Ken Coleman
Appearances
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And why would you want to do that?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, well, the answer to that is not what you're concerned about. The answer is pay cash. If you don't go into debt, then there's no regret because then you could. Let's just fast forward. Let's say that you pay cash. You cash flow your way through this. And on this income, you should be able to do that. And then you get the nurse practitioner degree. You have kiddos.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You want to come home for a season. Then they get to school and you go, I want to go back. Uh, that entire transition is very likely, but there's no regret attached to that. And that extra income is going to be worth the ROI and that's going to be worth it. So the answer is don't go into debt, cashflow your way through it. And with your income, you should be able to save up and do that.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Oh, well then what's the regret. Let's say you spend that cash. I mean, is the regret that I spent the cash and now I'm never going back into it. And so now I've just, Oh, I burnt that money. Is that what you're saying?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No, I'd have babies. I would too. I was getting ready to say, I think that's the priority. Babies are better than school. And the school will always be there. Right. You see, and you already got the cash set aside.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I'm going to say the same thing because I'm thinking if Stacey and I are having that conversation, I would ask you if I was sitting with you and your husband, I'd go, both of you vote, write it down, secret ballot or tell me straightforward, which is the higher priority. And if you both say kids, then I think it's a no brainer.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
School will always be there. Yep. And I'm not trying to, but I'm just going to speak some truth over you. You have no idea when these babies are coming. So you don't have any control over that. Now, I certainly hope it happens in a timeframe that you'd love, but we don't know. Spoken like a guy who adopted two and then had one. Right. And our journey was a long time.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I don't wish that on anybody as far as a long period of trying to have babies, but I am saying you don't have any idea what that's going to look like. So you can't hedge your bets on, well, if I go to school, then we have the baby. You just don't know. So I would move forward with the bigger life decision, the bigger desire, the bigger priority. That's what we do.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Then we manage the rest of the decisions against that.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No question. And hear from us. You've got plenty of money.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, I love it. And I love hearing the excitement. I love hearing. She's winning. They just paid off their debt. Now you got a young couple. The American dream is alive and well is what I take from that call. Absolutely. Despite what you may be reading or hearing somewhere else.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Today's question comes from Kate in Maryland. My daughter is a junior in high school and has no idea what she wants to do when she graduates. My husband and I love the idea of her owning her own business, but neither my husband nor I have experience in this. We both wish we had made different career decisions that would have given us more independence.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Where can we research with her to get a better understanding and vision for this option, or would you still recommend college versus real-world experience? Okay, I'm going to put myself into this particular situation, say if this was my daughter, what would I do? And so because she's a junior, we would begin to identify areas of interest, not come up with a business idea.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I think this could be very paralyzing for a youngster. It's paralyzing for a lot of people in their 30s and 40s. Because we know, Dave, from the data that 70% of Americans want to be self-employed, but only 6% are. So I'm speaking from data here. So what I would do with my daughter is we would begin to identify areas of interest. In other words...
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
people that she wants to help, solutions she gets excited about, problems she wants to solve. And there's an industry. If there's a business, there's an industry. And so we want to get broad so that she gets some real interest and begins to see some areas of interest. At that point, we're going to shadow.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I'm going to allow her to go have coffee, lunch with people that are in those industries or maybe run businesses in those industries, shadow at work if she can get shadow opportunities, all of this to begin to create a field of three or four of her most interesting options at that point. Then we start to have the discussion, is college, is a degree the best decision?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Or is it getting right into the workforce and working in an industry? I'll give you an example to help clarify this some more. If this were a young man, and by the way, it's not limited to young men, but let's say she decides she wants to own a business in the trades. At that point, then I want her shadowing folks that are working in those trades and getting a real-world perspective.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
The good, the bad, the ugly, the smelly, everything. And at that point, we determine whether or not she's really interested. And then the path is going to be to go to work and hustle and learn on the job. And eventually, you'll work your way into spinning off on your own and starting your own business. So that's a hard question to answer in such a short amount of time without back and forth.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
But that would be the advice that I would give because that's what I would do. These young people need to see it. touch it, experience it, smell it. Yes.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, and to that point, the entrepreneurs that win are driven by deep, deep desire to solve a problem, and they come up with a solution. That's the business. It's a solution, and they're deeply passionate about it. That's what keeps them going because you almost need that magnetic pull or else you're going to quit.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
That is a great actual example of do I want to run a business that serves food or do I just want to cook food? Two very different paths. By the way, both honorable. But there is a big distinction between the two, and that's the key.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And don't forget, they may not enjoy it. They may enjoy the service. They may hate it. They enjoy the service of the customer. They don't enjoy the service of leading a team of people. Again, two very different job descriptions.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It would be great for them.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Because we've actually got that, and that's a young person can take that and get a pretty good idea of what a current snapshot of what a professional job description of purpose would look like for them. And that can be a business.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And that he worked really hard to get there. I loved how he kind of paused after you said, great job. And he went, it was a big accomplishment. And what's fun to hear about that is this is a guy who now understands the pain that they went through to get to baby step four. And now you get to the momentum stage where we're like, now we're getting wealthy and building wealth.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Oh, I will ask a question because we got a lot of new people all the time. And I'd love I know the answer, but I'd love you to address it because we tell people in baby step for 15 percent. So the 15 percent explain that because he's got six percent he's putting in his company's matching. Uh, cause I think a lot of people have questions about that.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, that's interesting, Dave. It's like run the business is one thing. She just wants to help with the finances. No, he doesn't want her involved at all.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It gets down to ethics and character.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Leon, I have two quick questions. Is there anything you haven't told us that we should know?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You move forward mentally, move forward, you know, looking through everything financially involved with the move. And then you make the move. But your soul has kind of left your body already around this job. You feel like you've hit a lid. And the answer to your first question is, no, you didn't paint yourself in a corner unless you're not telling us something.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
You know, painting yourself in a corner is you have no options. You can't get out. That's the very idea there with that. So the question is, go back to 10 years ago. Where did you see yourself going up the ladder? What did it look like? Was it in this particular field or is it a different field, different industry?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
But what did you think you wanted to be doing? Where would you like to be today? Let's answer that question. If you could snap your fingers, no risk, what would you like to be doing right now?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
No, that's down the road. You went a little too far. You already answered the question, and then you edited it. I heard it. So what's the spot on the ladder you'd like today had the 10 years gone the way you wanted it to? What would you be doing?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
All right. So you get to management by virtue. In other words, you do good work and you're in a company that has a growth environment, meaning they do this. You've not grown for 10 years. One of the things I would challenge you as your coach – if we're sitting in a one-on-one session, is do you have good evidence as to why you haven't moved at all in 10 years?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I'm not saying it's your fault, but I'm also not necessarily blaming the company. I just don't know enough to just make them the bad guys. But you need to know, homework assignment number one is, do I have some real clarity from my current leaders and through my records over the 10 years as to why maybe I haven't moved up the ladder. Let's make sure we're not walking around with a blind spot.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Second thing is, okay, what positions are available to me in different companies, same industry, where I know for a fact I've done my homework and they have a culture of growth. Like Ramsey Solutions moves people up. You do a good job here. And you stay with it, you're going to get an opportunity for growth here. And so you're going to be looking for that.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So you know the industry, Zach. You know the industry and you know the position. Go get it. Don't overthink this. But before you move, we're going to have something that we're going to move into. We're not going to jump and start looking. It's just never a good idea unless for some reason you've got all kinds of wealth.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
It might be. That's my next question. Have you ever sat with a leader in your 10 years and said, hey, I want to grow? What are some opportunities for me?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, I think Dave's right. I think one more time I'd sit with him and go, hey, I've been here 10 years, and this is the kind of gig that I'd love to have. You've given me these opportunities. Shoot me straight. Let me know where I stand. I can handle it. We've been together a long time. Tell me, what are my options here to grow?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And be okay with whatever the answer is, and that'll give you some clarity moving forward. But you're probably looking somewhere else is my guess. This is The Ramsey Show.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
And then my second question is, how much cash do you have total?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yes. Scary word to a lot of people now.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
That's what I was wondering. In this current situation, I would say no. I just, I wouldn't do it personally. I'd want to have the house cleared.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
I know, I know, but I don't know. I can't believe I'm actually... Saying you're a little bit more conservative than you, because I love cars, but when you walk through that, I personally put myself in the, what would I do if I were him, and I don't think I'd spring for that car at that price right now. That's fair. But you laid it out. He can do it.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Yeah, I was going to say, Nicholas, the one thing you're going to need to fight is that you've been in college presumably for four years and you got a dorm room or an apartment in the cool part of town and life's been a big, big blast. And you've done well and you got a good job. Now it's the time to start being patient. And I think the roommate living further out.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
learning how to manage your money, you're going to be so far ahead if you just can be patient and not try to keep a portion of that college lifestyle going. This is the real world now, and that means not getting an apartment in an expensive place, getting one, two, maybe three roommates for a year, whatever that is.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So that's my encouragement to you is now things are changing, and the mindset has to change with it. Or else you're going to feel like, oh, I should have this, and I've been doing this. Well, you can't afford to do that. It's a very different world now.
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
So you're just wanting to save the three this year to keep going towards all this debt elimination? That's your why?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
What do you think their real reaction is going to be if you told them today?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Have you ever seen Christmas Vacation with Chevy Chase?
The Ramsey Show
Delayed Gratification Is a Key Ingredient to Building Wealth
Wow. You're going to watch that tonight. That didn't go well when he didn't pay the bonuses and he gave them the jelly of the month club. These people are counting on it. Listen, it's a comedy, but people are counting on this, and you waited way too late to change this on them. It's my opinion. I wouldn't do that for what money you think you're going to save. And you have the money.