Kirk
Appearances
The Ramsey Show
Be the Tortoise Not the Hare
IRA is 401K, almost 1.5. Non-retirement, $370,000. My home and inherited home, $620,000. And I have a side business. It's about $180,000-ish, somewhere in there.
The Ramsey Show
Be the Tortoise Not the Hare
My undergraduate, about 3.3, 3.4, and then graduate with my master's, it was about 3.7.
The Ramsey Show
Be the Tortoise Not the Hare
Yeah. It would be my home and my mom passed a year ago, you know, inherited her house.
The Ramsey Show
Be the Tortoise Not the Hare
330 total. And that was November of 23. So long after you were a millionaire. Oh, yes, for sure.
The Ramsey Show
Be the Tortoise Not the Hare
About $240,000 from her IRA, and the home value is about $90,000.
The Ramsey Show
Be the Tortoise Not the Hare
Actually, yes. It's kind of funny. I didn't come across Dave's principles and teachings until about 10 years ago, but I've been living this way since I was in high school. Wow. I hate, you know, no debt, hated debt, you know, wanted to invest, wanted to become a millionaire, wanted to have options of retiring early or not.
The Ramsey Show
Be the Tortoise Not the Hare
And so it was funny when I came across Dave's principles, I was like, oh my gosh, this is exactly what I do. You know, I was glad to see that somebody else is out there and it's, and they're telling people this is what you should do versus, oh, just go get a loan, go get a loan, put it on a credit card. You know, I was like, no, I hate debt. Yeah.
The Ramsey Show
Be the Tortoise Not the Hare
Well, yes, I bought my house initially, yeah. Mortgage, okay, that's it, but no consumer debt. Mortgage, yeah. Oh, no, no, I pay cash for cars, you know, the whole deal, yes. Wow. What are you driving?
The Ramsey Show
Be the Tortoise Not the Hare
Yeah, we're both driving 2014. I have a BMW, my wife has a Mercedes, so they're 10-year-old cars. Bought them when they were about three or four years old, somewhere in there, but...
The Ramsey Show
Be the Tortoise Not the Hare
At an early age, my parents basically said, you want to go to college, save your money. We're not going to have it for you. So I started, you know, cutting grass, helping snow on a paper route, buying savings bonds for college. And, you know, you know, that was the plan. And, and my dad taught me about money and stuff. And, and they just, that was a big interest to me.
The Ramsey Show
Be the Tortoise Not the Hare
And I was like, okay, here's how money can work for you with investing. And here's how it works against you with borrowing. And that was my philosophy from day one. And like I said, when I came across space teachings about 10 years ago, it was, It was like, oh my gosh, this is confirmation of exactly how I've been thinking and what I've been doing.
The Ramsey Show
Be the Tortoise Not the Hare
And then I took my wife to FPU because she was just the opposite. I was trying to get her out of that mentality. And finally she's like, oh, okay, this is what you were telling me about. But now somebody else told her about it, so now she's going to listen.
The Ramsey Show
Be the Tortoise Not the Hare
Yes, but I'm trying to, now I'm at a point where I'm trying to, she works in a stressful healthcare environment in the hospital. I'm trying to get her
The Ramsey Show
Be the Tortoise Not the Hare
to okay here now you can retire early and do just do per diem what you want where you want but because now i have to you know the answer for you to do that versus oh you have to do your nine to five you know weekly and so now we're at a point now it's actually going to help her to you know have that give you the flexibility you mean you mean to show you you may tell you a hack yeah here's a hack you can use with her for that what's that take her to some concerts there in vegas
The Ramsey Show
Be the Tortoise Not the Hare
I go during the non-tax season. A true accountant. Yeah, 80, 90 hours a week, whatever, during tax season. There you go. Awesome.
The Ramsey Show
Be the Tortoise Not the Hare
Right, right. Yeah, plan is at some point, I mean, I have a full-time job, you know, I'm a controller for a company, but I also have my side business, tax business. At some point, it's retire full-time, you know, maybe work part-time as a controller and then You know, the tax business and consulting business, you know, just do that year-round.
The Ramsey Show
Be the Tortoise Not the Hare
You get to choose your clients. I can't do nothing. Yeah, I can't do nothing because I like what I do. I like helping people. So I can't do nothing.
The Ramsey Show
Be the Tortoise Not the Hare
So I will at least do that and, you know, give my wife the freedom to, hey, you can leave your job and you can help me during tax season and we'll turn it into a full-time thing and, you know, then the rest of the year you can travel, you know, because she loves to travel. So I try and travel more with her, but she goes with her family as well. That's amazing, dude.
The Ramsey Show
Be the Tortoise Not the Hare
Yeah, it's funny because that's the advice that I had myself when I was 23 was basically I tell young people now, be the tortoise, not the hare. I've been telling people that for 20 years and I came across Dave's teachings and I hear the same thing. I have no problem with, you know, the long run, but start young.
The Ramsey Show
Be the Tortoise Not the Hare
I started investing, I was in my early 20s, but at that point, it was just IRAs and, you know, you only put $2,000 away. I didn't have an opportunity with a 401k until I was 27. Wow. So I was stuck doing $2,000 a year in IRA back then, other than, you know, non-retirement stuff, you know, buying some, you know, stocks and stuff, but... But now there's so much out there. Start young.
The Ramsey Show
Be the Tortoise Not the Hare
Get it in there. And forget about the fancy car, the new car, and the stuff.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
Yes, I'm just calling about just some financial question. I'm a pastor, been in ministry my whole life. We pastor a small church in Wyoming, and so we've lived in a parsonage all that time, so we don't own a home or anything. We've gone through financial peace in our church. We use cash for everything. We're completely out of debt.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
Um, but, um, my wife's parents were involved in a tragic car accident, lost their lives. And so they had, they live in Missouri and they had a couple of farms. And so, uh, we sold one with my wife's brother. We sold one and just put the money into, uh, Edward Jones. And we made, we have about, I think there's about $460,000 in there. And last year we made 19% interest on that.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
I think our cash interest was around $75,000. Anyway, my question is we've been talking with her brother about this other chunk of land. And so he, I don't know if he's thinking we should keep the land. My question is, are we going to make more in interest if we would sell that and put it in a financial institution or, Keep the land thinking that the value of the land might go up someday.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
Yeah, the land, it's north of Springfield, Missouri, and so it's just a rural land. It's just farmland. It does have some water that goes through it. So we're probably going to just sell it, not like to be developed, but just someone who would want the farmland to run cattle or add to their farm or whatever. And so it's not in a county with like a big city, so the value per acre is lower.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
Maybe it's like $10,000 an acre.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
I'm just going to say I'm 58 years old, so we're going to be retiring here soon. What do you think you guys stand to make on that? On that land? Your cut. I'm thinking maybe $750,000. I'm figuring it's like 150 acres, so if my wife gets 75 acres of it and it's worth $10,000, that's $750,000.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
not in the short term, but definitely through retirement, because like I said, we don't have a whole lot. And so this, this 400 close, close to 500,000 that we already have in a, in mutual funds, we're going to need to buy a house. So we're thinking maybe 250 to $300,000 house.
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
So that's going to take a big chunk of that and then just live on the rest and put it in a trust and give what we can to our kids. But,
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
Is it just sitting? Not really. And her brother lives down there. And so like fixing some fence, we actually lease it to a guy. We don't really make a whole lot on it. He just runs some cattle on it. So there is some upkeep on the land somewhat. I don't know. What would you do?
The Ramsey Show
Stuck in a Financial Pit? Here’s How to Climb Out and Stay Out
I'll be 59 in February. I mean, I want to retire whenever I can. But, yeah, so I'm figuring, you know, 60, 67, 68, something like that to retire.