No, not yet. Okay. So what I would do, though, is roll it over, do a direct rollover.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Is it all the money traditional 401k?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, well, I'm telling you right now, it's a risky plan, and I'll tell you, the market overall did 24%. So you could do that across, if you just invested in the top 500 companies in America through an S&P 500 fund, you would have seen a 24% return. So I would move out of those single stocks.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I don't know, are those inside of a retirement account, or is that just non-retirement stocks that you could cash out?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So the traditional 401k, do a direct rollover to a traditional IRA. That way you don't pay taxes on that. Okay. But that way it's in your control.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Exactly. Or you can convert it before then and pay the taxes. You might do that strategically, you know, a little bit per year versus doing all $500,000. But that's up to you and your tax pro and financial advisor. You can dig into the numbers and see when that would be worth it once you're in baby step seven, completely debt-free house and everything.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
But the single stocks, I would cash out and know that you will pay taxes on that.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Oh, I see. Well, you're actually rolling it into another retirement account, so you need to have the cash.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And he's using her as a pawn in this scheme. And if she chooses, knowing all of that, to still go through with this, that's on her to deal with. That's right. And he's going to have to deal with it when he realizes a 21-year-old cannot help pay this mortgage.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
You could do that with non-retirement because you're actually cashing it out, turning it into dollars, your stocks into dollars. And so then you could take a portion of that to pay the taxes. So this is where that's why it's a baby step seven thing where you need to have saved up all the cash to cover the tax bill.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Exactly. But it's a great question, Sam. You've done really well, man. Way to go. This is The Ramsey Show.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, picture this. You sit down to do your taxes, but instead of stressing out, you're actually ahead of the game and filing with an affordable software that makes your computer shoot confetti when you're done. Okay, not that last part, but Ramsey Smart Tax does make filing easy and doesn't make your bank account cry.
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Ramsey Smart Tax is a 100% accurate software that's honest about its pricing and is backed by a company who's been in the business for over 50 years. So go to ramseysolutions.com slash smart tax to take advantage of early bird pricing and stress-free filing. That's ramseysolutions.com slash smart tax. Welcome back to The Ramsey Show. I'm George Camel here with Dr. John Deloney.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
If you missed it, we announced our two-night virtual event, Investing Essentials, hosted by Dave Ramsey and yours truly, George Camel. We know that investing can be overwhelming, it can be confusing, and a lot of you are getting your investing advice from a 60-second social media post. Not the way to do it.
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Are You Ready To Go Scorched Earth on Your Debt?
So with this virtual event, we're going to walk you through how to maximize your retirement plans, how to choose the right mutual funds to get the most out of your money, how to invest with confidence. Plus, Dave Ramsey will unpack his personal playbook on real estate investing, explaining how he made millions in property investments and how he did it debt-free.
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Are You Ready To Go Scorched Earth on Your Debt?
And I'm telling you, this is stuff that he's never talked about on the show. It is straight nerdville. There's formulas. There's graphs. There's charts. There's ups and downs. Friends become enemies. Enemies become friends. It's a beautiful story. So check it all out. It's happening March 4th and 5th. It's completely virtual. You can watch from home. Two nights. Tickets start at $199.
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Are You Ready To Go Scorched Earth on Your Debt?
Get yours today at ramsaysolutions.com slash events or click the link in the show notes if you're tuning in on podcast or YouTube.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Can I be honest? We had to pull teeth to get him to do this because he said, nobody wants to know this stuff. It's so nerdy. And then people went, no, we want to know.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And so that's why we created this event.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Whether you're just getting started with investing or maybe you're at that step where you want to become a real estate mogul, you're going to get something out of this. So join us. Go to RamseySolutions.com slash events and join us for Investing Essentials. Amanda is in Harrisburg, Pennsylvania up next. What's going on, Amanda?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Wow, congratulations. How's it been? Thank you. His first kid? Oh, it's the best.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Shannon's going to kick us off in Phoenix. What's going on, Shannon?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So let me ask this. If money was no object, would you just stay home with baby and not work outside of the home?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay. But you're saying, hey, I might have to work part-time in order to make the budget numbers work.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So let's play this out as if you're at home not working. What is the income coming in every month?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
That's it? That includes food, utilities, shelter, transportation, insurance, clothes. That's amazing. Yep. So why can't you guys do this today?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
He is old, but he's not outdated. Yeah, it works. Okay, so how much debt do you have left?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So 17K, how quickly will you guys pay this off with you being home?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Are we talking six months from now, you're debt-free?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Amazing. That sounds a lot like six months. I nailed it. Okay. So six months from now, you're debt free. Now we're working on the emergency fund. Can we save that up in another six months?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Wow. Okay. So we're talking before the end of the year, you guys are debt free with a fully funded emergency fund. You freed up the debt payments, which was how much? What were you guys paying per month or currently?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, this is when you had two incomes. That makes more sense. I was like, that's more than your take-home pay. Okay, great. So here's what I would do with your husband tonight. Go to EveryDollar and craft a new budget just using his income, going, how is this going to work? Do we have margin left over to save and invest and give on top of that once we're debt-free? Great. And guess what?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
If it comes down to it and he goes, I need to work a little more in this season, that's fine. Or if you need to work five hours a week because you want to and it's going to help, that's fine. You get to choose. But what I wouldn't do is give up the dream because of guilt or because you feel like. Do this out of your values.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And if your values say, I want to stay home with this baby, then figure out what must be true financially to do that and then make the sacrifices necessary.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I'm going to suggest one more, John. Yep. Because my wife stayed home and struggled with this. Amanda, read in praise of stay-at-home moms from Dr. Laura. That one was very, very comforting.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
The OG. The OG. The OG. So I hope that helps you. It's the right choice if it's the right choice for you. So just move forward. Don't look back. Don't think about what if. And crunch the numbers to make sure you can do it. But I'm telling you, based on napkin math, it's possible. This is The Ramsey Show.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Welcome back to The Ramsey Show. I'm George Camel here with Dr. John Deloney. Call us up at 888-825-5225. Hey, The Ramsey Show annual listener survey is now live. And we want to hear your favorite parts of the show, what you like, what you don't, what you want to hear more about, whatever it is we want to hear from you. And there's two ways to participate.
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If you're willing to help us out, text the word survey to the number 33789. That's 33789. Or visit ramsesolutions.com slash survey. If you're listening on podcast or YouTube, just click the link in the description. And if you sign up today, you'll be entered to win a $500 gift card. So that's worth it.
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You give us our opinion, you get to change the future of this show, and you might win a gift card. I'm going to call that a win.
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Are You Ready To Go Scorched Earth on Your Debt?
Yeah, don't go in there just to trash John, all right? He gets enough of that.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Yes. And this is not going to be the last time she bails dad out if she goes down this path, and she's going to learn the hard way, and it'll probably destroy their relationship long term. I don't see a world where this just ends up perfectly, and they're all happy with what happened financially.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
If nothing else. If nothing else. There we go.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Let's go help out Christy in Houston, or as John calls it, H-Town. H-Town! What's up, Christy? You have to say it like that, apparently, Christy. How are you doing?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I hear no red flags. If you want to move, you want to move. You made a bad decision. It didn't end up working out. There's no harm in selling it and renting for now until you figure out what's next for you. What would it sell for in its current condition?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, what's the urgency? Is it very livable now? Are you guys safe? Can you, you know, stage it, market it, do all the right things to try to get the most bang for your buck?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay. So you'd probably walk out of this thing with 20 to 40 grand if you're lucky after fees.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And you would just, do you guys have any debt right now?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So you'd leapfrog to baby steps four, five, and six, where you're debt-free with a fully funded emergency fund, you'd rent, and then beyond that, I'd begin saving up a down payment, and your next purchase is going to be very different. You're going to do it out of a place of strength, right? You're going to know what you're getting into before you get into it.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
You're going to choose a better neighborhood. You're going to choose a home with less problems. And so I feel good about you guys selling this thing. Do you have a good realtor? Do you trust them?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Well, you can trust them, and they can be a terrible realtor. Are they really good at their job? Are they going to get you top dollar for this?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Awesome. And we have a whole real estate home base. If you want to check it out for more resources on this, you can jump on ramsaysolutions.com slash real estate. And there we have articles, how-tos, calculators, courses, you name it, to help you guys through this home selling process. But it's a hard lesson to learn, Christy, but you guys are getting out of this thing mostly unscathed.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I mean, you're safe. You're going to make a little bit of profit. I'm going to call that a win and a lesson learned.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
All right. Let's go out to Laura in New York up next. How's it going, Laura?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
All right. Okay. And you want to know how to get rid of the 60K?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
What were you thinking about doing? I have a feeling you had some ideas.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Don't do any of those things. So here's the deal. There's a few things you can't do, and I'll tell you what you can do. What you can't do is move the debt around. That's a consolidation loan. The other thing you can't do is take out more debt to pay off your current debt. That sounds as insane as it is. So looking to a HELOC or borrowing from retirement, these are not options.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So if you said these are off the table, what are my husband and I going to do to get rid of this debt with our current savings, things we can sell, and our future income? That is the only way out of this thing instead of just feeling like you did something and creating more problems down the road.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Laura, $18,000 a month? So you know what this tells me? You guys are living high on the hog right now. You're spending $25,000 a month even though you make $18,000. That's how we get into $60,000 in credit card debt. So here's what you're going to have to do. You need to chop your lifestyle down to nothing. As in we put food on the table, we cover the utilities, you cover the mortgage.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Do you guys have a gigantic mortgage?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
And it's disappearing into what? Because the credit card bills are how much? What's the minimum payments on $60,000 in credit card debt?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I know, but you added up the payments. How much are you sending to the lender every month? Is it $800 a month? $4,000 a month?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Do you guys have anything in savings or anything you could sell? Any other property? Non-retirement accounts? Nothing.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay. So your husband's going to need to get on board with this. But if you guys paused all of your investing and you lived off of a very small portion of your 18 grand, what if you could throw 10 or 12 grand of this debt every month? Guess what? It would be gone in four months, five months. Done.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
That's the solution. You don't owe anybody anything. Y'all are rich. You don't need a consolidation loan, a HELOC. You don't need to borrow from retirement. You need to just start using your income to your advantage and using it to knock out the debt.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
You can out-earn your stupidity for a long time. How do we owe $60,000?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
But I think this is a relationship issue. I don't know that he has the same urgency as she does. He's not feeling the same way.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
That's going to be the tough part, not actually getting out of debt. Once you get them on board, this thing's gone. Hey, check out the rest of the show on the Ramsey Network app. Go get it in the App Store or click the link in the description to keep enjoying more of the show.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Please don't watch some Instagram reel or TikTok where they're like, just buy a piece of property for your kid while they're in college. It's a wealth hack. Here's what happens on the other side of that. Relationships are broken. There's no wealth hack here. Don't do it. Let your kid just live with seven roommates. That's how it should be in college. God bless. This is The Ramsey Show.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Welcome back to The Ramsey Show. I'm George Camel, joined by Dr. John Deloney, open phones at 888-825-5225. If you're ready to get your finances in order once and for all in 2025, you've got to join us January 23rd for our free live stream. It's called Take Control of Your Money. It's hosted by Dave Ramsey and Jade Warshaw, so you know it's going to be good.
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Are You Ready To Go Scorched Earth on Your Debt?
You're going to learn how to stop living paycheck to paycheck, how to free up more breathing room so you can pay off debt faster, Apply your money to what really matters and get ahead. Plus, Rachel Cruz and I will join for a Q&A at the end where you can ask your money questions live. Here's a bonus in case that wasn't of any interest to you.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
When you sign up, you'll be entered to win our cash giveaway. Five people will win four grand each. So go sign up for the free live stream by going to ramseysolutions.com slash live stream or click the link in the description if you're listening on YouTube or podcast. It's going to be a good time. Amanda is out in Kansas City up next. What's going on, Amanda?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, so you're in this 4-5-6 land. We need 15% of our income going to retirement. That's the priority. We're going to put our own mask on first. Anything beyond that can start going to kids' college fund, beyond that toward extra on the mortgage. And so are you guys investing 15% of your household income right now?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, so what is your household income?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, so the take-home pay is about $43,000 a year. What is his gross income?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay. So 66 grand. So if we take that number, now we're going to go, okay, 15% of that's $9,900, which means every single month you guys should be investing $825. And here's the way to filter that. Use this strategy. Match beats Roth beats traditional. Does he have a match through his employer?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Great. And then beyond that, does he have a Roth option through his employer?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay, so you have a Roth IRA. You have a spousal IRA now as a non-working spouse. So you can contribute to that.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I would check with your advisor on if the actual account needs to be changed. But just legally, I want all the stay-at-home spouses to know that they still have an option to invest through an IRA as long as the other spouse has earned income. So it's kind of a cool hack there. But with your income, you're not going to get super far.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
I mean, you know, $9,900, that'll max out the IRA, one of them, and you'll get the match. You'll probably end there.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
It doesn't really matter, you know, 5,000 in one Roth. Let's say you put 5,000 in one, 5,000 in the other. If you put 10,000 into one, you're going to have the same rate of return, same exact dollar amount if you're invested the same way.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
So it doesn't really matter strategically, you know, if we're going to fill this one up versus this one. So beyond that, beyond the 15%, I like the idea of putting money away in the 529 account. And then you guys have a mortgage?
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Okay. My guess is you probably don't have a ton of extra wiggle room beyond investing and paying all your bills to then throw at the mortgage.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Yes. Okay. So my goal for you guys would be how do we get our income up so that we have margin to throw more at college and more toward the mortgage payment? That's your next goal. Once you get that 15 dialed in. And if you guys can't get to 15 and the bills are too tight, we need to cut some spending and increase income in order to get there.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Oh, yeah. No, there's definitely a seasonality to this. And a lot of people might go, hey, we're paying for daycare right now. We can't put extra on the mortgage. And that might be a reality for the next year. Three or four years.
The Ramsey Show
Are You Ready To Go Scorched Earth on Your Debt?
Or we can't go on vacation, but we're going to fund retirement.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And so we can rebuild. You might have to work a few years longer than you wanted to. You're 54. I just crunched some numbers for you. If you just invested 15% of that $60,000 income, never got a raise, but you'd have to work till 70, you could have a million dollars in that 401k and retire with dignity, especially if you keep your expenses low.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So I'm not worried that you're going to like just go completely broke. I'm more worried about Mark as a person emotionally and physically.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Could you throw $3,600 a month toward these 401k loans if you got scrappy?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Hang on the line, Mark. I'm going to send you a copy of my book, Breaking Free from Broke. It's going to walk you step by step through this, but it's going to take getting more income and cutting expenses and getting rid of this debt. Wishing you the best, man.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Welcome back. If you're a fan of the show, take a second, hit the subscribe button, leave a review, share it with a friend. It means more than you know, and you don't know the impact that that can have. And I just got a great story from the Ramsey Baby Steps community on Facebook. Mike dropped in this story about this lady. I don't know her name. It's not listed here, but here's the story.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
She said, I lost my job in March. I'm 56. They dragged me into HR with no notice, no warning, nothing, and laid me off. I was pretty upset about it, but here's the thing. Anyway, I'm sort of happy about the job loss now, and on to better things. I know Dave will never read this, but if he does, I want him to know he saved my life and my future.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Well, we did read it, and I'm sure Dave will as well. And can we just say this out loud? Dave didn't save your life. I'm glad that he gave you the hope and some tools, but you did this. You did all this hard work. And what a great testament to the Ramsey plan just to show people, hey, it's easy when life is going your way, but when it doesn't, are you prepared?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by my very best friend, Dr. John Deloney, and we are here for you, America, taking your calls at 888-825-5225. Whatever's going on in your life, we'll talk about it. We'll help you take the right next step.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
I was ready. Pretty awesome. You kind of built your own insurance plan for your entire financial life by following this stuff. So thank you all for sharing it, leaving the reviews, hitting the subscribe button, telling your friends, texting the link. It all matters. Danielle is up next in Tulsa, Oklahoma. How can we help, Danielle? What's going on?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Your body's like, whew. What actual conversations have happened? What words has he used when you talk about this debt payoff plan? Because you said you're like, he's in, but he doesn't have the intensity that I do.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
He wants some purpose. He wants to feel like he's doing the right things and spending his energy on the right things, and he's just sort of floundering right now, which makes sense why he's not like, yeah, we're going to get out of debt. Yeah.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
He's got some foundation to build right now of just getting his income and getting a stable and doing some work that he enjoys doing and becoming a provider now to a wife. That's a lot of life change. And I think once he gets the stability and finds that purpose, the fire will be lit.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
You know, you guys get back from the honeymoon. Let's make our first budget. Let's see what our total income is going to be. What's the total take home pay? What's our total debt? How much extra can we throw at this thing? And then we can figure out how to light the fire and go, hey, what if we could do this in six months instead of eight?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And that's why we recommend Delete Me. They help with that.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
and there's a lot of shady companies out there that solely exist to sell your personal data to bad guys and that means your info like your email address your home address your kids names your name everything is just out there for scammers and spammers to find so much but delete me will delete your data hence the name it's gone they'll wipe it out for you so you can sleep easy
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Get this. So far, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites and saved me 77 hours of time. It's incredible.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteeme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. The number to call is 888-825-5225. Listen, buying or selling your home, it's a big deal. And between the clickbait headlines, confusing data, it's tough to know what's actually going on in the housing market. So we're here to make the latest trends easy to understand. Here they are.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Median home prices went up slightly last month to about $430,000. More homes are on the market, nearly a million, which is the highest since 2019. So we have an increase in supply. But in a lot of areas, it's still not enough to meet buyer demand. The average 15-year fixed rate rose to 5.9% last month. and it's still under 6%.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So if you're financially ready, a small rate increase shouldn't hold you back from buying a home you love. That's not the difference maker here. So to learn more about the housing market trends and get free tools to help you buy or sell with confidence, head to ramseysolutions.com slash market, or click the link in the show notes if you're listening on podcast or YouTube.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Riley is up next in Springfield, Missouri. What's going on, Riley?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Man, what a party it is at Riley's house. You're like me. You're kind of like the nerdy dad who wants to do everything the right way and have all the I's dotted and T's crossed. And you want the wife to have the fun money.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
George, talk about. All right. We can talk numbers now just to give you some ideas and options. Number one, you're investing for your own retirement. Are you saving for the college?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Here's my fear. Your kids have a great down payment, but they have $200,000 in student loans to deal with.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
But I'll tell you what has happened in most American households. The parents go, well, figure it out. Well, the time comes for Junior to go off to college and he chose a pretty expensive school because the parents never sat him down and set a boundary. And now it's one hundred fifty grand. And the parents took out some parent plus loans.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
They could took out some subsidized loans from FAFSA and they got a mess to deal with. And so I'm telling you that to say what I do in my own house. I put my mask on first with retirement. Then I focus on college. Then if there's money beyond that that I want to put away for my kids one day, I would just do that in a taxable brokerage account. And you can gift married filing jointly.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Currently, you can give thirty six grand a year to each kid with no gift tax.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Yeah, just basically a non-retirement investment account. Your money market account is not going to get you very far, and you've got such a long time horizon with a three- and five-year-old. I'd rather see that money experience some compound growth in the market. And I would rather you put that money and pay off your house.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So that's why I'm saying, to John's point, I would focus on that after you're through the baby steps. That's when you can start having some fun going, all right, we paid off the house. Now we can set up our kids' future.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Okay. I say if the kids get $200 to the college account, she should get $200 as well. She should get $600. There we go. At least. 3X.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Right, right. Can we play out the other side where you actually give your mother this money and you become resentful? Because you know it's not the right thing to do. And you're not cheerfully giving. You're going, oh my gosh, I can't believe I'm doing this to this person who hurt me in this way, who's been financially irresponsible. That's going to eat you alive, isn't it?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by bestselling author and Ramsey personality, Dr. John Deloney, and we're taking your calls at 888-825-5225. Kelsey's going to kick us off in Harrisburg, Pennsylvania. What's going on, Kelsey?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And every time she calls, you hate that she's calling. That is dishonoring. And you hate that your siblings guilted you into this? Yeah.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
You don't need another scheme. You don't need to get rich. You need to survive. You're not even surviving. So we need to choose reality here and go, hey, we can't pay the bills. We can't launch a business out of a place of weakness.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So I don't, I'm just kind of painting a picture of both worlds where we have the hard conversation and say no, and we feel better about it and it doesn't consume us versus the other side, which is, all right, I guess I'll do this. It's the last thing I want to do and I don't feel good about it. And this is not being a good steward of my money and my wealth, but I'm going to do it anyways.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Yeah. So here's the hard truth. You asked for some tactical advice how to get out of this. You got to stop living in a victim mindset going, well, life's just going to keep happening to us and we can't trust the jobs because they don't pay enough. Develop a skill set that someone's willing to pay for. Go serve someone and they'll give you a president's face on a dollar bill.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
As a way of saying thank you. And so that's the hard truth is anytime you're spending scrolling on X needs to be spent working. And I don't mean starting an essential oil online business. I mean going to an established company business that's willing to pay you a stable salary. So that means giving up the dream right now of the booth because you're losing money on it.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And that means your husband's going to have to do something that he probably doesn't want to do that might be beneath his skill level. And it's going to be swallowing his pride going, I'm willing to do whatever it takes to take care of my family. How old are you, Kelsey?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Now, what will your siblings say when you say, hey, even if I wanted to, I don't have the money?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Josie is up next in Colorado Springs. Welcome to The Ramsey Show, Josie. How can we help?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Has he always been this way? Very cagey around money conversations? Or more like a dad conversation. Is he like, I have my stuff together, but we can fix you? Or is it just, hey, I'm not going there?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Do you have access to any account that he has? No. Where do you all live?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And how much money does he give to you every month?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Okay, and what was the agreement here? Was there like a, hey, you got to start paying? Or was he just like, hey, I'll pay you $1,500 to help cover bills?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Now, if you don't give, is it on the siblings? Are they going to have to take on more and they're still going to do this regardless of what you do?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And what is the, on the premarital, what's the spark notes of this prenup? Is it whatever I came in with? I keep whatever he came in with. He keeps.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And his name is not on the deed of the house, so he has no ownership in this house, even though he's paying toward it. And he's okay with that.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So what do you cover and what does he cover? I'm just so confused by all of this. Back out of the question.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Laura is going to kick us off in New York City. How can we help today, Laura?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And it's okay to share your frustrations that you're taking on the brunt of this financial accountability while he sits back and sends a Venmo every month. Yeah. I think you want more partnership in this marriage, and that's a fair thing to ask. And can I tell you this? You aren't a burden.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Well, would he be willing to go to, you know, involve a third party and go to counseling with you guys to just work through some of these communication issues?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So he's got a savior complex. He's like, well, I'll go to counseling with you because you need this and I'm here to support you.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
They're choosing a transactional relationship. Yeah. Because they feel better that way. And just the same, you get to choose. And if you would feel better not giving and setting that boundary, that's a path to go down.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Hey guys, George Campbell here. Do you ever feel like insurance companies only care about your money and not what you actually need? Well, there's a better way. When you go to Ramsey's Insurance Resource Hub, you'll start feeling confident that you're getting the right coverage that's truly best for you.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
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The Ramsey Show
It’s Time to Grow Up and Own Your Life
I'm George Campbell, joined by Dr. John Deloney. Today's question of the day is brought to you by WhyRefi. When life happens and those private student loans go into default, WhyRefi offers real possibilities instead of judgment. WhyRefi will help you explore a low fixed rate loan based on your unique circumstances. You can learn more by going to WhyRefi.com slash Ramsey.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
That's the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Your siblings aren't going to like you. Your mom, I don't know how she feels at this point. I don't think it's going to fix anything whether you give her money or not.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Yeah, I'm just thinking through this and I'm going, the children didn't ask for any of this. None of this. And I think it's fine.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Yeah. So is it wrong of you? I don't know that I want to call it a wrong or right, and I don't know that everything needs to be equal, but I think it needs to be equitable. I think we need to prepare for all of their futures and make sure that they all have the same opportunities. And I'll say, well, you're not my kid, so you're not going to get to do this thing over here.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
There's a lot further questioning I would have here. There's so many more questions. But I would try to save for all of their futures. And I don't know what that means. Is that college? Is that something else? Again, we don't know.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
It's brutal. Because you want to just solve it all with like a math problem and like a financial... It's not. There's so much that just comes down to deep work of having really hard conversations that you don't want to have and adults choosing to be adults.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
How much money have you sunk into this thing in the last six months?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
The wrong two dudes. I'm like, $170,000? That's cute. We're getting started. What kind of car is it? I want to pat it on the head.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
But here's the thing. You guys have the money to cover necessary repairs— Yeah. Right? And you don't have any debt? Either of you? No debt.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Amazing. So when and if that car does completely die and the repairs are worth more than the car, then at that point I would say, all right, we're going to go buy a used, reliable car for $10,000.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
I would wait until that day actually comes and we'll cross that bridge and you'll probably trade it in for $1,000. Yeah, you'll get $1,000.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
That's what I've done in the past. And then I go, okay, well, we knew this was coming. It's not a surprise. So let's set aside money that is Mike's upgrade car fund and not say, this is an emergency. Drain the entire emergency savings while I'm still in school and we're not even married yet. I would make this decision together when that time comes.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Is part of this financial progress because of your past? Did you kind of run the other way and said, I don't ever want to be a burden financially to my family?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Hey, if you're tired of living paycheck to paycheck, you're wondering where your money's going, your first step is getting on a budget. And lucky for you guys, our team is hosting a free budgeting training this month where you're going to learn step-by-step how to make and stick to a budget using our app, EveryDollar. Plus, you can get your biggest budgeting questions answered in a live Q&A.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So go check it out. Spots are limited. You can sign up for free at everydollar.com slash webinar. Eli is in Huntsville, Alabama. Up next, Eli, welcome to The Ramsey Show.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Is that all of the debt? No credit cards, no car loans, just student loans?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
That's a big financial step while you guys are trying to pay off debt to add on the stress of home ownership. How much are you putting down on the house?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
That's just called more loans. That's not a gift. They don't hook you up.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
You're like, uh, that's not as awesome as you think.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So when you're saying paying for schooling, is that paying off your student loan debt?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
See, you're changing your family tree. That's a pretty cool way to honor your mother and father is to leave a different legacy.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
So you're telling me you can go out and get a job making $40,000 more today per year. But you're foregoing that to cover her potential master's degree?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Don't wait until you have more money. That day will never come because it will always be, well, if we just made a little more, we could clean this up faster. You need to tackle the debt now.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And there's always going to be a better time to pay off debt. So I think we need to face the reality and go every single dollar that's not food, shelter, utilities, transportation, insurance and debt minimum payments needs to go toward cleaning up this debt.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
What would it cost for her to go get this master's?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
But you're telling me your employer is going to cash flow that on her behalf? Okay.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Well, let me make it clear. You took a $40,000 pay cut every single year to pay for a one-time $30,000 bill.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And I'm telling you, you are stunting your financial growth and future by being quote-unquote indebted to your friend. I would say, hey, thanks, man. I need to get out of this hole. And I'm not asking you for a $40,000 raise, but I have this opportunity over here that's going to get us out of debt years ahead of time. And we're just going to cash flow her degree.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you've got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Welcome back to The Ramsey Show. I'm George Camel here with Dr. John Deloney. Mark is up next in Burlington, Vermont. Mark, welcome to The Ramsey Show. How can John and I help today?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
And it's smart people, too. So the easiest thing to fall for is, well, I'm just a big idiot. It could happen to anyone. These scams these days are getting so sophisticated that the smartest people out there are still falling for this stuff. And I'm sorry that you were the next victim. Yep. When did you realize that this was a scam?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Well, let's pretend that there's a worst case scenario where we just have lost this money and we have to rebuild. Where are you at today?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
Good. So you have low expenses. What do you make a year?
The Ramsey Show
It’s Time to Grow Up and Own Your Life
I can think of one where it starts with an H. Yes.
The Ramsey Show
It’s Time to Grow Up and Own Your Life
What I don't want is for this to consume you. Obviously, it already has. But for the next 10 years, you're just on this hunt and this search. And over time, it becomes more and more apparent it's not going to happen. And so I also don't want you to waste your time kind of chasing going down this rabbit trail all for nothing. I'd rather you spend that time rebuilding. than recovering.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
I think the employers would probably come back to her and say, well, here's why 90 was the starting salary over here, because they have more experience with this degree, more education. So the question, Ella, is does the employer know that these salaries are public? Are these out there, or is this like I talk to my coworkers?
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Okay. So if this is a company-wide thing that salaries are public, I think you have more right to just bring it up and say, hey, when I was doing research, I found on their company site, here's the listed salaries. I'm curious what the gap is and what is the path to growth to get there? I think that's a much more, it's a less combative stance versus here's my counter.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
I'm always watching. Always watching. A little George on your shoulder. A little George. She can get a little treat. Just don't go crazy. That's exactly right.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Okay, so those funds likely have companies that are against your beliefs, correct? Yes. But it's the options that you have. Yes. And are you investing 15% into those retirement accounts?
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Okay. I would encourage you to use those tax-advantaged accounts first. It sounds like you don't need to be investing beyond retirement right now unless that 15% gets you maxing out every tax-advantaged account where you need to go to these non-retirement taxable brokerage accounts. Is that the case?
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Is there a Roth version of that that they offer?
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Okay. Well, the thing is with the Roth account, you're just using after-tax money. You don't get the deduction, but then it's going to grow tax-free and you'll withdraw it tax-free in retirement. And especially with your income, I would recommend you go with the Roth option. It's not worth it for the tax deduction when you see the growth and the tax-free withdrawals later on.
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So in that regard, here's my question to you. Why is it okay to invest in the 401k in these funds, but not outside of the 401k? What's the difference?
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Yeah, and I have looked into this. There are halal investing funds that are compliant. Have you looked into those? Do they all have high expense ratios?
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Man, that is brutal. Well, here's the deal. There's going to have to be a compromise here. If this is part of your beliefs and this is something you feel really strongly about, you're just going to have to pay that expense ratio for the pleasure of following your values.
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I mean, you're talking about investing in 400-something different companies, likely. That's going to get real complicated real fast.
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I mean, you can do that. I still think the tax advantage of these retirement accounts outweighs all of this to where I would just choose the best options you have in the 401k. And it's the options you have. You have no control over that.
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And I would stick to those retirement accounts for the foreseeable future until you get to the point where you're maxing out your retirement accounts or you paid off your house and you want to increase your investing. But I wouldn't just mess with a taxable brokerage account and picking single stocks. I just wouldn't personally do it.
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I'm telling you, you can do that. It's going to be a really complicated portfolio and get messy real quick. when you're trying to auto invest in 400, whatever the top companies are. And the less companies you have, the less diversified you are, which adds a lot of risk. So if you said, hey man, I'm gonna go in Tesla because it's compliant. Have you seen Tesla lately?
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This is why you wanna be diversified amongst hundreds and hundreds of companies. And so I don't know, I would talk to other folks who are in the same boat as you that are part of your faith community and find out what the options are and then just choose the best that you can. That's all you can do.
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And I hope that... Or you got to pay the additional... Or pay the extra, you know, if the normal expense ratio is under 1%, you're paying two and a half. Look, it's basically a tax you're paying...
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Yeah, so we can walk through, if you follow the Ramsey plan, here's what would happen. So you guys have crushed it, paying off 39K already. How much longer until you're completely debt-free, if you're doing this with Gazelle Intensity?
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And they're going to be more expensive because they're actively managed.
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Okay, so another 18 months, you'll be debt-free. That'll put you at still about 40 years old?
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Okay, let's say 41 once you have the emergency fund. How's that? Okay. If you started investing and you guys make $200,000, which is incredible, that's a great income, that would mean you're investing $30,000 a year once you're in baby step four. Are you tracking with me?
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Today's question comes from Nate in Colorado. How do I break down annual slash semi-annual insurance payments like car insurance into a monthly budget so I'm ready when the bill comes due? Love this question. And it all comes down to this magical term, sinking fund. Oh, I love when you talk nerdy, George. I feel like this was an accidental talk nerdy to me. It's a bonus one for Ken.
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So the idea here, it's just a strategic way to save money by setting aside a little bit each month so that you're ready when the time come. So for easy numbers, Ken, let's say there's an annual insurance bill for $1,200. Okay, $1,200. That's what I owe. Perfect. Every year. Every January, $1,200 comes out of your account. Okay. How do you budget for this? It's random. Right.
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Well, you can create a sinking fund inside of every dollar and mark it as a sinking fund and say, I'm going to set aside $100 in every month's budget. Goes right into that. Okay. Into the sinking fund. I love it.
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now this is digital on every dollar right so you actually have to set aside this money in your checking account or in a savings account now how do i not screw that up because you know i struggle with detail so how do i do that's the thing for some people it's better if they transfer that money to a savings account and then set a reminder to transfer it back once january hits so they have the 1200 i feel like that's a good move for me would you agree
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Yes. You know me well. Some people like to just stack it up in their checking account. So $100 becomes $200 becomes $300. Come January, we're sitting at $1,200. It's just there. But again, you have to know that this is allocated for that piece of... What do you do? I know that you told me what I should do. What do you do?
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I'm a fan of the savings account because I also like to have that money grow a little bit for me with some interest. And so I'll transfer it to savings, but I'm a nerd when it comes to reminders. And every dollar also has reminders you can set up inside of here.
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Yes. So I have mine under insurance and taxes in my budget, and I have them all listed as sinking funds. You can see, right, I'm showing Ken. This is very exciting.
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You really are a nerd. I have auto and umbrella on one policy. I have property taxes. Then I have my wife's life insurance policy and my life insurance policy. Every single one of those has its own line item, and whatever it is, I divide it out, and then I have that as a sinking fund.
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So I'm just trying to show you some math to show you what would happen. That's $2,500 a month, household going into retirement accounts. We're going to assume a 10% return. You have nothing in retirement right now?
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That actually has a whole category. Okay, good. Just hangouts with Ken, gifts for Ken. It's a little awkward that I saw that, but boy, am I excited. Well, hope you like a new pickleball paddle. I know you're wearing yours out.
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We have a great article on this, so I'm going to make sure that it is linked in the show notes. So hit the description and show notes of today's episode. And there's a great article on our website from Rachel Cruz called What is a Sinking Fund and How Do You Create One? It'll walk you through all of this.
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And I think it's really going to help everyone out there struggling with these things that aren't monthly bills.
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It was on the screen there. Oh, that was my screen.
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It wasn't a life goal, but I aspire to it now.
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Some call it a gateway drug to financial freedom. That's what happens in the show notes.
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I got indigestion after just hearing that. Survey says... We needed Tums. It's a no for me. It's a no for me. And here's why. It's partially the math on it of like, it sounds crazy because it is crazy that I'm going to use debt to pay off other debt to go into a different kind of debt and hopefully pay that debt off. And if I don't, I'll just get a consolidation loan to pay off the HELOC.
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That's not nothing. And I'm going to try to plug in, see if we can get it on the screen for you.
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Do you see where this is going? This is where most people find themselves, just playing a shell game of debt. Okay. And instead, what I like to do, use that interest rate to make you so angry that you pay off that credit card so fast that it doesn't know what hit it and you never go into debt again. Okay. So how much is left on the credit card debt? $60,000 across several credit cards. Okay.
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Okay. You say we. Is there a husband who's an accomplice to these financial crimes? Yeah. Okay. There is. good good good wow financial crimes i like to make it really add some drama to it george's well you guys i just feel like you guys work too hard to be this broke to go 60 grand in credit card debt instead of just saving up and paying for things you can what's your uh combined income
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So I'm just showing you 42 to 67, right? Let's say you work a little bit longer to catch up. That would still give you $3.3 million in that one account.
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They were like, come on, Jennifer. Yeah, this is the next question America's asking. Why does someone making $260,000 needing to fund their life on a credit card? Where is your actual income going? Oh, boy.
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Okay, this is great. This is great. Think about this. Great. You guys could be debt free before the year's over. You're now bringing home, what, $15,000, $16,000 a month? She doesn't believe you, George. Tell her how.
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Okay, we are currently in March, 2025 year of our Lord. Agree? Agree. Okay, so let's say nine months. $60,000 divided by nine months is $6,600. I love when you do that. So $6,600 out of your $16,000 needs to go to this debt to get done by December 31st. You with me? Okay. I'm with you. So now here's the deal. Can you guys live off $10,000 a month? Can you? I hope so.
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I hope you guys can scrape by. Well, that's why, forget your mind. Don't rely on the human mind. It's fragile and feeble. The mind can tell you some crazy things. Not since the fall of man have we been able to trust the mind. And so here's what you do. Do a budget with your husband and say, this is what our paychecks came in as. These are all of our expenses.
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And if we follow this plan, we're going to have $7,000, $8,000, $9,000 we can throw at this credit card debt. Because here's the truth. I think you guys can do better than end of the year. I think six months this thing could be done. Whoa. Slow down, George. Jennifer's going to faint. Ten grand a month for six months. Get angry and aggressive about it.
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Don't do a HELOC to try to move this over to give yourself some comfort to slow down your progress. Get so angry at the 25% APR on these cards to where you go, every single cent is going to go to these credit cards. Are you guys angry yet? I'm angry for you. We are angry.
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Jennifer, you know what to do. You guys got this. You can do this, Jennifer. Get aggressive. No more debt. Debt is not the answer to your problems. You are the answer. Oh, wow. Thank you guys so much.
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And let's say even by 62. So that's a 20-year investment period. I'm calculating from zero, Christina. Zero dollars in any retirement account, 42 to 62, 2,500 bucks a month. That means you guys never get a raise over 20 years, which we all know is not going to be the case. You're still going to have 1.9 million.
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Worth it for five bucks on Venmo to get Ken to say that about me. That's right.
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So there was zero communication beforehand that, hey, you're behind on payments, you don't catch up, here's what's going to happen.
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Okay. Well, I mean, they can come take your car at any time once your loan becomes delinquent. So it's not a giant shock, if I'm going to be honest, that you stop making payments. You don't own the car, they do. And so the good news is this just happened today?
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Okay. So there's still some moves you can make to get this back, but we got to make sure that you have the money to do it. It sounds like you are beyond paycheck to paycheck. How much money do you have?
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Okay. Now, was there any personal items in the car?
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Okay, you can get your personal property back, and they can't charge you for recovering your stuff.
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And guess what? Only 30% of that was your contribution. The other 70% is just compound growth. Now, we can all look back and go, oh, my gosh, if I had started at 25, I could. Listen, the past is the past. Don't should all over yourself. That's right. Don't do it.
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So the next step, other than getting your items, if you can do this, this is the best move, is to reinstate or pay off the loan. Obviously, you can't pay off the loan. But to reinstate it, you would have to pay the past due amount on the car plus any fees.
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So now we know it's $3,000. And here's the deal. You usually have about 10 to 15 days to do this to catch up. Otherwise, they're going to sell your car at auction to get what they can for it, and then you'll owe the difference.
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And if they sell it at auction, it's not going to be market value. And so you likely will have a pretty big gap that you'll owe. So I'd rather you try to get this thing reinstated in the next 15 days, but that means you've got to come up with another $2,500 in 10 days. Sounds good.
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Can you work overtime? Can you do side gigs? I mean, this is like we won't see the bed. We're going to be at work so much. Speaking of the bed, I might sell the bed. Yeah, can you sell anything in your life?
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What does your fiance think about all this? This would honestly give me some hesitation. As my provider gets his transportation taken away.
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That's it. You still owe the money. My guess is your credit's shot. And so if you went to a local credit union and said, hey, I need $2,500 to reinstate my repo, I don't know that they'd give it to you. That would be a last-ditch effort I would try.
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What do you mean? Well, that doesn't fix your repo problem. You're going to owe all of this money unless you get the car back, get current on payments, and then you're at least, the ball's in your court, you could sell it private party and get way more for it and get out from under it. But my guess is you're underwater on this car. You owe $16,000. What is the car worth?
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Don't do it. Don't do it. But listen, at this speed and intensity in which you're going, I have no fear that you guys are going to be multimillionaires and retire with dignity. And then you can work because you want to and not because you have to. Yeah.
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I'd cash out that PTO. Yeah, I would too. I wouldn't be taking any vacation time. That's the last thing you need to be doing right now.
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And what are your monthly bills to cover all your expenses, including the minimum payments on your debts?
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So you're telling me you make $4,200 and you only have $2,000 in bills. That means there should be two grand left over every month. How did you get behind on payments?
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Yeah, but where'd that money go? What were you spending it on?
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I'll tell you how we find out. Go look at your bank statement. It's going to give you a little book about why you're broke. It's going to tell you exactly where your money went. Oh, Robert, man, this is not going to be fun. It's doable. It is.
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We'll get her another one later. Whoa, George. That sacrifice. Heat-seeking missile. I'm just saying. It's what I would do. You know what? You actually would do it.
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Come on. There it is. Come on. Gosh, I love when a calculator can give you hope. It does. That's special right there. And you're good at it. It's Christina. You guys worked your tail off to make $200,000 a year, get out of this debt. And the good news is once you're out of this debt, you will never go back.
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I'm not. So digging into all the numbers, let someone else figure it out.
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Simple, and you can do it. And it really does walk you through it in a way where even Ken Coleman could do it if he so chose.
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All right. What do you say, George? Well, first of all, I love that Chris could have Googled this, but instead he called us. That really means a lot in a world that's going very digital, very AI. He went analog. He said, let's get some humans to answer this.
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Just tell me. Just tell me. So here's the conversation, pre-tax versus after-tax. So when you think about this, here's the way that makes it easy. When you see something like a traditional IRA, traditional 401k, just think pre-tax. That's right. Another way to say that is tax deferred. And let's explain that. I'm deferring the taxes.
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So that's a tax deferred account like a 401k. So what's the benefit of going with the Roth option? Like a Roth IRA, a Roth 401k, Roth 403b. If you see the word Roth, that means after tax. So in that case, think tax-free because I've already paid the taxes on that money up front. Uncle Sam doesn't need to get paid again. We're not going to double dip.
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So the benefit of that is that when you take that money out in retirement, let's say there's $2 million in a Roth 401k. Imagine that's $2 million of net income. that you've already paid taxes on. That's what happens. So that's the beautiful benefit. Now, all things considered, if the tax rate stays exactly the same from right now until your retirement, it would be a wash.
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So if you have a 401k that's traditional, you take money out, you're going to pay income taxes on that. But you got a tax deduction when you put the money in. Now with the Roth side, you already paid taxes on it up front. So you're losing out on that end because you're not getting a tax deduction, but you take the money out tax-free.
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So the big discussion is, well, what if the tax rates change and we don't know? And so I don't like to wonder. I think tax rates will go up over time, not down. And so I'd rather pay the taxes now and just know that money is tax-free for the rest of my life. There are some other benefits of the Roth side. You can avoid required minimum distributions, RMDs.
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The reason they do this is because the government says, hey, Ken, you're 72. We got to get some of this tax money. You got to cash out your 401k to give us the money. But when you do the Roth side, Uncle Sam already got his cut. So there's no RMDs on that side. And if you leave an inheritance to your children, they're not going to have to pay taxes on that because it's already been paid.
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So a lot of great benefits. We are Team Roth over here. But either way, I love this question because it means he's interested and he's investing.
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Can you give us the breakdown of the 1.25 million?
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Oh, all right. Well, you acted differently, so I don't know. All right. Hey, what's your household income? What was your worst year as a couple and best year?
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I did inherit my parents' home, which is worth $230,000, but we inherited it after we became millionaires. Oh, very nice.
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Nice. How about that? And you guys both working in those fields still?
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Very nice. And you're doing that now full-time? Yes. Way to go. Love it. So what would you attribute this wealth to? How did you guys do it before you hit 60?
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Love it. So how long have you guys been following the Ramsey plan now?
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Yeah, you've been following some of the principles and you went, oh, I like what this guy has to say. I align with a lot of this. We should just go all in on this plan. Did you say Dave Twisted?
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Well, you're proving it because our millionaire study found that one out of three millionaires out of the 10,000 of them never made six figures in their working career.
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Yeah, a lot of life happened in between. And you guys cash flowed things. You just kept investing, got everything paid off and not having debt. I mean, that changes the net worth equation. Assets minus liabilities. If you got no liabilities, you're all in the green.
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And you heard the mindset shift. If you can get this early on, not caring what other people think is a superpower in today's culture.
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And yeah, they got it early. So the earlier you understand that, the less you care about what people think, the more you run your own race, building wealth at your pace instead of trying to run, get rich quick, impress your friends with the car you drive. Listen, nobody's impressed rolling up in the 09 Hyundai Sonata. It's worth $2,000. But who cares? Yeah. She said, it drives great.
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I got no problems with it. I'd rather put my money elsewhere. She's not bragging about her car, but she's also sleeping really well at night. You know, I'll take that.
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There you go. A real baby steps millionaire. They're out there, folks. Are you the next one?
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Well, the thing is – I'll brainstorm next time we have a media chance. I think the visual helps to actually just see it in front of your eyes and go, here's the math that will overcome your emotion that you're feeling right now.
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I'm a fourth year medical student. I'm going to graduate medical school in a couple months. And I have about $250,000 worth of student debt on me. And I wanted to know if you think it would be a good idea. You know, I need to move to a residency. I'm starting residency in July. I need to move. And I was wondering if you'd recommend buying a house instead of renting.
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What are you going to be making in residency? So I'm getting married, so my fiancé will be making about $150,000 a year, and I'll be making around $60,000 a year.
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No, that's the only debt we have. That's all our combined debt. Is the $250,000.
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It's kind of up in the air right now because they're federal loans and it's unclear if income-based repayment is going to be an option. But if let's say we did the 25-year repayment plan, I'd be around $2,000 a month. 25 years?
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Yeah, that's true. I mean, the 10-year repayment plan is, I think, $3,300.
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Okay. Well, here's the deal. Are you new to the program, new to the show?
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I've been listening for the past couple of weeks, so relatively new, yes.
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Awesome. So there's a time and place where we recommend buying a house and only then, and that's when you're completely debt-free with an emergency fund and a solid down payment. And even then, the parameter would be 25% of your take-home pay going toward that mortgage on a 15-year fixed-rate loan.
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So would I recommend a guy who has a quarter million in debt go into more debt and become a homeowner as he becomes a newlywed and leaves med school into residency? No.
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But the good news is you guys are going to be making great money, and the trajectory is so high that you're going to be a homeowner before you know it. But I would rent for a few years. Think about this. Could you, out of the 210, could you throw $100,000 of that, live like you're broke, throw it at the student loan debt?
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If you rented cheaply as newlyweds, this is the greatest phase because nobody cares that you're broke when you're newlyweds. And if you do that, you'll be debt-free in two and a half years. Without your income going up. See, that's exciting, George. So then a year later, you have an emergency fund and a down payment.
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So it's a five-year training program, and starting around $400 to $450.
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I mean, the only reason I think about the 25-year plan is just to lower interest payments. No, I know why you did it.
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So here's the deal. All of your friends around you are going to think you're crazy for aggressively paying off your student loans. They're going to go, hey, I'm just going to die with this, or hey, I'm going to make great money one day, not really worried about the loans. I want to live my life. I've been in med school for too long. I'm a resident. I'm a doc now. I want to get a nice house.
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I want to get a nice car. You're going to see that all around you, this lifestyle creep that happens in the medical world. And let me tell you, my whole family's in the medical world. And so this happens. And if you're not careful, you will be like the other doctors, broke, stressed out, going, man, I make $400,000. I don't know where any of it goes. It just disappears every single month.
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Or you could go against the grain, aggressively pay off your debt, buy a house, pay that off aggressively, and then be making half a million dollar household income with zero payments. And when you're burnt out one day, you just retire and go, I'm done. I'm going to do something else. I'm going to go volunteer. I'm going to go do some overseas dock work.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Well, you heard her say it at the end. At the root of all this was just shame and guilt. It was, oh my gosh, look at the mess we're in. We're never going to be able to retire. Of course you screwed it up. You're almost 40 and you still don't have your life together. You don't own a home. You should be ashamed of yourself. And then we go, let's look at the reality of what we're doing.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
And that, I think, will free you if you follow that plan instead of do what everyone else is doing. And I understand that's controversial.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Aggressively, I'm going to use that four months to get aggressive to build yourself a financial foundation.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Yeah, I'd get rid of the debt, get an emergency fund. Once this four months is up, you've got a great financial foundation. You need to find like a career. And so I'm going to give you Ken's book, if that's okay with Ken. It is.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
I might as well have given her a Broyhill dinette set at that point. That's the excitement she had. I loved it.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
In the debt snowball. I mean, you heard it. 18 to 24 months is the average for people to get out of debt using the Ramsey plan, using the debt snowball. Two years is going to happen. I like that, George. 24 months of hustle for a lifetime of freedom. For 24 years of freedom.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Are you willing to trade that? That's the question. Good question. It's not easy. Most people would rather live in mediocrity for 24 years. Wow. Not Christina.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
I thought Dog the Bounty Hunter and the SWAT team was about to show up.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
So nothing is going to happen to you, Kyle, at all. You can close the account completely on top of cutting it up. You don't have a balance on it, correct?
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Yeah, you're not going to need it. Your mortgage will continue to keep up a healthy score. And so if you ever needed to refinance or do anything else, you can do that just fine. Even once you paid off the house without a credit score, you're going to be fine. And so either way, there's no reason to keep around this card. I know it feels like a security blanket at this point.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
You've had it so long and credit card companies are so good at marketing to you to where you think I need them. They're doing me a solid by being there for me in my time of need. But Kyle, you don't need them anymore. You have money.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
That's unfortunate. Is it like titanium, or can you bend it and break it?
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Way to go. That's why you don't need these credit card companies.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
And so I'd cut it up, get rid of the account, and move on with my life.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Only if you had paid off the mortgage, but in that case, you wouldn't have nothing to refinance.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
So your mortgage is a debt. And so it's reported on your credit report. It will create a credit score. It will keep that credit score until you pay off the mortgage. And then six to 12 months later, after you pay off the mortgage, your credit score will disappear for good and you won't need debt anymore. So there's the good news. There it is. That was a fun call. I enjoyed that.
The Ramsey Show
It’s Time To Cut Debt out of Your Life!
Yeah, I can't wait to call Capital One and tell them, Kyle told me he'd cut up his card.
The Ramsey Show
The Key to Financial Success: Slow and Steady
True story. Skinny jeans will do that. That's right. All right. Mary's up first in Miami. What's going on, Mary? How can we help? Uh-oh.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Now swap that with drive. Drive like no one else. Drive the crappy car. So later, you can drive like no one else.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Yeah. I mean, you are spot on in our parameters. Here it is. If all the things with wheels, motors, and your life adds up to more than half of your annual income, you're off track. That's simply too much. You are not even close to that. And again, like ratios, Dave buying a nice car is like me buying a biscuit. And so you have to understand the ratios look different.
The Ramsey Show
The Key to Financial Success: Slow and Steady
When you have a very high income, your net worth is going to continually grow. You're 27. You got another 30, 40 years of working for you and investing to build wealth. And so in the meantime, you have to do something called enjoying life. And I'm scared because you're kind of like me. I'm wired to go. But if we didn't eat this month, we could invest that in a good growth stock mutual fund.
The Ramsey Show
The Key to Financial Success: Slow and Steady
It can make 12% over. You can't live your life like that. You got to let go.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Yeah. I'll do half butter, half jelly. Best of both worlds. How about you? Oh, I like the jam. A lot of jam. Jam's your jam. I respect that. Well, glad we could at least help Landon get over his emotions. This is The Ramsey Show.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Welcome back to The Ramsey Show. I'm George Camel here with Ken Coleman. Taking your calls at 888-825-5225. You know, we've got a phone number to call, of course, and we get a lot of voicemails on that. And so occasionally we like to do a little segment called Sorry We Missed Your Call where we listen to the voicemail and respond without having to talk to them. So let's see what we have today.
The Ramsey Show
The Key to Financial Success: Slow and Steady
All right. Good question. My first thought, Ken, was you don't need knowledge. You need patience. This guy's about to lose his butt. Yeah.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Why? Why the urgency and the desperation to turn 30 into 300? What is this get-rich-quick mentality? Where is it coming from? Social media. Likely friends, social media. I saw a guy who posted that he does day trading, and if I buy his course, he'll show me how to 10x my money, guaranteed. It's the microwave mentality. You got to be a crockpot in a world full of microwaves.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And this is not just my opinion. One of my favorite proverbs from the Bible, Ken, wealth gained hastily will dwindle, but whoever gathers little by little will increase it. It's ancient wisdom. You gain wealth fast, you're going to lose it even faster. And so you're going to fall on your face trying to do this. And I want you to build wealth.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And I popped it into my investment calculator just to kind of get a lay of the land. Instead of one year, if you had 30 grand, you're 30... I don't know, if you're in your mid-30s, let's say, 30 grand, you're adding 1,500 a month, 10% rate of return on average.
The Ramsey Show
The Key to Financial Success: Slow and Steady
It'll take you probably eight or nine years to get to 300 grand, and I'd much rather you gain it slow and keep it than try to risk it all by day trading or doing options trading and lose it all. So that's my take. That's the Ramsey plan is let's get rich slow. Let's build wealth the right way and not be in a hurry to do it. If you want to make more money, go increase your income.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You can increase your savings rate, but trying to gamble this away is not the move.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Go read a proverb a day. You can read it in a whole month if you just do that, and it will give you the best financial wisdom money can buy. No course necessary. You can read it online for free. Download the Bible app. There you go. But I'm telling you, there's just some wisdom in being the tortoise instead of the hare. We know how that story plays out. Fortis wins every time. Every time.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So thanks for the question, though. Casey is up next in Lexington, Kentucky. What's going on, Casey?
The Ramsey Show
The Key to Financial Success: Slow and Steady
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by number one bestselling author, Mr. Ken Coleman. And we're taking your calls at 888-825-5225. We'll help you with your money, making more of it. Keeping more of it, spending less, all of the issues.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So you're saving up for a down payment. That would be your next goal after Baby Step 3. We call that Baby Step 3B, where before you start investing, which is Baby Step 4, you just go real hard at getting that down payment set in under two years. Is that realistic for you guys?
The Ramsey Show
The Key to Financial Success: Slow and Steady
One more reason to not go start another one. We don't have this one squared away. But yeah, in that case, what you could do once you finish baby step three, just go ahead and begin investing 15% of your household income into retirement plans. And if he's self-employed, there's still a lot of options out there. There's always a Roth IRA, which you can do outside of employment. There's solo 401ks.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I imagine his situation might be different. But there's a lot of opportunity to invest. And then on top of that, save up for that down payment. And once you guys have a little more stability in your life and you've got that foundation, now we can figure out what it's going to take to start this business. And I hope you do it with cash and just move slow.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I'd figure out what is a reasonable goal for this business once we're in the house. Okay, what's it going to take to start this business? And then figure out what that number is, and how do we start slow if it's an overwhelming number? We can't afford a million-dollar... Are you working?
The Ramsey Show
The Key to Financial Success: Slow and Steady
I'm confused. You bought a house sight unseen?
The Ramsey Show
The Key to Financial Success: Slow and Steady
We've got to delay the business stream and get the income as a crisis at this point. So he either needs to opt out of this restaurant business and go get a different job, but now is not the time to start a business or buy a house. So there's option C. We've got to figure out the income first. Thanks for the call, Casey. More of your calls coming up. 888-825-5225. This is The Ramsey Show.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Oh, so the house was illegally built on that land in the first place with no permits, and then that person sold it to you. How did you even go through the closing process? Was it just done through the seller?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Welcome back to The Ramsey Show. I'm George Kamala, joined by Ken Coleman. Open phones at 888-825-5225. It's time for our Ramsey Show question of the day, brought to you by YRefi. YRefi refinances defaulted private student loans and builds a custom loan based on your ability to pay. Now, private student loans are different than federal student loans like Sallie Mae.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So if you want to learn more about this custom refinancing option and the lump sum payoff option you could qualify for after 24 months, go to yrefi.com slash Ramsey. That's Y-R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You need 10 to 12 times your income. And so if you're making 80K combined, maybe that means he's making 40 or 50. I don't know. But that would be closer to half a million, 600,000. And on top of that, your whole life policy sucks. This is just making the salesperson a lot of money, and it's not helping you out by paying $200 a month.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Very little of that going to the actual policy, most of that into their pockets, some of it into a cash value portion growing at an abysmal rate. And so I would surrender this policy after you get term life in place. The next question, my fear is if he gets term life, his health will decline later in life. That's how it generally works. As you get older, you get closer to something called death.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Getting term life won't change that. And here's the deal. Term life is for a specific term, 15 years, 20 years, 25 years. But if you follow the Ramsey baby steps, by the time that policy lapses and it's over, you will be self-insured because you've been following the plan for 20 years, investing for 20 years, you paid off your house 20 years later.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And so there's no fear that it's going to end and now you're out of the money. The goal is to get self-insured at that point.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I mean, aren't there titles to be cleared? I mean, I'm just so confused how nobody caught this.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Whole life is a ripoff. Generally, term life is a fraction of the price, and even at his age, it's going to be way more affordable. So jump on his inter.com or give him a call, 800-356-4282, and get term life in place today. If you're listening, whoever you are out there listening, if you don't have term life in place today, do it. If anyone relies on your income, a spouse—
The Ramsey Show
The Key to Financial Success: Slow and Steady
kids, family, whoever, you need to get this in place. It's not a matter of if, but when. You will eventually pass. I don't want to be the one to break it to you, and term life's not going to cause that to change. It's just going to give your family peace of mind.
The Ramsey Show
The Key to Financial Success: Slow and Steady
She is covered. And stay-at-home spouses, you need a term life policy as well, because it would take Mary Poppins to replace all the things you do. There you go. There's my pitch for the day, Ken. I had to say it. I thought that was well played.
The Ramsey Show
The Key to Financial Success: Slow and Steady
All right, on to Ashley in Austin, Texas. What's going on, Ashley?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Are you guys doing any investing right now?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay. So that's just deductions, meaning like taxes, maybe health insurance, something like that?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay. So $4,400 a month, and you're trying to tackle... I mean, so we're talking about a take-home pay of roughly $50,000 a year, and you're trying to tackle $62,000. And so you're going to need more income. You can slash expenses all you want. That will help. But income is the biggest factor here.
The Ramsey Show
The Key to Financial Success: Slow and Steady
What did you pay for it? $259. And you got a loan on that?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay. So that's about, I mean, that's 40% of your income. It's definitely high. That's hurting your ability to do this. I don't think we're at a fire moment where we have to go sell the house tomorrow. No. I would work on your income. And if nothing changes a year from now with your income, you might want to downsize to get out of this mess instead of it taking five years.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Because normally 18 to 24 months, that's how long it takes people to get out of debt. Some longer if they got a big hole and not a big shovel. and some less. But for you guys, we need to see this income grow to about six figures to get this knocked out in two years or less.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Does that make sense? Yeah. We need to expand the gap here, the margin between our income and our expenses, and I think both levers are going to be necessary. Yeah. That puts this hour of The Ramsey Show in the books. Thank you to my co-host Ken Coleman, everyone in the booth keeping the show afloat, and you, America, will be back before you know it.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So you put nothing down with the USDA loan?
The Ramsey Show
The Key to Financial Success: Slow and Steady
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by Ken Coleman, host of the new show, Front Row Seat with Ken Coleman. Be sure to check that out on the Ramsey Network and on YouTube and podcast. We're taking your calls at 888-825-5225.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You jump in, we'll talk about your life and your money. Brett's going to kick us off this hour in Sacramento. How can we help, Brett?
The Ramsey Show
The Key to Financial Success: Slow and Steady
It's an easy choice for me. I'm going broker all the time because here's the deal. With a captive agent, let's say your buddy who works for, you know, rhymes with State Farm, I don't know, something like that. If they work for one of these companies, they can only sell insurance from that company. Makes sense, right?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Whereas a broker isn't actually selling you the policy. They're just connecting you and shopping the policies across the board from the top companies to get you the best deal. Does that make sense? So I don't fall for the marketing of these commercials. I want to know who's giving me the coverage I need at the best price. That's all it is.
The Ramsey Show
The Key to Financial Success: Slow and Steady
What kind of insurance are you looking at?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Love it. Well, you're doing all the right things. Yeah. I mean, to me, it's all about price. I mean, you want to obviously go with a top rated company and, you know, we have all kinds of connections for you. If you jump on ramseysolutions.com and click on Trusted Pros, we can connect you to the right insurance brokers in any area from home, auto, health, whatever it is to help you sort that out.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And that's something I do. And I actually reshop every year. I contact my insurance broker and I say, hey, can you reshop to make sure I'm still getting the best deal? Right. And they'll either say, yep, you're still the best deal. I just reshopped it. Or actually, we could save you a little bit of money here if we switch this policy over here.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And so having someone do that work for me saves time, hassle, and money. Anything to add, Ken? Or did I nail it?
The Ramsey Show
The Key to Financial Success: Slow and Steady
You just nailed all three. I think that's my encore career, Ken. If this doesn't work out, I'm hoping someone will get me to be some kind of character.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I think that's part of what makes me... You're definitely not intimidating.
The Ramsey Show
The Key to Financial Success: Slow and Steady
A guy walked up to me in Costco and he just said, hey, where's the paper towels? And I was aghast. I was like, does he think I work here? What were you wearing? Just normal. I mean, an outfit like this. I didn't look like I worked at Costco. He apparently thought you did. Well, of course, I knew where the paper towels were.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Yeah. Okay. And how much debt do you have?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Sure. Yeah, go from smallest to largest in the balances.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So what's the issue here? You get this $5,300, you know, I don't know, is it an inheritance settlement?
The Ramsey Show
The Key to Financial Success: Slow and Steady
So you'll knock out your first four debts with that. The smallest credit card, the care credit, the dental, the other credit, the Discover card, all those get knocked out instantly. And then we start chipping away at the remaining consolidation loan, right?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Well, I misdiagnosed that one, George. Yeah, you're underwater on the car, so you need the difference in cash or a loan from your credit union to make up the difference, to get out of this. Is that what you're saying?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Because I feel like we need a new car for these two babies. You could use this money to get out of this car situation with the consolidation loan.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Yeah, you guys did a lot more money coming in, Brooke. And so I would hang on until baby's here and you and baby are home safe before I let go of this five grand, because this might be the safety net you need for any medical bills that come up. But once that's done, I would absolutely use this money to get out of this car situation, then hit the debt snowball and the remaining debts.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Thanks for the call. This is The Ramsey Show.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Was the inspector friends with the builder?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Welcome back to The Ramsey Show. I'm George Camel, joined by Ken Coleman, open phones at 888-825-5225. Hey, you do not want to miss our two-night virtual event. It's called Investing Essentials, hosted by Dave Ramsey and me, George Camel. Investing can be overwhelming, it can be confusing, and it's not something you can get from a 60-second social media post.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So at this virtual event, we're going to walk you through how to maximize your retirement plans, how to choose mutual funds, how to get the most out of your money, how to invest with confidence. Plus, it's the only place where you're going to hear Dave Ramsey unpack his personal playbook on real estate investing, what to look for, the calculations.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I mean, we are going to Nerdville and back and you're going to love it. And Dave, I mean, famously is a real estate mogul. He has hundreds of millions in property investments, all in cash, and he wants to teach you how to build wealth the right way. So you're going to get clarity you need. Join us, Investing Essentials. It's happening March 4th and 5th. It's virtual. You can join from anywhere.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Tickets start at $199, and it's worth every penny to get four or five hours of Dave coaching you. That's pretty incredible. Get yours today, ramsaysolutions.com slash events, or click the link in the show notes if you're tuning in on podcast or YouTube. Sarah's up next in Rochester, New York. How can we help, Sarah?
The Ramsey Show
The Key to Financial Success: Slow and Steady
So your average take-home pay, I mean, is it $10,000 a month, $8,000 a month?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Let me make this clear. There are no vacations in your near future.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You need to be going to work. You don't need to be staying home at all.
The Ramsey Show
The Key to Financial Success: Slow and Steady
No, but on a bad month, let's say it's 10 grand. So we know that. On a great month, it might be 15 grand, right?
The Ramsey Show
The Key to Financial Success: Slow and Steady
So it's not zero. So we can't go, well, we can't do a budget because it's irregular. What you guys need to do is cut up the cards yesterday, freeze your credit completely, close all the accounts, start doing the debt snowball, and sell everything you can in sight while also working twice as much as you are.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You can call every creditor and say, hey, listen, we're trying to pay you back. This interest is killing us. Would you be willing to lower it?
The Ramsey Show
The Key to Financial Success: Slow and Steady
What's the motorcycle payment every month? 360. Boom. So tomorrow you could free up 360 bucks if you get rid of that thing.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Is Hubs willing to sell this or is he fighting it? You said like it was a sore spot, like it was not going to go away.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And don't you think the stress of having to work this hard and pay off all this debt is not worth the joy of the motorcycle that we can go buy once we're debt-free?
The Ramsey Show
The Key to Financial Success: Slow and Steady
I mean, this is like a child who's unwilling to let go of their toy.
The Ramsey Show
The Key to Financial Success: Slow and Steady
It's not grandpappies from World War II. This isn't sentimental.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So I just feel like we need to make some sacrifices here. And you're looking for solutions that are shortcuts that don't involve us having to change our lifestyle. It's been out of control for so long that you guys don't know another life. And that's why cutting off all the, you can't go into credit card debt if you don't have a credit card. That's what I've found.
The Ramsey Show
The Key to Financial Success: Slow and Steady
That's the best way to address the issue. So cutting up these cards, getting over the motorcycle, you need some instant relief right now. And it's not going to come from a debt repayment company or another consolidation loan or adding more debt. You've got to start cutting. And so you got to have a come to Jesus moment with your husband tonight and say, this is not okay.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Why are we living like this? We make $180,000. How are we in crippling debt? Right. And so is your husband on board for this? It sounds like you're wanting to make a change and you're going, hey, it's a hard sell because he's a hard worker. I don't want to make him sacrifice anymore.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And Ken is the man when it comes to, how do I make more income? Because that is my greatest wealth building tool. Maybe that's switching jobs. Mow money. New career path. There we go. Some short-term side hustles, whatever it is. We want to help you make the most of your money. Happy Friday, sir. You as well.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Right. Happiness is not in stuff. You can find happiness in financial peace because of a lack of stress, but it's not going to come from riding that motorcycle while you're in crippling debt, stressed out, affecting your marriage and your financial future. I'm going to send you guys Financial Peace University because I want to see you win.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I think you need some fire under your butt, and I think Dave and crew can help if you watch all nine lessons. So hang on the lines here. We're going to send you guys Financial Peace University as a Valentine's gift on us. This is The Ramsey Show.
The Ramsey Show
The Key to Financial Success: Slow and Steady
People ask me all the time, George, what's your number one money saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously. Get on a budget. How are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
The Key to Financial Success: Slow and Steady
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average EveryDollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now. Welcome back to The Ramsey Show. I'm George Campbell, joined by Ken Coleman. And we're also joined by a lovely couple on the debt-free stage. It's Brian and Taylor. How are you guys doing? Good. You?
The Ramsey Show
The Key to Financial Success: Slow and Steady
I mean, you guys are better than you deserve today on the debt-free stage. Where are you from? Greeley, Colorado. Wonderful. How much do you guys pay off?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Wow, that's incredible. So how many months is that? Do the math with me here. Almost, almost four years?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Was the big one, like you really went gun ho.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay, and what's the range of income during that time?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Cool. All right. Very nice. So tell us about this $102,000. What kind of debt was this?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Reverse intimidation. She just flipped it on me.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Am I missing anything? No, this is the Ken Coleman Esquire energy you need, Mary.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You're doing great. Wow. So where are you guys at now?
The Ramsey Show
The Key to Financial Success: Slow and Steady
And on track to become Baby Steps millionaires by retirement. Yeah. Even after all of that. So what encouragement to anyone listening who's going, wait, it's too late for me. Well, we have Brian and Taylor here telling you that even if you get a, quote, late start in your 50s, you can still turn this around and retire with dignity. Yeah. What a beautiful picture.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I'd be taking that builder to the cleaners with a scary attorney right now.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And Brian, you were the reluctant spouse. You heard Ramsey Way and all you heard was Mary Kay and not the sex, right? So what got you to actually make that turn and go, all right, fine, I'll do this?
The Ramsey Show
The Key to Financial Success: Slow and Steady
So was it really that kind of like you didn't want to look in your own mirror and go, oh, I'm part of this problem. So was that why you were shutting down?
The Ramsey Show
The Key to Financial Success: Slow and Steady
So you had to let go of your own baggage and shame and go, all right, I'm part of this, but I got to do something about it. If I'm the problem, I'm the solution.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay, so what's the ramifications here of you living in a home that has no record? Are they going to evict you? I assume you can't even live in it.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Absolutely. What's next for you guys? You're on Baby Step 3, and now we're going to be investing for the future. Has your financial advisor been cheering you on? Any other cheerleaders in your life?
The Ramsey Show
The Key to Financial Success: Slow and Steady
What's the 30-second encouragement you would give to someone who might be where you guys were in your 50s going, gosh, we're $100,000 in consumer debt. We're so far behind on retirement. We're never going to be able to do this.
The Ramsey Show
The Key to Financial Success: Slow and Steady
That's incredible. Well, hey, we've got a little parting gift for you for coming by. We've got two one-year subscriptions to EveryDollar. That was the tool that helped you after three months of struggling through it, figuring it out. It's what helped you guys get debt-free. So feel free to use that or pass it on to someone to get their journey started. We are so pumped for you guys.
The Ramsey Show
The Key to Financial Success: Slow and Steady
All right, you ready to do this? Yes. We've got Brian and Taylor from the Denver, Colorado area. $102,000 paid off. Credit cards, student loans, car loans, it's all gone. They did it in under 40 years with the last chunk getting knocked out fast in 15 months, making $140,000 to $158,000. Count it down. Let's hear a debt-free scream.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Are you renting with the same family? Okay. So you're renting right now, but you still make payments. Have you talked to the lender that they basically have bad collateral here?
The Ramsey Show
The Key to Financial Success: Slow and Steady
There can't be much money in that matchmaking.
The Ramsey Show
The Key to Financial Success: Slow and Steady
We love to see it. This is The Ramsey Show.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Welcome back to The Ramsey Show. I'm George Campbell, joined by Ken Coleman. Hey, this is the last segment of this hour, and if you want to check the rest of the show out, you've got to get the Ramsey Network app. It's the only place to get full episodes of The Ramsey Show. You can download the Ramsey Network app for free.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Just use the link in the show notes or just search Ramsey Network in your app store. For everyone listening on radio, stay tuned. The show will continue as programmed, but everyone else, don't miss out. It's happening in the app. Michael in New York is up next. What's going on, Michael? Hey, how are you? Thank you for taking my call.
The Ramsey Show
The Key to Financial Success: Slow and Steady
They don't care. You still owe us the payment every single month.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay, so what is your household income? It's about $120,000. Awesome. And you said you guys are debt-free. Do you have an emergency fund and savings outside of the $45,000, or is that kind of everything?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay, so that's all the money to your name that's liquid. And what would a month of expenses look like for you guys right now as a married couple? Have you kind of figured out finances yet?
The Ramsey Show
The Key to Financial Success: Slow and Steady
And you can't sell it. I think your only way out of this, and again, I'm not an attorney. This is for your attorney to deal with. You got to sue this builder to get your money back.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Does that include like food, insurance, everything?
The Ramsey Show
The Key to Financial Success: Slow and Steady
So let's call it four grand is one month of expenses. Yeah. And we recommend three to six months of expenses in a fully funded emergency fund. So for you guys, we can call that 15 or 20 grand. So let's say you kept 20 grand aside as your emergency fund, label it emergency fund, do not touch it unless there's a true emergency. And then the other 25, now we're talking.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Now we can use this money towards something. I'm not sure if it should go toward investments yet. Let's dig in a little more. Are you guys renting right now?
The Ramsey Show
The Key to Financial Success: Slow and Steady
What are you doing? Hit me again. I'm sorry. I was thinking about- So 18 grand a year.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So basically 1,500 bucks a month. From your future income should be going toward investing. So that 20K might become a starter down payment fund for you guys. That's what I personally would do.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I would keep, if this is a shorter term goal, let's say in the next few years, I would just keep it in a high yield savings account. I would not keep it in cash. You got to at least keep up with inflation and let this money grow for you. And so a high yield savings account is the place I would store any short term savings goals, any emergency fund. Yep.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Absolutely. Yeah, you can check out Laurel Road is one that has been a great partner for my YouTube channel, laurelroad.com slash george. And then we've got Fairwinds as well. That's been a great partner on the Ramsey Show. They have a great checking and savings bundle. So there's a lot of options out there. And here's what I wouldn't do. I wouldn't go... rate climbing.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Get rid of your current attorney. But do not file bankruptcy. That's not the solution. The solution is to take this builder to court, sue them, potentially get the inspector involved because they clearly can't do their job well, and then collect on whatever the settlement is. I wish I had better news.
The Ramsey Show
The Key to Financial Success: Slow and Steady
People will try to go, well, I can get 3.8% over here, but now it's three. The rates are changing all the time and they've been going down. And so don't worry as much about that. Just don't leave it in a boring old checking account or a regular traditional savings account. That's the key. And then beyond that, start investing in your retirement plans you have through your employer.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You got a 401k or something equivalent? No, unfortunately my employer doesn't give me that. Okay. You're not self-employed though. Your employer just doesn't have any retirement options?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay. So your next best bet would be something called an IRA. And that's something you can open without having an employer. As long as you have earned income, you can open up an IRA. And there's a Roth version. All that means is you're paying the taxes now. You're not going to get a deduction come tax time, but that money will then grow tax-free and you can withdraw it tax-free come retirement.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So you could fund that. It's about $7,000 a year is the max contribution for this year. And so you and your wife could both do one of those, and that would get you real close to that 15% goal. Right.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Absolutely. And I'm going to send you as a newlywed gift a copy of my book, Breaking Free from Broke, that walks you through all of this. Even on the wealth side, there's an investment traps chapter, a wealth as patience chapter that will really help you guys navigate all of this. And I think that'll be a great start. 21 to be making six figures debt-free?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Which means $20,000 is not a suitable down payment.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Absolutely. I love it. Great call, Michael. Thank you. Paige is in Oklahoma City up next. How can we help, Paige?
The Ramsey Show
The Key to Financial Success: Slow and Steady
I mean, we have no power in this, but I'm going to tell you, don't do anything drastic like bankruptcy at this point. You're just going to have to float the payment until this gets solved, which would light a fire under me.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So you could throw the proceeds of the home sale, if you did sell it, toward the mortgage, knocking it basically in half? Yes. That's definitely, I mean, the fact that you're even calling about this makes me think you don't really want to be in the landlord business.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And what's your household income age? Yeah.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Okay. So losing $10,000 in rental income is not going to make or break your budget. Right. It was a small part of your income anyway.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Good luck. This is an exciting time. I assume you agree with that. I got out in front of the money guy. You know, Dave loves real estate. He'd probably just hang on to it because he loves real estate and he's got lots of tenants and lots of properties. But it's not a like everyone needs to own property and everyone needs to have investment property.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You could take that $180,000, put it in an investment account and you can make the same amount you're making from your renter just without the hassle. And so there's no one way to do this.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And I like her plan of getting rid of the primary mortgage, freeing up the mortgage payment, investing that. And then later on, they can always save up and pay for an investment property with cash. Yeah. Great question. All right. That puts this hour of The Ramsey Show in the books. If you want to catch more of it, we're still sticking around. You got to go to the Ramsey Network app to get it.
The Ramsey Show
The Key to Financial Success: Slow and Steady
We'll see you over there. This is The Ramsey Show.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I got a headache. Thanks for sharing, Mary. I hope it works out for you guys. This is The Ramsey Show.
The Ramsey Show
The Key to Financial Success: Slow and Steady
welcome back to the ramsey show i'm george camel joined by ken coleman open phones at 888-825-5225 if you guys want to take control of your money this year there's no better way to do that than by making a budget it sounds simple it might sound overwhelming i don't know but here's the deal we created an app to make it easier than ever it's called every dollar you can go download it in the app store for free or go to every dollar
The Ramsey Show
The Key to Financial Success: Slow and Steady
It's a dark chocolate. If I'm going to be really honest, Ken, I just came down from our event center where we have our money and marriage event, and I'm looking out at some lovely couples who came to join us.
The Ramsey Show
The Key to Financial Success: Slow and Steady
dot com to get started. And it will give you such peace of mind to look in that financial mirror and just know the reality of your situation and how to move forward. And that's exactly what this app is going to do for you. Be sure to check it out. Landon is up next in Memphis. What's going on, Landon?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Well, let's talk about what you spent on it.
The Ramsey Show
The Key to Financial Success: Slow and Steady
Well, there's some ratios for you. That puts it in perspective. How much do you have tied up in everything with wheels and motors in your house right now?
The Ramsey Show
The Key to Financial Success: Slow and Steady
Landon, there are people who have a negative net worth who bought more expensive cars than you today. And so just know that in the grand scheme of life, it's going to be okay. And here's the deal. When you're young, naturally, more of your house is going to make up your net worth. It might be 50, 60, 70, 80% when you're young, but over time, compound growth with your investments will catch up.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And so by the time you retire, your house will probably be a third of your net worth. And you're right, that car will be in an impound somewhere 30 years from now, and that's okay. Stuff is stuff.
The Ramsey Show
The Key to Financial Success: Slow and Steady
You're in your live like no one else era. You said you have a paid for house, right? You're in Baby Step 7? Yeah. Then what's the point of money?
The Ramsey Show
The Key to Financial Success: Slow and Steady
you're scared to death over nothing there's three things you can do with money landon you can give it save it spend it and if you just save it you're gonna drive yourself crazy if you just spend it you're gonna end up broke and if you just give it you'll be a great philanthropist but unable to retire and so it's wise to do all three.
The Ramsey Show
The Key to Financial Success: Slow and Steady
And what you're experiencing is something I experienced as well, which is needing to flex this muscle of spending after you've been so aggressive toward a financial goal of paying off the house or investing. And so this is something I struggled with. When I stroke a check for my wife's last car we bought her, it hurt my soul. I've never spent that much money on anything outside of a house.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I remember that. And Ken remembers. I was talking to him about it. But over time, you'll look back 10 years from now and go, remember when I was stressed out about buying a $35,000 car? I'm sure Dave Ramsey had the same experience. Now Dave's cars are worth more than my house. And so it's okay to have nice stuff as long as you understand that it's a toy that goes down in value.
The Ramsey Show
The Key to Financial Success: Slow and Steady
It doesn't make or break you. Money just magnifies who you are. And it sounds like you are right on track, my friend.
The Ramsey Show
The Key to Financial Success: Slow and Steady
I'm not allowed to have something this nice. I don't deserve it.
The Ramsey Show
The Key to Financial Success: Slow and Steady
So what was the, you know, we say behavior is a language. How did the way they handled money influence you?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
You would slow down how much you're putting on the house, keep investing 15%. So it wouldn't be quite a stork mode like you're talking about. And you would roll all the money from your current home, all the proceeds into that next home. And then you got to know there's going to be closing costs, there's going to be moving costs.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And so see if you can maybe weave that into the negotiations with the job to see if they'll cover some of that relocation expenses. Mm-hmm.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
On these interest rates, that will increase your payment. So if you're at a three or four and now you're jumping to a six or seven. It's a big jump. Yeah, that's a big jump. All right. Jerry's up next in Durham, North Carolina. What's going on, Jerry?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
This feels like a common core math riddle, Jerry. The only answer here is do not pause investing. And so 15% is what you're aiming at. And so pausing that in order to get the mortgage paid down quicker is going to hurt you in the long run when it comes to your retirement of what that compound growth for those three years would be at this stage of the game.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
The only time we would tell you to pause investing is if you're in debt or you're trying to save up the emergency fund or down payment. But I think you got excited looking at the numbers of how much faster you could pay it off, right?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Okay. So now here's the problem to solve. How do we make or create another $1,000 a month without pausing investing? How do we cut enough expenses or add enough income to create that margin if that's something we're excited about?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
But have a little fun on a date night this weekend and go, okay, we're going to sit down and see what we could cut and how we could add without touching our investments, without touching the contributions. And I think you guys will get creative and find a way and hit your goal, my friend. This is The Ramsey Show.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Hey guys, I'm super excited to announce that two of the goats of sticking to a budget have finally teamed up. That's right, Ramsey and Aldi are partnering together because, well, groceries cost a lot of money. And besides that, most stores are designed to trap you in a maze, a sad, expensive maze. But Aldi is different.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Aldi gives you simpler, better food choices that save you money and get you in and out so you can focus on what really matters. From affordable, high-quality must-haves to grass-fed meat, organic produce, and yes, even name brands, Aldi has what you need at prices that won't steal your joy. So stop paying more and start shopping smarter at Aldi. Find a store near you today at aldi.us.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
This is the Ramsey Show. Raquel is up next in Green Bay, Wisconsin. What's going on, Raquel?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
You said you're getting married a year from now. Yeah. Right. Are you engaged yet or not? No, not yet. Okay. So we got some time. You're really thinking ahead here. I would want her to get a job lined up. I mean, why can't she do that before you guys move in together after you're married?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So you mentioned debt. How much debt do you have?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Well, I don't think you realize how much of a chokehold this medical debt has had on you. I mean, it's like hanging on to past trauma. I totally agree with you. So how old is the medical debt?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Okay. How many times have you thought about it in the past two years?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
There's an even greater cost to letting it consume you.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
It's been two years. I would call and see if they'll settle and say, hey, I'll give you four or five grand to call it good today, paid in full. And that'll make you feel a little bit better about letting go of less of your savings. But even if you pay the whole thing off in full, they go, nope, kick rocks, pound sand, you owe us 10 grand.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Just pay it off and be done with it and then stack up cash if you want. But the truth is you probably have already months and months of expenses in that 25K that's left over, right? What are your monthly expenses?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Are your expenses three grand a month to cover everything?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Okay. So 18 grand is six months of expenses. So even if you were out of a job, you could float all of your bills for six months or more while you find another one.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And the other thing is, do you have disability insurance through your employer or through your health insurance?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Okay, that solves another fear. If something were to happen to where you couldn't work, but you're still alive, the disability insurance would cover you.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So that's another facts for your friends. Let's check off the box. We have our out-of-pocket max. We have six months more of expenses. We have the right insurance in place, and we're doing all the right things. And once you get this debt out of your life, you're going to be looking at the future instead of looking at the past.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I think right now you've got a crick in your neck from looking back at this medical debt so much.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Can we, like, volunteer on the weekends and do the children's ministry on Sundays? I mean, we need to work.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And this is you breaking the cycle. You paying off this final debt is you saying, I'm done. We're not going back to that place where money was a problem. Money was a stressful point. You're looking at the future going, I'm the kind of person who cash flows the emergencies that come my way and nothing's going to stop me.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I think having your chin up high, having no debt, and releasing yourself from the trauma of the past, the long past, which is your childhood, and the past of the surgery and the health problems and what could be, I think you're letting it have too much control of your life.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I hope that frees you, Raquel. Are you going to go pay it off today? Can you let America know you're doing it?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
That's a win. I like it. That's a huge win. We are cheering you on. And again, it's two years old, Jade. They might be willing to settle.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And they're getting minimum payments right now. I bet they'd love four grand in their pocket instead.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
That's a good reminder. People are playing offense out there with their income, working hard, building wealth, but you got to play defense too. And that's where insurance is. Nobody wants to talk about it, but it's one of these things you got to deal with and make sure that you are covered. And don't wait until something happens to find out. Figure it out now.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So go check out our coverage checkup tool. It's completely free. Go to ramseysolutions.com slash checkup. It's one of my favorite things you can do for peace of mind. We'll show you all the insurance you actually need, the ones that you don't, and connect you to the people that we trust to help you get it in place. So that's ramseysolutions.com slash checkup.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
We'll drop a link to the description and show notes as well if you're listening on YouTube or podcast. This is The Ramsey Show.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
She's not ready to retire and be a volunteer full-time. Y'all are just getting your life started. You got goals. You, like, want to have a house one day, right?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Welcome back to the show. I'm here with Jade Warshaw. I'm George Camel. And it's time for one of America's favorite segments, Jade. It's called asking for a friend.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So the societal colloquial saying is asking for a friend. Yeah. But it's really for you.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I literally just fell asleep. That was so boring.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I'm kidding. We're going to make it fun. Pay attention. Here we go. So tax deduction versus write off. This is one of the funniest things people mix up. So the tax deduction, it's an expense that can lower your taxable income to reduce how much you pay in taxes. So you hear the word standard deduction, itemized deduction.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Standard is just the specified dollar amount you can subtract from your taxable income when you file your taxes. So the IRS decides this number every year, and it depends on your filing status and in some cases your age and some other factors.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So the easy math is, am I going to save more by going to standard deduction or by itemizing? And most people in today's America are going to be better off doing the standard deduction. It's a lot simpler.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Now, itemized, that could save you money if you have a lot of medical expenses, charitable donations, state and local taxes, student loan interest, mortgage interest, home office expenses, you're self-employed. All of these things can affect which way you go here. But most people, standard deduction. Next.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
People get this one. They think it's free money, Jade. The government blessed me. I was a good boy and Santa decided to come early in April and give me some money.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
You made nothing. That could have been sitting in a high yield savings account, at least making you some money. Or going towards your debt. Working to your goals and your debts. So a tax refund, not a great thing. You want to aim for zero. You didn't get anything. You didn't know anything. Next, do I need to have all the money to pay my tax bill right away? I mean, ideally, you have all the money.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
But if you don't, pay as much as you can when you file and then set up a payment plan with the IRS. This is a big one. People think, well, Jade, I don't have the money, so I'm just not going to file.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Not being able to pay is okay. You can get on a payment plan with the IRS and put as much as you can toward the tax bill on tax day.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Thank you. Thank you. Thank you. Thank you.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Thank you. Thank you. Thank you. Thank you.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
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The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Yes. Okay. Yeah. So you've laid it all out and said, all right, we can cover all of her bills plus all of my bills, and we're going to rent for the foreseeable future as we save up a down payment. What would be your next goal once you guys are married?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And you would be investing 15% of your income, or are you going to do a baby step 3B and just go real intense for two years on the down payment?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So half of her income is going toward rent, and that's heavily discounted thanks to your generosity. Yeah, yeah.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I'm done. Oh, my gosh. Wow. I want to start singing A Whole New World, but I won't.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Again, that's where her working is going to come into play because making 60K a year, covering all the bills, you're not going to get very far in the down payment. You might be able to save, I don't know, a thousand bucks a month. Have you kind of done the math to see what you could really save up in a year?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Soaring, tumbling, freewheeling. We can keep going, James. I love it.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Listen, the lights are on. I would present some of these options to your wife and say, hey, I want to alleviate the stress. I know this has been a burden. It didn't work out as we planned. Here's what we're going to need to do. And it might still take fixing up some things. You need a sinking fund for any property you own. You need maintenance and repair. Put it in savings. Have the money ready.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
It's not a surprise when things go wrong. It's part of home ownership. And so... Instead of making it a surprise, add it as a line item in your budget. Mark it as a sinking fund in every dollar so that the future you doesn't resent present you. Love that. But I love this plan. I feel like there's some excitement just happening. The wheels are turning. The wheels are in motion. Love it.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Hey, buying or selling your home, it's a big deal. And you want an expert in your corner fighting for you to find the best deal for the right price. And the Ramsey Trusted program is the only way to find a top agent you can trust who will help make your home a blessing, not a burden. And it's easy. Compare agent profiles, you interview them, and choose the right one to work with.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
To do that, if you want to find a local Ramsey Trusted real estate pro for free, go to ramseysolutions.com slash agent or click the link in the description if you're listening on YouTube or podcast. Joseph is going to join us up next in Columbia, South Carolina. Joseph, how can we help?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Are you single? I am. Okay. And what is your income?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Is there a cost of living adjustment every year?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Okay, great. And do you have any debt currently? What's your financial picture looking like?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Great. And you can afford that mortgage comfortably? How much margin do you have every month to invest after all the expenses and bills are paid?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Well, you always have the option of a taxable brokerage account to store money. Now, it's not going to have the tax advantages of an IRA, but it's a great way to at least harness the compound growth that you would get by investing. Okay. But if you did have earned income, like Jade's saying, by doing anything, that would give you the ability, even with part-time work, to contribute to a Roth IRA.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So even if you made $7,000 a year of earned income, you could max out a Roth IRA for the year just by doing that.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Yeah. Now, when were you disabled? Do you have access to an ABLE account? I know there's age limits. I believe it's 26.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
The ABLE accounts, Achieving a Better Life Experience is what they're called, and it's a special account for individuals that are disabled before age 26. So I'm just trying to think through other options you might have access to.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And again, worst case, Joseph, that taxable brokerage account, I just crunched some numbers here to give you an idea. You said you're 28. And to kind of create your own retirement account, let's say you invested that 2100 till age 60. And we're going to assume a 10% rate of return, you would have $5.8 million sitting in that account.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Now, you would have capital gains tax as you start to withdraw the money from that. But only 800 grand was money you put in. So 5 million of that was compound growth. And so I still want you to be investing, even if you don't get all the tax advantages that you could get through a retirement account. And even if we lower it to, let's say, a 7% return, still be 3 million bucks.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So the fact that you are living on less than you make with so much margin to invest, that's the key versus the exact vehicle you use. And if I'm in your shoes, I would be utilizing a financial pro, an advisor in your corner who can help you figure out what the right options are for you legally with a disability and what benefits you have. And so I would get in touch with one.
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Money Isn't the Problem—Your Behavior Is
You can jump onto RamseySolutions.com, click on SmartVestor and get connected to someone who can help with that. But it's a... I'm sorry for what you've gone through, man. That's a lot of sacrifice, but the good news is you're going to be able to build some serious wealth with the margin you've created.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Way to go. All right, Jimmy is up next in Cleveland, Ohio. How can we help today, Jimmy?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So you're still working full-time. It's just not, you're not in a season where you're harvesting.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I would sell these vehicles and toys and be done with this. Instead of hoping in what if the winter's rough, can you sell most of these and downgrade and pay cash?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Not necessarily come out ahead. Just get rid of the payments.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
I'm doing some homework tonight going, we're going to start listing this stuff and get out of debt faster. And if you want to keep one of the cars and pay it off aggressively, that's fine. But I think you just found your shortcut out of this mess. And I wouldn't switch the baby steps around. I would focus on getting rid of the debt and then getting the emergency fund in place.
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Money Isn't the Problem—Your Behavior Is
You don't get too comfortable. This is The Ramsey Show.
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Money Isn't the Problem—Your Behavior Is
I like that. Is she going to be bringing in any debt or any savings into the marriage?
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Money Isn't the Problem—Your Behavior Is
The Ramsey Show question of the day is brought to you by WhyRefi. WhyRefi offers a different approach to paying off your defaulted private student loans with a low fixed rate for less stress. Go to WhyRefi.com slash Ramsey. That's the letter Y, R-E-F-Y dot com slash Ramsey. May not be available in all states.
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Money Isn't the Problem—Your Behavior Is
So four and five, they're investing and saving for college, but then they added they have a paid-for house, which puts them at the end at Baby Step 7. So that's the confusing part. But if they truly have a paid-for house, they're in Baby Step 7, Dave would have no problem with going on a paid-for $30,000 vacation.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
My guess is he was addressing broke people going on lavish vacations.
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Money Isn't the Problem—Your Behavior Is
Sounds amazing. This is my new goal here. I love it.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
take me on an international vacation okay i love it while our kids are still uh living at home that's the other important part is you're creating some special memories with these uh let's see starting oldest is starting high school next year they're still young enough that they like you probably this is a great a great time to go this is really good i imagine once they're older teenagers i can't speak from experience but i imagine they're just like this is lame yeah you know
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
It's the so that. Live like no one else so that later you can live and give like no one else. And later is now for you guys. You've been following the steps for 15 years. You get a paid for house. Go have fun on the trip.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
but i'm like they're like ashamed of it yeah that's what i'm saying i'm like if you were loud and proud about getting out of debt and sacrificing and cutting back you can be loud and proud about the fact that you're winning i think that's wonderful yeah and if other people experience shame because of it that's on them let them jade thank you for freeing us all you're welcome that's what you're here for lincoln is up next in idaho falls idaho what's going on lincoln
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So you're saying consumer debt-free in Baby Step 2. Now you're in Baby Step 3, maybe 3B, saving up for a down payment. What is this house going to cost?
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Money Isn't the Problem—Your Behavior Is
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm Ramsey personality, George Campbell, joined by the one and only Jade Warshaw. We're taking your calls at 888-825-5225. You jump in, we'll talk about your life, your money, your relationships, whatever's going on.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So you can't pay cash today. You have $100,000, right?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So you would have to take on a mortgage if this is going to happen in the next several years. Okay. So what you're saying is, hey, we got out of consumer debt. I feel bad now taking on a mortgage because we're going, quote, unquote, back into debt.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Okay. Oh, so the money is in CDs for her college right now? It's not in like a college savings account? Okay.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
What I would do personally in your shoes, if you got a year, I'm going to go, let's really go for it and pay cash for this home and leave your emergency fund alone, but any money outside of that, I would just throw it toward the house, and you'll have plenty of time to save up and pay cash for college.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Way to go. And then for the future, I would separate all of these out. Right now, it sounds like there's just like a bunch of piles of money. I would have very specific accounts and goals for these things. So set up a 529 plan or an ESA for college. We're going to put money there. Save money in an emergency fund. Call it the emergency fund. Save money for vacations. Call it the vacation fund.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
And that will free you from the paralysis of, I feel bad for using this money for this when it really was for this. But, man, I love the 100% down plan. If you guys can do it within a year, I'm doing it. If it was five years, we'd say just take out a reasonable mortgage, that 15-year fix, knock it out fast. Either way, you're going to be fine. But I love this stretch goal. Way to go, man.
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Money Isn't the Problem—Your Behavior Is
This is The Ramsey Show. You know what's crazy to me? Two things. One, that we're already down to the wire on the tax deadline. And two, statistically speaking, most people haven't filed yet. And if that's you, I'm not trying to shame you or anything, but just know that taxes don't have to be stressful.
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Money Isn't the Problem—Your Behavior Is
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Money Isn't the Problem—Your Behavior Is
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Money Isn't the Problem—Your Behavior Is
And this is the last segment of this hour. If you're on YouTube or podcast, if you're on radio, stay tuned. So if you don't want to miss out on the next hour, you can get full episodes of The Ramsey Show in the Ramsey Network app. Go download it for free in your app store by searching Ramsey Network or use the link in the show notes. Latoya is up next in Morgantown, West Virginia.
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Money Isn't the Problem—Your Behavior Is
Okay. Smart man. Okay. Okay, and can you tell us for just people curious out there, what kind of ring is this? How much are you planning on spending?
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Money Isn't the Problem—Your Behavior Is
But sell it outright private party, you're saying is $24? Because they'll list different ones. They'll list the trade-in value, and they'll list the private party value, and they'll list the retail value.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
The old Kia. So you're $25,000 upside down. I am. What do you owe today? About $51,000, $52,000.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Well, here's the bad news. The only way out of this is to cover the difference. And that's either with money that you save up or with a personal loan from a credit union.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So you already have another thought behind it. You're driving another vehicle right now. Or you said you have access to another vehicle.
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Money Isn't the Problem—Your Behavior Is
So you're just not driving it because you don't want to drive the price down even further.
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Money Isn't the Problem—Your Behavior Is
Okay. And is that just you or is that household?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
That's household income. Okay. Yeah, that's a lot of car. What does grandfather think about this? Why was he the co-signer?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
So you reached out to grandpa and said, hey, he's good for the money. He'll sign.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
What kind of ring is that? What kind of ring do you get for $1,000?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Yeah, I would go the personal loan route from the credit union, get that loan down, and then just debt snowball everything and try to increase your income to speed up this whole process. If both of you can commit to doing something, get that income up another $10,000, $20,000, $30,000, so really speed up the process and get you guys to a better place
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Money Isn't the Problem—Your Behavior Is
Congratulations. Has she been through Financial Peace?
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Money Isn't the Problem—Your Behavior Is
Yeah. And depending on the model and make, it can be way worse. And some people go, well, Jay, that's not what happened with my car. Okay, maybe you had a make and model that fared better. But the principle is still there. This is not us making this up. This is data out there from Edmunds and all kinds of outside folks that do the math on this. And even my own car, it was paid for in cash.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Is she on board with this Ramsey stuff? Has she been through Financial Peace University?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
It's a 12-year-old car, and it still hurts my soul to see how much I could get for it today. It is minuscule.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Oh, the curriculum. Okay, well, how about this? As a premarital counseling wedding gift, I'm going to gift you guys Financial Peace University so you can go through it together and be aligned. It sounds like you already are aligned, but that is the number one indicator that you guys are going to kick off this marriage just going for it.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
It's just going to be a harder road. Like, it's $10,000 a year toward a down payment. That's $20,000 after two years. That's not getting you very much near Louisville, Kentucky. So that's why I'm like, we've got to make some progress fast. Agree. Then we can take the foot off the gas later on down the road.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Welcome back to the Ramsey Show, 888-825-5225. Dustin is in Toledo, Ohio, up next. What's going on, Dustin?
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Money Isn't the Problem—Your Behavior Is
Let's do this. Aaron is going to kick us off in Louisville, Kentucky. What's going on, Aaron? Not much. How are y'all doing?
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Money Isn't the Problem—Your Behavior Is
Well, there's a lot of good stuff in there, Jay. And I do agree that I'm OK with you making this move. I just don't want it to be sort of settling and going, well, I guess I make 60K now. And the thing is, your expenses are not getting cut in half here, but your income is. And so have you guys sat down to actually do the budget to see what life would look like?
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
You're breaking up on us, Dustin. And then the other sacrifice is your wife would have to work full-time for the foreseeable future to make this dream work. And so that's the balance we're talking about here is, is she okay with that? Your quality of life will probably increase. You guys will enjoy living in Florida, but she's not going to have flexibility to just work part-time if she wants to.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
She's going to have to work full-time and hopefully find something making more than $30,000. Because right now, retail, you can make $15 an hour. That's $30,000 a year. That's true. And so I want both of you to be working on your careers and also doing more research. You've landed on one place.
The Ramsey Show
Money Isn't the Problem—Your Behavior Is
Can we land on three and start interviewing and seeing, hey, this place is offering 75, the quality of life there is going to be great, and maybe find a compromise?
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It’s Never Too Late to Clean Up a Financial Mess
Great question. I'll give you the Ramsey parameters, and we can dive into your situation after that. We recommend at least 5% to 10% down for a first-time homeowner, and only choose a 15-year fixed-rate conventional loan, where the payment is no more than a quarter of your take-home pay. And I know once you crunch these numbers, Louise, you're going to go, oh my gosh, these guys are out of touch.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
How could anyone do that? We can't change the laws of math. Okay. So a lot of people go, well, I guess it'll just be 60% of my take-home pay going toward this mortgage, and I'll be stressed forever. And so that might mean you need to choose a different house, choose a different location, choose a townhome instead of a single-family home, save up a bigger down payment.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So knowing all that, where do you guys stand financially? What's your goal?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And what is a reasonable home in the area you want for those parameters? What's that going to cost?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And how much do you guys plan to have down?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Well, I think based on the mortgage payment with the current market and rates where they're at, I think that's going to be a hefty mortgage payment that you guys won't be able to stomach. That might be 70% of your take-home pay. So it's not as much of how much down 5 or 10.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
It's we might need to save up 30% down in order to make this mortgage work for us, which means we need to get our income up and we need to rent for another two years. Okay. So that's the kind of sacrifices you'll need to start looking at. Are we willing to compromise? Are we willing to do a three-bedroom townhome that's $300,000 because we have urgency to get into a house?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
It's not like if you get double the truck, you're going to make double the money. Right. That's not how business works. You know that. So I would definitely make the sacrifices needed, and if that means downsizing in truck, I'm doing it. If that means working overtime for the next six months to get this down payment going, I'm going to do that. So you guys decide.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You can pull all the levers you want, but don't take any shortcuts doing these first-time homebuyer, 0% down type loans. They're not in your favor, my friend. This is The Ramsey Show. For free tools and resources to help you reach your home goals, go to ramseysolutions.com slash real estate or click the link in the show notes.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. The phone number to call is 888-825-5225. Well, there's a lot that goes into buying and selling your home, and all of those decisions can feel overwhelming, and you shouldn't have to do it alone. And that's why we created Ramsey's Real Estate Home Base.
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It’s Never Too Late to Clean Up a Financial Mess
It's a place with all the tools and resources you need to get prepared to buy or sell your home today. with confidence. You're going to find calculators, start to finish guides, how-to articles, a podcast, a book, and even a video course, all packed with actionable steps to help you navigate this process.
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It’s Never Too Late to Clean Up a Financial Mess
So if you're ready to take those steps toward your home goals with peace of mind, go to ramseysolutions.com slash real estate, or click the link in the show notes and description if you're listening on YouTube or podcast. Cindy's up next in Fort Worth, Texas. How can we help, Cindy?
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It’s Never Too Late to Clean Up a Financial Mess
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Kamala, joined by my good, good friend, Dr. John Deloney. Taking your calls at 888-825-5225. You jump in, we'll help you take the right next step with your life, your money, your mental health, your relationships, whatever is going on.
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It’s Never Too Late to Clean Up a Financial Mess
You got it all. You've collected them all.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
If you can't come up with a thousand bucks, then these cars have to go. You guys are, I mean, these cars are robbing you from a different future. You can get nice cars later. We're not saying you can never have these cars again, but this is part of the issue. You get rid of these car payments, you can breathe again, right? How much do you and your husband make?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Are you guys doing any investing right now?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Well, that counts as investing. That's investing, yeah. So if you took that down to zero, that would put some money back in your paycheck every month, right?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay, so that's a start. You can reshop all of your insurance. You can go to ramseysolutions.com slash checkup and do a coverage checkup. Reshop it all because you might be able to save some big money every single month just by reshopping insurance. And on top of that, can you guys work extra, either of you?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Good. Good. Do you feel the compounding effect of what a few of these things stacked on top of each other would do for you?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And then what are these car payments that are left, what do they add up to each month?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So think about that. If you sold the cars and downsized to just something you can get you to A to B, you'd be saving an extra $1,200. You freed up $2,200 just by getting rid of some cars.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
What is the mortgage on your current home? Uh, it's around 2 million. Okay. So you've got two and a half million. Do you have any other debt outside of these two mortgages?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
But when you explain to them, like, you guys won't have to take care of us in retirement because we made these sacrifices now.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So there's a lot of sacrifice to be made here, but this is a very hopeful situation because these cars, we can kind of undo a little bit. I don't know what they're worth. Do not just go trade them into some dealership that gives you bottom dollar.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Sell them private party, clean them up, take some good picks, put it on Facebook Marketplace and Craigslist and get top dollar for these cars so that you're not underwater on them.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And I'm hoping because they're pretty new, you can still, most of the equity is still inside of them versus being underwater. Especially the Corolla.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And remember, this isn't forever. This might be a two-year journey as you guys clean up all this debt, get to some financial foundation. Then we can save up and pay cash for a car, no problem.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Well, you're calling us because your plan isn't working as you wanted it to. There's some stress here, and I would feel it. If I was over $2.5 million in debt, regardless of my income and how great things were right now, in the back of my mind, I would be knowing this is a house of cards. It could all come crashing down any minute. Yep. And so you want to reduce risk in your life.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Well, from now on, here's what you're going to promise me. We're not going to swipe that credit card one more time. We're going to be our own bank.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And we can make do without it, and if something really goes down where you need more than $1,000 to cover it, you'd push pause on all the steps and save up really quickly because you guys have a great income.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And that's where freeing up those payments will give you a little bit of breathing room. Right now, you shouldn't get your head above water. So make all the minimum payments on the debts, focus on the smallest one, get the thousand in place, reshop the insurance, pause the investing. And as you start to get more margin, it's going to become addictive. You're going to go, where else can we save?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
What else can we do? We can cut that subscription. And so I'm going to send you my book, Breaking Free from Broke. And there's a chapter called Margin is Breathing Room, where I lay out at least 10 ideas to make more, 10 ideas to spend less. My goal for you, just choose a few on each list, and you will feel so free just days from now if you do what John and I tell you to do.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
They're going to put the marbles in the jar for every thousand we pay off.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And then you get a whole family united in the same direction. Beautifully said. Hang on the line, Cindy. We'll send you a copy of Breaking Free from Broke. Wishing you guys the best. You're going to make it through. This is The Ramsey Show.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You're using language like, well, it's just a 40K car loan. That's kind of what gets us here, right? You guys have an just undeniably insane income. And yet what happens is you just go, well, we can acquire more and handle more payments. And it leads us to this place where we have to decide, do we want to keep going down this road or do we want a more peaceful path?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. As a listener of The Ramsey Show, let me ask you a question. Are you staying on track with the baby steps to reach your financial goals? If you're not sure or you want some clarity, take a quick quiz that we created to check your progress and you'll get a personalized plan in minutes just for you.
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It’s Never Too Late to Clean Up a Financial Mess
Simply head to the show notes, click on the link titled Are You On Track With The Baby Steps and complete the free quiz. Kyle's up next in Portland, Oregon. What's going on, Kyle?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So you're saying you wouldn't make more going into the private sector?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So if I was in your shoes, I'm going to try to reduce that risk. So you have an amazing income. How much extra margin do you have at the end of each month?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Are you guys still investing right now?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. I would recommend pausing that down to zero for a short time to knock out these debts faster, and I would also recommend pausing to stack up cash. I know you can snowball while saving, but May is not that far away. Okay. Four or five months of stacking cash. I hope everything goes perfectly. Mom and baby are home safe. Great.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Let's hit play, and we have a bunch of money to throw into the snowball, and we'll continue on. Okay. We call that stork mode in the baby steps. When you're in that baby step one through three world, it's okay to pause and just stack up cash.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So I'm not anti the PSLF program, but again, the stats are- I absolutely love the idea.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
It's a half a percent is what was actually approved from September 2020 through June 2023. Four million were processed. Nineteen thousand resulted in forgiveness. It was a half a percent.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So I think the program itself has a lot of flaws. I'm not mad at it. And I also think devoting 10 years of your life to this and kind of putting yourself in some golden handcuffs here. Because now there's a sunk cost. You're three years in, you have a terrible boss, the workplace changes, and you go, I've got to get out, but man, it's going to ruin my chances.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
All right, let's go out to Crystal in Dallas, Texas up next. How can we help, Crystal?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. And the stock is non-retirement, right? It's fully vested? Yes.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
This is a tough one. You do have a lot on your plate. And I would argue that there's also risk and it's unsafe to owe that lender. They could repo your car if you don't make the payment. And so there's a piece of me that goes, if you knocked out the $6,000 debt, leaves you with $21,000.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
If you took $15,000 or $20,000 of that and threw it at the car loan, you're done with this car loan within a few months, making $90,000, right?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You freed up a payment from your other debt. So this is not a, you're going to go a year with a thousand bucks in the bank. We're talking about maybe three months and then you're going to restack it with no payments in the world and get there really fast.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So you could sell a whole bunch of that and knock out a lot of this debt. You could knock out the car loan instantly and knock out the rental loan instantly and make about, you know, what, a quarter progress on your own mortgage.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
But that's the kind of fire when you feel that thousand bucks in the bank and you feel unsafe. That's when you go, I'm going to kick it into high gear. I'm going to do whatever it takes to get rid of this debt fast to get to that financial foundation.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
That's just me. I test the waters, pay off that first debt, see how it feels. I think you're going to go, all right, we can do this. You're going to feel the progress. This is the Ramsey show.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
From the Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Campbell, joined by Dr. John Bologna, and we're taking your calls at 888-825-5225. You jump into the conversation and let us know what's going on in your world, and we'll try to give you the right next step.
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It’s Never Too Late to Clean Up a Financial Mess
Henry's going to kick us off in Raleigh, North Carolina. What's going on, Henry? Hey, how are you? Good. How can we help?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Awesome. So you're at baby step three. You're saving up a fully funded emergency fund. What does three to six months of expenses look like for you guys? Obviously, it's tough now because you're basing it off of zero rent living with dad. But what would it be?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. So you guys are making... I'm going to just ballpark it and say you guys are making about $80,000 a year?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So let this new baby be a reset and say, hey, I've done a bad job leading our family when it comes to finances. Don't make it about her and her mistakes. And like John would say, use I language.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
I would look at what the private party value is and try to get top dollar for this and be as little upside down as possible and then use whatever in your savings to cover the difference to clear the title and then go get you a $4,000 used car right now to get out of this mess. Because then you can start stacking up. I imagine the payment on this thing is massive. What are you paying monthly?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, no wonder she didn't tell you.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So your job is not to convince her that she needs to sell her car because she made a giant mistake. Your job is to give her a vision for what the future is going to look like, and a byproduct of that is we've got to sell the car. That's a different conversation.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
But then this baby's going to come into the world debt-free with a fully funded emergency fund, building for the future instead of paying for the past.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, I'm going to say, thanks, Dad. I got to go get my own place, and we'll figure it out. This is The Ramsey Show.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And the other risk is having all this money tied up in a single stock and a single company. So I like the idea of offloading it for other reasons other than just getting debt free.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Hey, if you're ready to get your finances in order once and for all in 2025, join us January 23rd for a free live stream, Take Control of Your Money. It's hosted by Dave Ramsey and Jade Warshaw. That's how you know it's going to be good.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You're going to learn how to stop living paycheck to paycheck, learn how to free up more breathing room so you can pay off debt fast and finally get ahead with money. Plus, Rachel Cruz and I will join at the end for a Q&A where you ask your money questions live. And here's the real reason to join. When you sign up, you'll be entered to win our cash giveaway. Five people will win $4,000 each.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Not a bad way to kick off the year. So go sign up for the free live stream by going to ramseysolutions.com slash live stream or click the link in the description if you're listening on YouTube or watching wherever, podcast, all that good stuff. Check out the show notes. All right. Lucas is in my home state, Worcester. What's going on, Lucas?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Let me free you from two things. Number one, let's assume there will not be magic affordable land anytime soon. And number two, let's assume there's no such thing as a dream home. And so instead, if you go, all right, I'm a newlywed looking to get my very first home. It doesn't need to be the 30 year dream, but I need to get my foot in the door.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And so that can free you to go, all right, we're not going to go buy land and do this dream home right now. We're going to go buy a single family in an established neighborhood with some good schools at a reasonable price. That's still just too expensive. It's because I'm angry at how expensive the housing market is. I know. I wish we could all go back in time, but we can't.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So instead we go, all right, how much do you guys have saved right now for the down payment? How much do you guys have saved?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Well, what really they did is they modeled it for you. They modeled what it looks like to live on less than you make. So that's awesome.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. What does a reasonable home cost in the area that you would like to live right now? Not the dream land, but just, hey, this is near family. It's in a good area. Is it half a million?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. So you could put 50% down today and have a $200,000 mortgage, and your household income is what? Household income a month is around $10,000.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. So now your next step is jump on the Ramsey Solutions mortgage calculator and go, all right, our 15 year with 200 down on a $400,000 house, the payment's going to be, you know, 2,500 bucks. Great. That's a quarter of our take home pay. Let's go ahead. This is a great home. Let's do it. I wouldn't overthink it to the point where you wait seven years to buy perfect land.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You come from the Deloney lineage. Exactly. John loves nothing, but he just give me all the acres you got. Okay.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And you still can't afford a million dollar piece of property.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Or dropping them off at school is a two-hour round trip.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, once the car is paid off, then your next step, you know, if you're filtering this through our Ramsey baby steps, you should be completely consumer debt free with a fully funded emergency fund, then begin investing 15%. Then any money beyond that can go to kids college and paying off the mortgage early. Okay.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You're running out of time, man. Come on.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
I know, I know. But think about it. If you guys got a normal house now in a normal neighborhood and you get it paid off in your early 30s, probably by the time you guys are 30, you'll have this thing paid off, knowing how intense you guys are. Then we start stacking up cash on top of that. We can sell it. We can get the land on top of that. Who knows? Your income's only going to go up from here.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Obviously, you two are sharp. You're going to be newlyweds combining income. You're going to start off your marriage debt free with $200,000 in the bank. I'd be grateful. And I would, you know, take my chips home from the gambling table and go, we did real well.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Maybe there's a secret listing I haven't found yet.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
I still remember 10 years ago, 23 years old, I was frustrated, anxious, and flat broke. I had followed all the ways that toxic money culture had led me down from well-meaning parents and misguided guidance counselors, and it left me with a pile of debt. But I'm telling you, it doesn't have to stay that way. Over a decade, I went from broke to millionaire.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
and I break it all down in my new book, Breaking Free from Broke. I'm going to show you just how toxic this money system is and how you can break free from credit scores and credit cards and student loans and auto loans and investing traps and finally live a life that you're not exhausted by, a life with more margin, more options, and more peace.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And with your income, I think sit down with your wife, show her, okay, here's where we're at. Here's where we could be. And if we go down this path, we sell the stock, we become debt free. We free up that rental mortgage payment. We're free up a car payment. We have all this extra money. We could tackle our own mortgage and probably be done with that with your income in under five years. Yeah.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
If you want to check out the book, go to ramsaysolutions.com to get your copy of Breaking Free from Broke. That's ramsaysolutions.com. Welcome back to The Ramsey Show. I'm George Camel, joined by Dr. John Deloney. Open phones at 888-825-5225. Our question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans and builds a custom loan based on your ability to pay.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You'll have a payment you can afford with a low fixed interest rate you couldn't get anywhere else to help you stick to your budget and work that debt snowball. Go to YRefi.com slash Ramsey. That's YRefi.com slash Ramsey. slash Ramsey may not be available in all states.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, they have a fixed income of $3,600 and they have $320,000 that I think is just sitting in cash right now in the bank.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
This is where I do a budget with my husband and go, okay, we have $3,600 coming in. Here's all of our bills. Do we have money left over or are we in the red every month? We take property taxes. We're going to divide by 12. That's a monthly bill we're going to put aside. Put it in a sinking fund line item in the budget so that you have that money ready come 12 months from now. That's right.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Now, as far as the money goes, where to invest it? You said, where can I invest this money? Well, you just told me you got spooked by the stock market tanking. And can I give you some peace here? If the stock market goes to zero, we have much bigger problems. Every company in America goes bankrupt and is worth $0. That's what would have to happen. So I'm not worried about the stock market tanking.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You're going to have to ride some ups and downs, sure. But if you look at the stock market last year, 2024, it was up 24%. over your money that got 0% sitting in a bank. And so I'm actually more scared for that money to sit not being in the stock market than I am about the market tanking.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
That's pretty amazing. And how old are you two? Um, we are 39 and 40. Think about that. You're in your mid forties and you will have, I'm not even saying sell the rental property. You could keep it if you're going to knock it out and reduce some of the stress and increase the cashflow. You'd be sitting with a, about a $4 million net worth of paid for property in your mid forties.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
That has hundreds of stocks. So that's what you want to focus on is an index fund, a broad-based, low-cost index fund. If this money is not in a retirement account, I don't know where it is. I have no clue. But if it's non-retirement, you can just invest it in a taxable brokerage account. And as you need, pull money out of it.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And obviously when the market's down, that's the worst time to pull it out because it's worth the least. But when the market's great, you can pull a little more out and pocket that away in a savings account to cover you. For the future months. But it really depends on what your bills are. If your bills are $3,000 a month and you're taking in $3,600, breathe easy. You don't need to touch the money.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah. If you need downsize in-house and get lower property taxes, that might be an option too.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Back in the stock market in an index fund or mutual fund. That's it, yeah. Keep it simple. Let it ride. Don't touch it unless you need it.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And so in 20 years... At 85, it'll be 1.3 million. Yeah, yeah. I could live with that. Yeah, it could be all right. Thanks for the question. Great question, Wanda. All right. Sue is in Detroit up next. How can we help, Sue?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And a million dollars in your retirement fund.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Is he ready to deal with this or is this just you wanting him to? He's not.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Is he ready for his kids to visit him in prison? What's his game plan here?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Probably other debts, his spending. I'm guessing no shared financial life.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So he's actually making more, and he's using that money for God knows what.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And guess what? Your buddies are going to think this advice is stupid. They're going to be like, you should buy nine more properties and leverage all the debt and do HELOC on the first one. That's what's going on out there in the culture, but they don't live your life. They don't pay your bills.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And then you or him, maybe both, need to get in touch with a tax attorney ASAP and figure out what's the next step. Because this is not going to just go away. They don't just go, well, I guess he doesn't exist anymore. He hasn't paid his taxes. He fled town. They're going to find him.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Hey, The Ramsey Show annual listener survey is now live. I know you guys have been clamoring, just waiting for this with bated breath, and it is here. We want to know your favorite parts of the show.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
They don't know what happens inside your home, what's happening inside your body, how you're feeling about it. And that's where John and I go, we're solving for freedom all day long. And you're in an amazing position where you have a million dollars sitting there in stock. You have about a million dollar income.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
We want to know who your favorite host is. Is it Dr. John or is it Ken? Come on, America. Don't leave us hanging. Come on, America. But really, you can tell us what you like, what you don't like, what you want to hear more of, less of, whatever it is. We want to hear from you. And this is the survey that our team uses to craft questions.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
next year's content and what we do and the things that we do. So there are two ways to participate. If you want to help us out, text the word survey, S-U-R-V-E-Y to the number 33789, 33789, or just go to ramsaysolutions.com slash survey. And if you're listening on YouTube or podcasts and you're a fan of the description, just head down to those show notes and we've got a link down there for you.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And to spice it up, if you sign up today, you'll be entered to win a $500 gift card as a thank you from our team. So, hope you win. Thanks for the feedback. By the way, John, I know John knows this, but the listeners may not know that after this segment's over, we're done here. If you're listening on YouTube or podcast, if you're on radio, hang tight. We'll be here.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
But the Ramsey Network app is the only place to continue listening to the show to get full episodes of The Ramsey Show, and it's completely free. Go download the Ramsey Network app with the link in the show notes or just search Ramsey Network in your app store. It's when things get off the rails on the Ramsey Network app. Who knows what could happen inside of the app? It's our world.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
You're just living in it. All right, Rick is in Madison up next. What's going on, Rick?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, the debt snowball. You're going to attack the smallest debt first. So what is the smallest balance right now out of all those debts?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
This problem is pretty easy to solve, but the hard part is the choice and getting your wife aligned on this.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. But you have an $18,000 balance on one card?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Just one card. So if you threw that at your smallest debt, that's the car loan, that would leave you with $3,600 to go. How quickly could you tackle that while making minimum payments on the rest?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So you guys have a great income to tackle this, but you're still staring down a mountain. I would separate the mortgage, so take that out when you're looking at this debt snowball. It makes it overwhelming, and that's a baby step six item, so that's going to come later.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So that really, I mean, it kind of frees you when you just look at that and you go, all right, we've got some debt, but we make $160,000, and we've got to clean up $45,000. All right, we can do this. And so now your new mission is to figure out how much margin you can throw every month at the next smallest debt.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And again, it's going to pick up more snow because of that debt snowball working for you as you free up each payment. How much do you pay a month for that car?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So that's where it happens faster than you think because of that snowball method working in your favor. But again, this is some intentionality. If you've got $50,000 to pay off and you're on the track to do $4,000 a month, this is going to be a year of sacrifice.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
I've been there. It's fine. You're bringing home like $10K a month thereabouts. Are you doing any investing at all in a 401K or anywhere else?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. So you guys are doing a lot at once right now and you're not really seeing a whole lot of progress. So what if just for one year, we said we're going to pause retirement and we're going to come back swinging, investing 15% after that?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So pause retirement. You can reshop your insurance. That can save you big sometimes because you've been overpaying with the same carrier. So reshop it. You can go to ramseysolutions.com slash checkup and do a little coverage checkup there to make sure that you're checking off all the boxes. And then on top of that, now it's okay. What are the other levers we can pull?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Are there any subscriptions we can cut? We're going out to eat. We need to stop that and start meal prepping and being really intentional about our grocery runs. And so once you start doing six or seven things at once, making more, spending less, all of a sudden it's easy to find five grand sitting around in that budget that you were just kind of lazy with.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
It's scary. I'm not going to lie, Rick. When you take that down to $1,000, like your breath is taken away, and you realize just how risky of a position you've put yourself in by being in all of this debt. But the good news is you get out faster. Well, and...
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah. What's interesting, as you were talking, I was thinking about how people tend to go into debt when they're desperate or when times are really good. Yes. And they go, well, we'll just take out a HELOC. We'll take out the home equity loan. yeah, sure, get the car payment. We can stomach it with our income. And then they don't make that income anymore. There's a job loss.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
They would need to move for whatever, for family. And all of a sudden it gets scary because you realize just how exposed you were. That's right. What's the old Warren Buffett quote? When the tide goes out, you can tell who's skinny dipping.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And so the tide's been, I mean, you've been submerged in the water with this beautiful income, surviving, making all your payments. And all of a sudden the tide goes out and you go, oh my gosh, like this is a scary way to live. That's right. We actually had a house of cards situation.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And so this is, I'm really proud of Rick because this is the hardest part to get to when you're willing to just burn the ships and go, all right, we got to do it. We're willing to do whatever it takes. Show me the way. Yes. Those are my favorite calls to take because they're not trying to argue that their plan is working.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Well said. Thanks for the call, Nate. It was a good conversation. This is The Ramsey Show. Have you gotten one of those texts recently claiming to be the USPS with some sketchy link to update your address? It's annoying and a little terrifying. And you probably think to yourself, I should do something about this. But where do you even start?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Instead of arguing with John going, well, my workout plan, this is what I'm doing. Here's why I think it could actually work. And they're just watching you going, all right, that's cute.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Whenever you're ready, we'll be here with a better plan for you.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
But that's big. If this is the year you're going, hey, I'm going to get out of debt. I'm going to do things differently. We're here for you. We've got a free live stream coming up on January the 23rd called Take Control of Your Money. It's completely free, hosted by Dave Ramsey and Jade Warshaw. And maybe you need some new information. You didn't grow up with financial literacy.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Maybe you need a little pep in your step. Well, Dave and Jade, they are, I think they're 90% pep, DNA wise. And so if you need that, go sign up for our free live stream. ramsaysolutions.com slash live stream. You'll also be entered to win our cash giveaway. Five people win four grand each. Go check it out. Link is in the description. And again, this is it.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
If you're listening on YouTube or podcast to continue listening to more of the Ramsey show, go download the Ramsey Network app. It's completely free in the app store or use the link in the show notes. We'll see you then.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
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The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
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The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
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The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
That's joindeleteme.com slash Ramsey. Welcome back to The Ramsey Show. Open phones at 888-825-5225. Dan is up next in Jacksonville, Florida. What's going on, Dan?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah. So what you said, it's in a Roth. Is it a Roth IRA, the Apple stock?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. And then you got 30K in a bond. And what is your next financial goal? As you guys look at this new marriage, do you guys have any debt you're looking to clear?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Awesome. And then how much do you guys have in savings for an emergency fund?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Well, just knock out the credit card today. What are we doing?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
That leaves $11K in your savings, plus this $30K bond. That's plenty. That should be more than six months of expenses for you guys, right?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
And then you have a house together?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah. So you could use that. I mean, I know there's some required distributions from that IRA, I believe, with the new Secure 2.0 Act law. So I would look into that and see when you need to deplete that account by. Okay. Okay. But you could use part of that money to knock out the mortgage. You could use future income and just let that money ride and continue growing for you.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, our hearts are with you all. And speaking of which, John, our first call is from California out here. Nitish is with us. What's going on, Nitish?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
But I would use any money beyond your emergency fund to start knocking out that mortgage.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, you couldn't do your own investing.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So I would sell the Apple stock and be in a more diversified investment fund. Like you were saying, hey, Apple is a great company. I used to work there. I had some Apple stock. There's worse companies you could have invested in over the last several decades, but I still would sleep better at night knowing that was in a broad-based index fund that had a lot of Apple in it, but it wasn't 100% Apple.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
So I would do that either way, and it's up to you what you want to use those funds for.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Amazing. You guys are going to knock this mortgage out fast. What's your combined income now?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Okay. Great. Well, debt-free, making $90,000 with a $165,000 mortgage, you guys are going to be completely debt-free within, my guess, is three to four years if you do this the right way.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
What about by your 30th birthday? You guys have no mortgage.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
It sounds cool, but then you're like, crap, I got to put extra on the mortgage every single month without fail consistently.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Yeah, and this inherited money, that's just leapfrogging you. So I'm going to use that to create a legacy for my own family.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
That's it, man. That kind of goal and that kind of intentionality, you start to get your new wife excited about that. You guys are aligned with money. Like John said, you can stop talking about money. You can do more fun things with your life than have money fights. So we're rooting for you, dude. Awesome. Congrats. You can do things instead of money fights. That's what it's all about.
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
Luis, let's talk to Luis in Medford, Oregon up next. What's going on, Luis?
The Ramsey Show
It’s Never Too Late to Clean Up a Financial Mess
We're doing great. How can we help today?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
But if it's more than that, They can cash flow some things with a $500 a month bump. That's true. That's, to me, and I'm coming at this from, if I was in that frame of mind, which I understand, Stacey would have to, I'd have to have that to go, oh, okay. Because, yes, I'm spending a large chunk, but I'm also freeing up.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And that would allow us to weather just about any emergency from cash flowing. Is that? Yeah.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
So the nine grand changes the timeline.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Let me challenge you. Let me say to you what your husband's probably afraid to say. You need to be working. In the home with a two-year-old, you've got too much experience, and I wouldn't just allow yourself to fall into the kind of rhythm you've fallen into before. It's a small thing here and there.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You actually have some transferable skills, and I wonder what kind of freelance work you could do to where you brought in an additional two grand a month. Dig into that. What would have to be true for you to use your skill and experience to make that? And now we're really speeding up the timeline. But you've got to do this.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And you can do it with one two-year-old around the house. There's a lot you can do.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
By the way, I'm going to make a bold statement. If you come to him and tell him you're going to start looking to work to make two grand a month or more, he'll be okay letting go of that $9,000.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define 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
Your Financial Mistakes Shouldn’t Define You
I also discovered that there are a lot of ripoffs in the life insurance world, like that whole life crap posing as an investment opportunity. What you need is level term life insurance, usually 10 to 12 times your income, which is the smartest, most affordable way to protect your family.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define 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
Your Financial Mistakes Shouldn’t Define You
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The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
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The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
This is the Ramsey Show, where America hangs out to have a conversation about their money, their profession, and their relationships. 888-825-5225 is the phone number to jump in, America. We'd love to hear from you. 888-825-5225. Alongside the slightly anxious but always Natalie attired George Campbell. He's ready to go.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Find a local Ramsey Trusted real estate pro for free at ramseysolutions.com slash agent, or click the link in the show notes if you're listening via podcast or on YouTube. Janelle is up next in Raleigh. Janelle, how can we help?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And it's already in foreclosure, or it is in the process of getting there?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
unsuccessful in that no one's even looking at it or you've had showings and they're giving you feedback that you can process?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Oh, my goodness. All right, and just one more clarification question. You've been paying your half of it? Is that how you guys have been doing this, splitting the payments, and you've been making your payment?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay. But your name is on the, okay. You understand why I asked that? Yeah. Because you have a legal obligation to pay more. You are legally obliged to pay that whether you've moved out or not. So, wow. I don't see a way out of this.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You. Which means you need more income. You may need to get a second job, a third job for a short amount of time. You've got to get these house payments current so that, again, to George's point, you have time to sell this house. You don't want to go through foreclosure.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You guys entered quite the partnership here to then just flee the coop. I get that you guys don't love each other and you don't like each other, but you need each other right now, and that really is awful. I get it, but you guys have got to... Partner up on this thing to get out of this deal. You're on the hook for $465,000. Yeah, I know. I know.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
This is where I wish we could get him on the phone. I think Ramsey's show needs to go to the next level and get this dude on the phone, and we mediate this deal. Oh, my goodness. That could be a new show. That's the show that people need to see. I'm telling you. We could help. You guys need to be adults and sit down and figure this out. There's no more blame.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
There's no more blame here. There's no more. You did this. You said this. This is we're idiots because we did this and we've got to figure this out. And then we learn and we lick our wounds and we move on from each other. But this is going to make this breakup 10 X worse. Am I right, George? Yeah. Play this out.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah, so you're going to have a capital gains hit on that if there's any actual gains, and that's up for debate, correct?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I'm afraid that this guy, he's just mailed it in at this point. He's given up and he's just going to let everything just burn down. Is he gainfully employed?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Now, I'm going to give an emotional answer. George may come off the top ropes and hammer me on the financial part of this, but based on what I've heard, I'd want to get out of there quick as I possibly could. Okay.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Our question of the day is brought to you by YRefi. If you have defaulted private student loans and nobody else is going to work with you, we want you to try YRefi. They're going to help you explore refinancing options with a low fixed rate and a payment plan based on your ability to pay. Go to YRefi.com slash Ramsey. That's the letter Y. www.refy.com slash Ramsey.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
It may not be available in all states. Today's question comes from Stella in Maine.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
It's a great word, and I just have to do this. Stella! There we go. Thank you for that reference. I don't understand. Thank you. I have future debt coming. She's in Baby Step 7, and it's as though she's forgotten about Baby Step 3. Maybe we got, if there are some emergencies, I might be okay. But I'm in Baby Step 7. I should be able to save all the money necessary for that, George.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I'm a little flummoxed. Agreed. Speaking of words.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I just don't – I mean, you never would have bought that house had you known that all those apartments were coming in there, correct?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Thank you for the question, Stella. All right. Jamie's up in Pensacola, Florida. Jamie, how can we help?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Ken and I aren't hip to all the lingo. Just learned what sparking was. I thought it had something to do with dancing, but I didn't know. I let my line run wild there.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay. The reason I'm asking that is I just learned what sparking was, and obviously I was confused about what it might be, and I just don't know if that's the best use of your time. You know, I don't know what you're making.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Well, but you keep coming up with all these reasons, limitations. I just hear it in your voice. You don't have to go buy equipment to do this, but where can you pick up some extra hours doing landscaping for somebody? Because they can't get somebody else to show up, but you go, I can. I'm your huckleberry.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
My point is, what can you do to make more money for your time than driving groceries? George, you've done this.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I wanted to see what it was like. But there's not a lot of margin in this for your time. No. What are people making on average per hour?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay, well, that's better than I thought. That's if you're really going after it. Oh, okay. But the average person's probably not making that much. More like 15 to 20, so not terrible.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I got to give them credit. I feel like it's a really fun name. You know, instead of I'm delivering groceries, I'm sparking. I think it's a conversational starter.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
This is the Ramsey Show, where America hangs out to have a conversation about their money, their profession, and their relationships. 888-825-5225 is the phone number. 888-825-5225. George Campbell is alongside. I'm Ken Coleman, and we're going to talk to Jonathan right out of the gate here. Jonathan, how can we help today?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Wow. Where is this coming from? Well, I like that it gets right to the point. No setup. That was amazing. Boom. Here's my question. Should I get a credit card? George, what say you? Let's be fun at parties.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You're a grown man. That's fair. You've got Jonathan. You've done pretty well to this point, sounds like to me. You're not calling us from underneath a bridge.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You're not hanging around with the right people. Because these people don't have a lot of knowledge. Let's just play this out one thing at a time. Can we destroy these myths that these people you keep referencing aren't giving you? If you need to get a car, you do realize you can pay cash for a car. You can buy it from somebody off of Facebook or Craigslist or wherever.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
By the way, a dealer will take a cashier's check as well. And that's cash. So you have cash in the bank. You go to your banker and you go, hey, I'm getting ready to buy a twenty thousand dollar car. I need a cashier's check for twenty thousand dollars. They're not going to ask you for credit. So we don't need credit score. George bought a house without a credit score.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
How many houses are there in your predicament? You made it sound like there were several other folks. So how many? How many would be having?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
George, you need to blow his mind with this one.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah. But you don't need a car, does it seem like to me, anytime soon?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah, but my friend, I get up to New York all the time, and I'm telling you. It feels like a nightmare to own a car in New York City. Yeah, if I lived there, I would not own a car. I mean, you can get anywhere you need to get to, and so let's put that on the back burner right now. You're going to pay $1,000 a month for a parking spot if you're lucky. Yeah.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And it's never convenient to get in your own car in New York City, let's be honest. There's no chance. Yeah. It's a nightmare. Yeah. Yeah. All right. So we don't need a house right now, but that's on the list. But again, George George's book will tell you how to do that. But he did it. Many people do it. You can do it. So what's your rent right now?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Have you talked to all 10 of those people to say, hey, and how do they feel about it?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
How many hours a week are you putting into this fixing these coffee machines?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay. You're just tell me really quick how much, when you're physically turning the wrench and fixing the machine, how many, how many hours? Ooh, maybe 10 at this moment, maybe 10, 15. Exactly. The rest is admin stuff. Yeah. So my point is, is the first thing you can do is to start beating the street here and let's find some people who need their machines fixed. Let's add five, 10 more clients.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You have more time on your hands. And so let's go.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You get my point. You need more money. You don't need more credit. Hang on the line. That's the deal.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
All right, let's go to Joseph, who is in Knoxville, Tennessee. Joseph, how can we help?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Well, what does take care of mean? It sounds financial. Is it more than that? Give us a little bit clearer picture as to what You're describing when you said he committed to take care of them. What does that mean?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
He doesn't see that he's in debt. Okay. And why do his parents have more expenses than their income?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And he covered it for how long, you said?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And now he's in deep trouble, and he's calling everybody going, I'm in trouble, I need some help.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
His parents are kind of going, we need help, and they're calling everybody else because he's not doing it.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And are they are they invalids? Are they just unable to make good decisions for themselves? No, they're not. They're not able to make good decisions.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I apologize. The way I ask this is confusing. Let me rephrase. My mom and dad are mid-70s right now, and they're retired, but they have income based on their retirement, Social Security, and everything else. And if they had a $1,200 a month shortfall, then... That's on them. It's not on me and my brother to handle that and deal with that.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Now, would I sit down with them and lay out all their options? Because I think that's what has to happen. That's where I'm at, George. What has to happen is you and all these other family members who are chipping in to bail them out need to stop chipping in, and we need to have a gathering in the living room. And we're going to talk it out because your son can't deal with it.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And you guys have a problem. And we all have fixed incomes. We can't keep doing this. But what we can do is sit down and get a whiteboard out or a legal pad out, George, and start laying everything out and see what they have, what they can sell, what changes they need to make. They're not invalids. They're not 90. They have some options. And I think that's the conversation.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
None of you in the family are obligated to keep doing this.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Nor is it your job to tell the nephew to shape up, you know what I mean, and scold a 40-year-old grown man. It's not your job.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
So therefore, George and I don't have any advice on that because we wouldn't do that.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay. So he's healthy enough to tutor. He's healthy enough to go to Walmart and stand there and greet everybody and put one of those little blue vests on and smile. I could come up with 10 other things that he can do to come up with 40 hours a week. So based on George's scenario there, we'd be going, okay, now what can we make? And then if she's healthy enough to do something, guess what?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
They can work the same shift. She's on the grocery side of Walmart, and he's on the general side. I mean, we got to do something, and we just don't sit there, and we're the victims. And I understand they had a hard journey, and losing a child under any circumstances is just awful. And the mental health stuff, I'm sure they're mentally and emotionally exhausted. And it sounds like Nephew had...
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
He dealt with this trauma too. Nephews got it. But at this point, you all need to come around them and give them that hug that George is describing, but it's an accountable hug. It's you guys are going to be okay. We're going to walk with you on this, but we're not going to continue to fund this. That stops.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I don't think she's worried about – are you worried about the housing value or are you worried about the type of people that are going to be living in your backyard? Yeah.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You guys are actually enabling them out of a spirit of helpfulness.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
What's your relationship to this family you're telling us about? What's your relationship to them? I'm a brother-in-law.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I think this is a dysfunctional Waltons show. You remember the Waltons, Joseph? I remember the Waltons. We got Jim Bob and everybody's in the same. It's all too connected and family members giving them a house and then they're paying. It's just doesn't it seem like we got too many people trying to help and it's caused a real dysfunction. And you see it because you're not directly related.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
God bless you. You married into it. But there's so much enabling going on here, and it's all weird. It needs to be untangled.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah. And I would say that your wife and any other siblings need to lead with this. You've already got too much of this on you. Time for Jim Bob and John Boy to all live on their own.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
A freshly cleaned bomber jacket. Looks like you got that right out of the old dry-cleaning plastic. I keep it crispy. It looks good. It looks good, and we're ready to go. It's a new dawn, a new day, a new pope, Ken. A new pope is right. Anything is possible. Big news, first American pope, so... If you have any kind of American pride combined with Catholic pride, I guess it's a big day for you.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Listen, your home is your most expensive asset, and now you're ready to sell, fast and for a lot of money. But in this wackadoodle real estate market, one mistake could cost you tens of thousands of dollars. This ain't amateur hour. You need a pro in your corner, someone who knows how to price your home right, market it well, and negotiate the best deal.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
That's where a Ramsey-trusted real estate agent comes in. To find one near you, go to ramseysolutions.com slash agent. That's ramseysolutions.com slash agent. Thank you.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
All right, we got Derek and Savannah joining us from the Columbus, Ohio area out on the debt-free stage. Welcome.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
How are we feeling out there right now?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
She's not nervous. Well, you look happy.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And that tells me you guys are debt-free. Is that right?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I always love to ask how the bump happened or what did happen?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
oh yes okay now what does that mean the way you said that uh that means christmas time we have eight dogs and three kids and we're just we're just going you just like to be busy don't you yes you don't know what peace and serenity feels like other than financial peace that we now know okay gotcha uh wow so what happened 72 months ago are you guys to look each other and go all right we're gonna pay our house off
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You know, you probably didn't plan to talk about that, but I just feel a sense right now that I need to just lean in on something. I know you can handle it. But I just feel like there's some people watching and listening that are either separated or thinking about it. And I just want them to hear some hope. And here's my question. In the six months. And you both can weigh in on this.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
What had to happen in you guys and between you guys to actually say, we're not going to quit. We're going to dive back in. I'm just curious.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah, I'm so glad. I'm so glad you fought. That's really great.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
But what George was asking there is, was this an X amount of money you put towards it every month over the 72 months? Or were there times where you guys, you had a big influx maybe, and you put, you know, how extreme was it over the 72 months to pay off a $422,000 house? Condo.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah. Wow. So if I'm seeing this right, it's about $60,000 a year you averaged roughly to put this away. And what was it like knowing your story now when you guys made the last payment on the house? Take us back to that.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And we're seeing a picture here on YouTube. And just knowing what I know, I'm coming up on 27 years of marriage on Friday. And I just know having moved several times, You know, a house is a true nest for a woman, isn't it?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And now this is really your nest. There's no bank name on this nest. Nope. That's kind of awesome. How old are the kids?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I want you to encourage couples out there that are listening and watching. What is in your mind the key to staying with this journey?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah. Yeah. Wow. I just love that story, George. It's, it's, it's so fantastic. Who was your biggest supporters on the journey?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
This is mind-blowing. Hey, listen, that's exciting. We're talking about crazy wealth that they're going to be building. Really crazy wealth with the kiddos.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Wow, really good stuff. All right, you guys ready to go? Are the kiddos watching and listening somewhere?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Don't be cringe, Mom. All right, we got Derek and Savannah from the Columbus, Ohio area. They paid off $422,000. It was their house! In 72 months, making a range of income from $110,000 to $200,000, they are truly changing their family tree. What was once a separation is now an awesome, beautiful marriage, and we got to see it. Derek and Savannah, take it away. Let's hear your debt-free scream.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yes, they are. And they were cool, too. The kids won't be cringed over that at all. There's nothing cringe about debt freedom. And young.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
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The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
That's ramseysolutions.com slash giveaway.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
All right, George, you know it's that time of year where kids are graduating high school and college, and with that time of year, it's kind of a mixed bag of emotions. The celebration, the excitement, moving on to a new chapter, but all of a sudden, massive reality for the young people. The existential crisis. That's right. For high school kids, it's like, I'm going to college.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
What major do I pick? Where's that going to put me in the real world when I need a job? Then we got college kids coming out with a lot of debt, many of them, and they're going, uh, I've been here for four years. Now I got to get out in the real world. What do I do with my life? And the answer is find the work you're wired to do.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And so we have a book called the get clear career assessment, find the work you're wired to do. It was a bestseller. comes with an assessment that measures three specific wires, if you will, George. The wire of talent, that's what you do best, think of skills. The wire of passion, this is work you really enjoy doing, you lose track of time when you're doing it.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And then the third wire is a sense of value and mission. In other words, what results do I want to put out into the world? And so we measure those three wires and we put it together with all the details and someone can see, oh, this is the work I'm wired to do. So that's a quick summary of what the assessment does. And then the book itself is me coaching the results with that individual.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
So you get your assessment results and it's about a 45 minute read. And this is the book just came out this week. Find the work you're wired to do. Student edition comes with the student assessment. It's $34.99. This is a great gift for the student who's graduating. in your life, or certainly any student, but people are thinking graduation gifts, and this is a fabulous, fabulous resource.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
You can get it at ramseysolutions.com slash store. That's ramseysolutions.com slash store. All right, Rebecca is up in Atlanta, Georgia. Rebecca, how can we help?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Ken's selling today. No, I'm not saying panic. I never give advice like that. And I think what you said is good. But I'm going to weigh in on this, what I'm hearing. And I think if you can get out, I would get out. The other option I would be doing is I would be thinking about bringing the 10 people together. And again, I'm operating with a map here.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
What does he do, and how much does he make again?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay. Might I make a suggestion that he start looking... I mean, you guys got a lot going on here. So this is like, I don't want to give you too many things, but if I'm him and I realize that the skill of selling... has no limit to it. It's just, he's got to find the right thing to sell. And if I were him, I would be treating this like his life depended on it.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
And I would find a better sales job and let's get a raise because if we can get him up over a hundred thousand with a, with a lack of a ceiling, you know, and he can keep going, you guys need that momentum. I still think you need to sell this house. I think he needs to swallow whatever pride he has on this deal or whatever's going on. And let's reset. OK, you got a baby.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Let's let's reduce our expenses and introduce some peace and serenity into your family. And while he's rebuilding, in other words, a sales career where he can do very, very well, he's got to happen to the situation and he's letting it happen to him.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah, this isn't sustainable and it hasn't been since the beginning. This really is an income issue. I mean, there's other issues, but the solve on this is sell the house, but then let's make sure we get our income to a much better place and now start operating within that.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
I mean, I don't know what needs to be said to him. I wish I could get him on the phone.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
But if you're all in that same situation, I might if you can't win in against the zoners. By the way, I hate to be a predictor of this. You're going to lose. The county administration, they're always going to go for affordable housing and all that. And money talks. So I'm just going to tell you, I don't like your chances.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
thousands of times, just had a different name and a different location. But the answer to your question, what should we do? You should sell this house. And you should both get very serious about resetting the way you guys treat your finances because this problem will stay with you even if you were to sell the house.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
So selling the house isn't this parachute, but it is the thing that needs to happen so you guys can actually get a reset because you can pay off all your credit card debt plus the car and be able to start over. Right, right. It's got to happen. Yeah. Here's what I'm trying to get at. George and I can tell you this and tell you this and tell you this and tell you what you need to do.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
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The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
But until you all realize that you are not victims in this, because I think you're both acting and feeling like you're victims of your own stupidity. And we've all done stupid with money. OK, all of us, George and I included. So this is not like some sort of I'm not casting shame here. I'm saying at some point we all have to go. Yes, I did stupid. Dave Ramsey himself has said he has a Ph.D.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
in D.U.M.B. So we've done it, but we didn't sit there and soak in it. We said, oh, gosh, that sucks. I don't like where we're at right now, so we are going to do more things that suck, which means we have to sell our house, and that's really going to suck. But we are going to be able to get out of it. George, I want to give you the final word here.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
So maybe you guys can come together, go to the developer and go, would you like to give us a fair offer for our land and you get to add more apartments? I'm always going to be creative and try to get out with a win. Fight the good fight. But if I don't want to be there, that's what I would do. But I think George is right. Go get a whole lot more information. Don't completely make it on emotion.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
But I feel bad for you in this situation. That's tough.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
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The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
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The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
All right, let's go to Aberdeen, who's joining us in the Phoenix area. Aberdeen, how can we help today?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
It's a lot of crossover there. A lot of crossover. Maybe the Chicago Bears will finally be good in football. I don't know, but I digress. Great studio audience today. Full crowd and very excited. They're very, very affirming. We walked into the studio. They were already clapping. Instant applause for doing nothing. And we've done nothing yet.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Yeah, very normal. Very normal. I mean, he's thinking provider and he's going, these boys work so hard to get that chunk in there. And that's just fear, George. You've heard this a lot. Where did you guys start with with your savings?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
So speaking of doing nothing, shall we do something, George? Let's do something. All right. Crystal is on the line in St. Louis. Crystal, how can we help?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay, I want to take a tack that I hope is going to be helpful. George is right, but if you just go have that conversation and you don't have any kind of specific vision and specifics for him to grab a hold of, it's going to be very hard to overcome the psychology. Would you agree with that, George?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
All right, so that's what I want to try to do. So I'm going to lead us through here and what I think might help you. Okay, so first of all, as it stands today, okay, we've got $10,000 set aside. Let's just walk through some numbers very quickly. How much total debt is left?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay, and what's the next debt, the next smallest debt, using the snowball method? What's next? Give us that exact number.
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay, so it's $800, then $2,000, then what? Then...
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
So we're talking two of them will just save $5,000 and $5,000? Yeah. Okay, now I want to stop right where we're at. Okay, now what is the minimum payment on the $800 credit card, the smallest debt?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
That's probably right. Let's say $50. And then what about the $2,000 card? What's the minimum on that?
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
Okay, and I could keep going down the list, but I'm only getting you started here. And, George, where I'm taking this is if I add this up, it's close to $500. Not quite, but close to it. All right, here's the point you have to make to him. Because what he's thinking is, I take $9,000 out of that $10,000, and I put it towards debt, but I don't have hardly anything in savings. And what happens if...
The Ramsey Show
Your Financial Mistakes Shouldn’t Define You
an emergency over $1,000 happens. This is where I'm going to bring my colleague in. Because what you got to share with him is, yes, we are spending $9,000, but we are, from a cash flow game, saving ourselves $500 a month. And George, where I'm going with that is, he's got to be able to see that most garden variety emergencies, they're going to be able to cover with the $1,000.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Hey, you're still here? What are you doing? You do know that the rest of today's show is playing right now over on the Ramsey Network app, right? All you got to do to finish the episode is search Ramsey Network in the App Store, Google Play Store, or just click the link in the show notes to download the app for free. Yep, you heard me right, for free.
The Ramsey Show
You Have To Mentally Take Debt Off The Table If You Want Financial Peace
Then right there on the home screen, you can watch the rest of today's show. Bada bing, bada boom. All right, I'm getting out of here. Enjoy. We'll see you on the app.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Even if you get three roommates, you grow up fast when you're living with three dudes. All right. You start to learn some things and it prepares you for marriage.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I'll tell you, my mom was just in town. Noah, I revert to a child, right? She's like, no, I'll get the dishes. I'll fold the laundry. There's just a piece of you that turns into a child when mommy and daddy are there. And so I think it's going to really help you financially, spiritually, emotionally, mentally to move on and do your own thing sooner rather than later.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
That's big. So, John, this comes up a lot. There's a rub between there's a thing this other person believes and they're projecting it onto me. And I love this person. I respect this person. And it's easy to say, well, just have a boundaries conversation and tell them to kick rocks and pound sand. But the reality is these are your parents. These are your loved ones.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Mm-hmm. Apparently multiple. This is plural guts. Yeah. I thought you had one. But I love that John has multiple. That's the kind of man he is. Yeah.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And hashtag biology and science. Hashtag microbiome. We'll look into that later. Hey, more of your calls coming up. 888-825-5225. This is The Ramsey Show.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
That's because he's in Canada.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Welcome back to The Ramsey Show. I'm George Camel here with Dr. John Deloney. One of the best things to do for your finances is to have a really good tax pro in your corner that you can trust. They'll help advise you on the best moves to make for your situation or for your small business, especially if you've had some big life changes in the past year. So do what John and I do.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Go to ramseysolutions.com slash tax pro to find CPAs and enrolled agents in your area that have been vetted by the Ramsey team. Take the stress out of it. All right, Tyler is up next down the road here in Nashville, Tennessee. What's going on, Tyler?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Well, you started off the call by saying you were paycheck to paycheck, so it doesn't sound like you're coming from a place of strength ready to start a business or buy a house. So we've got to look at what's going on underneath here that's causing you to have no margin at the end of the month. Okay. So what is your take-home pay every month?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay, what will you be making then?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So why did your income get cut? You were making four times what you were.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Yeah, but you're working full-time and making $300 a week?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Well, is it an hourly job, or is there a salary? It's hourly. Okay, so what are you making per hour?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay, something's not tracking here, because that's closer to a $40,000 salary, so you should be taking home closer to $2,500 a month instead of $1,200.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
From Ramsey Network, this is The Ramsey Show, where we help people build wealth, do work that they love, and create amazing relationships. I'm George Camel, joined by my good friend Dr. John Deloney, and we're taking your calls at 888-825-5225. Call us up and we'll help you take the right next step for your life and your money. Hunter's going to kick us off in Calgary, Canada.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Have you looked at your checks? No. See what's going on?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Right now is not the time to start businesses or buy a house. You're in a season of life where things are changing pretty rapidly. And so I would be looking for stability and starting a business. There's very little stability and there's a lot of startup costs. There's a lot of risk in that right now. Do you have any savings?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay, so your A1 is to get some savings. You said you have no debt to your name whatsoever.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So you owe on this trailer. How much do you owe, and to who?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Regardless of lines of credit or whatever. So we need to make sure the definitions are clear here because that's now your A1. With every future paycheck beyond your basic bills, necessities, you got to throw money at that thing, get it knocked out within a month or two. Okay. Then beyond that, let's get a fully funded emergency fund, three to six months of expenses.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
For you, that might mean 10 grand right now. And that's going to take getting your income up because this should not take a year or two to get 10 grand saved up. Do you agree?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Then beyond that, we can talk about investing for the future and retirement accounts, saving up for a house, starting a business. That's when you would do that. Once you have a financial foundation of no debt and a fully funded emergency fund. Okay. So you've got your work cut out for you.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I love the dream of getting these businesses started up and investing for the future, but we got to pay for the past before we can build for the future and get some foundation under us because here's what happens. You try to start these businesses, one emergency happens, you're looking to a line of credit to save the day, and that's going to rob you from your future. So I appreciate the call, man.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
We're rooting for you, and best of luck getting that income up and with the move. A lot going on. Alan is up next in Orlando. What's going on, Alan? How can we help?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Sure. How can John and I help?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So how much did you put into these single stocks?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So you turned 50K into a million dollars? Just about. In a year? Yeah. It was two years. Wow. You and Nancy Pelosi are really great at stock trades, man. Good for you.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Well, if you feel like that 401k, it's super volatile right now if you are invested in single stocks versus mutual funds. So is it in single stocks?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay, so you rebalanced and you got out of single stocks and into some bigger funds. Correct. Okay. So I would not touch this money because I don't like paying the government anything more than I have to pay. And if you pull money out before that 59 and a half threshold, you are in a world of hurt. You're going to be paying probably upwards of 35, 40% for the pleasure of using that money.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Well, he did this all within his 401k. That's what I mean.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
If he had done it in a brokerage account, that would be a totally different story if it was in a non-retirement account.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So for the future, Alan, if you, I mean, I would still invest 15% of whatever your household income is into retirement accounts. And do you have, you said you have a house? I do have a house. Okay. What's left on the mortgage?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And what is your household income?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You could at this rate. Because you're so far ahead. Yeah, I mean, at this point, that 401k is going to grow without you if you never put a dime in. I would still add to it. But to John's point, if you were like, hey, I want to just knock this thing out. I want freedom faster. It sounds like you're wanting to potentially retire early or do some kind of encore career.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
At an earlier age, is that right?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So at that point, if you've got 15% invested of your amazing income, that would be, let me crunch the numbers here, $34,000 a year, which is enough to max out a 401k and an IRA. Okay.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
right so anything beyond that i would just start dumping in a brokerage account and paying the house off with and that'll set you up to probably have you know the the freedom you desire by the time you're 40 with this level of income how old are you again alan
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Congratulations. Way to go. You and Nancy Pelosi, man, they're doing something, John. I don't know how. Maybe Alan's been following her stock next year. I thought I had a good year last year. I did not have that year. We need to be in Congress or Alan. That's the only options to build wealth fast. This is The Ramsey Show.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Welcome back to The Ramsey Show. I'm George Campbell, joined by Dr. John Deloney. Open phones at 888-825-5225. From time to time, we love to hear from real-life Baby Steps millionaires to see how did they do it? Can it still be done in America today? And we found just the folks, and that is Jefferson and Rachel in Twin Cities, Minnesota. How are you guys? Hi, how are you? We're doing great.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Thanks for sharing your story with us. Of course.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Congrats. That's amazing.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Tell us y'all's net worth.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Just hit the threshold. That's incredible. Okay, what is that made up of?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And Hunter, I cover in my book, Breaking Free from Broke, I went through every single thing I've ever heard about using credit cards, and I debunked it, not with just opinions, but with facts, with research, with my experience, with hundreds of others. And so I'm going to send you a copy of Breaking Free from Broke, and here's what I would do. Okay.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Incredible. How old are you two? Yeah.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Oh, my goodness. You guys are too young to be this wealthy. That's incredible. What's your household income?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And what was your worst year?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Incredible. What do you do for a living?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Oh, John's going to love that one. So she's a real counselor. That's awesome. Okay.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay. Do you remember your GPA?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I was like, I bet hers is going to be sky high. Very smart. OK, she's a smart one. So I love it. So you're 33 years old. When did you really begin to focus on on this stuff? Did you catch it? Were you a financial peace babies or was this, you know, when you were out of college, you found out about the Ramsey way?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You are solving for freedom, as John Deloney would say. Okay, so what was your mortgage interest rate?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Hey, as part of our future together, I want to make sure we're aligned with money because I know that money fights and money problems are one of the leading causes of divorce. And I want this relationship to succeed. Would you be willing to read this book with me about personal finance or listen to the audio book? Would she say yes?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Wow. So even though... You'll never have a 3.5% interest rate again on that mortgage. You're going to be stuck with a 0% rate with no payment for the rest of your life.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Do your friends talk to you like that? Do you have people in your life who think you're crazy for doing all of this and following the Ramsey plan?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Beautifully said. And you've been doing this for a while as far, you know, you've been investing for a long time, just have half a million in retirement accounts at 33 is really impressive. So you guys were doing a bunch of things at once.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
It sounds like you had some debt, you were trying to invest, you were trying to save, you got the house, you weren't aggressive about paying it off, but you started, you know, on the Ramsey way with some focused intensity and you went, man, what could we do if we just really focus and hunker down for two years?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay. I'm just making sure I'm hearing that right. I love it. Did you inherit any of this money?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So mathematically, that didn't cause you to become a millionaire, but it did help you get a foot in the door in the housing market. And I'm sure this house is appreciated in value.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Way to go. And now what's next? You're 33. You've got your whole life ahead of you. You're in Baby Step 7. What does the future hold?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Because then it's not you telling her. It's, hey, what do you think about that chapter? That was interesting. Like how he was talking about how you can rent a car without a debit card and the steps you need to take to buy a house without a credit score. And then it starts a conversation instead of you telling her how it's going to be. And I think that will help this go better. That's awesome.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Welcome back to The Ramsey Show. I'm George Camel here with Dr. John Deloney. Hey, you do not want to miss our two-night virtual event, Investing Essentials, hosted by Dave Ramsey and yours truly. Investing can be overwhelming and confusing, and it's not something that you can understand or learn in a 60-second social media post as you're scrolling.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So with this virtual event, we're going to walk you through how to maximize your retirement plans, how to pick mutual funds, how to get the most out of your money, invest with confidence. Plus, it's the only place to get Dave's personal playbook on real estate investing, explaining how Dave made hundreds of millions in property investments.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And this is not just a flex on Dave's part showing you, here's how much money I have. This is him breaking down the formulas he uses to make sure that he's getting the best returns on the properties, how he's sourcing his deals, and we're answering all of your questions at the same time.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So if you want to get clarity on how to invest with confidence, how to start building wealth, join us for Investing Essentials, March 4th and 5th. It's virtual. You can join from home. Tickets start at $1.99. Get yours today at ramseysolutions.com slash events or click the link in the show notes if you're tuning in on podcast or YouTube. Let's get to the phones. Alec is in West Palm Beach.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So you have the money in cash from this court settlement? Yes.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Because your financial advisor gets a pay cut if you cash out of that portfolio. Do you understand why they would be a little more likely and biased to get you to want to keep that money invested? Not saying they're a bad person. That's just the reality of what's going on here. I'll go one step further.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
What's he making 20%? Any advisor saying you're going to get 15% to 20% in this account is lying to your face. No good advice. Every advisor would be like, hey, here's been the historical return. We don't know what the future holds. Not you're going to make 20% if you just leave it. That gives me hemorrhoids on your behalf, Alec. Pull it out. Pull it out.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You need insurance. That's a non-negotiable.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Oh, yeah. Easy. So let me give you some solace here that you're doing the right thing. You are very young. You said you're 23 and 24. You'll still have $200,000 invested. Let's say you just took half of what you're paying in rent, $1,250 a month, right? And you put that in an investment account now that you're completely debt-free with tons of margin, right?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
From 23 to 63, if you just did that, you would likely have $18 million in that one account. If you never add it, just $1,250 a month, even if you get a raise, just keep doing $1,250, $18 million from 23 to 63, and that's a 10% return on average. So I just want to give you some solace. That's great. You have plenty of time to build wealth.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You're not 68 going, should I rob my entire nest egg to pay cash for a home? So this situation gives me a lot of peace that you are now freeing up your income for the rest of your life. And you're not desperate for that next job. You can do the work you love, and you don't need to go make six figures.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And when you said, here's what bothered me, Alec, you said, I'm just a carpenter, just a lowly carpenter. Like, I need to knock the Eeyore spirit out of you. Yeah, Jesus was one of those too, dude. You're in good company.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
What's going on, Hunter? How can we help?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Guess what? This gives you freedom. You can, like, move one day to wherever you want and pay cash.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
That's pretty sweet ROI. You paid cash for it, no debt?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Welcome back to The Ramsey Show. Open phones at 888-825-5225. The Ramsey Show question of the day is brought to you by YRefi. YRefi refinances defaulted private student loans, which are different than federal student loans. YRefi refinances your defaulted private student loan and builds a custom loan based on your ability to pay.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So kick your private student loan debt out of your life by going to yrefy.com slash Ramsey. That's the letter Y-R-E-F-Y dot com slash Ramsey. May not be available in all states.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Oy, oy, oy. Well, the answer is easy. I'll tell you what I would do and what I did, which is put as much down as possible. And we put down, John, I believe for our first townhome when my wife and I were married, we put down 45%. So close to what he's doing. No regrets.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
What ended up happening was we paid off the mortgage way sooner within a few years because we had a smaller mortgage with a much lower payment, which means we had margin to throw at the principal.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So by doing that, we ended up freeing up our mortgage payment way sooner, and we had the ability to invest that payment at a very young age. So I would encourage Stravis to do the same and not see it as one thing or another. Should I put this in the equity of the home or in the stock market?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I see this as a hedge going, hey, if I can get rid of this mortgage faster, it's going to allow me to invest more for the long term.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
else on there right and so go ahead and go in that into that with your eyes wide open yeah home ownership is more expensive than you think and so having a lower payment all that does is give you more margin to cover it without breaking a sweat you just kind of yawn and move on instead of oh my gosh we were already at the limit with this mortgage payment now we have to replace the hvac
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You don't need that in your life. There's no need to. You have the money. You've done so well. And my guess is he's young enough that he's going to have plenty of time to build wealth, have compound growth on his side, and invest that 15%. And then once the house is paid off, invest even more, 20%, 30%, 40%, 50% of your income if you want. So great question, though.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I would put down as much as possible. As Dave says, the best plan is the 100% down plan. But he knows that will get him lambasted in today's culture. People are going, Dave, you know how much a house is in today's. Yes, he does. He does. He's just saying it's the best plan is to avoid debt.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
But if you're going to do it, 15-year fixed rate mortgage, make sure that payment's no more than a quarter of your take-home pay. All right, CJ's up next in New Orleans. What's going on, CJ?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
How much do you make?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Goodness, that is mind-blowing. What do you do?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And you're really good at it, apparently.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
How much debt do you have?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
In what? What was the last one?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Oh, and credit card debt. Okay, cool. So tell me how a guy making $255,000 is still looking to lenders when he has the bank of CJ available. What caused you to turn to debt? Because you have the income. I mean, you're making, what, $15,000, $16,000 a month take-home pay?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So what would you say if you were going to list the top three things this money is disappearing into, what would you list them as?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So you're living life as a 29-year-old, going out to eat all the time. Is there outside pressure from friends, or is it just, nah, I want to get takeout again, another Uber Eats, who cares?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay, and you've been doing all of this on a credit card?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So can I tell you what I did that really helped me? I cut up the cards and I closed the accounts and I froze my credit. And if you do those, here's what's going to happen. You're going to stop borrowing money. It will freeze you. You're not going to be able to open up new lines of credit. And so right now we have to stop the bleeding. That's step number one.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You asked me how to get out of the cycle. You got to just stop the behavior that's getting you into the cycle and keeping you there. Because the truth is you got less than a hundred grand in consumer debt. You make 255. I'm guessing you have some money in savings.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay. So once you have a $1,000 starter emergency fund, I would use the rest of the savings and knock out these credit cards and call it done and close the accounts. Sayonara. That leaves you with a car loan and a student loan. If you want to keep the car, your income can support it because is this your only vehicle, only thing with wheels and motors? Yeah. That's right. Okay. It's a nice truck.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You make amazing money, so I'm not going to tell you you have to sell it. But if you're really going, hey, I want to burn the ships and restart, you could sell that thing if it's just too much car for you. But that, I mean, you're going to get out of this thing if you just go, I'm going to get on a budget. I'm bringing in 15 grand on average.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Amazing. I like making a bet with this girlfriend going, hey, let me be wrong. Cut up the cards, let's live our life, and let me be wrong if we end up hitting a wall because of this issue.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
When I get these big bonuses that come in, I'm going to throw all of it at the debt. What if you just told yourself this, I'm not going to even see this money. It goes to the account and it goes to the lender. Could you do that? Yeah.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Welcome back to The Ramsey Show. I'm George Camel, joined by Dr. John Deloney. Hey, are you staying on track with the baby steps? Well, we made a way for you to find out. You can take a quick quiz to check your progress and receive a personalized plan just for you. Simply head to the show notes on this episode, click on the link titled, Are You On Track With The Baby Steps? And complete the quiz.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Timothy is up next in Oklahoma City. What's going on, Timothy?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Doing well. How can we help today?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Per spending money. That's right. That's a fun game to play. That could be. I love that. Well, Hunter, hang on the line. I'm going to send you a copy of the book, Breaking Free from Broke. And in there, specifically the credit cards chapter and the credit score chapter, those two will unlock a whole lot for you and your girlfriend about how to live outside of the system. Yeah.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Oh, boy. I'm still stuck on the fact that you didn't buy a house. You thought you bought a house. What was the legal process for you to buy a house that couldn't even go into your name?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Oh, my goodness. Is there anything in writing?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
This whole thing just worries me. I mean, what if they don't get out of this mess? And you've been paying on a property that you have no claim to.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So just know that there might be a scenario where you go, hey, at least we had cheap rent while we stayed here. But it's not ours.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I thought they couldn't get extra money. Isn't this down payment and you paying them rent considered extra money?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Cash money. Oh, under the table.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
But how much do you have left on the student loans? When are you guys going to be completely debt-free?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And then how much longer to get a fully funded emergency fund?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
That's why I wrote it, John. I wanted people to buck the system entirely because they go, I hear this, well, George, you can't live life without, you're so out of touch that you think you need a credit score and a credit card to live your life. I'm like, you're out of touch thinking this is the only way to live. You've been so brainwashed.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay, so let's call it a year. One year from now, you guys are completely debt-free with an emergency fund. That puts us in baby step four when we can begin investing. I would begin investing 15% while making rent. Any money beyond that, you can sock away to try to lower the loan that you'll have when you do take this house over. Okay. But I would just take a small loan out.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
You guys are going to knock it out quick, and so I'm not concerned about that, but I wouldn't hang on to the student loans and pile up money to make this transaction happen.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So you're saying you could get out of debt, get the emergency fund, and save up to $60,000 by the time this transaction is ready?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay. Well, once you free up the payment, that'll help even more. So I like this plan. I would have a goal to go, hey, by the time they're ready to make this deal happen, we have the money to buy it from them. Are you buying it at a deal or is this market value based on all the rent you paid?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Is what it's actually worth. And the money you put in with the rent down payment plus the 60 will be 105? Yes, sir.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And letting go of their house for less than half of market value.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
That's, yeah. This whole situation gives me the heebie-jeebies.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Let's see if we can help Sarah out real quick. Sarah, get right to the question. We're up against the clock.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So was she behind on payments for a significant amount of time? What happened?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
All credit cards. Okay. And is this all one credit card with one lender? Yes.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And is she able to stay current on all of her other debts? Is the only one in collections?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Okay. I would put these collections at the top of the list to deal with. I honestly doubt they're going to negotiate with you since they're such fresh debts. They may not take pennies on the dollar for this. You can help her by just being a support for her, but she's going to have to fight this thing and fight the behavior that got her into this mess.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
So if you can avoid going through court and try to find some kind of settlement agreement, a payment plan, whatever it may be, I would go that route to avoid this escalating. But there's nothing much else you can do if they already have a judgment against her.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Yeah, I don't know that it's worth hiring a lawyer to deal with this because she owes the money. And if they have proof of that, she's going to owe the money. There's not really a way around this to where she's going to get out scot-free.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Stack up as much cash as she can and see if they'll take it. This is The Ramsey Show.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
The system is changing. It's going to be an autonomous vehicle, John. Will you actually be driving? I'm going to keep my old truck just for that reason. With a stick shift. This is The Ramsey Show.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Welcome back to The Ramsey Show. I'm George Campbell, joined by bestselling author Dr. John Bologna. Taking your calls at 888-825-5225. To Canada again we go. To Toronto, Noah joins us there. What's going on, Noah?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Doing well. How can we help?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Got it. So they're saying, hey, you could leverage that money in the stock market instead of sinking it into a car.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And there are no guarantees in the stock market. And I don't know what they're invested in and what's going on in Canada. But I'll tell you here in the U.S., we don't know what the future holds. And there's a guaranteed return when you pay cash for that car instead of going, all right, I spent 15 grand. And in the end, I paid 20 with interest.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And now the car's only worth 10 by the time I pay it off. That's the reality of the math of how cars work. And therefore, cars are one of the dumbest things to go into debt for because they're continually going down in value while you pay interest on it.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Why did she pay off her car? Did they pay cash for theirs?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
If it's such a good idea, why aren't they doing it? They should be taking out as many car loans as they can get and putting it into the stock market.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
What a dumb idea that was. He could have been leveraging that in the stock market, Noah. Do you see where I'm going with this? It's okay to be misaligned with your parents.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And if it gives you any solace, I still disagree with my father to this day anytime we talk about money. So this is just a thing of life you're going to have to get used to. Me and my father do not talk about money anymore. We just laugh it off and go, thanks, Dad, I'm good, I'm good.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
But the truth is, Noah, you can do this on your own, and you're a grown man who probably will soon move out and have his own life, right? Right. Of course. And they don't pay your bills. And so they're not going to get a vote in your financial choices. And so you got to do what is in your gut is the best thing for your financial future. And you know too much to go into debt at this point.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
And so the next goal is how do I save up really quickly to get a car I can afford in cash? How long will that take?
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
I don't like this two year plan where you're saving up, you know, five, 600 bucks a month. You should be able to save up, you know, a grand a month and knock this thing out within a year.
The Ramsey Show
The Baby Steps Break You out of the Paycheck-to-Paycheck Cycle
Well, the longer you're tethered to mom's vehicle, the longer this is going to get played out where you're just intertwined with family finances. I'd love to see out on your own. And that's going to give you a sense of independence, maturity. And I've just seen it too often where growth is stunted when you stay at home for too long when you don't need to.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
All right. Can I give you one piece of magic advice?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I don't think it's going to be, but you get a rare gift that most of us just blow by. You get a rare gift to at least consider this might be the last Christmas you sit around the tree.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Every minute. Yes. Go on the vacation. Go do the silly things.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Throw water balloons at your daughter when she gets home from school. Do all the stuff.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
That's amazing. Write the letter. Make sure she's got something to read forever and ever and ever. Okay? You're a brave, brave, brave woman. Thank you for sharing your bravery with us.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
For all the men and women listening out here, we all have our last day. And you just heard what bravery looks like. Someone who says, okay, it's common. I want to make sure whether I know what day it is or it might be 50 years in the future, I'm going to do the best I can to make sure those that I love who are left when I'm gone are taken care of. That's what that sounds like right there.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Mason, this is the most America call I've ever received. Like, we really want to do a thing that none of us are doing. So y'all do this thing. I think the, as the great country lyric goes, you say it best when you say nothing at all, Mason. Just start paying with cash. Yeah. Just start getting connected with your wife.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So why haven't you started yet, Mason, if it's such a great plan?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I know, but you didn't answer my question. If this is so great that you want all your friends and family to get involved, why haven't you?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Not terrible. That means it's not great.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So, Mason, that's 100% leverage. That qualifies as terrible. It's not great.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Where's your debt come from, brother?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Mason, how quick can you get $1,000? Stop thinking about it and stop making lists. How quick can you get $1,000?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I bet you can do it faster. What can you sell?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
That thing that just popped in your head, that guitar, that tool thing, you can sell it. The 4x4?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I want you to put two-week time limit on yourself and go get $1,000.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So when Dave says the words, gazelle intense, he's been saying that forever. When a lion shoots out of the brush after a gazelle, a gazelle does not just sit around and like for a couple of months and like make a plan and like talk to the family. Like, are you guys going to run? Like I'm thinking about running. The gazelle just starts running for its life.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And until you get that kind of intensity, brother, you're going to be 22, you're going to have a nine-month-old, you're going to have a wife, and you're going to be scared to death like you are right now. I can hear it on you.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I know. Don't be nervous. We're not that great. We're not that good. But you see what I'm saying? I want you to get fired up on behalf of the world you're going to create for your daughter that you didn't have, which is a house that doesn't owe anybody anything. Can you imagine that?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I think it's time to get on it, brother. I think it's time to get on it and tell her, in two weeks, I'm going to have $1,000. We have an emergency fund, and we're going to stop using these credit cards, and we're going to start knocking them off. We're going to list our debt smallest to largest and get out of this mess.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah, you have to lose yourself to the music in the moment. You have to just own it. Yeah.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Well, I mean, you have multiple opportunities. You just have to go for it, right?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Oh, that's a good question. No, yeah. You have to lose yourself in the music in that moment.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I don't know what else to tell you. Go, go, go, go, go. Mason, stop sitting around thinking about it and talking about it. Go get it. Yeah, you're sitting over there.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So it sounds like here it's a, like what you just described, if I was to put a theme over it, it is I've got to get through today. It's desperation. I've just got to get through this afternoon. And if you are constantly waking up on a treadmill of I've got to get through this afternoon, I've got to get through this afternoon, there's plenty of people out there that are ready to prey on you.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
It's ridiculous. And the number of things I've bought for Christmas for people online... I get so many emails back that's like, you've now got five points with whatever shoes and five X the point. Like what? I don't even know. It's all been gamified. I don't know what you're talking about.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Hey, Lucas, hang on the line here because I want to ask George a question on your behalf. So George, so you have a peak and valley fund. And let's say it feels like in my head, it would be smart to have a line that when you cross that line, there's a chunk of money that you decided what to do with. So let's say his lowest month he had last year was five. His highest was 16, but he averages 12.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
You're paying the dealership's depreciation for them on the vehicle they just bought.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
What are you passionate about? Oh, my goodness. When you're 18. I can't even say on the air what I was passionate about when I was 18. I'm just glad I didn't get $100,000 to pursue it.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I like this here. It says the average person asks not how much does that cost? They ask, how much is it going to cost me a month? And can I make this pile of monthly payments? Can I make that less than I make? And people feel like I'm spending less than I make. I'm living less than I earn when their payments all add up to that, not the total purchases.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Right. And so he's going to continue to move this money over there and money over there. Does it make sense to say, okay, when we get 25,000 or 10,000, we're going to stop and either move that to X or move that to Y. Like, you know, you see what I'm saying?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
We found the opposite. Well, it's like a... I think the great lie in this country is one day you get to retire so you can quote unquote do nothing. And I think people consider wealth, I want to get enough money so I don't have to worry about it. And that's not how it works.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And if I was to come up with a theme for the wealthy people, it is they don't make other people rich and they solve for peace. And so a wealthy person, you always want to ask, I want to be a billionaire by 40. And I always want to say, why? For what? Why? So you can sleep at night? Okay. Give your body the opportunity to live in a home that nobody could take away from you.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Then you're going to sleep, right? Then you're going to have peace. And so they pay off their mortgage. They invest. They know that come what may, I'm going to be okay then. No one can take my house now. It's this idea. It's they're thinking about tomorrow, not just this afternoon, not just this afternoon.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
But if you solve for peace, not for credit card points or not for the difference between my 2.9 and my... Solve for, I'm telling you, man, you get wealthy for a reason. You don't get wealthy for the sake of wealthy. And I think our culture has missed that completely.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
We have none. We just judge ourself, how much are you worth? It's a number. And the answer to that question is never a number. And we always are like, okay, what are we worth? What are you worth? What are you worth? Instead of saying, why? And dude, I don't care what my interest rate on my house is. I don't want anyone to be able to take my house away, so I'm gonna pay it off, right?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And wealthy people solve for different problems.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Oh, boy. So you have a $13,000 depreciating asset in your house. It's a paperweight. It doesn't work?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Then we're buying a quilting machine with cash that's ours.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
You'll buy the same exact machine back from your alter you at half the price.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah, you're talking to two guys who have moms in your age vicinity. And both of us are getting nervous right now. Why are you getting nervous? Thinking about our mom and your situation.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And I also want to acknowledge how heartbreaking it is. This is not how you drew it up, how you thought things were going to be when you were 60, is it?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
No. And so I think instead of having dreams that, you know, we're going to put on a credit card here or move some money around here or get a credit card and put on a HELOC here. I think there comes a moment when you sit down and acknowledge, I did not, this is not how I drew this up. I had a ride or die. And for whatever reason, my marriage fell apart.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I don't know why I'm still here in Sacramento. I want you to have those conversations and get with a friend and grieve it. And then be intentional. And the word I use here is not to mock anybody or point fingers, but it's I have to choose reality. Here's reality. I really want to do quilts. And right now I can't afford to do that because math.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And I really want to be free when I'm 65. And that means I'm going to have to work really hard at 61. I don't want to be, you don't deserve to be mom should be having their feet up at 61 and playing with grandkids and rolling. Like, you know what I mean? And unfortunately that's just not your reality. So let's get there as quick as we can.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And let's go do the next hard, hard, hard things for 61 and 62. So that 65, 75, 85 year old you has a pretty sweet ride. Okay.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah, dude, I follow an Instagram account, and all that guy does on this Instagram account is takes horses' hooves that are infected or messed up, and he cleans them all up and makes them amazing, and I'm just mesmerized by it. So cool, dude. How long have you been doing that? It's a fun job. About 10 years. How many times have you been kicked? A lot. A lot. Not by your wife, but by these horses.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I didn't even know what day it was when I was 24, man, so good on you, brother. It's awesome.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
All right, so I got you a more equine question.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah, on the Ramsey Show. Listen, Lucas, we got you. We helped you out, so you have to help us out. Okay. There's a mystique around horses. Is it real? Yes, sir. Are they like a magic animal in some sense?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I want you to solve for peace. You have 5,000 moving puzzle pieces and it's exhausting just listening to you trying to balance this and move this over here and try this thing. Try solving for peace. How simple can we make this? How simple can we have the life that we want to live? Seek that option. This is The Ramsey Show.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Today's question comes from Jenna in Minnesota. Jenna writes, a few years ago, my husband loaned some money to a friend and also let the friend use his credit card. He thought the person was trustworthy, but by the time we realized what this guy had spent, he owed us about $15,000. Okay. He pays us back here and there but it's only a couple hundred bucks every few months.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
At this rate I'm worried this guy doesn't actually intend to pay us back the full amount and is only paying us occasionally to keep us happy. We recently found out he had taken advantage of at least two other people as well and still owes them also. Are there any legal measures we can take that won't cost us more than it's worth? Walk away Jenna.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
A $15,000 stupid tax. It's a heartbreaking tax. It's a I thought you were a better friend tax, but walk away. You are expending way more emotional and relational and psychological energy over this than he is. And so it's like that old AA adage, you're drinking poison every morning hoping that he gets sick and dies. It's not how it works. You're the one getting sick.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
You and your husband, wash your hands of this thing, block this guy on social media and go about your life and just know we're never going to loan friends money again. We will give our friends money. We'll give it to them all the time generously and recklessly. But I'm not going to loan any money because it just puts a huge wedge between us and our relationship.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So think about this in court. The judge is going to say, let me see the contract. And you're going to say, well, we don't have one. What are the terms y'all agreed on for when he'd pay it back?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I handed it to him. I didn't think he was going to spend 15 grand. Did you tell him don't spend 15 grand? No. So it's one of those things that it defies the implied social contract we all have with each other, which is to treat each other with dignity and respect. You guys got spit in the face and I hate this for you.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So you can just sit there with spit on your face, getting mad at him and mad at him, or you can clean up and go on about your life. And just know, like the Delonys, we don't loan money to friends. I'll give money all day long. I'm not going to loan money because it creates a wedge in our relationship. My friendships are too valuable to me. 100%. Thanks for the question.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
By the way, if somebody comes and says, hey, can I borrow some money? And you say, hey, we don't loan money to friends. Tell me what's going on. And they launch into, well, screw you. Who do you think you are? They aren't your friend. They are not your friend. They want to use you as a bank. You were just a pawn in their scheme. Yes, you were a means to an end.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And it's a good litmus test of your relationship if your friends piss and moan about your boundaries. Yeah. Sorry, Jenna, but you and your husband would, as the great Jay-Z says, brush your shoulders off and move on. I thought you were going to go Elsa.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
You're cooler. You can tell my kids are older than yours.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
If somebody had a deep personal connection with a horse and they were struggling financially and somebody just popped in their ear and was like, you should sell that horse right away, that'd be kind of cruel, right? Yeah, it's hard to do.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
How far along are you in your program?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Out of eight. Um, Man, I might be on an island here, but if you were my son, I would tell you you have a Willy Wonka ticket, which is a free ride to a college education. I would take that ticket. For a great degree. For a great degree.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah. And you're going to have a certificate. You're going to have a credential that no one can ever take from you. The credential plus the training. Yeah. And I think that's invaluable. And let me tell you this. Can I just, can I applaud you? 18 years old and someone's coming out of the gate offering you 40 grand just to walk away from everything. You know what that tells me?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
You're in rare air, my brother. That means you work hard. That means you're very smart. That means you get your stuff turned in on time. Your grades are good. That means they're already identifying you. And what's hard when you're 18 is when somebody sees you and you feel seen and you feel known, it feels so good that it's easy to get derailed.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
lean financial years and it's hard to hard to think about getting rid of the horses um there you go just want to make sure i have a friend named uh cords jamel and he did that one time and it was pretty tough so but at least it wasn't in front of millions though yeah it was it was in front of a whole bunch of people yeah but hey lucas that's i appreciate the work that you're doing brother that's awesome
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And it's the 18-year-olds with wisdom that say, okay, if I got this at 18, just imagine how many people are going to be knocking on my door when I'm 20 and I'm fully credentialed. And you're going to have zero, none, no student debt because the school's paying for it, man. Full ride. It's a Willy Wonka ticket, brother. You won. So I can tell you, I've worked with college students my whole life.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
But more than that, I'm just telling you what I would tell my son, which is ride this out, get the education, get their credential. This is a valuable degree and will only get more valuable over time. And these jobs at Bitcoin, I mean, dude, you're going to have jobs lined up for you. So that's my recommendation.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Hey, congratulations, man. It does my heart good to know. You're building the infrastructure that my kids are going to grow up in, man. And I'm glad to know there's young people out there like you out there busting it, working hard, and making their grades, dude. That's awesome.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yes, and it's just that understanding that jobs will come, the jobs will come, the jobs will come. Yes, if you find yourself, your parents are saying, you're going to be a doctor, and you just finished your first semester in college and you hate it, you hate, you know, okay, I mean, you hate biology, and somebody comes along and says, I'll pay you 40 grand to come home, take that job, right?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And that's a great situation to figure out what's next for you. But if you're on the path and someone tries to, in that same field, get you off the path early, The discipline thing is to stay on the path.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
They also just rolled over my show, The Dr. John Deloney Show. I heard that. With video on the network app. So now it's the place to be. It's where the party's at. All of your favorite shows. You can get my show a week in advance before it launches out in the real world.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah, it's kind of the cool flex is to be on the app.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
When you say bombarded, sometimes when I get nervous or frustrated or I'm in a world I don't understand, I'll say bombarded or I'm getting blown up, but actually it's like two or three. So how many letters, I mean, how many times have you been the victim of a data breach?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Five times, okay. And it's like a hospital or an ER or something like that?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Letters. Letters in the mail. Yeah. And sometimes those letters just say, Hey, a big block of things got exposed. It doesn't even mean anybody took anything. Um, it means somebody hacked into a thing and they may have gotten 10 names, but there was 10 million names in there and yours was one of the 10 million. So it can be pretty confusing. Um, I've got a couple of routes for you.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Here's the thing, getting quote unquote out of the system at this point. And you're talking to a guy that spent my whole life trying to avoid being on the internet. John is a privacy nerd. I am. It's a game for me. I don't even know that his real name is John, to be honest. It's for sure not. It's Daryl, right? So I have tried to opt out. I've recently relented. There's not a way out.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah. And I don't, you can tell me if I'm wrong here, but it feels like, especially as the world has moved almost overnight to this gig economy where everybody's got a job and then a side hustle and then another side hustle. If you're making $250,000 and you're going to fudge here and around the edges, okay. If the $14 you just earned that hour is going to a bill, you have extra.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And so I think the things to do is to protect yourself.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
There you go. So two things that I do, and that George does too, is one, I work with a company called Delete Me. And you can go to JoinDeleteMe.com. J-O-I-N DeleteMe.com. Slash Ramsey. We'll take you right there. Yeah. Or slash Deloney, because then I get credit for it. Oh, wow. Slash Ramsey. Wow. But here's the deal. They go through and pull all of your...
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Anything on the dark web where they're selling your like spammers and scammers and people trying to steal your data, they pull it all off the internet and they send you a report every month. It's pretty amazing what they do. The second thing is to get identity theft protection from our friends at Xander. I've got it. George has it.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And it's really inexpensive in the rare case that you get your identity stolen. And even money stolen. Money's taken out of your account. It's very rare if it happens. It happened to George once. Never happened to me. If it does happen. They've stolen funds recovery. They go chase it down for you. So in a world like, I'm like you, man. I don't know how any of this stuff works. I don't get it.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
If you told me to log into the dark web, I don't even know what that is. I don't even know what that is. I don't even know how Twitter works, right? But I trust these folks that if something does happen, they're going to chase it down and help me out. So those are the two ways I protect me and my family right now.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Or in gold. Don't bury it in the yard.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Sure. That's one account. Yes. You can also get some of these high-yield savings accounts that have rollover protection that they move your money around to multiple banks and they can be millions and millions. My high-yield savings account has millions of dollars in FDIC protection on it.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah, from your yard. I don't know, man.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
My guess would be at some point you'll have to report a commodity sale as income.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah, my guess is on money. If you got money and then you bought gold with it and buried it in your yard and then you took that gold out and converted it to cash, you would have probably already been taxed on that money when you got it the first time.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
You better be paying attention to every dollar, right? Like watching every penny. Yeah.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
That's right. That's right. But I'll tell you this. A great friend of mine who is a...
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
bank executive said the best we can do is the next right thing and we can plan but if we spend our time trying to avoid meteorites like i don't have a meteorite plan if suddenly the united states is not able to ensure its federal deposits and the banking system collapses the gold that i've buried in my backyard will be worthless because my neighbor is going to come over and try to fight me for my water
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And so what happens a lot is these stupid commercials come on these news channels trying to sell you end-of-time hedges. And end-of-time hedges don't work. The greatest hedge you have against an end-of-time apocalypse is to be really closely connected to your friends and neighbors so that everybody can work together.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yes. And so if you're getting paid every day like he is, if you are working these gig jobs where you're measuring mileage and you're – it's on to you to pay extra special attention to every penny, every dollar, wherever you happen to be. And that's how you're going to get ahead, especially on this day-to-day, by day, by day, by day basis.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yes, I wish that. And it just isn't the case. They spend money like it's going out of style.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So how certain are you about your new contracted timeline for just being around?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Do you feel pretty confident about that?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
I'm going to assume you've got longer than a year, but I'm going to pretend like you are that we're going to go ahead and do those things just in case. Okay.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Um, thank you. I want you to never say the words I should have again.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Literally life is too short. Okay.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
We're not going to say I should have, I needed to. We're just going to do the next right thing. Okay.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So how do I set up a budget for something like that? What do you do that you get paid daily? Are you slinging rocks? I'm a farrier. I trim and shoe horses. Oh, dude. I get paid. That's amazing. Yeah, that's way better than selling drugs. I love that. Okay, good. So do people call you out to their farms and you go out there and take care of them? Or their horse ranches? Yeah.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
So we're going to let old Christina who is trying to survive getting hit in the mouth with a cancer diagnosis the first round. We're going to let her off the hook. She's tired.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Is that cool? Thank you. That's cool. So no more shoulds. It's just going to be the next right thing. I'm assuming you're a list maker. Have you made a list of all the things you need to go do?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yeah. Okay. I want you to put at the top of that list. Things that bring me joy and laughter.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And I don't know what that means for you. For me, it would probably just be Will Ferrell shows and playing with babies and hanging out with my kids and my wife. And puppies. Everybody's different. Okay. George would just be smashing Android phones. That would bring him the most joy he could possibly have. Not a bad idea. Right. But I want you to put that at the top.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
The greatest gift you can give to your loved ones in this season is to find joy where you can. And then we'll do these tasks as they pop up. And this is one of those tasks. I'd recommend you get a SmartVestor Pro if you haven't already. And just consolidate this stuff as quickly as you can into a single account.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And if you've got multiple, like when I moved to Ramsey, I had left three or four other jobs. I had 401s everywhere. So I called my smart investor pro and we gathered them all up into one central place. And it took like, I mean, he did it in no time.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Yes, and by splitting it, you're going to make things way more complicated for him when you pass away.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Hold on, no. Before the weekend is over, at least go to Mama Bear Will and get a will, okay? Okay.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Let me say, that's who I got it when I moved from Texas to Tennessee, and I went and got a Mama Bear will because I've moved states. And then I recently have sat down with an estate planning attorney, my wife and I did, and we went through the whole rigmarole. And he was awesome. He's awesome. He's here in Nashville. But getting a thing right now, just in case.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
And then sit down with an estate planning attorney with you and your husband.
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
and earlier i want to reiterate george asked you is this in a roth or is it traditional 401 and your response was this i don't know you're not failing anything it's not a pop quiz okay 99 of america doesn't know the answer to these questions that's why this show exists okay okay the least amount of beating yourself up you can do over the next year the better
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Is that cool? What else we got? What else we help you?
The Ramsey Show
Don’t Overcomplicate Building Wealth, Keep It Simple
Okay. And you probably wouldn't qualify for any others. Yeah.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Rachel, do you ever get these sketchy text messages that are like, hey, you need to update your address and verify so we can get you the package you didn't order?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And that's why we recommend Delete.me. They help with that.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And there's a lot of shady companies out there that solely exist to sell your personal data to bad guys. And that means your info, like your email address, your home address, your kids' names, your name, everything is just out there for scammers and spammers to find.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I love these reports. So far, get this, they've reviewed 27,000 listings on my behalf, removed me from 240 data broker sites, and saved me 77 hours of time. It's incredible.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I love it. So you got to be sure to check them out. Ramsey fans get 20% off their annual plans. Just go to joindeleteme.com slash Ramsey. That comes out to less than nine bucks a month. Super affordable.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Well, I mean, you're just switching it up. So with the Roth side, you're paying taxes now and then never again. And so what you're saying is, well, I'd rather not pay the taxes now, but one day when you go to withdraw that money, you're going to pay taxes on it. So there's no way to really avoid the tax man. You're going to do it on either side.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And if I'm in your shoes, I would just stick with the Roth. I don't like doing anything for the tax benefit. I know it stinks to pay taxes, but it's just part of making an income in America today.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And so I would do any other thing you can do to reduce your taxable income through deductions and credits, but I don't think it's worth switching to the traditional side just to save a little bit on taxes.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You're out of options as far as tax advantage retirement accounts.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Is it a high deductible plan or is it PPO? Do you know what it is?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I was asking because if you have a high deductible health care plan, you can do an HSA, which is a health savings account, and you can actually invest through there with tax advantages. So it kind of becomes a bonus retirement account in that way, you know, outside of your Roth IRA.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Beyond that, beyond the HSA, a Roth IRA, if you have no other options that you can do, you could always go to a taxable brokerage account.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
non-retirement and just dump money in there into some s&p index funds okay and that that would give me a tax advantage then it wouldn't give you a tax advantage but it's another way to invest if you if you're not hitting that 15 are you debt free with an emergency fund currently
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. If I was in your shoes, and again, you called our show, this is the way we do it, I would pause all investing, you know this, and knock out the student loans, get an emergency fund, because right now you are skating on some thin ice. All it takes is one more emergency and you're back to using the credit cards.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It's going to move you backwards and you're not going to be able to build wealth because you're going to be dealing with all these ankle biter things. And so getting rid of that debt, getting the emergency fund in place should be your A1 before you get to investing.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
There you go. You got it. We are here for you, Lisa.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
People think, wow. The government blessed me with free money. That's not how it works. You just overpaid your taxes throughout the year, and the government says, hey, you overpaid. Here's a little bit of money back. So here's what you should do instead. Adjust your withholdings to keep more of your earnings during the year. Get to as close to zero as possible. You don't want to owe too much.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You don't want to get refunded too much. All right. Myth number two. Higher tax brackets are bad. Oh, boy. This one's hilarious. People go, well, Ken, I don't want to get a raise. I'm going to owe more in taxes.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
That's not how it actually works. Only the income within each bracket is taxed at that bracket's rate. So it's this much up to 10%. Then the next batch is up to 12%. So you're not actually paying 22% on all of your money. That's right. There's marginal and effective. So you've got to look at that. Earning more increases your income, not the overall tax rate.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Gosh, yeah. Paying interest in order to gain a tax deduction is very counterproductive. If your tax advisor is suggesting you do this, you should fire them. It is way better to pay off your debt, save on the interest payments, and free up that income. Never do anything just for the tax deduction.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
They go, well, I can't pay what I owe, so might as well just not file at all. Yeah. That's how you go to jail. That's not a good plan. So the penalty for not filing a return or filing late can be up to 10 times as much for the penalty for not paying on time.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So you still have to file the return by the regular deadline, pay as much as you can by the deadline, and then set up a payment plan with the IRS for the rest that you owe. But you got to file by the deadline. That's right.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
That's fair. Well, here's the good news. You're probably better off filing your own taxes if you have a simple tax situation. So if you're a normal W-2 employee and have a lot of life changes this year, then it's fine. You can use Ramsey SmartTax and file on your own.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
But if you have a more complicated tax situation, you own a business, you bought a home, you had a baby, you're Ken Coleman, you want to consider connecting with a tax professional. Yeah, that's right. Regardless of all this, you got to file by April 15th. The deadline is upon us. And if you're ready to file online, be sure to check out Ramsey Smart Tax. It's tax software that's easy to navigate.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It is foolproof. Even Ken Coleman could do it. That is true. Go to ramseysolutions.com slash smart tax or click the link in the description if you're on YouTube or podcast.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yeah, well, and this stuff is all over TikTok and social media. That's why I bring it up, to let you just swat it. They're going, hey, let me go buy a G-Wagon so that I can write it off.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
As if the write-off is better than saving the money.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Well, it gets a lot of clicks on social media, and then people go, well, it makes sense, and then your tax pro is telling you the same thing, because that's what you want to hear. You want to go spend money? Great. Just write it off. It's not a dollar-for-dollar deduction, and it's unwise to spend money that you don't need to be spending. That's not how a successful business is run.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Amazing how that works. More money. Who knew you'd rile me up about tax myths on a Friday? Well...
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Is he in prison now? Where is this guy?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I'm so glad you called. You did not sign anything with these people, did you? Not yet. Please don't. Please run so far away that they can't see you anymore. They can't contact you, block their numbers. These people are not here to help you. Do you understand how these work? So they tell you, hey, we'll reduce your debt one easy monthly payment. Your life's going to be so much better.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Here's what actually happens behind the scenes. They tell you to stop paying on all your debts, stop paying your creditors, let your accounts go to collections, which tanks your financial world.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
then instead of sending your payments to the debtors you send it to them right they put it in an account and they hold it for you and they wait months sometimes years to negotiate a lower lump sum and they charge you for it that's the fees you're talking about so you pay thousands of dollars for someone else to attempt to fix your financial mess while taking your financial world right now the creditors they don't have to do any of this they can still sue you they could take you to court
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And even if they do settle a debt for less than you owe, the IRS considers the forgiven amount as taxable income. So you still have to pay taxes on that difference. And so instead of doing the shortcut, I believe in Uche and your ability to pay off this debt on your own without this shortcut that's going to really harm you in the long run. So here's what you do instead.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Pause everything you're doing in your financial world and cover your four walls. Can you cover your food, utilities, transportation, housing with your current income?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
That's your four walls. So you need enough to cover the basics, nothing more. And then beyond that, we need to make the minimum payments on our debts. Can you do all of that right now?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. And then do you have anything left over to throw at your smallest debt? No. Beyond your basic bill. So what is your income right now?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. Are you doing any investing right now?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So how much do you have in savings? Do you have $1,000 saved yet?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay, so that is your A1. You're going to cover your four walls, nothing more, cover all of your minimum payments. Any extra dollars need to go to a savings account until you have $1,000. That's going to help you cover those ankle biters like you're mentioning. Okay. Okay. Then once you have $1,000, you're going to move on to the debt snowball. That's baby step two.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
List out your smallest debt all the way to the largest debt and just attack the little one with a vengeance while you make minimum payments on the rest. So what is the smallest debt if you listed them all out?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
,,,,,,. P P P P P P G實 ac , , , , , , , , , , , , , , , , , , a a a a a a P P P P P P P P P P P P P P P P P
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Do you have any family? Do you have kids?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay, and where were you living before?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So what would it cost you to rent somewhere? Let's say you got rid of the camper.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Today's question comes from Marissa in Oregon. My husband and I are working hard to pay off our debt. We set our budget each month and try to stay with it. Our problem is that we have way too many auto withdrawals coming out of our accounts. I started a calendar to track our finances, but that doesn't seem to help. What advice do you have regarding budgeting for scheduled withdrawals?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I think Ken fell asleep while I was... My second reference of withdrawals, he was like... I'm losing it. Okay. This is actually a good question. It's a really good question. It's very tactical, but I think this will help a lot of people out there who are also struggling with this. So when you have auto withdrawals, they're on auto pay.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
The electric bill is going to come out on the 17th every single month. So you say that you're setting your budget. I don't know what budgeting method you're using. You didn't mention that. I personally use the EveryDollar budgeting app. You can jump on there and use that for free, get it in the app store.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And what I love about this is that you can set the due dates with each item in the budget, each transaction, and you can have reminders in there. And so one thing you can do is with the premium version, there's a paycheck planning tool where you can see exactly when you're going to run out of money based on when those bills are coming out.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Well, better is, I want to argue with that word. I don't know that your quality of life is amazing right now, living in this camper on your mom's property. I think you need to stand on your own two feet and do some sort of work that you can do because I don't know that this is going to provide enough income for you to cover for the rest of your life. When does this workers' comp end?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And then the process would be call the utility company, get online, and you can change the payment date within a certain window to say, hey, I need this to come out on the 16th instead of the 14th so that it can come after the next paycheck and not before. And that will help you over time. And it sounds like you guys are also – you're running it real tight right now.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I would keep a buffer of $100, $200, $300 in your checking account. Yeah.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
so that you're not running up to zero and overdrafting that's what you want to avoid here so doing all of that will help and over time it's going to get easier as you understand when these bills are coming out but doing that every dollar budget's really going to help you understand paycheck one hits here here's all the bills that come after it paycheck two hits here here's all the bills that come after it and over time you'll get it dialed in and you'll you'll start making that progress
The Ramsey Show
Stop Watching the Market—Start Building Wealth
No, let's stop. Well, I'll tell you this. Bankruptcy is not your answer. You guys are the solution to this problem. And so we're going to get you out of it. You're working full time?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
What is your, is it an hourly rate? Who's setting this? It's $15 an hour. Okay, I think you need to be making more money doing something this technical. Better job, better job. So let's just check that off the list.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. So you got another 17 years of this 2783, but that's not enough to cover your bills and have a life.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You need money now. Yeah. Not I hope to make a commission seven months from now to sell my first house.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I'd be working 60 hours a week doing retail and you'll make more.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
um so i knew i had nothing together um all right well listen to george here i think here's how we pay here's what happened you got a baby on the way and it was a reality that's right and you went oh my goodness i got to be like an adult all of a sudden right yes and your wife is feeling the stress too is she currently working doesn't care about money
The Ramsey Show
Stop Watching the Market—Start Building Wealth
She does when she doesn't have it, and she can't feed her baby. She's got to start caring.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Well, you're going to need to invest the money. You don't need a big portion of it right now other than paying off this debt, which I would just suggest selling this camper and getting rid of it. Are you underwater on the camper?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You need income ASAP. The debt, I'm guessing the minimum payment is a few hundred bucks?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay, and you owe $12,000, and it's a car?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You need to sell that car today. It's worth 30 grand and you owe seven?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So you could make $23,000 from this sale, use that to pay off the rest of your debts, and still have money left over to buy another car used in cash. You hear that? You just solved the problem right there, Alan. And then the next step is let's get our income up and start stacking up cash so that we have some when the baby's here.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You guys are going to be debt-free with an emergency fund by the time this baby arrives into this world. Mark my words. And we're going to send you Financial Peace University. You and your wife sit down, watch all nine lessons, and then you will be on the Ramsey train on the path to building wealth.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So you owe 12K. What is the camper worth?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Raise your hand if you've already filed your tax return. Ready? Go. Okay, I can't actually see any of you, but I can feel it in my bones that not enough of you are raising your hands. Y'all need to get on over to Ramsey Smart Tax and file your dang taxes. Ramsey Smart Tax is a 100% accurate tax software that won't pilfer your wallet or surprise you with garbage hidden fees.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Plus, it's powered by TaxSlayer, who's been trusted in this industry for more than 50 years. Go to ramseysolutions.com slash smart tax and file with tax software you can trust. That's ramseysolutions.com slash smart tax.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. So you could profit off of that, and then what's the credit card balance?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So you could sell the camper, use the profits to pay off the credit cards, never touch debt again, build up an emergency fund with some of the settlement money, and invest the rest.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I love that. So it wasn't just a never ending journey. There was a destination and you know where it was. And so it's like you're going on a road trip, you know, the ETA.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And that's what that did for you. Having that goal set and going for it. And did you stay on track the whole time? Did you exceed your goal?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And how did you go about doing that? Is that hand-stitched? Is it embroidered?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I think this could be your next side hustle.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Making personal finance-themed clothing. How much did the jeans cost at Goodwill? Eight bucks. Eight dollars, Jordan. That's your kind of jeans right there. That is thrifty. Wow. I love this so much. So what's next for you now? You're debt-free. You're still young. You've got time on your side.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Well, you're going to start a new chapter now, and it's been a long time, and I think you've been stuck in this sort of fight or flight, and then all the grief of learning that this money's gone, and the frustration, the resentment, the anger that you must be feeling. There's a lot going on here, and I think we just need to move forward. And I hope that you can get some resolution.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
What if he popped up behind the wall? No. That would be epic. That would be good television. Look at her.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
The weddings, the birthday parties, the girls trips. It had to be, hey, I'm on a journey. You guys know I'm going to become debt free. And now they're going to be asking you questions going, hey, tell me more about that plan you did. Because we make like the same money and I got all this debt. And if it worked for you, could it work for me? Have you been encouraging friends now?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
We got a little gift for you, a parting gift. Two every dollar premium subscriptions. Good for a year. You can use those. You can pass them along to one of the friends you're encouraging. And that's our parting gift for you joining us here in Nashville.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Who did it better? Who did it better? I don't know. I think you did it better, George. I might trade in my skinny jeans for some of those right there.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So what would it take for you to be able to do some sort of work? Is it physical therapy, rehab, therapy? What would it take?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You're going, hey, we're going to play until the ship goes down. Get off the ship, man. Get off your bleeding money.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You're not. You're drowning. It's called a sunk cost fallacy. I put money into this. I was hoping it was going to work. Take what you can get out of it and call it a stupid tax and move on with your life. You took on a lot of risk and it didn't pan out. And that's okay. We've all done stupid stuff. I'm not here to beat you up. But I'm telling you, man, now is the time to get out.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You're going to be calling us back saying, I'm doing even worse now. I thought it was going to work out. None of the calculations make sense. This is a third grade math problem. You are bleeding money every single month. Get out while you can. It's only going to get worse.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I don't do anything to hang on to a stupid interest rate, and it's only going to harm you in the long run to stay in this thing.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I know you'll be sad to lose your interest rate, but at least you won't be bleeding money out because you're losing money. Even if it was breaking even, it would still be a bad idea, but you're losing money on this thing every single month. What's your income right now?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And so this is not money you even need, even if it was working out. It's still not worth this much.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
But as Dave Ramsey would say, you can out earn your stupidity for a long time. And so I get that you don't feel it as much in your budget because you're going, well, I got margin, but you're not running a charity here. If you want to run a charity, go start a charity. But you got into the real estate business to make money. And it's not worth hanging on to the appreciation.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Could you do something from home, customer service? You're talking to us, and so I feel like there's got to be something out there you can do to create some income.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It's not worth hanging on to it for the interest rate. I would just get out and next time you buy real estate, do it in cash and do some due diligence to make sure that it will ROI for you. Okay. And you'll be able to do that fast. Okay. I mean, are you debt free outside of these mortgages? Right.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. How quickly can you pay that off once you get rid of this house?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Can I be honest, Doug? For a guy who makes $220,000, your plan sucks. It's going to take you a year to pay off $35,000 making $220,000?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yeah, about $16,000, $16,500 a month, roughly. I mean, basic math says you can get rid of this thing in a few months. $35,000, throw $7,000, $8,000 at this thing, get your expenses low. I think you've been living high on the hog for a long time now.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You could be making $300 a year from now, and you'd still have debt hanging around. There's no reason a guy as successful as you are is hanging on to any level of debt. And you can get rid of this car debt fast. I would pause investing and saving. You're going to do that for like three months.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I'm telling you, three or four months, you can get rid of this truck debt, be completely debt-free, free up the payment. Get back to you have an emergency fund in place.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You could liquidate most of that savings, throw it at the car, at the truck, and be done in, let's say, two months. 60 days, this truck is gone between your savings and your cash flow and selling this other property. You're going to be in a really good place four or five months from now if you follow this plan. Okay.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And then you can save up and buy real estate real quick, making $220,000 with no payments in the world other than your mortgage, which is reasonable considering your income. Is it a $3,000 mortgage on your primary?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
That's a hefty mortgage for sure, but it's doable if you continue this trajectory.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And I got riled up because he's too successful to stay in this mess and quagmire doing 17 things at once.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Am I right? Yeah, I was getting riled up. And Ken, thank you for just peeling back some layers.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Speaking of, I got a clip I want you to react to real quick before this hour is up. I think you're going to have a really good take on this. Can we play it, James? Okay.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It's kind of a weekend at Bernie's vibe you get going on. It almost looks like a cadaver that's being moved.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Watch the slap. Oh, man. If you weren't watching that on YouTube or wherever, you got to get that on video. You can't just listen. So I hope that convinces people to tune in. And I got to say, Ken, you have some moves. And that's generous.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
That's too hot for TV. We can't even air that. It's too much. You're doing a push-up.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Side gigs for a decade? I'd rather see you get your full-time income up. But let's dig into the numbers here to see what's actually going on. It's time for a budget-ectomy, Josh. Yeah. Okay, what is your income?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. And you're saying you can't invest 15% once you're debt-free? You're not going to have the margin to do it?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So you're talking about investing $750 a month. That's what 15% is of your gross income. And so when you do your every dollar budget and you list out your take-home pay, now it's coming out before it hits your bank account. You have a 403B through your employer?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. So once you're there, you invest 15%. Whatever's left becomes your take-home pay that you're going to pay all of your bills out of. Okay. So it may not be as much of an issue as you think, as long as you can live off the rest of that take-home pay.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Well, that's on the net side. You're looking at your budget with your take-home pay. So it would reduce your gross income by $750. So if you were making $5,000, what's going to actually end up in your bank account is $4,250. Okay. You tracking?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
All of your clicks and eyeballs going, oh my gosh, it's all coming down.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yes, we would count that as half of your 15%. So we would count it as three. You would still need to invest another 12.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Yes. But I'm thinking here, what were your debt payments when you started this process? What were your total debt payments per month?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
It's going to be okay. Calm down. You're not cashing out your retirement today. That's right. Leave it alone.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Okay. So what I would do is once you're debt-free, you're going to start doing your budget. I would ratchet it up to 15% and then see what the deficit is if there is one. I think the numbers are going to work here. I don't know what all the rest of your expenses are and what you can trim out of the budget, but there's two ways to find this margin, either spend less or make more.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So before you go sign up for a side gig for the next decade, I'd rather see us work on spending less and reducing our bills so that you have the margin to do this. And by the way, there's still other baby steps. You know, like you said, you want to pay off the mortgage early. Do you have children? No. Okay.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
So we can skip baby step five and we're going to move on to six, which is any extra income beyond the 15%, we can start throwing at the mortgage. But no, you don't have to treat that like a baby step two item. We move from intensity to intentionality when we move out of baby step three into four. So that could be a seven to 10 year journey. You don't need to do this in three years.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Go find a hobby. Keep investing. It's going to be okay. It's on sale. Look at it that way. It's been a while since it's been on sale, and it's on sale now. It's on sale. It's a good way of saying it. Next time you invest, those stocks are a lot cheaper.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I think you need to enjoy life a little.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
As a teacher, would you want to take a summer off?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Well, the every dollar budget will tell you, but I want you to just make sure you're looking at the right numbers, gross versus net.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Because that will be deducted from each paycheck. So I don't want you to get spooked by saying, well, I don't have the money in the every dollar budget because that's just your take-home pay.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
Roth IRA you would invest on your own so that wouldn't come directly out of your paycheck that's not through your employer. Do you have a Roth 403b through your employer? No, I don't. They don't offer a Roth option. Okay. So yeah, you do match beats Roth beats traditional. So invest up to the match. That's 4%. Move on to your Roth options, which would be an IRA outside of your employer.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
And then if you still haven't hit 15%, you would move back. But it sounds like you will hit that with your employer, so you won't need to move back to it.
The Ramsey Show
Stop Watching the Market—Start Building Wealth
You got this. Now do you believe, Jill?
The Ramsey Show
Stop Watching the Market—Start Building Wealth
I think so. And you'll make more money over time, right?
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
People ask me all the time, George, what's your number one money-saving hack? I'm glad you asked. Nothing makes me happier than helping another frugal friend. So here's the hack. Get on a budget. Seriously, how are you supposed to save money if you don't know how much you're spending in the first place? And that's what makes the EveryDollar budgeting app a game changer.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
With EveryDollar, you'll get a clear picture of your spending. And from there, it's easy to see where you can get more intentional, cut back, and save more money. So how much money are we talking here? Well, the average EveryDollar budgeter frees up $395 in their first budget. That's the hack. And if you ask me, I think you're way above average and you'll save even more.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
So what are you doing still listening to me? Go download the EveryDollar app for free and start saving more money right now.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
Hey, what are you still doing here? You know the rest of the show is happening on the Ramsey Network app, right? So you've got to jump over there to continue watching. You can download it for free. Just go to your app store, type in Ramsey Network. It's completely free, and I'll drop a link in the show notes to make it easy for you. So if you're watching on the app, you're in luck.
The Ramsey Show
Smart Money Decisions Often Mean Sacrificing Today for Tomorrow
But if you're watching anywhere else, this show is over for you. So jump onto the app and let the fun continue. All right. Go on now. Don't make it weird. Okay, I got nowhere to go, so you need to go. Okay, bye-bye now. All right, this is getting weird over there, guys. What do we do?